Friday, 12 July 2019
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Norway has an abundance of renewable electricity, reaching 98% of production according to NVE. However, domestic demand for Guarantees of Origin (GOs) is scarce and most GOs are exported to other EU countries such as Germany, UK and the Netherlands.
Norway is connected to the European power market both physically and financially. Hence, both electricity and money flow across the borders. However, due to physical laws, most of the electricity that enters Norwegian households will come from the renewable electricity produced in Norway.
Nonetheless, only 9% of Norwegian consumers purchase electricity backed by GOs. This means that 91% of Norwegian households funnel their money to coal, gas and nuclear power producers without being aware of where their money ends up according to Tom Erik Olsen, Head of Trading at Ishavskraft.