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As of April 2025, Norway had the highest average day-ahead electricity price among Nordic countries, amounting to euros per megawatt-hour. Over the past few years, electricity prices soared in the Nordic region, the result of a global energy crisis that affected fossil fuels and electricity prices.

Price variations across Nordic countries

While Denmark had the highest electricity prices in March 2026, other Nordic countries see varying rates. Sweden, for instance, recorded the lowest day-ahead weekly price at **** euros per megawatt-hour that same month. This stark contrast underscores the regional differences in electricity production and consumption patterns across the Nordic countries. Electricity traded outside of the NordPool market is not reflected in these prices.

Factors influencing Nordic electricity prices

The disparity in electricity prices across Nordic countries can be attributed to various factors, including reliance on different energy sources. Iceland, for example, benefits from its fully clean electricity sector, resulting in some of the lowest household electricity prices in the region. In contrast, countries like Denmark and Finland face higher prices due to their partial dependence on fossil fuels. For non-residential consumers, prices also vary significantly, with Iceland offering the lowest rates at euro cents per kilowatt-hour and Denmark the highest at *euro cents per kilowatt-hour for annual consumption below megawatt-hours in the first half of 2025. Despite having the highest industrial electricity prices among Nordic countries, Denmark's rates remain competitive compared to other European countries like Italy or Germany.