Less snowfall led to lower water levels and possibly 19 TWh in reduced renewable electricity production.
2013 started with a dry, cold begin to the year in Norway. This resulted in less water reserves and reduced export capacity. Most obviously, Norway imported in the first quarter of 2013 0.7 TWh in comparison to the same period last year when the country exported 4.9 TWh. The prices for physical electricity in the region have risen. The Guarantee of Origin however has a 12-month lifetime meaning that increased rain in the spring or summer could offset the reduced supply of the certificates, if this does not materialize or demand for the certificates is too high in 2013, prices for Norwegian hydroelectric Guarantees of Origin could be affected.
For more information view the news item on the website of the NVE here (warning: Norwegian language)