September 4, 2023 at 12:00 AM EDT

Updated on

September 4, 2023 at 2:50 AM EDT

Storm Hans’ battering of the Nordic region last month brought at least one unexpected benefit: a slump in power prices.

Swedish utility Bixia AB expects rates to be 60% lower in the fourth quarter compared with a year earlier, while on Monday, Oslo and Bergen face negative power prices for the full 24-hour period. That’s after a deluge lasting a few weeks replenished reservoirs in a region where hydropower dominates electricity production. Gas storage sites on the continent are also almost full, which helps to bring down prices.

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