The content of the Norwegian hydro storages is 11 TWh above the level at the same time a year ago. The water level is close to the normal for this time of the year. The improvement is mainly due to the heavy rainfall in 2011.
The spot prices reflect the change. The spot prices in Norway and Sweden in 2011 have so far been nearly identical with the NordPool system price. Therefore the system price represents Norway and Sweden on the chart below. The spot prices in Denmark and Germany followed a different track, but quite closely together.
At the beginning of the year the prices in Norway and Sweden were significantly higher than the Danish and German spot prices. Since then the price level has been falling. Now the situation is more normal with slightly lower prices in Norway and Sweden than in Denmark and Germany.
The chart confirms previous observations of a close relationship between the electricity markets in Germany and Denmark although they belong to two different spot market systems (EEX and NordPool).