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TODAY IN NORWAY

Today in Norway: A roundup of the latest news on Friday

Experts predict similar energy prices to last winter and autumn, a good summer for Norwegian tourism, and other news from Norway on Friday.

Pictured is a view of the Oslo skyline.
Find out what's going on in Norway with The Local's short roundup of important news. Pictured is a view of the Oslo skyline.Photo by Liz Morgan on Unsplash

Energy prices to be at a similar level to last year

Northern and central Norway will likely get energy prices below 30 øre per kilowatt hour (kWh) for the rest of the summer, followed by prices of 45 øre per kWh for the winter, according to energy analyst Olav Botnen.

“It will be a little cheaper (in the north) than last winter, as expectations are now,” he told Norwegian newswire NTB.

This is because the north and central regions also benefit from wind power, not just energy generated by hydroelectric facilities.

Similar prices to last year are expected in southern Norway.

“In southern Norway, the market expects around 45 øre per kilowatt hour (kWh) for the rest of the summer, August to September. For winter, expectations are around 80 øre per kWh. It is quite similar to what was delivered last winter,” he told NTB.

Analyst Gro Klæboe from Volue Insight said a fall in gas prices could bring down energy costs across the continent, which could have positive knock-on effects for Norway and the other Nordic countries.

Good summer for Norwegian tourism

Norway could be on course for a record summer of tourism in 2024, according to industry organisation NHO Reiseliv.

“The feedback from companies in 2023 was that it was the best turnover many had ever had. 2024 seems to be able to top this,” CEO Kristin Krohn Devold told NTB.

Vestland, Telemark, and Troms had the highest proportion of companies reporting a similar or better summer than last year.

“We see that even though the weather has not always been the best, people around the country are good at finding things inside if it rains. When it is not possible to lie on the beach, people leave money in restaurants and in activity parks,” Devold said.

Chocolate spread recalled

First Price chocolate spread in 400-gram jars has been recalled due to incorrect allergy labelling on the packaging.

The product has been recalled because a certain batch contains small amounts of hazelnuts, and the allergy advice is that the product “may contain traces of nuts.”

“Consumers with an allergy to hazelnuts are asked to throw the product away or return it to the store where it was purchased for a refund,” a press release from the brand’s owner, Norgesgruppen, said.

Record number of university students admitted into first-choice

Of the 126,250 applications submitted to education admissions service Samordna this year, 109,498 have been offered a study place. This is an increase of 4.7 percent from last year.

“Studies are a milestone in the life of the individual, but they are also important for society as a whole. To solve the challenges we face going forward, we need both knowledge and wisdom,” PM Jonas Gahr Støre said of the figures.

A record number of those to be offered a study place, 66,923, have been admitted into their first choice.

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TODAY IN NORWAY

Today in Norway: A roundup of the latest news on Friday

Oslo faces large budget cuts, Hurtigruten sees heavy losses, and royal wedding festivities continue. These are the headlines from Norway on Friday.

Today in Norway: A roundup of the latest news on Friday

Oslo facing large cuts in the coming years

Oslo City Council’s leader, Eirik Lae Solberg of the Conservative Party, has said that the city faces budget cuts of several billion kroner over the next few years.

“Oslo municipality is in a very serious financial situation. We are facing an economic turnaround that we have not seen since the 90s,” he told public broadcaster NRK.

More information on where the shortfall will be made will be unveiled when the city council announces its budget for 2025.

Hurtigruten posts large loss

Hurtigruten posted a loss of 76 million euros, or 880 million kroner, in the second quarter. The company has suffered a string of heavy losses since the pandemic.

Last year, the company lost 2.8 billion kroner. However, it has since undergone financial restructuring and refinancing.

Increase in consumer debts and collection cases

Consumer and credit card debt is on the rise in Norway. Interest-bearing credit debt has increased by over two billion kroner to 43 billion kroner over the past year, Dagens Næringsliv reports.

“We see clear signs that several people have used up their reserves and are postponing repayment of their credit card debt,” Egil Årrestad from the debt registry told the paper.

The number of debt collection cases in Norway has increased by 11 percent, while the amount of money claimed on average has increased by 26 percent.

Morten Trasti, chief analyst at Intrum, pointed to higher interest rates as the reason for the increase in collection cases.

“There will be a bigger gap in the team between those with a good wage increase and zero debt and those with lower wage growth and high debt. The last group here has had it far tougher. These are not those who earn the worst. There is no collapse in the ability to pay, but a clear indication that interest rates are now biting too many in the middle class and are leading to growth in defaults,” he said.

Royal wedding preparations continue

Princess Märtha Louise and Durek Verrett will continue their pre-wedding festivities on Friday. The guests will travel from Ålesund to Geiranger, where they will get married on Saturday on the MS Geirangerfjord II and MS Godøy.

Norway’s royal flagship is also docked just outside Ålesund, and that will also travel to Gerianger.

The pair will get married at Hotell Union in Geiranger.

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