Reservoirs supplying southern Norway with electricity fell to a record low of 15.6 terawatt-hours, below the previous seasonal low of 15.7 terawatt-hours set in 1996, according to the Norwegian Water Resources and Energy Directorate. This depletion raises concerns about higher power prices and increased reliance on natural gas across Europe during the winter months. The situation is concentrated in Norway’s southernmost NO2 price area, which serves as a critical energy source for the region.

The low stock levels directly threaten energy security and could trigger price volatility in European energy markets. Experts warn that without intervention, the energy crunch may intensify throughout the season. This development underscores vulnerabilities in hydro-dependent energy systems amid shifting climate patterns and rising demand.

The data was reported by Bloomberg Markets on September 2, 2026, highlighting ongoing risks in the region’s power infrastructure.