While Norway is not directly in the firing line from the reduction in Russia’s gas exports, it has now got its own problems with low water levels in its hydro reservoirs. This may add a bit to Norway’s electricity inflation and restrict Norway’s electricity exports to continental Europe. That said we don’t think it will stop the Norges Bank from raising interest rates by 50bp at next week’s policy meeting.
Drop-In: Europe under siege – The economic impact of Russia’s gas threat
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