This presentation dicusses the policy responses to the 2021–23 energy crisis in the four biggest Nordic countries. Each has responded differently to the crisis, with Norway in particular focusing on subsidising electricity consumption by households and selected firms. We show that this is socially inefficient, as it implies producing electricity with a higher marginal cost than the marginal benefit of the increased consumption. In addition, the allocation of electricity between users is not efficient since different groups pay different prices. We also find that subsidising electricity has a dynamic cost since new energy-efficient equipment is not adopted at a desirable rate, which could potentially impede the green transition in the Nordic countries.
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