Reservoir levels feeding hydropower plants in southern Norway have fallen to a record low for the time of year, heightening risks of higher European power prices and increased gas dependence this winter. Hydropower reserves in Norway's southernmost NO2 price zone stood at just 15.6 TWh, below the previous seasonal low of 15.7 TWh set in 1996, according to data from the Norwegian Water Resources and Energy Directorate. Norway, one of Europe's largest power exporters, relies on its vast hydropower system to provide flexible electricity that supports neighbouring markets when wind and solar output fall short, but declining reservoir levels have weakened that buffer. Power prices face a significant upside risk, with the impact potentially lasting through the winter and into spring, said Katinka Bogaard, managing director of Oslo-based Volt Power Analytics.