Norway is right to preserve water in its hydroelectric dams in order to secure the country's power supply, German Chancellor Olaf Scholz said while on a visit to Oslo on Monday.

Norway plans to more tightly regulate its power production and could ultimately limit exports to prevent hydroelectric reservoirs from running out of water in the coming winter, the government has said.

"I very much understand the Norwegian decision making processes, they have to secure electricity production with water and this is a very good job they are doing for the whole of Europe and for Norway," Scholz told at a news conference.