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Electricity Prices in Southern Sweden Reach Record Highs
Posted on December 20, 2024 |
Electricity prices soared to new records in southern Sweden on Thursday, with hourly price contracts peaking at SEK 8 per kWh in the afternoon. The spike is attributed to low wind levels in Germany and an increased demand for electricity.
Key Highlights:
- Southern Sweden's electricity prices: Average prices for areas 3 and 4 reached 2.5 SEK and 3.6 SEK per kWh, respectively.
- Peak price: Between 5 and 6 p.m., prices exceeded SEK 8 per kWh, matching the record levels seen during the 2022 electricity crisis.
- Northern Sweden fares better: Prices in northern Sweden's electricity areas 1 and 2 were significantly lower, at 17 öre and 9 öre per kWh during the same peak period.
- Additional costs: Energy tax, including VAT, is 53.5 öre per kWh for most consumers, alongside varying electricity grid costs.
Impact on Consumers:
Households with hourly electricity price contracts, which represent 10-15% of customers, are most affected by these price surges.
The Cause:
According to Johan Sigvardsson, an analyst at Bixia, the price increase is due to:
- Low wind levels in Germany: Reduced wind power production has created reliance on fossil fuels.
- High demand: Fossil power suppliers are leveraging high demand to set elevated prices.
Sigvardsson explains:
“Fossil power can set such a high price for its production when the electricity is de facto required.”
Price Relief Expected on Friday:
Electricity prices in southern Sweden are set to decline on Friday, with the average price per kWh dropping to just over SEK 1, according to Nord Pool.
- Northern Sweden continues to benefit from abundant wind power and low prices.
- Export demand and limited transmission capacity in southern Sweden contribute to regional price disparities.
Long-Term Outlook:
Johan Sigvardsson reassures consumers that current high prices are unlikely to stay:
“On Monday, a full storm will blow over the Nordic countries and Germany with an enormous amount of wind power. Then the prices in southern Sweden can end up at 10-15 öre.”
Summary of Thursday’s Electricity Prices:
- Electricity areas 3 & 4 (Southern Sweden): SEK 2.5-3.6 average price per kWh, peak at SEK 8.
- Electricity areas 1 & 2 (Northern Sweden): 17 öre and 9 öre per kWh, respectively.
Stay informed about electricity price trends to better manage your energy costs from our news section.
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