The price of electricity this summer and so far this year is the highest since 2022, the year Russia launched a full-scale attack on Ukraine and triggered an energy crisis across Europe, sending electricity prices soaring.
Now it's the weather and another war, the one in the Middle East, that are haunting us.
It may have rained in Norrland this summer. But water reservoir levels are still lower than normal. And the more or less closed Strait of Hormuz has pushed up gas prices by another 50 percent since midsummer alone.
Over a crown
This means significantly higher electricity prices on the continent, especially after a scorching summer with nuclear power shut down and electricity-guzzling air conditioning running at full blast.
Gas stocks, which are used to produce electricity, ahead of winter are at their lowest levels in five years.
Right now, trading in future electricity contracts indicates an average price this winter of around SEK 1.20 per kWh in southernmost Sweden (electricity area 4) and around SEK 1 in electricity area 3 (Svealand and northern Götaland). But it could be even worse if it is a dry autumn, according to Johan Sigvardsson, electricity analyst at electricity trading company Bixia. Then the impact of expensive German electricity prices will be even greater.
Is it time to sign your electricity contract?
“Expensive idea”
Well, it's expensive. A fixed winter contract, December-March, currently costs around SEK 1.60-1.90 (including VAT) in the southern half of the country - a cost that was not reached during the last expensive winter, and at a level at which politicians promised state support.
So no, I think binding your contract is a pretty expensive idea, says Johan Sigvardsson.
But it's probably a good idea to take stock now.
"It might be wise to look at last winter's electricity bills and set aside the corresponding amount to be prepared," says Patrik Södersten, electricity price expert at Fortum, in a written comment.
This is how the price of electricity (excluding VAT, electricity tax and network fee, which usually totals well over 1 krona/kWh) has developed this year compared with previous years.
Electricity area 4. So far this year until August 19: 92 öre/kWh. All of 2025: 67 öre. All of 2022: 1.62 SEK
Electricity area 3. So far this year: 75 öre. 2025: 51 öre. 2022: 1.38 kr
Electricity area 2. So far this year: 49 öre. 2025: 18 öre. 2022: 66 öre.
Electricity area 1. So far this year 48 öre. 2025: 18 öre. 2022: 63 öre.
Source: Nord Pool.
