The combined electricity prices in June and July were the second highest ever - only during the electricity crisis in the summer of 2022 was electricity more expensive. In June, for example, spot prices for electricity were between 150 and 1,400 percent higher than in the same month last year.
Krisztian Horvath, an electricity price analyst at Elskling, describes a “perfect storm” caused by several interacting factors.
"The hydropower reservoirs are filling up very slowly, so there are poorly filled reservoirs in both Sweden and Norway. Nuclear power has been under review and this year in particular has been particularly strained," he says.
In addition, there are external factors that indirectly play a role. The uncertainty surrounding the Strait of Hormuz is affecting global gas prices, and the extreme heat in Europe this summer has driven up demand for electricity on the continent.
Cooling does not affect Swedish consumers directly because we do not have air conditioning to the same extent. But since we are connected to all of Europe, we are indirectly affected by what happens there. All the cooling they operate indirectly affects the price here.
That's when electricity is most expensive.
According to Krisztian Horvath, the vast majority of consumers still have variable electricity contracts, but for those who have quarter-hour or hourly prices, electricity is most expensive between 7 and 9 in the morning, and between 5 and 9 in the evening.
At other times, prices tend to be lower. The pattern changes somewhat during the summer as we are out and about more and not at home consuming electricity.
Elevated levels
In light of the summer's price shock, there are now several clouds of concern ahead of autumn and winter.
If we don't get enough rainfall, don't refill the water reservoirs, and if a cold winter hits at the same time, it will have an impact. So we can hope for a rainy and windy autumn.
Consumers should therefore be prepared for continued higher prices, according to Krisztian Horvath.
There will be elevated levels for the rest of the year, he says, adding:
The advice we can give is to compare and not blindly trust that the electricity contract you have is the best. You shouldn't be loyal.
