The first half of November was characterized by reasonably normal electricity prices. But in the last week, the price has rushed again, to the new crisis levels. It also has winter prices, based on future contracts.
During the first half of November, the average price was around 50 öre per kWh, with some days where the average price was 2-3 öre and individual hours with negative prices, all the way down in southern Sweden.
Windy, mild and well-filled water reservoirs in Sweden and Norway, similarly filled gas storages in Germany and other countries marked the period. Certain temporary restrictions in the export cables to the more expensive continent also contributed to keeping price contagion away from Germany in particular.
Then a glimmer of hope was lit that the winter’s worst horror scenario with electricity prices upwards of SEK 4-5 per kWh would not come true.
Bad electrical weather
But now things have partially reversed. In the past week, electricity once again costs upwards of SEK 2:80 on average over the day, and that throughout the country, according to pricing on the Nord Pool electricity exchange. The average for the past week, since last Saturday, is around SEK 2:30/kWh.
Significantly colder weather and not particularly windy are some important explanations. The fact that the hydroelectric power has gone to a low flame in some of the Norrland rivers, an annual recurring process to make the ice settle, also raises the price.
In the player above: More about the electricity price.