In September, EU energy ministers decided to introduce a profit cap for electricity producers. Profits above 180 euros per megawatt hour must be given to the state, to then be redistributed to electricity customers. But in Sweden, the electricity companies are allowed to keep their excess profits from the winter, something that DN was the first to tell.
An infected debate has flared up about the Swedish government’s handling of the profit ceiling. Sweden, as one of the last EU countries, will have the new law in place only in March. This despite the fact that the law began to apply in the EU already on 1 December 2022.
“Record in new tax legislation”
Finance Minister Elisabeth Svantesson (M) believes that the government has drawn up the profit ceiling as soon as possible. The fact that Sweden is among the last in the EU, she says, is due to how the regulation is adapted into Swedish law.
– In Sweden, this is tax legislation, and if you wear those glasses, five months is perhaps a record for developing new tax legislation, she says.
The opposition critical
Several parties have reacted strongly to the fact that the profit ceiling is only in place in March. The left-wing party has KU notified responsible minister Ebba Busch (KD) and former finance minister Mikael Damberg (S) thinks that the legislation has been prioritized.
– I could have got this through much earlier, so that we would have received income from parts of the winter months into the system. I think that should have been prioritized instead before anything else in the government office, he says.
A future solution
From the opposition’s side, they want to see a long-term solution to the problem of excess profits on the electricity market. Mikael Damberg wants the government to map out where the excess profits arise.
– It does not cost more money to produce electricity in Sweden today than before, but the profits are quite large. There is a big risk that we end up in the same situation next winter as well, he says.
– This legislation is in place, so if the situation arises again, the law is there, says Finance Minister Elisabeth Svantesson.