Swedish electricity price spikes to record high as wind output plummets
Electricity in southern Sweden reached a record 8.98 kr/kWh due to low wind generation and grid outages, with analysts expecting relief as wind picks up.
Svenska Kraftnät’s weekly market update links today’s record electricity price of 8.98 kr/kWh in southern Götaland to several factors: soaring gas prices, half of the nuclear fleet undergoing annual inspections, scarce water in reservoirs, and most critically, a drop in wind-power production together with grid interruptions. Nord Pool recorded the peak between 19:30 and 19:45, while the average price across South Sweden remained above 3 kr/kWh, far higher than normal.
Other Swedish price zones saw 1.10 kr/kWh in the north and 1.60 kr/kWh in Svealand. Bixia analyst Johan Sigvardsson noted that even when four quarters are combined, the hourly price still exceeds the 2022 crisis-year peak. He forecasts a drop to about 1.60 kr/kWh in area 4 on Tuesday as wind conditions improve, though the total cost stays high after electricity tax, VAT and network fees exceeding one krona per kWh.
Why it matters
Record electricity prices affect households and businesses, highlighting the impact of renewable variability on energy costs.
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