Russia shuts down gas tap - electricity record prices right now

Record expensive electricity in Sweden right now

Of: 

Marcus Bornlid Lesseur 

Published: Less than 3 hours ago 

Updated: Less than 1 hour ago 

Electricity prices

Russia's Nord Stream 1 will stop its energy supply to Europe on Monday - at the same time, electricity prices are soaring in Sweden. 

As high as electricity prices are now, they have never been before during the Swedish summer season. 

- The Swedish energy supply is linked to the European one after the decommissioning of the nuclear power reactors, says Per-Oscar Hedman, Fortum's communications manager. 

Electricity prices in Sweden were at record highs in June and July, and unrest in the energy market intensified on Monday against the background of Russia's temporary closure of the Nord Stream 1 gas pipeline. 

According to Emma Borgström, sales manager at Eon, electricity prices have never been as high during the summer season as they are this year. 

- No other summer have we been at such a high average level as now. It was most expensive at the end of June, but by all accounts, this trend seems to be continuing, says Emma Borgström. 

On Monday, a kilowatt hour is estimated to cost more than SEK 6 in Stockholm and in southern Sweden. 

- If you look at individual hours, it is at extreme levels, says Emma Borgström. 

"Prices are more volatile now" 

On Monday, Nord Stream 1 will shut down its gas supply due to a planned maintenance work. 

According to Per-Oscar Hedman, communications manager at Fortum, the price increases are partly related to a fear that the Russian gas pipeline will not open up to the European market after the maintenance work is completed. Something that would be hard on, for example, Germany, whose energy production is dependent on Russian gas. 

- In Sweden, we generally do not use much gas, but after the closure of a number of reactors, our energy market is linked to the European market in a completely different way than before, says Per-Oscar Hedman and continues: 

- So prices are generally more volatile now and it is driven by the fact that we have a more weather-dependent electricity production such as wind and solar power in the system, says Per-Oscar Hedman. 

 

Right now, electricity is record expensive in Sweden. Photo: Anders Wiklund / TT