Electricity prices Friday, 18 Oct 2024

Electricity Prices Today: An Opportunity to Save on Energy Consumption

Today, on October 18, 2024, electricity prices offer a unique opportunity for Swedish households to actually save money on their energy consumption during certain hours. During the early hours of the day, between 00:00 and 05:00, electricity prices are negative. This means that using electricity is free, and in some cases, one may even get paid to use electricity.

Free Electricity from Midnight to Dawn

During the cheapest hour, between 00:00 and 00:59, it costs nothing to take a bath, shower, charge the car, or play games. For those charging their electric car during this hour, it results in a saving of 1 krona and 36 öre, based on a charge consuming 60 kWh of energy.

Beneficial Energy Consumption

A shower during this hour would normally cost 9 öre, but now one gets paid the same amount to use the shower. A bath, which usually costs 13 öre, now gives back the same amount in savings. The dishwasher, which typically consumes 3 öre, can now be used for free and even provide a small compensation.

How to Maximize Savings

To maximize savings, households are recommended to perform energy-intensive activities during these hours. Charging the electric car, using the dishwasher, or taking a long bath are examples of activities that can be utilized to take advantage of the negative electricity prices.

Electricity Prices Tomorrow: More Stable but Still Low

Tomorrow, on October 19, 2024, electricity prices are expected to stabilize slightly but remain relatively low. From midnight until 06:00, prices range between 3 and 4 öre per kWh. The cheapest hour falls between 04:00 and 04:59, when electricity is completely free.

Optimal Time for Energy Consumption

For those who want to continue saving money, it is advantageous to plan energy-intensive activities for the early morning hours. Even though prices are not negative, they are still significantly lower than during the most expensive hours of the day.

Comparison with Today's Highest Electricity Prices

During today's most expensive hour, between 17:00 and 17:59, electricity costs 20 öre per kWh. This means that taking a bath would cost 1 krona and 21 öre, and charging an electric car would cost 12 kronor and 14 öre. Playing games on a computer would cost 10 öre. It is clear that there are significant savings to be made by planning energy consumption during the cheaper hours.

Interesting Facts About Electricity Prices

If we had today's lowest electricity prices throughout the entire year, it would cost -410 kronor to heat a medium-sized house of 160 square meters, with an annual consumption of 18,000 kWh. This demonstrates the potential savings that can be achieved with efficient energy consumption and proper timing.

Historical Comparison and Future Outlook

Electricity prices have historically varied greatly depending on factors such as weather, demand, and supply. With an increasing share of renewable energy in electricity production, we can expect more instances of negative electricity prices in the future. This opens up new opportunities for households and businesses to optimize their energy usage and reduce their costs.

Conclusion

Today's and tomorrow's electricity prices offer a unique opportunity for Swedish households to save money and even earn from their energy consumption. By planning energy-intensive activities during the cheapest hours, one can take advantage of the low and sometimes negative electricity prices. The future looks bright for those willing to adapt their energy consumption to the prices.