Electricity prices Tuesday, 22 Oct 2024

Electricity Prices in Sweden: An Unusual Day with Negative Prices

Today, October 22, 2024, we are experiencing an unusual situation in the Swedish electricity market with negative electricity prices for several hours. This means that consumers actually get paid to use electricity during these periods. This is a result of surplus electricity production combined with low demand.

Free Electricity During the Night

During the night, between midnight and 05:00, electricity prices have been negative, which means that it has been free to use electricity. The cheapest hour, between 00:00 and 00:59, had an electricity price of -2.1454 öre per kWh. This means that activities such as showering, bathing, doing dishes, or charging the electric car were not only cost-free but also paid activities.

Prices Rise During the Day

From 06:00 onwards, electricity prices started to rise, reaching a peak between 08:00 and 09:00 with a price of 12 öre per kWh. During this hour, for example, it cost 76 öre to take a bath, based on a consumption of 6 kWh. Prices then gradually decreased during the day and became negative again between 23:00 and 23:59.

Tomorrow's Electricity Prices

Tomorrow, October 23, 2024, electricity prices are expected to be negative again for several hours. Between 00:00 and 05:00, electricity prices are either zero or negative, meaning that it will once again be free to perform electricity-intensive activities such as charging the electric car or running the dishwasher. Prices are expected to rise slightly during the day but will remain low compared to today's highest prices.

Curiosities and Interesting Facts

During the cheapest hour today, between 00:00 and 00:59, it cost -8 öre to take a shower, -12 öre to bathe, and -3 öre to use the dishwasher. Charging an electric car cost -128 öre, which means getting paid to charge the car. If we had had this low electricity price throughout the year, it would have cost -386 SEK to heat a normal-sized house of 160 sqm.

During the most expensive hour today, between 08:00 and 08:59, taking a bath cost 76 öre, running the dishwasher cost 19 öre, and charging the car cost 767 öre. Playing games on a computer cost 6 öre.

These negative prices are an interesting phenomenon and show how dynamic the electricity market can be. It is a reminder of the importance of adjusting one's electricity usage according to price variations to save money.