Electricity prices Monday, 30 Dec 2024

Electricity Prices in Sweden: Today's and Tomorrow's Forecast

December 30, 2024, presents an unusual situation in the electricity market in Sweden. Overnight, electricity prices have been negative, meaning consumers are actually paid for their electricity consumption. This phenomenon continues until 5:59 AM, making it a perfect time to charge your electric car, do the dishes, or take a bath.

Free Electricity Consumption During the Early Hours of the Night

In the early morning hours, from midnight until 5:59 AM, the electricity price is negative. This means it's free to take a bath, shower, charge your car, or play games during these hours. For someone taking a bath, estimated to consume 6 kWh, this results in a saving of 8 cents. Charging an electric car with 60 kWh of energy gives back a whole 81 cents.

Electricity Prices Rise During the Day

From 6:00 AM, electricity prices start to rise, reaching their peak between 5:00 PM and 5:59 PM, when the price reaches 21 cents. During this hour, for example, it costs 1.50 SEK to charge an electric car with 60 kWh, and taking a bath costs 1.50 SEK.

Tomorrow: New Year's Eve Electricity Prices

Tomorrow, on December 31, electricity prices are expected to be lower during the early morning hours, starting at around 1 cent per kWh. Prices gradually increase throughout the day, reaching a peak of 25 cents between 5:00 PM and 6:59 PM. For those planning to ring in the new year with a warm shower or bath, it's wise to do so before 4:00 PM to avoid the highest electricity prices.

Interesting Facts about Electricity Prices

If we had the lowest electricity price of -1.36 cents throughout the year, it would have cost -244 SEK to heat a medium-sized house of 160 sqm, which is a fascinating thought. On the other hand, if we had today's highest electricity price of 21 cents throughout the year, the cost would have been 4,512 SEK for the same heating.

Recommendations for Energy Efficiency

To maximize savings, it is recommended to take advantage of the negative electricity prices during the early hours of the night. It's an excellent time to run energy-intensive appliances like washing machines and dishwashers or to charge your electric car. During the more expensive hours in the afternoon and evening, it may be wise to reduce electricity consumption where possible.

Electricity prices are an important factor for both households and businesses, and today's unique situation with negative prices offers an excellent opportunity to understand how market dynamics can affect our daily lives. It's also a reminder of the importance of being aware of when and how we use energy, especially in times of changing market conditions.