Today's and Tomorrow's Electricity Prices in Sweden - Understanding and Planning for Savings

Richard Andersson - Wed, 1 May 2024 - 11:02

Economics Electricity prices

Today's and Tomorrow's Electricity Prices: An Overview

In Sweden today, on May 1, 2024, we see a fluctuating trend in electricity prices throughout the day. Early in the morning, prices are relatively high, peaking at 54.65 öre per kWh at 8:00 PM. However, what truly catches attention are the extremely low prices during the afternoon, where we even see negative prices, a rare occurrence where electricity companies pay to get rid of surplus electricity.

Optimal Times for Energy Consumption Today

According to today's electricity price statistics, the most cost-effective times for performing energy-intensive activities are between 1:00 PM and 3:59 PM. Specifically, at 2:00 PM, the electricity price is -0.22 öre per kWh. This means that activities like charging an electric car are not only free but you actually get money back for each kWh consumed.

Tomorrow's Electricity Prices

Tomorrow, on May 2, we see a general increase in electricity prices compared to today. The morning starts with a price of 17.11 öre per kWh and peaks at 7:00 AM with 58.94 öre per kWh. This is a significant increase compared to today's prices and something consumers should be aware of.

Economic Tips for Energy Consumption

During the cheapest hours today, you can, for example, take a shower or run a dishwasher at no cost. Charging an electric car actually costs -13 öre per kWh, meaning you get paid to charge the car. These unique opportunities offer a financial advantage for those who can adjust their energy consumption.

Fun Fact: Cost of Heating a House

An interesting calculation shows that if we had today's lowest electricity price throughout the year, it would cost -39 kronor to heat a 160 sqm house. At the highest price, the same heating would cost 15,156 kronor. This illustrates the importance of understanding and utilizing the fluctuations in electricity prices.

Conclusion

Keeping an eye on the dynamics of electricity prices can provide economic benefits, especially during the times of the day when prices are at their lowest or even negative. Planning and adjusting energy usage can lead to significant savings and even earnings.

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Sweden's CPIF inflation

1,10 % -0.1%

Sweden's policy rate

3.25 % -0.25%

Sweden's national debt

1 050 120 753 178KR

Electricity prices Wednesday, 1 May 2024