Electricity prices Sunday, 5 May 2024
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Today's and Tomorrow's Electricity Prices: An Overview
Electricity prices in Sweden vary hour by hour and day by day, presenting both opportunities and challenges for consumers. On May 5, 2024, we have seen a notable variation in prices with the lowest rates at just 2.21 öre per kWh in the afternoon, which is a rare low cost for energy consumption.
Tomorrow's Price Forecast
For the upcoming day, May 6, 2024, electricity prices are expected to be generally higher than today. Prices will start at 31.28 öre at midnight and peak at 82.21 öre during the evening hours, indicating an increase in energy costs during peak demand times.
Optimal Times for Energy Consumption Today
Taking advantage of the low electricity prices can be economically advantageous, especially during the early afternoon hours. For example, charging an electric car costs only 1.32 kr during the cheapest hour today, compared to 49.32 kr during the most expensive hour. Similar savings can be seen with other household activities such as showering or dishwashing, where costs can vary significantly depending on the time.
Effects of Electricity Price Variations on Household Budget
Comparing the cheapest and most expensive hours for energy consumption today, we can see dramatic differences in costs. Taking a bath can cost as little as 0.13 kr during the cheapest hour and as much as 4.93 kr during peak hours. These variations illustrate the importance of being strategic with energy usage.
Tips to Reduce Energy Costs
To effectively reduce energy costs, households should consider planning energy-intensive activities during times when electricity prices are at their lowest. This may involve doing laundry, dishes, or charging electric vehicles during the early morning or late night hours when demand and prices are typically lower.
Interesting Facts about Electricity Prices
If we had the lowest electricity price throughout the year, it would cost only 397 kr to heat a medium-sized house of 160 sqm, highlighting potential savings if one can efficiently leverage low electricity prices.
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