Electricity prices Monday, 6 May 2024

Today's and Tomorrow's Electricity Prices: A Closer Look

Electricity prices in Sweden continue to be a hot topic among consumers and businesses. With today's dynamic energy market, it is important to keep an eye on how prices change hour by hour. Here is a detailed overview of electricity prices for today, May 6, 2024, and a forecast for tomorrow.

Electricity Prices Today

During the early morning hours, relatively low prices were observed with the lowest recorded at 29.08 öre per kWh between 03:00-03:59. Prices rose significantly during the morning and reached a peak at 82.47 öre per kWh between 19:00 and 19:59. This reflects the typical daily variation where electricity usage increases during the morning and early evening.

Electricity Prices Tomorrow

For tomorrow, May 7, 2024, electricity prices are expected to start at 41.34 öre per kWh at midnight and rise further during the morning hours. A peak is expected between 08:00 and 08:59 with a price of 98.07 öre per kWh. It is important for consumers to plan their electricity usage around these times to avoid high costs.

Economic Tips for Households

To maximize savings on the electricity bill, it can be profitable to take advantage of the hours when electricity prices are at their lowest. For example, during the cheapest hour today, it cost only 8 öre to take a shower and 3 öre to use the dishwasher. Compare this to the most expensive hour when the same activities cost 588 öre for a bath and 147 öre for dishwashing.

Fun Fact: Annual Costs at Lowest Price

An interesting calculation shows that if one could lock in the lowest electricity price throughout the year, it would cost only 398 kronor to heat a medium-sized house of 160 square meters. This underscores the importance of being strategic with energy usage.

Plan Your Electricity Usage

Considering the significant differences in electricity prices during different times of the day, it is wise to plan larger energy-consuming activities during the cheaper hours. This can include everything from charging your electric car to running heavy appliances like washing machines and dryers.

Summary

Keeping track of fluctuations in electricity prices can save money and also reduce environmental impact by reducing peak loads on the power grid. With the right strategy, you can both save money and contribute to a more sustainable energy usage.