Electricity prices Wednesday, 8 May 2024
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Today's and Tomorrow's Electricity Prices - An Overview
Today, on May 8, 2024, we have seen a varied picture of electricity prices throughout the day in Sweden. Prices have fluctuated from 0.45 SEK per kWh during the first hours of the night to as high as 1.04 SEK per kWh in the evening. Tomorrow, May 9, promises even more dramatic changes with prices dropping to negative values in the afternoon, meaning consumers will actually get paid to use electricity.
Today: From Morning to Evening
During the morning hours, electricity prices steadily rose, reaching a peak of 0.95 SEK at 07:00-07:59. Evening time proved to be the most expensive period to consume electricity, with a peak of 1.04 SEK between 20:00 and 20:59. For those planning their household activities, it's worth noting that the lowest prices today were observed early in the morning.
Tomorrow: Negative Electricity Prices
A sensational development is expected tomorrow with negative electricity prices starting from 12:00. This phenomenon, where electricity companies pay back money to consumers for their electricity usage, begins with a minimal rebate of -0.0019 SEK and increases to -0.0091 SEK at 14:00-14:59. This unique situation provides a perfect opportunity to, for example, charge electric vehicles or perform energy-intensive tasks at home.
Financial Tips: When to Shower or Charge Your Car?
Based on today's price variations, the best time to, for example, take a shower or charge an electric car would be during the hours when prices are at their lowest or even negative. For homeowners heating their houses electrically, it might be a good idea to consider timing their heating system to take advantage of tomorrow's negative prices.
Trivia: Costs for Showering and Charging the Car during the Cheapest Hour Today
Today, during the cheapest hour, it cost -0.03 SEK to take a shower and a total of -0.54 SEK to charge an electric car, meaning consumers actually earned money by performing these activities at that time. These examples demonstrate the potential to save and even earn money by adjusting energy consumption to price fluctuations in the electricity market.
Considerations for the Future
Considering the upcoming negative electricity prices, it might be a good idea for consumers to review their electricity contracts and explore smart home solutions that automatically adjust energy usage. This can not only reduce costs but also contribute to a more sustainable energy consumption.
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