After several months of falling electricity prices, the average electricity price increased in July. This is the first time since February that prices have increased compared to the previous month. Andel Energi writes in a press release.
According to the company's monthly statement, the electricity price in July ended at approximately 59.7 øre per kilowatt-hour excluding taxes, duties and tariffs. This is slightly lower than the average for the first seven months of the year, which is approximately 60.1 øre.
- Danish electricity customers have benefited from a lot of sunshine during the spring and early summer. High production of solar energy generally pushes prices down. Unfortunately, July has offered both less sun and less wind than previous months. Therefore, we see a month that is relatively expensive considering the time of year, says Josefine Walter, commercial director at Andel Energi.
The most expensive day of the month was July 1st with an average price of approximately 103.2 øre, while the cheapest day was July 29 with an average price of 30.1 øre. Over the entire month, the price fluctuated more than DKK 3.50 between the most expensive and cheapest hour.
There are many factors that affect the price of electricity. The weather is one of them. Solar and wind energy, for example, are cheap forms of energy that push prices down. Conversely, natural gas and nuclear power, for example, are more expensive to produce and therefore push prices up more than wind and solar energy. In addition, the demand for energy – that is, consumption – also has a certain influence on the price of electricity. According to Andel Energi, many Danes keep an eye on electricity prices and adjust their consumption via various apps.
- Danes have generally become accustomed to electricity prices fluctuating throughout the day. And we can see that many Andel Energi customers are flexible and move their consumption to the cheap hours. This is smart, because even though the price of electricity can sometimes be very high, it is typically only for a few hours at a time. Therefore, it can be quite easy to save money by adjusting your electricity consumption, says Josefine Walter.
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