It is already expensive to use electricity on Wednesday, but on Thursday it will be even worse in certain periods to use electricity to, for example, heat the oven or turn on the washing machine. That is why on Thursday it is an extra good idea to think about when during the day you use electricity, informs the energy company Energi Fyn in a press release.
- On the night of Thursday the electricity price is around 1 krone per kWh, while when we hit 5 p.m. it reaches 8.73 kr. per kWh. In addition to the pure electricity price, you have to add transport payments to your grid company and taxes to the state. This means a total electricity price of around 11 kr. between 17 and 18 Thursday evening, says Finn Andersen, commercial director at Energi Fyn.
This is the highest level in many years and even higher than the most expensive hours during the energy crisis in 2022. The weather is the main reason for the high prices, explains Finn Andersen:
- A large part of our electricity is produced by solar cells and wind turbines. Therefore, it affects the price of electricity when it is calm and cloudy. And since we are experiencing a similar situation throughout Europe, it causes the price of electricity to skyrocket. In technical terms, it is called "dunkelflaute".
Not the start of a new energy crisis
When there is neither sun nor wind in the system, the power plants must be activated. This means that oil, gas and coal must be used to produce electricity. So it is the fossil fuels that set the prices, and they are high. However, one should not expect the sky-high electricity prices to continue, says the director of Norlys Energi Mads Brøgger.
- We do not see this as the start of a new energy crisis. As the outlook is now, it looks like it will be a relatively mild Christmas and winter period, we are looking into where there is more wind in the system. This gives hope that we will see falling prices compared to the levels we currently see, says Mads Brøgger.
As a consumer, you can do something yourself to avoid the highest electricity prices.
- We must rediscover the good saving habits from the energy crisis, check the prices via our apps and then wait to use the electricity until off-peak hours, when the electricity price is typically lower, he says.
The electricity price is determined on the electricity exchange based on supply and demand. On the electricity exchange, Swedish, Norwegian and Danish producers - such as power plants and wind turbines - offer electricity from various energy sources. It is also here that suppliers such as Energi Fyn and other energy companies buy the electricity for their customers.
- The electricity market is one of the world's most volatile markets. The market can experience drastic price fluctuations from hour to hour and from day to day. Exactly as we will experience today, says Finn Andersen.
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