In March, the electricity price reached its highest level for the month since the energy crisis with an average price of DKK 0.73/kWh. At the same time, the month was characterized by significant fluctuations during the day. Norlys states this in a press release.
The difference between the most expensive and cheapest hours was significant. In the most expensive hours around 6 p.m., the price was on average DKK 1.26/kWh, while in the middle of the day it fell to DKK 0.29/kWh. For the first time in many months, there were also hours when the electricity price was negative. This meant that the time of electricity consumption had a major impact on the total bill.
- The development in energy prices means that electricity consumers can influence what their electricity bill looks like to an even greater extent than before. For example, if you charge your electric car at home in the carport during the most expensive period, you will pay just under DKK 38 (excl. VAT) for 30 kWh for the pure electricity price, while you can make do with just under DKK 9 for the same charge if you make sure to charge at the cheapest time, says Mads Brøgger, director of Norlys' energy business.
According to Norlys, it was mainly developments in the international energy markets that drove up prices. The war in the Middle East and the blocked Strait of Hormuz contributed to higher oil and gas prices, which at times affected the electricity price. When production from solar and wind could not cover demand, it was supplemented with gas, which is more expensive.
Despite the high level in March, the electricity price has fallen since the beginning of the year, when it was DKK 0.80/kWh in January. And there is more good news on the way for electricity consumers. With increasing production, especially from solar energy, and lower consumption, electricity prices are expected to fall in the coming months.
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