Late spring flood pushes up the electricity price

The unusually cold April weather continues into May and it contributes to delaying the spring flood, which in turn nudges electricity prices upwards, writes Vattenfall in a press release. According to the state power group, the spring flood is "a couple of weeks late".

A delayed spring flood pushes up the electricity price, according to Vattenfall. Archive image

A delayed spring flood pushes up the electricity price, according to Vattenfall. Archive image

Foto: Junge, Heiko NTB/TT

Ekonomi2023-05-02 09:52

The announcement comes ahead of the annual service and maintenance shutdown of the Forsmark 1 nuclear reactor, which is set to begin on Saturday.

The shutdown of Forsmark 1 will result in reduced power output in electricity area 3. However, according to Vattenfall, the power transmission between electricity areas remains stable, leading to smaller price differences between the areas.

"The differences in electricity price areas continue to be small, and the main contributing factor has been the significantly lower prices on the continent, as well as a generally good availability of nuclear power, despite temporary disruptions," writes Jonas Stenbeck, Head of Private Customer Relations at Vattenfall.

The expected influx of water from the spring flood into Swedish and Norwegian reservoirs is delayed by a couple of weeks, but the hydrological balance has improved in the Nordic electricity system, according to Vattenfall.

In April, the average spot price in electricity areas 1 and 2 was 66.5 öre per kilowatt-hour, while in electricity area 3 it was 68.7 öre, and in electricity area 4, it stood at 73.9 öre, according to Vattenfall. Last year in April, the prices were 52.9 öre in electricity area 1, 53.6 öre in electricity area 2, 89.2 öre in electricity area 3, and 113.8 öre in electricity area 4.