Sweden and Norway are vowing to disconnect from the European electricity grid after electricity prices in Europe soared by more than double in one week. The high rise in electricity prices came from various factors including Germany’s closure of its nuclear power plants, the expensive price of natural gas that soared above above $3 during this month, and a severe reduction in energy generation from wind-turbines during the past few months. Gas storage situation in Europe and Germany is higher than 95% but energy demand is also increasing owing to the cold weather.
The price for electricity n Germany and Denmark yesterday shot up to €395 MW/H with Denmark having consistently some of the most expensive electricity prices in the world this year as it transitions from fossil-fuels to wind-energy. Electricity prices have subsided a bit from yesterday but are still unusually very high.
The Deputy Prime-Minister and Energy Minister Ebba Busch has called the current situation with European roller-coaster prices as horrible and pledged that the Swedish government will rebuild its electrical system, build nuclear power plants and wane off its dependency from its European interconnector.
Meanwhile, Norway pronounced a similar position to Sweden with the Norwegian Energy Minister Terje Aasland calling the situation “shit”. Norway which has around 11% of its energy produced from wind-energy was also had its electricity prices heavily impacted in the last few months as wind generation decreased and gas prices soared. Norway is also pledging to decrease its dependence from its European interconnector.
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