Electricity costs will reach a record high on Wednesday evening. During the day, the average price per kilowatt-hour is 4.1 Danish kroner across the country, according to data from Nord Pool. The price fluctuates throughout the day, but between 7 and 8 pm it will reach 5.5 kroner. With the addition of taxes, fees and VAT, the price for the consumer actually ends up being approximately between 8 and 9 kroner per kilowatt-hour.
Thus, for the second day in a row, the price has reached its highest level ever measured in the 12 years for which the Danish state-owned company Energinet has data.
The war and the dry, windless weather have led to higher electricity prices in Denmark, but this is nothing compared to other places in Europe.
More than three times in one year
In general, electricity use in Denmark is currently unusually expensive. Last week, for example, the average Danish spot price on Nordpool was around 2.7 Danish kroner per kilowatt-hour, the highest price in the database's history, while at the same time last year the price was around 0.6 kroner – an increase of over 330%.
Expert Jim Wilson explained to TV2 the reasons behind the sharp rise in electricity prices. He pointed out that while the war in Ukraine has caused gas prices to rise, many large nuclear power plants in France are offline for maintenance. Additionally, the hot, dry European summer has driven up the price of Norwegian hydroelectric power, for example. Meanwhile, drought has caused water levels in major European rivers to rise to such a degree that it has hampered the transport of coal through important waterways. Furthermore, there isn't enough wind to power Danish wind turbines on Tuesday and Wednesday evenings, so when Danes turn on their lights, televisions, and stoves to cook dinner, the price goes up.
But although Danish electricity prices are very high, they are not comparable to other places in Europe, as the expert confirms: “If you look at Estonia and Lithuania, for example, the price on a Wednesday evening is almost 30 Danish kroner per kilowatt-hour. All power plants produce at very high costs because they use gas and coal, and there is a shortage of supply at the European level,” according to the expert.
