Electricity prices plunge to near zero nationwide

Electricity prices will fall to almost zero for much of Saturday, DR reports, after rising to their highest level in nearly two years earlier this week.

Energy companies OK and NRGI said the low prices began overnight and would continue until Saturday evening across the country. The wholesale electricity price, including VAT, will range from minus one øre to eight øre per kilowatt hour.

Households with electric cars stand to benefit particularly from the drop. “It is really cheap to charge an electric car this weekend because we are getting plenty of electricity, especially from wind turbines,” said Kenneth Korsgaard, market director at OK.

He said drivers could charge their car’s battery for about 15 kroner if they did so while prices remained low.

Sharp reversal after expensive week

OK’s forecasts indicate that electricity will also be cheap on Sunday. The weekend’s prices are therefore a sharp reversal from earlier in the week, when electricity prices reached their highest level in two years on Monday.

Norlys has previously attributed the rise in electricity prices during September to limited production from wind turbines. This has made energy companies more dependent on gas-fired power stations, while natural gas prices are currently at a historically high level because of the situation around the Strait of Hormuz.

“On Monday, the electricity price reached its highest level in almost two years, while on Saturday it is at rock bottom,” said Lars Pedersen, press officer at NRGI. He said consumers could save money by keeping track of prices and shifting their electricity use to cheaper periods.