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Swedish Electricity Prices At Record Highs as Russia's Nord Stream Pipeline Closed for Maintenance

© AP Photo / David DaviesA view of Ratcliffe-on-Soar power station, in Nottingham, England. Britain expects Friday, 21 April 2017 to be the first full day since the Industrial Revolution when it hasn't used coal to generate electricity. (David Davies/PA via AP)
A view of Ratcliffe-on-Soar power station, in Nottingham, England. Britain expects Friday, 21 April 2017 to be the first full day since the Industrial Revolution when it hasn't used coal to generate electricity.  (David Davies/PA via AP) - Sputnik International, 1920, 12.07.2022
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According to Rebecka Bergholtz, an analyst at the Swedish Energy Agency, there is great concern about the future of Europe's natural gas supply particularly once winter starts to loom. Shortages are likely to persist which will result in price volatility.
Electricity prices throughout Sweden have reached record highs, peaking in the southern part of the country and greater Stockholm where it has exceeded the SEK 6 (56 cents) per kWh mark rather than the usual July prices of around 40 Øre (4 cents).

“We have never had such high July prices as now”, EON sales manager Emma Borgström said, as quoted by national broadcaster SVT.

Swedish Energy Agency analyst Rebecka Bergholtz agreed that prices are at “exceptionally high levels”.
There are several reasons for the spike in electricity prices this summer, coupled with dramatic fluctuations, which makes it difficult to predict when the price will fall again, Bergholtz said.

One reason is that Russia shut the 1,220km Nord Stream 1 gas pipeline to Europe on Monday for maintenance. Though this happens every year and usually takes up to a fortnight, European experts are worried that this time Russia will not turn the gas on again. Previously, the Russian company Gazprom had to cut its Nord Stream 1 gas supplies significantly because of delays in maintenance work on necessary turbines by German and Canadian companies. This forced Europeans to tap into gas volumes normally reserved for winter, with some countries even considering returning to coal production.
Overall, Europe has been suffering from rocketing gas prices over the past months, because of a worsening fuel crisis sparked by massive sanctions against Russia. German authorities admitted that the national gas storage facilities are at present only 61 percent full, which is lower than usual for this season. Europe's largest economy's gas stores are only enough to last two months if deliveries from Russia are halted.
Gas cooker - Sputnik International, 1920, 11.07.2022
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Furthermore, gas flow from Norway, Europe's second-largest gas provider, is also at present limited by unplanned maintenance work. Furthermore, the weather in Sweden has been calm for a few days, which has adversely affected the generation of wind power.

“There is great concern about what the natural gas supply in particular will look like in Europe in the future before and during the coming winter. This concern is likely to persist, even over the next season, which contributes to strong price reactions”, Bergholtz explained.

To crown it all, Swedish and Finnish nuclear power plants are also about to undergo periods of maintenance, which will disrupt the production of nuclear power, Bergholtz explained. This trend has been mirrored by other major nuclear power producers, as maintenance on French nuclear plants, both planned and unplanned, is also pushing Europe's electricity prices upwards. Lastly, coal prices are also higher than usual, because of bans on coal from Russia and problems with shipments from Australia.
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