Combined electricity prices in June and July 2026 were the second highest ever – only during the electricity crisis in the summer of 2022 was electricity more expensive in Sweden.

In June of this year, for example, spot prices for electricity were between 150 and 1,400 percent higher, compared to the same month last year.

Krisztian Horvath, electricity price analyst at Elskling, describes a "perfect storm" caused by several interacting factors.

"Hydropower reservoirs are being filled very slowly, so there are poorly filled reservoirs in both Sweden and Norway. Nuclear power has been under review and this year in particular has been particularly strained," he said.

In addition, there are external factors that indirectly play a role. The uncertainty surrounding the Strait of Hormuz affects global gas prices and the extreme heat in Europe this summer has driven up demand for electricity on the continent.

"Cooling does not affect Swedish consumers directly because we do not have AC to the same extent. But since we are connected to all of Europe, we are indirectly affected by what happens there. All the cooling that they operate indirectly affects our prices."

According to Krisztian Horvath, the vast majority of consumers still have variable electricity contracts, but for those who have quarter-hourly or hourly prices, electricity is most expensive between 7 and 9 in the morning, and between 5 and 9 in the evening.

"Prices tend to be lower at other times of the day. The pattern changes somewhat during the summer as we are out more and not at home consuming electricity."

Against the backdrop of the summer's price shock, there is growing concern about the autumn and winter.

"If we get poor rainfall, don't fill the water reservoirs, and if a cold winter hits at the same time, it will have an impact. So let's hope we have a rainy and windy autumn," said Horvath.

Consumers should be prepared for continued higher prices, Horvath said.

"There will be elevated levels for the rest of the year. The advice we can give is to compare and not blindly trust that the electricity contract you have is the best. You shouldn't be loyal."