Amid Europe’s energy crisis, Sweden has stepped in to boost regional electricity supply even as its own citizens are “taking a tough beating,” the country’s energy minister stated.
“Although we are for now the top exporter in Europe - we have electricity in abundance - we are being hit by the high prices that we see down on the continent,” Khashayar Farmanbar was cited by Bloomberg as saying on Friday.
He added a plethora of measures were being considered to “lower the prices or help the households and industry in order to manage the situation.”
The largest Nordic nation became the region’s top power exporter in the first half of the year after France suffered increasing setbacks with its aging fleet of nuclear reactors, turning it instead into a net importer.
“France’s nuclear issues have resulted in an exceptional net-import position for the French market,” Jean-Paul Harreman, director of the UK-based EnAppSys BV energy research firm, was cited as saying, adding:
“This has been exacerbated by high gas prices, which has made it less financially attractive for France to export usual amounts of gas into Europe. This in turn has pushed gas assets out of merit across Europe.”
Sweden’s exports soared to 16 terawatt-hours in the first half of 2022 from 13.8 terawatt-hours in the previous six-month period, according to an analysis by EnAppSys Ltd.
Most of Sweden's electricity supply comes from hydro and nuclear power, along with a growing contribution from wind. However, the region has similarly seen electricity costs skyrocket as Europe faces its worst energy crisis in decades.
Rationing ‘Not on the Table’
Power prices reached record highs in the south of Sweden on Friday, prompting some utilities to advise customers to curb consumption where possible.
Nevertheless, Farmanbar ruled out energy rationing for the time being.
“Energy rationing is not on the table for right now, we don’t see that happening at all but energy shortages we see in 6% of simulations,” he said.
Sweden’s energy minister advised households to get more energy efficient, install energy saving appliances, and use the subsidies available.
Diverse energy saving measures such as turning down thermostats and taking cold showers to lowered temperatures in public pools and turned off illumination of historical monuments are being encouraged across Europe ahead of the winter crunch.
Since 2021, energy prices in Europe have been growing as part of a global trend. However, after the beginning of Russia's special military operation in Ukraine and the adoption of several packages of sanctions against Moscow in the West, fuel prices have accelerated the growth, pushing many European governments to resort to contingency measures.