Electricity Record in Denmark

Electricity prices in Denmark have reached a record high. It was noted that the current electricity prices have increased 3 times compared to the same period last year and there is no possibility of a decrease in the near future.

It was stated that the annual electricity expenditure of an average family in Denmark is expected to exceed 2 thousand dollars this year alone. According to the data shared by the country's state-owned energy company Energinet, the price of a kilowatt hour has risen to 8.42 kroner (1.15 dollars), the highest level recorded in the last 12 years. "If we look at daily or weekly average electricity prices, they have never been as high as they are now," Carsten Smidt, Managing Director of the Danish Supply Authority, said in a statement. The Nord Pool, the joint energy market of Norway, Sweden, Finland and Denmark, underlined that current prices are 3 times higher than the same period last year. The current situation in the country was attributed to Russia's war against Ukraine, falling water levels due to drought and insufficient wind to run turbines in the summer months. Martin Hansen, Deputy Director of the Danish Energy Agency, said: "It is really hard to say anything good about the development of electricity prices. We can look at forward prices but expectations for 2023 are still high. Industrial organizations and households should expect to see high prices for electricity, natural gas and heating in the future." Brian Friis Helmer, an analyst at Arbejdernes Landsbank, told Danish Radio, "We cannot rule out the possibility that prices could rise further. Over the summer we have seen gas and electricity prices continue to rise and the annual electricity bill for the average Danish family could rise to 15,000 kroner ($2,000) this year alone."