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ENERGY

Swedes pay more for electricity than Nordic neighbours

Swedes are paying considerably more for their domestic electricity than their Nordic neighbours, according to research carried out by the Swedish Homeowners Association (Villaägarna).

Swedes pay more for electricity than Nordic neighbours
Photo: kalleboo

The organisation found that the annual cost of electricity in an average Swedish house is almost 9,000 kronor higher than in a comparable house in Finland.

A Swedish homeowner can expect to pay 21,000 kronor per year, while Finns will pay an average of 12,554 kronor. Norwegians with a similar sized house will pay around 19,000 kronor per year, reports Dagens Industri – almost 10% less than the Swedes.

The Homeowners Association claims that expensive Swedish electricity is entirely due to the country’s electricity tax, since prices on the Nordic energy markets are otherwise the same.

The high price has prompted enterprise and energy minister Maud Olofsson to float the possibility of reducing the energy tax.

“I would consider taking a look at it,” she said in an interview with Dagens Industri.

“Generally speaking, I think the energy debate needs to head towards an overhaul of the system in order to create credibility.”

A month ago, Olofsson sparked fury among homeowners by telling them to insulate their homes, install triple-glazed windows and replace incandescent bulbs if they wanted to lower their bills.

She also urged electricity customers to unplug electrical appliances to keep them from running in standby mode – advice which the Swedish Homeowners Association vice director Joacim Olsson called “a provocation”.

But the most important factors in bringing down the cost of electricity, according to Olofsson, are continued development of renewable sources of energy production and improved energy efficiency.

“As long as we need coal, oil and gas, increased consumption of electricity will drive up the prices,” she said.

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BUSINESS

France’s EDF hails €10billion profit, despite huge UK nuclear charge

French energy giant EDF has unveiled net profit of €10billion and cut its massive debt by increasing nuclear production after problems forced some plants offline.

France's EDF hails €10billion profit, despite huge UK nuclear charge

EDF hailed an “exceptional” year after its loss of €17.9billion in 2022.

Sales slipped 2.6 percent to €139.7billion , but the group managed to slice debt by €10billion euros to €54.4billion.

EDF said however that it had booked a €12.9 billion depreciation linked to difficulties at its Hinkley Point nuclear plant in Britain.

The charge includes €11.2 billion for Hinkley Point assets and €1.7billion at its British subsidiary, EDF Energy, the group explained.

EDF announced last month a fresh delay and additional costs for the giant project hit by repeated cost overruns.

“The year was marked by many events, in particular by the recovery of production and the company’s mobilisation around production recovery,” CEO Luc Remont told reporters.

EDF put its strong showing down to a strong operational performance, notably a significant increase in nuclear generation in France at a time of historically high prices.

That followed a drop in nuclear output in France in 2022. The group had to deal with stress corrosion problems at some reactors while also facing government orders to limit price rises.

The French reactors last year produced around 320.4 TWh, in the upper range of expectations.

Nuclear production had slid back in 2022 to 279 TWh, its lowest level in three decades, because of the corrosion problems and maintenance changes after
the Covid-19 pandemic.

Hinkley Point C is one of a small number of European Pressurised Reactors (EPRs) worldwide, an EDF-led design that has been plagued by cost overruns
running into billions of euros and years of construction delays.

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