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Price of electricity in Denmark increases by 83 percent

The price of electricity in Denmark has increased by 83 percent in the past year, according to the Danish Utility Regulator.

Published: 9 December 2022 15:51 CET
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The main reason for the soaring electricity prices is the rising cost of gas. Photo: Mads Claus Rasmussen/Ritzau Scanpix

In a press release, the Danish Utility Regulator, (Forsyningstilsynet), explained that the price of electricity for households and small businesses continued to rise from the second quarter to the third quarter of 2022 by 15 percent. 

This gives a total increase of approximately 83 percent since the price increases that started in the third quarter of 2021.

The main reason for the soaring electricity prices is the rising cost of gas.

“We started to see price increases for electricity in the second half of 2021, and they were largely driven by price increases for gas, which in turn was due to the world economy getting back into gear after the coronavirus lockdowns”, Chief consultant Kristian Rune Poulsen from Green Power Denmark told news wire Ritzau.

“When the Russians then started to withhold deliveries of gas, which happened after the invasion of Ukraine, it escalated, ” Poulsen said.

Gas and electricity prices are closely linked, as the market is regulated by the most expensive energy source.

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ENERGY

Denmark launches its biggest offshore wind farm tender

The Danish Energy Agency on Monday launched its biggest tender for the construction of offshore wind farms, aimed at producing six gigawatts by 2030 -- more than double Denmark's current capacity.

Published: 22 April 2024 14:37 CEST
Denmark launches its biggest offshore wind farm tender

Offshore wind is one of the major sources of green energy that Europe is counting on to decarbonise electricity production and reach its 2050 target of net zero carbon production, but it remains far off the pace needed to hit its targets.

Denmark’s offshore wind parks currently generate 2.7 gigawatts of electricity, with another one GW due in 2027.

The tender covers six sites in four zones in Danish waters: North Sea I, Kattegat, Kriegers Flak II and Hesselø.

“We are pleased that we can now offer the largest offshore wind tender in Denmark to date. This is a massive investment in the green transition,”  Kristoffer Böttzauw, head of the Danish Energy Agency, said in a statement.

Investment in offshore wind plummeted in Europe in 2022 due to supply chain problems, high interest rates and a jump in prices of raw materials, before bouncing back in 2023.

A record 4.2 gigawatts was installed in Europe last year, when a record 30 billion euros in new projects were approved, the trade association WindEurope said in January.

It said it was optimistic about the future of offshore wind in Europe, expecting new offshore wind capacity of around five gigawatts per year for the next three years.

However, it noted that that was still far short of what is needed if Europe wants to hit its 2030 target of 111 gigawatts of offshore wind installed capacity, with less than 20 gigawatts installed at the end of 2023.

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