Electricity prices spike across Sweden and Switzerland this summer

Summer electricity prices in Sweden and Switzerland reached the second‑highest levels on record, surpassed only by the 2022 energy crisis. Spot prices in June were 150 % to 1 400 % higher than a year earlier, according to data from price‑comparison site Elskling.

Elskling analyst Krisztian Horvath described a “perfect storm”: water reservoirs in Sweden and Norway are refilling slowly, nuclear plants are under maintenance, and global gas prices are pressured by uncertainty around the Hormuz Strait. A heatwave across Europe has also driven up demand. Prices are highest between 07:00‑09:00 and 17:00‑21:00 for consumers on variable contracts.

Horvath advises households to compare offers rather than stay loyal to existing contracts and warns that elevated prices are likely to persist through the rest of the year, especially if rainfall remains low and a cold winter follows.