SWEDEN plans to compensate electricity consumers on soaring bills

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Sweden’s authorities on Wednesday vowed to compensate households and companies for soaring electricity bills in the wake of the Ukraine war to as high as 60 billion kronor ($5.76 billion).

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At the least half of of the quantity will go to households who could anticipate to be compensated “this wintry weather”, Minister Magdalena Andersson told newsmen.

“we’ve electricity and gas fees at a level we have never seen before”, she said.

On Wednesday, electricity on the Nordpool market hit a record 5.69 kronor per kilowatt hour in southern Sweden. It was expected to fall back slightly to 5.50 kronor on Thursday.

Swedish energy costs have soared after Russia significantly curtailed fuel materials to Europe following its invasion of Ukraine.

Gas fees have thereby soared, at a time while there is little wind energy being generated in northern Europe because of cutting-edge climate situations.

Svenska Kraftnat, the country-owned operator of the countrywide grid, has therefore been raking in soaring so-referred to as potential costs, which have left it with a surplus notwithstanding large investments in its grid, Andersson said.

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That surplus should make its manner returned to consumers, Andersson stated, adding: “The higher the power fee goes, the higher the quantities we’re talking approximately”.

Hydropower money owed for about 1/2 of the strength generated in Sweden, which additionally relies on nuclear and wind strength.

It isn’t always yet acknowledged what shape the reimbursement might take nor while it might be added, but the government said measures could consist of lower energy costs in addition to direct refunds to households and companies.

The authorities has tasked Svenska Kraftnat with drawing up a concrete suggestion via November 15.

The Social Democratic government’s statement comes just 3 weeks in advance of legislative elections, with opinion polls setting the left and right blocs neck-and-neck.

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About Bola Ogunmuyiwa 1588 Articles
BSc Agric Science

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