Electricity prices in southern Sweden hit 5.70 kronor per kWh on Tuesday evening. That equals about $0.55 per kWh for international readers.
Wednesday morning will remain expensive for customers with quarter-hour pricing contracts. The situation improves slightly but costs stay high.
Why are prices spiking now? Wind power has stalled across Sweden and Germany. Meanwhile, 2.5 of Sweden's six nuclear reactors sit offline for repairs.
The Ringhals 4 reactor joined the outage list after workers found a generator leak. It should restart Tuesday but needs time to reach full capacity.
Johan Sigvardsson, an analyst at energy trading firm Bixia, confirmed the near windless conditions. He noted the problem affects Germany even more severely than Sweden.
Sweden typically relies on nuclear and renewable energy for stable power. These simultaneous outages create perfect conditions for price surges. Customers face expensive days ahead until generation normalizes.