It was warmer and it rained more last week than before.

But that does not matter.

Last week's electricity price in southern Sweden was the most expensive ever so far, and even compared to cold January or February weeks.

An important explanation is less water in the reservoirs.

Because even though it rained a little more last week, it has so far been significantly drier than last year.

- There is a large deficit on water in both Sweden and Norway, says Björn Björnsson, analyst at the electricity trading company Godel.

More cables raise the price

In addition, the wind is bad, not only in Sweden, but in most of Europe.

This affects electricity prices mainly in southern Sweden, which is closest to the continental price picture.

In recent years, more cables have increased cross-border trade, which tends to raise prices in Sweden to a more European level.

In a few weeks, the price impact may be even greater when a new cable between the much more expensive United Kingdom and Norway is connected.

- We have higher prices throughout Europe now, and everyone is a bit in the same boat, says Björn Björnsson.

Statistics from the Nordpool electricity exchange show that electricity area 4, southern Götaland, never noticed an equally high price when mid-September passed, an average of 125 per kilowatt hour (kWh), regardless of the month of the year.

That makes the price record even more remarkable.

Electricity area 3, Mälardalen and down, also sniffs at the record.

Rising fuel prices

And today, Wednesday, the price in electricity area 4 is set at 163 öre per kWh on average with peaks of almost two kronor during the morning and evening.

It has never been so high before.

The daily price in electricity area 3 also reaches a new all-time highest level.

However, prices in the north have a bit left.

- The reason is skyrocketing fuel prices, says Johan Sigvardsson.

Gas prices are at record levels, and oil as well as coal have become more expensive.

And when more fossil fuels are burned in Europe, emissions prices also rise.

And even though Sweden basically only has fossil-free production, all this seeps in across the southern borders and raises the price of electricity in Sweden as well, mostly in the south.

Trading in future electricity contracts signals that the higher prices will persist this winter.

And if it gets colder than normal, the electricity bill can go away properly when both use and price skyrocket.