The country has one of the greenest grids in the world, relying almost entirely on hydroelectric, nuclear and wind, which now generates about a quarter of its supplies. But even more is needed to electrify the rest of its economy.
The expansion of thousands of wind turbines in Sweden over the past two decades means there’s so much power around that electricity prices are increasingly dipping below zero, both for whole days and individual hours, and are expected to remain very low for years.
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No new turbines have been ordered in Sweden since the first quarter, according to the latest data from industry group Svensk Vindenergi, the longest such stretch in two years. It now takes as long as 8.5 years to bring a wind park in Sweden from application to operation, up from 2.5 years in 2010, according to consultant Ernst & Young. This extended timeline creates significant challenges for developers and investors, especially in a market where demand for renewable energy is growing rapidly.
