Sweden to support households hit by high electricity prices

Sweden will compensate those households which have been worst hit by a surge in electricity prices, Finance Minister Mikael Damberg said on Wednesday, with the government setting aside 6 billion crowns ($664.45 million) for measures.

The government said it would cover three months from December 2021 with a maximum amount of 2,000 crowns per household per month.

The government said the money would reach around 1.8 million households.

"These are exceptional measures for an exceptional situation," Damberg told a news conference.

Electricity prices have surged in Sweden in recent months - particularly in the south of the country - though the increases have been less marked than in many other parts of Europe.

Sweden's electricity comes mainly from its own hydro-power, nuclear reactors and wind power installations and it does not rely on imports of natural gas.

However, prices are set on international markets, meaning Swedish consumers have also been affected.