Can the UK learn from Sweden when it comes to reducing electricity prices?

Following the publication of Chris Skidmore's Review of Net Zero, which reiterated the need for improved energy efficiency in the UK's housing, it's become apparent that we need to place a renewed emphasis on low carbon heating.

So can we look at Sweden as a model for how to move forward?

Sweden has made electricity cheaper through a combination of policies and investments in renewable energy sources, charging 35p per kilowatt for gas, and 12p per kilowatt for electricity.

Sweden has a well-developed hydropower infrastructure, with over 50% of its electricity coming from hydropower plants. This is a low-cost source, and its widespread use has ensured that electricity prices remain low.

They have also heavily invested in additional renewable energy sources, such as wind and solar power, which have become increasingly cost-competitive in recent years. However by diversifying their energy mix and reducing their reliance on fossil fuels, they have been able to stabilise electricity prices and make them more affordable for consumers.

The country's carbon tax also plays a huge role. The carbon tax is levied on fossil fuels, making them more expensive, and encouraging the use of renewable energy sources. The revenue generated from the carbon tax is also used to invest in renewable energy projects and energy efficiency initiatives, which further helps to reduce electricity prices over time.

Overall, Sweden's approach to making electricity cheaper has been to invest in renewable energy sources, diversifying its energy mix, and implement policies that incentivise the use of low-carbon technologies.

Can the UK learn from this?