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Sweden's energy market is largely privatised. The Nordic energy market is one of the first liberalised energy markets in Europe and it is traded in NASDAQ OMX Commodities Europe and Nord Pool Spot. In 2006, out of a total electricity production of 139 TWh, electricity from hydropower accounted for 61 TWh (44%), and nuclear power delivered 65 TWh (47%). At the same time, the use of biofuels, peat etc. produced 13 TWh (9%) of electricity, while wind power produced 1 TWh (1%). Sweden was a net importer of electricity by a margin of 6 TWh. Biomass is mainly used to produce heat for district heating and central heating and industry processes.

Sweden joined the International Energy Agency in 1974, after the 1973 oil crisis strengthened Sweden's commitment to decrease dependence on imported fossil fuels. To protect against unexpected oil supply shocks and in accordance with international commitments made through the IEA, Sweden maintains a strategic petroleum reserve of at least 90 days of net oil imports. As of February 2022, Sweden’s oil reserves totalled 130 days’ worth of net imports. Sweden has moved to generate electricity mostly from hydropower and nuclear power. The use of nuclear power has been limited, however. Among other things, the accident of Three Mile Island Nuclear Generating Station (United States) prompted the Riksdag to ban new nuclear plants. In March 2005, an opinion poll showed that 83% supported maintaining or increasing nuclear power.

Sweden is considered a "global leader" in decarbonisation. Politicians have made announcements about oil phase-out in Sweden, decrease of nuclear power, and multibillion-dollar investments in renewable energy and energy efficiency. The country has for many years pursued a strategy of indirect taxation as an instrument of environmental policy, including energy taxes in general and carbon dioxide taxes in particular. Sweden was the first nation to implement carbon pricing, and its carbon prices remain the highest in the world as of 2020. This model has been shown to be particularly effective at decarbonizing the nation's economy. Sweden was in 2014 a net exporter of electricity by a margin of 16 TWh; the production from windpower mills had increased to 11.5 TWh.