Swedish PM pledges billions to offset soaring energy bills as election nears

STOCKHOLM - Sweden's government said on Wednesday that it would hand out around US$5.8 billion to companies and households to ease the pain of soaring electricity prices, as it looks to woo voters ahead of September's general election.after Russia's invasion of Ukraine even though Sweden is a net exporter of electricity and its production is dominated by hydro-power, nuclear and wind.

The new proposal comes as campaigning moves into high gear for a general election to be held on Sept 11, with the cost-of-living crisis threatening Ms Andersson's chance of getting a second term in office. Households also face rising interest rates, and falling real wages and growth is set to slow to just 0.5 per cent next year.

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