Electricity Prices Surge Due to Wind Power Shortage, Experts Recommend Fixed-Term Contracts

Electricity prices on Thursday experienced a significant increase, causing concern among consumers. To avoid the sudden price spikes, experts recommend opting for fixed-term contracts with fixed prices. On that particular day, the price of electricity on the exchange spiked to nearly 50 cents per kilowatt hour, with the highest prices lasting from early morning to noon. The average price for the day settled at 15.65 cents per kilowatt hour.

The reason for this price surge was attributed to a lack of wind power and maintenance work being done on key reactors in Finland and Sweden. However, by Friday, electricity prices stabilized as production aligned more closely with consumption, resulting in hourly prices ranging from 13 to 15 cents per kilowatt hour. Compared to previous years, the long-term average price of electricity has become more stable, hovering around 6-7 cents per kilowatt-hour in recent months. This has also led to decreases in fixed-term contract prices.

Looking ahead, electricity price futures suggest a decrease in prices in May and June followed by a gradual increase as temperatures drop. Despite some fluctuations, the average energy prices are expected to remain relatively steady throughout the rest of the year. Currently, the most affordable fixed-term contracts are those with shorter durations such as a three-month contract offered by Vihreya Älyenergia Oy for 6.25 cents per kilowatt-hour