New Opportunities Arise as Electricity Exchange Prices Increase and Fixed Contract Prices Decrease
The energy crisis last winter has led to an increase in exchange electricity prices, with the price reaching a high of 96.4 cents per kilowatt hour on Tuesday, despite an average price of 35.7 cents per kilowatt hour for the day. This rise is due to weak wind power production and the interruption of electricity production in the third unit of the Olkiluoto nuclear power plant. According to TVO’s estimate, electricity production will resume in the Olkiluoto nuclear power plant on Tuesday afternoon.
In November, exchange electricity has been more expensive compared to the beginning of the year, with an average price of 9.4 cents per kilowatt hour in November. The average price was 4.7 cents in October and 4.1 cents in September. The price of electricity on the exchange is determined hourly in the electricity exchange Nordpool and can sometimes even be negative. Companies have been able to obtain electricity at a significantly lower price by scheduling the use of electricity for favorable hours.
The price of electricity on the exchange is expected to drop significantly on Wednesday, with fixed-price contracts being even slightly cheaper than at the beginning of November when HS last compared contracts. Contracts with different time durations also offer varying prices for electricity, allowing consumers to compare their own contract with available options using HS’s calculator below. A fixed transfer price to your network company and electricity tax are always paid for electricity according to consumption but are not taken into account in the counter comparison tool.
The fact that companies have been able to obtain electricity at a significantly lower price than other contract types during this season by scheduling their use during favorable hours is not surprising since this strategy is commonly used by businesses operating under normal weather conditions.
However, now that there has been an interruption in Olkiluoto 3’s power production, it has caused a spike in prices that could affect other countries as well since they rely heavily on Nordpool as their main source of energy.
Overall, consumers can use HS’s calculator tool as a helpful resource when comparing their own contract with available options and making informed decisions about their energy needs during these challenging times.
It is important for consumers and businesses alike to stay informed about changes in energy prices and take steps to minimize their impact on their operations or budgets.
