On Thursday, the price of stock electricity experienced a significant increase that caused headaches for consumers. However, this issue can be avoided by signing a fixed-term, fixed-price contract. The spike in electricity prices on the exchange reached almost 50 cents per kilowatt hour, with the highest point occurring between 7 in the morning and noon. Despite the spike being short-lived, the above-average prices persisted throughout the day, with an average settling at 15.65 cents per kilowatt hour.
Fortunately, on Friday, electricity prices stabilized as production aligned more closely with consumption, resulting in hourly prices ranging from 13 to 15 cents per kilowatt hour. Several factors contributed to the price spike on Thursday, including the lack of wind power and maintenance on reactors in both Finland and Sweden. The long-term average price of electricity on the stock exchange has recently stabilized around 6-7 cents per kilowatt-hour, leading to decreased prices for fixed-term contracts.
Looking ahead, electricity price futures indicate a decrease in prices in May–June followed by a steady increase as temperatures cool down. The cheapest fixed-term contracts currently available include short three-month contracts at 6.25 cents per kilowatt-hour from companies like Vihreya Älyenergia Oy. Larger energy companies like Helen and Vattenfall offer slightly more expensive but longer-term contracts. In addition to fixed-price contracts, some companies offer contracts with live usage effects based on electricity exchange rates that reward users for consuming electricity during cheaper hours or incurring additional costs during peak hours. These contracts typically range in price from 7.40 cents to 10.00 cents per kilowatt-hour.
Overall, consumers have a variety of options to choose from when it comes to selecting an electricity contract that fits their needs and budgets.
In summary:
The cost of stock electricity rose significantly on Thursday due to several factors such as lack of wind power and reactor maintenance issues in Finland and Sweden.
On Friday, electricity prices stabilized as production aligned better with consumption.
Fixed term contracts are available at different rates such as three months contract at 6.25 cents per kWh from Vihreya Älyenergia Oy or longer term contracts from larger energy companies such as Helen or Vattenfall.
Consumers also have options such as live usage effect based on exchange rates that reward them for using electricity during off peak hours or paying extra during peak hours.
The long term average price of electricity has recently stabilized around 6 -7 cents per kWh leading to decreased prices for fixed term contracts.
