In recent weeks, electricity prices have been on a steady decline. This is due in part to the fact that the average taxable price on the Nord Pool electricity exchange has dropped to -0.25 cents per kilowatt hour. The cheapest electricity prices can be found in the afternoon, when they reach -1.51 cents per kilowatt hour. However, prices can rise as high as 0.60 cents per kilowatt hour in the morning.
The trend towards cheaper electricity is attributed to several factors, including good wind and hydropower production, as well as warm weather. These conditions have led to an abundance of cheap electricity in the market, with Finland even being on the export side over the weekend.
Over the weekend, electricity prices remained negative due to an oversupply in the market. The completion of annual maintenance on the Olkiluoto nuclear power plant’s triple reactor contributed to this surplus, as did optimal hydropower and wind power production. As a result, consumers were able to enjoy affordable rates throughout the weekend.
In addition to these factors, reduced electricity consumption compared to weekdays also played a role in driving prices into negative territory over the weekend. With warm weather and decreased demand on weekends, there was an abundance of cheap electricity available for consumers to benefit from.
Overall, current market conditions have led to a surplus of affordable electricity for consumers to take advantage of.
