Energy|The wholesale price of electricity fell this year so that Finland returned to the price level of the 2010s. The biggest fluctuations in the price of electricity occurred during the freezing temperatures at the beginning of January.
The summary is made by artificial intelligence and checked by a human.
The wholesale price of electricity this year has averaged 45.7 euros per megawatt hour.
In the current year, there were 178 hours in Finland when the price of electricity exceeded 200 euros per megawatt hour.
Similarly, the price of electricity in Finland was negative for 725 hours during 2024.
Electricity was slightly cheaper in Sweden and Norway than in Finland.
Power the wholesale price has averaged 45.6 euros per megawatt hour in the year ending.
Last year, the price was about 11 euros higher, i.e. an average of 56.5 euros per megawatt hour.
According to the Energy Industry, which reports on the matter, this year’s reading means a return to the low electricity prices of the 2010s.
During the past year, there were 178 hours in Finland when the wholesale price of electricity reached more than 200 euros per megawatt hour. Correspondingly, the price of electricity managed to be negative for 725 hours during the current year.
By calculating zero-price hours together with negative ones could fit a total of 900 hours until 2024, when the costs of using electricity were limited only to the tax and transmission fee.
“The tax-free consumer price was less than half a cent per kilowatt-hour for about a quarter of the year’s hours, which means that wholesale electricity was almost free in terms of calculation for three months,” says the Energy Industry in its press release.
According to the energy industry, negative electricity prices have increased year by year.
For example, in 2022 the price of electricity was negative for only 27 hours, while in 2023 the price was already negative for 467 hours.
Energy industry according to the largest fluctuations in the price of electricity occurred during the frost period at the beginning of last January.
“The effect of the first week of the year on the average price of electricity was 8.8 percent, and the record day 5.1. the effect alone was more than five percent”, says Energy Industry.
So almost a tenth of the consumer’s energy bill could be made during the first week of the year.
“The conditions at the beginning of the year were very exceptional, and prices rose momentarily to an unprecedented level,” says the director responsible for the energy market in the energy industry Pekka Salomaa in the bulletin.
Finnish electricity was the third cheapest in the European Economic Area, Energy Industry says. Electricity was even cheaper in Sweden and Norway.
“There were more negative and expensive hours in Finland than in Sweden, Norway, Germany or France. There were clearly more expensive hours in Estonia than in Finland.”
Finland is a significant importer of electricity for Estonia. Because of the cable break that happened on Wednesday, the electricity price pressure has now increased in Estonia.
According to Salomaa, the breaking of the Estlink 2 cable brings a certain uncertainty to the price outlook on the coldest days in Finland as well, although the breaking will probably lower the average price of electricity here.