The price of electricity on the exchange has reached new heights, with an average of 35.7 cents per kilowatt hour in November. This is a significant increase compared to the beginning of the year, when the average price was 4.7 cents in October and 4.1 cents in September. The 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 on Tuesday afternoon.
The calculator provided by HS allows you to compare your own electricity contract with other available options on the exchange. Fixed-price contracts are now even slightly cheaper than at the beginning of November, and contracts with different time durations offer varying prices for electricity. Consumers have the option to terminate their existing contracts as well as exchange electricity contracts with a two-week notice period.
Exchange-traded electricity companies have been able to obtain significantly lower prices by scheduling their use of electricity during favorable hours. This is particularly true during windless winter days, when stock exchange electricity prices can sometimes rise unexpectedly due to high demand from households and businesses alike. However, this week’s sudden spike in price is caused by an unforeseen interruption of Olkiluoto 3’s power production, which has driven up prices exceptionally steeply on Tuesday when it reached a high of 96.4 cents per kilowatt hour (the highest since last winter).