Electricity prices experienced a sudden spike on Thursday, causing concern among consumers. To avoid the headaches caused by such sudden price increases, experts recommend opting for fixed-term, fixed-price contracts. On that particular day, the price of electricity on the exchange spiked to nearly 50 cents per kilowatt hour, with the highest prices lasting from early morning to noon. The overall average price for the day settled at 15.65 cents per kilowatt hour.
The reason behind this surge was attributed to maintenance work being done on key reactors in Finland and Sweden, as well as a lack of wind power generation. However, by Friday, electricity prices stabilized as production aligned more closely with consumption, resulting in hourly prices ranging from 13 to 15 cents per kilowatt hour. Compared to previous years, the long-term average price of electricity has become more stable, hovering around 6-7 cents per kilowatt-hour in recent months. This has also led to decreases in fixed-term contract prices.
Looking ahead, electricity price futures suggest a decrease in prices during May and June followed by a gradual increase as temperatures drop. Despite some fluctuations, the average energy prices are expected to remain relatively steady throughout the rest of the year. Currently, the most affordable fixed-term contracts are those with shorter durations such as a three-month contract offered by Vihreya Älyenergia Oy for 6.25 cents per kilowatt-hour.
For those looking for longer contracts or additional benefits such as live usage effects based on electricity exchange prices, larger energy companies like Vattenfall and Helen offer slightly more expensive options ranging from one-and-a-half years to 24 months with varying prices between 7.90 to 8.80 cents per kilowatt-hour. It’s important for consumers to carefully compare and choose the right contract that best fits their needs and budget while ensuring stability in their monthly energy bills.
In conclusion, despite occasional price spikes due to factors beyond control such as weather conditions or maintenance work on power plants