HS’s calculator allows you to compare your own electricity contract with other available options. The price of electricity on the exchange has risen to levels not seen since the energy crisis last winter. On Tuesday, the price of electricity on the exchange reached as high as 96.4 cents per kilowatt hour, but at an average price of 35.7 cents per kilowatt hour for the day. This 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 in the Olkiluoto nuclear power plant on Tuesday afternoon.
The rise in electricity prices has been felt across Europe, and November has been particularly expensive compared to the beginning of the year, with an average price of 9.4 cents per kilowatt hour in November. The average price was 4.7 cents in October and 4.1 cents in September. The price of electricity on the exchange is determined hourly in the electricity exchange Nordpool and can sometimes even be negative. Companies have been able to obtain electricity at a significantly lower price by scheduling the use of electricity for favorable hours.
HS offers a calculator that allows you to compare your own contract with other available options, including fixed-price contracts that are currently cheaper than at the beginning of November. Contracts with different time durations also offer varying prices for electricity, making it essential to choose carefully before signing up for one option over another.
In particular, exchange-traded electricity companies have been able to obtain electricity at a significantly lower price than other contract types during this winter season due to their ability to schedule their energy usage for favorable hours.
The fact that on windless winter days the price of stock exchange electricity rises from time to time is not surprising due to low wind power production capacity and interruptions like those experienced by Olkiluoto 3’s power plant.
It’s essential for consumers who are looking for better deals or want more flexibility when it comes to their energy consumption plans.