On Friday, the price of electricity on the stock market dropped significantly below the spike seen on Thursday. This trend continued into Saturday, with hourly prices remaining affordable. According to Fingrid’s hourly price mobile application, the cheapest price of electricity on Saturday was at 3 PM, at 1.65 cents per kilowatt-hour, while the most expensive price was at 7 PM, at 4.29 cents per kilowatt-hour.
Exchange electricity had spiked on Thursday due to low wind power production, causing the price to surpass 49 cents per kilowatt-hour in the morning. However, this trend did not continue as nuclear power plant units Olkiluoto 2 and Olkiluoto 3 currently remain inactive due to maintenance work. The maintenance shutdown for Olkiluoto 2 began last Sunday and is anticipated to end on May 6, while Olkiluoto 3 is expected to resume electricity production on May 8 following technical issues.
Looking ahead, electricity price futures suggest a decrease in May-June, followed by a steady increase as the weather cools down. Prices on the exchange have hovered around 6-8 cents per kilowatt-hour in February-May, with a slight drop to just over 5 cents in April. However, prices rose again on May Day due to unexpected demand from consumers and businesses alike. Despite this short-term increase in prices, it is expected that exchange electricity users can benefit from cheaper prices as they progress through the weekend before rising post-summer according to long term forecasts.
