On Thursday, the price of electricity on the exchange jumped significantly, causing concern among consumers. To avoid sudden price increases, experts recommend opting for a fixed-term, fixed-price contract. On that particular day, the price of electricity 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 cause of this price surge was attributed to a lack of wind power and maintenance work being done on key reactors in Finland and Sweden. 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. In comparison 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 the prices of fixed-term contracts.
Looking ahead, electricity price futures suggest a decrease in prices in 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, larger energy companies like Vattenfall and Helen offer slightly more expensive options with additional benefits. These companies provide fixed-term contracts ranging from one-and-a-half years to 24 months with prices varying between 7.90 to 8.80 cents per kilowatt-hour
