The current price of electricity on the exchange has increased to levels not seen since the energy crisis last winter. On Tuesday, the price of electricity on the exchange reached a high of 96.4 cents per kilowatt hour, but averaged 35.7 cents for the day. This rise is due to weak wind power production and an interruption in electricity production at the Olkiluoto nuclear power plant’s third unit. According to TVO’s estimate, electricity production will resume at the Olkiluoto nuclear power plant on Tuesday afternoon.
In November, exchange electricity was more expensive compared to the beginning of the year, with an average price of 9.4 cents per kilowatt hour in November, up from 4.7 cents in October and 4.1 cents in September. The price of electricity on the exchange is determined hourly by Nordpool and can sometimes even be negative. Companies have been able to obtain electricity at a significantly lower price by scheduling their use during favorable hours.
The price of electricity on the exchange is expected to drop significantly on Wednesday, with fixed-price contracts becoming slightly cheaper than they were at the beginning of November when HS last compared contracts. Contracts with different time durations also offer varying prices for electricity. Consumers have the option to terminate contracts valid for a short period as well as exchange contracts with a two-week notice period before cancellation or renewal.
By scheduling their use during favorable hours, companies that trade electricity on exchanges have been able to obtain significantly lower prices than other contract types during this period compared to January’s beginning prices due to weak wind power production and an interruption in Olkiluoto 3’s power generation capacity . However, it is not surprising that on days without wind during winter months, stock exchange-priced electricity prices rise from time to time due to market demand and supply dynamics