On Thursday, electricity prices experienced a significant increase on the stock exchange, causing concern among consumers. To avoid the unexpected price hikes, experts advise opting for fixed-term contracts with set prices. On that day, the price of electricity spiked to almost 50 cents per kilowatt hour, with the highest rates lasting from early morning until noon. The overall average price for the day settled at 15.65 cents per kilowatt hour.
The 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 became more closely aligned with consumption, resulting in hourly rates ranging from 13 to 15 cents per kilowatt hour. Over the past year, the long-term average price of electricity has become more stable, hovering around 6-7 cents per kilowatt-hour in recent months. This stability has also led to decreases in fixed-term contract prices.
Looking ahead to May and June, electricity price futures predict a decrease followed by a gradual increase as temperatures drop. Despite some fluctuations throughout the year, it is expected that energy prices will remain relatively steady throughout the rest of the year. Currently, three-month contracts offered by Vihreya Älyenergia Oy are priced at 6.25 cents per kilowatt-hour and are considered affordable options for those looking for shorter durations.
For those seeking longer contracts or additional benefits, larger energy companies such as Vattenfall and Helen offer slightly more expensive options ranging from one-and-a-half years to 24 months at varying prices between 7.90 to 8.80 cents per kilowatt-hour.
In conclusion, despite occasional price spikes or fluctuations throughout the year, consumers have various options available to manage their electricity costs effectively by carefully comparing and choosing fixed-term contracts that best fit their needs and budgets each month.