Electricity Price in Finland — Spot-Price of Electricity
Check the price of electricity easily! When the demand for electrical energy is high, it is good to monitor the price of electricity to avoid consumption during price spikes.
The spot price of electricity in Finland in different years (snt/kWh)
Let's take a look at how electricity prices have developed in Finland. We state the price in the unit MWh (1 MWh = 1000 kWh).
When we think about the 2000s, the price of electricity has been an average of €37/MWh. In 2000, the price was only €15/MWh. The biggest price spike was seen in 2010 – 2011, when the average price of electricity was €53.06/MWh.
In 2020, the stock exchange price of electricity was exceptionally low in the Nordic countries. The annual average was only €28/MWh. The main reason for the low electricity price was the high rainfall and exceptionally snowy weather in Norway.
The price of the electricity bill
The total price of electricity includes:
|⚡The price of electricity
|〰️ The price of electricity transmission
The price of electricity can either be fixed or follow the price of electricity on the exchange in Nordpool, in which case we talk about the exchange price of electricity or the spot price.
The spot price of electricity is determined by supply and demand on the electricity exchange. The spot price of electricity in Finland is usually lower at night and on weekends, when the use of electricity is less.
In order to ensure the lowest possible electricity bill, you should choose the cheapest electricity contract. On the other hand, smart plugs powered by artificial intelligence can help to automate the operation of large electrical appliances during the hours when the price of electricity is at its lowest.
Nord Pool spot-price of electricity in different years (snt/mWh)
The spot price is defined by the electricity exchange - Nord Pool - according to the electricity spot price. The price of electricity on the exchange follows real-time market changes, such as demand and supply of electricity, production costs, and global energy prices.
The electricity spot price is Nord Pool's hourly wholesale price, which is determined 24 times a day. This dynamic price mechanism provides opportunities for active electricity market followers.
Electricity price kwh and mwh
Electricity Companies express the price of electricity in kilowatt-hours (kWh) or megawatt-hours (MWh). The price of electricity per kWh is the most important indicator for the consumer, as it tells how much electricity costs per unit used. The MWh price, on the other hand, is a more common measure, for example, in monitoring the price of electricity on the stock exchange.
We recommend to compare current electricity contracts, to ensure the best deal, whether it is an electricity contract that is temporary, or if you are looking for the cheapest exchange electricity. Electricity calculator helps you estimate the price of your electricity bill when you enter your estimated annual consumption in kilowatt hours (kWh).
How The Electricity Prices Are Calculated?
The price of electricity consists of three main factors: the price of electrical energy, the price of electricity transmission and taxes. The price of electricity is determined by the market and can be fixed or vary according to the stock market price. The price of electricity transmission is determined by the electricity network company and is fixed. The most significant of the taxes is the electricity tax.
How do you protect yourself from rising electricity prices?
The first thing you should do is tender your own electricity contract. Other generally useful tips are getting an air source heat pump, reducing sauna use and using common sense. It's not worth keeping the lights on for nothing - or taking a shower for 15 minutes every day.
How to track the spot price?
You can monitor the price of electricity on the exchange directly from the website of the electricity companies, or through the electricity price monitoring system that we maintain.