Fixed-term electricity contract for 12-24 months
When you choose a fixed-term electricity contract, you are safe from price fluctuations. This is the main reason why up to 50% of Finnish consumers choose a fixed-term contract instead of a stock exchange electricity contract.
Where can you find the cheapest fixed-term electricity contract?
The cheapest fixed-term electricity contract can be found in the price comparison. A fixed-term contract guarantees you the same stable electricity price for 12-24 months.
Hehku Energia Kiinteä 24kk
Contract type: 24 month fixed-term electricity contract
VIEW DETAILSHehku Energia Kiinteä 12kk
Contract type: 12 month fixed-term electricity contract
Fortum Duo 24kk
Contract type: 24 month fixed-term electricity contract
Oomi Kiinteä
Contract type: 24 month fixed-term electricity contract
Väre Välkky 24kk
Contract type: 24 month fixed-term electricity contract
Väre Välkky 12kk
Contract type: 12 month fixed-term electricity contract
A fixed-term electricity contract is an option for those who want to commit to a specific electricity company and electricity price for a longer period of time. Fixed-term contracts usually have contract periods of 12 to 36 months and often offer a fixed price electricity for use for the entire contract period.
In 2022, the popularity of spot-price electricity contracts was also growing in Finland, but 50% of Finns still preferred a fixed-term contract.
| Contract type | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Fixed-Term Contract | 42 % | 49 % | 52 % | 54 % | 50 % |
| Toistaiseksi voimassa oleva | 49 % | 40 % | 40 % | 37 % | 36 % |
| Spot Price Electricity | 9 % | 11 % | 8 % | 9 % | 14 % |
The advantage of a fixed-term electricity contract is price stability, which enables predictability of the electricity bill. This can be especially useful when the market is volatile and prices fluctuate widely. Fixed-term contracts may also offer discounts.
However, fixed-term contracts can also have disadvantages:
- During the contract, you cannot change the electricity company or the contract without having to pay a contract penalty or replace the discounts you received at the beginning of the contract.
- If the price of electricity falls in the market, you will not be able to take advantage of the lower prices until the fixed contract period ends.
When you are considering entering into a fixed-term electricity contract, compare the offers of different electricity companies carefully. The Electricity tender is worth it and it's free on our site. Take into account the duration of the contract, the price, and any additional services as well as contract terms and termination options. This way you can make a smart decision that best suits your own needs and financial situation.
Pricing of a fixed-term electricity contract
The price of a fixed-term electricity contract is locked at the start of the contract and remains the same throughout the contract period. The pricing consists of two parts: the basic fee and the energy fee.
- The basic fee is a fixed monthly fee that covers the electricity company's administrative costs.
- The energy fee is based on the amount of electricity consumed and is paid per kilowatt hour.
Fixed-term electricity contract types
24-month fixed-term electricity contract
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The 24-month fixed-term electricity contract is one of the most common types of electricity contracts in Finland. A 24-month fixed-term electricity contract offers a flat price for two years and helps to avoid unexpected electricity price increases. However, if the price of electricity in the market falls, you will not benefit from this during the contract. In this sense, it is important to take into account the electricity market situation and price forecasts before entering into a long-term contract.
12-month fixed-term electricity contract
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A 12-month fixed-term electricity contract is another popular option. 12-month electricity contract offers stability for a year and gives you the opportunity to reassess the market for a year after. If you assume that electricity prices will decrease in the future, this can be a good option because it gives you the flexibility to reassess the electricity market a year from now. Almost every electricity company offers this contract, so you will definitely find a deal that you like on our website! At the moment, the cheapest 1-year electricity contract comes from Nordic Green Energy.
6-month fixed-term contract - a rare treat
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Although electricity contracts are usually 12 or 24 months long, some electricity companies also offer fixed-term contracts of 6 months . These contracts are rarer, but they can also be found on the market. A six-month fixed-term contract is more flexible than longer fixed-term contracts, but still offers price stability. Currently, the cheapest 6-month fixed-term electricity contract is Väre Välkky.
The cheapest fixed-term electricity contract in Finland
Currently, the cheapest temporary electricity contract comes from Hehku Energia. Please keep an eye on our page, because the price of the cheapest fixed-term electricity contract changes often.
Is a fixed-term electricity contract worth it in 2024?
When the electricity market is volatile and prices are rising, a fixed-term electricity contract can be a good choice because it offers stability. This means that you don't have to worry about electricity prices rising during the contract period. This can make budgeting easier and reduce concerns about potential cost increases.
On the other hand, if electricity prices fall in the market, you will not be able to take advantage of these savings during the term of the fixed-term contract. In this case, an open-ended contract where the price follows the market could be a more affordable option.
In general, we recommend exchange electricity as a more profitable option, especially when the market situation is stable. However, a fixed-term electricity contract can be a stress-free choice.
Termination of fixed-term electricity contract and contractual penalty
Termination of a fixed-term electricity contract before the end of the contract period may cause additional costs. Most electricity companies charge a contractual penalty if the fixed-term contract is terminated before the end of the contract period.
If you move to a new address, some companies allow you to terminate a fixed-term contract without penalty.
Temporary electricity contract and moving
When you move, you must sign a new electricity contract for your new address. However, it does not mean that your old fixed-term contract will automatically end. You may have to pay two electricity bills, unless the old contract can be transferred to the new address or if it cannot be canceled without a contractual penalty.
However, many electricity companies offer the possibility to transfer the electricity contract to a new address without additional costs. It is worth contacting the electricity company and asking about the terms of your contract when it comes to electricity contract and moving.
Fixed-term or short-term electricity contract?
The choice between a fixed-term and short-term electricity contract depends on many factors.
Fixed-term is a good option if you value predictability in electricity costs and want to avoid unexpected price increases. However, if the market price of electricity falls, you will not be able to take advantage of lower prices with a fixed-term contract.
Short-term contract, also known as spot-price contract, is a good choice if you value the ability to react to changes in the electricity market and take advantage of possible lower prices.
The choice between a fixed-term and indefinite contract requires consideration of one's own energy consumption, price expectations and need for flexibility. It is recommended to compare the offers of different electricity companies on our website to find the contract that best meets your needs.
What happens when the fixed-term electricity contract ends?
When a fixed-term electricity contract ends, you usually have a few options and consequences that can vary depending on the terms of the contract and the electricity supplier. What can happen after the contract ends?
1) Continuing the contract
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Some electricity suppliers may automatically renew your contract after the end of the fixed-term contract, but with new terms and prices. This means that you will continue to use the electricity supplier's services, but with new contract terms, such as an open-ended contract instead of a fixed-term contract.
2) Changing contract
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You can decide to look for a new electricity contract either with your current electricity supplier or with another electricity supplier. In this case, you should compare the offers, pricing and contract terms of different electricity suppliers so that you can choose the option that best suits you.
3) Flexible contract
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If you do not sign a new contract after the end of the contract, you may be transferred to the electricity supplier's freely changing contract. This means that you will continue to receive electricity from the supplier, but without a fixed contract. In this case, the price of electricity may vary depending on the market.
After the end of the contract, the electricity supplier may have special offers or recommendations for you, so it is worth contacting them to get more detailed information and advice about your situation. Also remember that changing your electricity supplier or entering into a new contract may require certain deadlines according to the notification or contract period, so it's worth getting to know them and act as necessary in time.
Exchange electricity can offer significant savings, but its downside is the unpredictability caused by price fluctuations. You should weigh the advantages and disadvantages according to your own situation and needs before choosing a stock exchange electricity contract.
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