Cheapest Fixed Electricity Contracts Available After Price Increase

The price of stock electricity experienced a significant jump on Thursday, causing headaches for consumers. However, this issue can be avoided by signing a fixed-term, fixed-price contract. The spike in electricity prices on the exchange reached almost 50 cents per kilowatt hour, with the highest point occurring between 7 in the morning and noon. Despite the spike being short-lived, the above-average prices persisted throughout the day, with an average settling at 15.65 cents per kilowatt hour.

Several factors contributed to the price spike, including the lack of wind power and maintenance on reactors in both Finland and Sweden. Fortunately, on Friday, electricity prices stabilized as production aligned more closely with consumption, resulting in hourly prices ranging from 13 to 15 cents per kilowatt hour. The long-term average price of electricity on the stock exchange has recently stabilized around 6-7 cents per kilowatt-hour, leading to decreased prices for fixed-term contracts.

Looking ahead, electricity price futures indicate a decrease in prices in May–June, followed by a steady increase as temperatures cool down. The cheapest fixed-term contracts currently available include short three-month contracts at 6.25 cents per kilowatt-hour from companies like Vihreya Älyenergia Oy. Larger energy companies like Helen and Vattenfall offer slightly more expensive but longer-term contracts.

In addition to fixed-price contracts, some companies offer contracts with live usage effects based on electricity exchange rates, rewarding users for consuming electricity during cheaper hours or incurring additional costs during peak hours. These contracts typically range in price from 7.40 cents to 10.00 cents per kilowatt-hour. Overall, consumers have a variety of options to choose from when it comes to selecting an electricity contract that fits their needs and budget.