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Fixed electricity contracts now available at high exchange prices in Finland


Nov 21, 2023

rewrite this content and create paragraphs Electricity futures prices for the beginning of the year rose by more than 50 percent in October. The reason has been considered to be the breakage of the Balticconnector pipe, but especially the re-inflamed situation in the Middle East.When the electricity futures price for January-March was almost 9.5 cents in mid-October, we visited on November 16. for the same time period, trading at just under seven cents.“The fear effect has now completely melted away from electricity futures prices,” says Energiateollisuus ry’s director responsible for the electricity market Pekka Salomaa.He reminds that future prices are by no means reliable forecasts. They tell you at what price protections are made for that particular moment.Is the electricity price crisis finally over?“There will also be significant fluctuations in electricity prices in the future. It is clear. The price of electricity is now at a lower level than it was last winter or a year ago, but it is still higher than before the last few years,” says Salomaa.According to the updated hourly prices on Monday, the taxable price of stock exchange electricity will be as high as 96 cents per kilowatt hour on Tuesday.Salomaa reminds that the electricity supply situation in Finland is now clearly better than a year ago.“By reading the futures, it becomes clear that we are heading towards a quite tolerable price level. But no one knows what kind of frosts there will be or if there will be some disturbance next winter. That is, if you have a stock exchange electricity contract, sometimes you should be prepared for slightly bigger bills just in case,” says Salomaa.Already in the last few weeks, the price of stock electricity has been quite high considering the time of year and the temperature. In the third week of November (November 11-17), the average price of electricity on the exchange was more than 10 cents on most days, on Thursday 16 November the daily average price was no less than 16.3 cents per kilowatt hour. The price of exchange electricity did not drop significantly even at night, when it is normally clearly cheaper.“The explanation can be found in the lack of wind. It has been a special situation here that electricity prices have been pretty much the same in Estonia, Finland and Sweden all the way to northern Sweden,” says Salomaa.The stock market price of electricity does not always follow the outside temperature inversely, although the latter certainly plays a big role in price formation.“It is clear that the cold is a key factor. However, we must remember that in recent years January has been the windiest and even if it is not windy at ground level in Helsinki, it can still be windy at a height of a couple of hundred meters in Ostrobothnia,” says Salomaa.Even at the end of the summer, experts in the electricity market were divided on whether it is worth preparing for the winter with a fixed electricity contract or exchange electricity.At the end of August, the cheapest 24-month fixed electricity contract was available for 7.95 cents per kilowatt hour. By the middle of October, the prices had risen slightly, the cheapest 24-month contract was available for just under 8.3 cents per kilowatt hour.After mid-November, fixed contract prices have risen again, but very little. Comparing contracts is increasingly difficult, because more and more fixed electricity contracts have consumption flexibility, the price is different depending on the time of day, or it is higher on winter days than other contract times.You can compare the prices of electricity contracts, for example, on the Energy Agency’s www.sahkonhinta.fi website.Pekka Salomaa has a stock exchange electricity contract in his own home.“I haven’t even considered switching to a fixed-term contract, nor to hybrid contracts that have been in the public eye a lot,” says Salomaa.However, he has prepared himself for the likely rising price of electricity on the stock exchange in the winter by pledging half of the January-March electricity to a fixed contract price.“Since half is still connected to stock exchange electricity, I can take advantage of its cheapest hours by charging the electric car then. I use an application for this, so I don’t have to constantly look at the price of electricity on the stock exchange,” says Salomaa.He believes that technology will continue to develop so that the search for the cheapest hours will increasingly shift from humans to machines.Salomaa gives consumers a tip that a fixed electricity contract without a consumption effect cannot be the most favorable for the consumer in the long term. This is due to the fact that there is a risk premium for the electricity companies in these contracts, because they cannot know at what time of day the customer consumes his electricity. This risk premium must be priced into the contracts.“With such a contract, the pricing of which does not take into account the timing of consumption, it is very difficult to reach the average price of electricity on the exchange,” says Salomaa.تعرف على أسباب حدوث ألم مستمر بعد حشو الضرس وأفضل مركز لعلاج وتجميل الأسنان – المركز الطبي لرعاية الأسنان
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