HS’s calculator offers a unique tool for comparing your own electricity contract with other options available on the market. With the rise of exchange electricity prices to levels not seen since the energy crisis last winter, it’s important for consumers to stay informed and make the best decision for their needs.
On Tuesday, the price of electricity on the exchange reached a high of 96.4 cents per kilowatt hour, but averaged 35.7 cents for the day. The increase is due to weak wind power production and an interruption in electricity production at the third unit of the Olkiluoto nuclear power plant. According to TVO’s estimate, electricity production will resume in Olkiluoto on Tuesday afternoon.
The price of exchange electricity has been more expensive compared to the beginning of the year, with an average price of 9.4 cents per kilowatt hour in November compared to 4.7 cents in October and 4.1 cents in September. The price of electricity on the exchange is determined hourly in Nordpool and can sometimes even be negative. Companies have been able to obtain electricity at a significantly lower price by scheduling their use during favorable hours.
The price of electricity on the exchange is expected to drop significantly on Wednesday, with fixed-price contracts even slightly cheaper than they were at the beginning of November when HS last compared contracts. Contracts with different time durations also offer varying prices for electricity, allowing consumers flexibility in their energy choices. Additionally, consumers can terminate contracts valid for a short period with a two-week notice period if needed.
By using HS’s calculator, you can compare your own electricity contract with other options available on the market and make an informed decision about your energy needs moving forward. It’s important to keep an eye on market trends and understand how factors like wind power production and interruptions can impact pricing decisions during periods of high demand or unexpected disruptions like those experienced this winter season at Olkiluoto 3’s nuclear power plant.