Record-Low Electricity Prices Reached in Finland with Prices Dropping to Negative Values on Weekend Mornings

The price of exchange electricity reached a new record for affordability this year, with the value-added tax price of electricity dropping to zero or even negative values on Saturday, according to pörssähäkää.fi. The cheapest moment was recorded in the early morning hours, between 4 and 6 am, at -0.3 cents per kilowatt-hour. Prices rose close to midnight, at three in the afternoon, to 0.28 cents per kilowatt-hour.

On Saturday, the most expensive moment of the day was at 9 am when electricity prices hovered around zero euros. Despite being at or below zero on the stock market, consumers still incur transmission costs resulting in a positive total cost. However, using electricity for activities such as heating a sauna or air conditioning is quite affordable on days when prices are low.

The daily average price of exchange electricity on Nordpool’s electronic exchange market was reported to be the cheapest of the year due to abundant availability of wind power in Finland. Around a quarter of all energy in the country was produced by wind power at noon on Saturday according to Fingrid. Nonetheless, availability of wind power is expected to decrease by tomorrow morning which may impact future pricing levels.

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