The current stock market price of electricity has reached levels not seen since the energy crisis last winter, with prices on the stock exchange reaching as high as 96.4 cents per kilowatt hour on Tuesday, but an average daily price of 35.7 cents per kilowatt hour. This increase is due to weak wind energy production and interruption of electricity production in the third unit of the Olkiluoto nuclear power plant. According to TVO’s assessment, electricity production will continue at the Olkiluoto nuclear power plant on Tuesday afternoon.
In November, stock-exchange electricity was more expensive compared to the beginning of the year, with an average price of 9.4 cents per kilowatt hour in November. This is higher than the average price in October (4.7 cents) and September (4.1 cents). The electricity price on the exchange is determined hourly in the Nordpool electricity exchange and can sometimes be negative. Companies were able to obtain electricity at a significantly lower cost by scheduling the use of electricity for favorable hours.
On Wednesday, a significant drop in the price of electricity is expected on the stock exchange. Contracts with different durations also offer different electricity prices, making it important for consumers to compare their own contracts with those available before making any changes or renewals. Additionally, it’s possible for consumers to terminate their currently valid contracts or replace them with a notice period of two weeks if desired.
It’s worth noting that by scheduling their use of electricity during favorable hours, companies trading on the stock exchange were able to obtain much lower prices than other types of contracts at the beginning of the year compared to other options available today. However, this increase in pricing may be particularly severe on days when wind energy production is low or when there are interruptions in power generation at large-scale facilities such as nuclear plants like Olkiluoto 3 unit interruption makes it even more steep than usual days without wind or interruptions