On Saturday, the price of exchange electricity reached a new record for cheapness, with the value-added tax (VAT) price of electricity reaching zero or even negative values. The lowest price was recorded early in the morning, between 4 and 6 am, at -0.3 cents per kilowatt-hour. Prices dropped close to midnight, at three in the afternoon, to 0.28 cents per kilowatt-hour. Despite electricity prices on the stock market being at or below zero, consumers still incur transmission costs, resulting in a positive total cost. However, using electricity for activities like heating a sauna or using 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. With VAT included, the price for the whole day was -0.15 cents per kilowatt-hour. This favorable price level can be attributed to the abundant availability of wind power in Finland. According to Fingrid, around a quarter of all energy in the country was produced by wind power at noon on Saturday. However, the availability of wind power is expected to decrease by tomorrow morning.
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