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Electricity prices in Finland will reach their highest level of the winter on Friday, driven by freezing temperatures and low wind power production.
The average price for the day will rise to 19.7 cents per kilowatt-hour, nearly double Thursday’s price of 9.6 cents. The highest hourly price will be recorded at 6 p.m., when electricity will cost over 37 cents per kilowatt-hour, according to data from the Nordic electricity exchange Nord Pool.
The price spike is linked to a combination of increased demand due to cold weather and weak wind power production. According to transmission system operator Fingrid, Finland’s wind farms will generate only about 300 megawatts of electricity during the day, despite the country having an installed wind power capacity of over 8,400 megawatts.
Electricity prices have remained relatively low this winter, with February’s average so far at 6.8 cents per kilowatt-hour. However, price fluctuations have been notable, with a previous high of 37.3 cents recorded on 4 February and a peak of 44.8 cents on 20 January.
The price increase will affect consumers using market-priced electricity contracts, especially those who rely on electric heating. The price will begin rising in the morning, reaching nearly 34 cents per kilowatt-hour at 8 a.m. before peaking in the evening.
Wind power production is expected to increase again on Saturday, which could bring relief to electricity prices.
HT
- Next Article Retail strike in Finland threatens store closures and shortages
Source: www.helsinkitimes.fi
