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Sanna Marin calls cross-party meeting over electricity price cap proposal

Electricity prices have risen dramatically in recent weeks, as temperatures dropped and the supply of cheap wind energy reduced.

Hanasaaren voimalaitos.
Image: Mikko Koski / Yle
  • Yle News
  • STT

Prime Minister Sanna Marin (SDP) has said she will call a cross-party meeting next Monday to find consensus on a proposal for an electricity price cap.

Marin tiold reporters that delays affecting production at the Olkiluoto 3 nuclear reactor meant new measures were required to ensure electricity was affordable.

The Social Democrats' parliamentary group proposed a cap on consumer electricity prices. The party says households should not have to pay more than 20 cents per kilowatt hour this winter.

On Wednesday morning the per-kilowatt hour price on electricity exchange markets rose above 60 cents.

The SDP said in a press release that the prices remain above long-term averages, and a price cap would not significantly change incentives to reduce power consumption.

The party pointed to price caps implemented in Norway, Germany, France and Estonia as examples.

Finance Minister Annika Saarikko (Cen) had responded saying that the proposal was a 'billion euro' question. She suggested Marin call a cross-party meeting to agree on measures to take, as they would have such a significant impact on the public finances.

The government has agreed a windfall tax on electricity firms' excess profits, but that revenue would only come in 2024. Any subsidies for a price cap would be paid for in 2023.

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