The price of electricity has returned to normal levels this year, according to the industry association Finnish Energy (ET). Accounting for inflation, this year's prices were 64 percent lower than in 2022.
The average price of wholesale electricity this year was 56.5 euros per megawatt-hour (MWh). The average price in 2022 shot up from the previous year to 164 euros per MWh as Russia's invasion of Ukraine triggered an energy crisis.
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Increased wind power and the Olkiluoto 3 (OL3) nuclear reactor have made Finland, on average, electricity self-sufficient since spring. However, the OL3 reactor's shutdown in November added increased volatility to the market.
For example, short-term price fluctuations were higher than in the past. On 21 November, the daily average price of electricity was almost 300 euros per MWh, according to ET.
Additionally, there were 467 hours of negative electricity prices throughout the year, significantly more than ever before. the lowest price of the year occurred on 24 November when an error by a Norwegian company sent the price to below -200 euros M/Wh.
ET based its figures on statistics provided by the electricity exchange Nord Pool.
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