On Tuesday, the first business day of the year, electricity spot prices were relatively high in Finland, according to power exchange Nord Pool.
Electricity prices were at their highest on Tuesday between 8am and 9am, when they reached around 60 cents per kilowatt-hour (kWh), tax included.
Tuesday's average price stood at around 22 cents per kWh, similar to price spikes that occurred in the beginning of December.
The price increase was prompted by busy electricity transfer links from Sweden. When that happens electricity is imported from Estonia, where it is more expensive because it relies on fossil fuels. Then, prices diverge from lower levels in the Nordics, according to Juho Kinni, energy market specialist at electricity firm Helen.
More price spikes could still be in store in coming days however, according to Risto Kinnunen, portfolio manager at Kuopio-based electricity company Väre Salkunhallinta.
He added that while prices will continue to be relatively high, consumers have learned to reduce energy consumption during price surges.
However, Wednesday will bring some relief for exchange electricity customers — and possibly a backlog of laundry — when the average price is set to return to 12.4 cents per kilowatt hour.
The worst time to take power from the grid on Tuesday is at 6pm, when the tax-inclusive cost of electricity on the exchange is 18.30 cents per kWh.
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