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Electricity prices up 60% in Q3, compared to 2021

The wholesale price of electricity tripled in the third quarter, compared to 2021. In October the price rose again.

Image: Taneli Kärki / Yle
Yle News

The consumer price of electricity rose by between 40 and 60 percent in the third quarter of 2022 compared to one year earlier, according to Statistics Finland (siirryt toiseen palveluun).

The wholesale price in the Finland region of Europe's energy market was at a record high: 22 cents per kilowatthour. That's nearly three times as much as it was during the same period in 2021.

The wholesale price represents the cost to energy firms of the electricity they use to supply consumers.

Consumers may pay a different price depending on their contract type, although electricity companies are keen for more households to switch to contracts linked to the wholesale price.

On average, those in detached dwellings who use electric heating had the smallest increase in their electricity bills. Their average price was 8.54 cents over the July-September period, some 40 percent more than the same time last year.

Prices rose the most for those who use the least electricity, with prices rising to between 12.66 and 15.17 cents per kilowatthour for them. The rise on 2021 was on average 50-60 percent.

Marianne Rautelin, Senior Statistician at Statistics Finland, said the difference could be because the basic charges for electricity make up a larger proportion of the bill in households using smaller amounts of electricity.

The basic charge is less significant for those who heat their homes with electric systems.

It could also be explained by the fact that those in smaller houses often use lump sum contracts, where the amount paid per month is the same regardless of how much electricity is used.

Electricity transfer prices dropped 1-2 percent compared to the third quarter of 2021.

Including taxes and transfer fees, the cost of electricity was between 16 and 27 cents per kilowatthour depending on consumption. This overall price rose between 18 and 23 percent compared to 2021.

That steep price rise continued in October, when prices rose between 45 and 49 percent compared to a year ago.

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