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Helsinki power utility to cut some customers' electric bills by nearly half

This spring's price reduction will apply to about one third of Helen's 600,000 customers around the country.

Hanasaaren hiilivoimala.
Helen said the discount is due to a sharp reduction in electricity procurement costs (file photo of Helen's Hanasaari coal-fired plant). Image: Janne Lindroos / Yle
Yle News

This spring, some customers of Helsinki's city-owned energy firm Helen will receive a major discount on the price of electricity.

From the beginning of April, the company will reduce the prices of permanent electricity contracts by as much as 48 percent. According to Helen, the price of home service contracts will decrease by an average of 36 percent.

The company added that the electricity bill of a typical apartment building resident will be reduced by some 28 euros per month. That estimate is based on an annual consumption of 2,000 kilowatt hours, the average for flat-dwellers among the company's customers around the country.

Those living in detached houses will save an estimated average of 71 euros per month. The savings for a single-family house are based on the average annual consumption of 5,000 kilowatt hours.

The price reduction will only apply to about one third of approximately 600,000 Helen customers around the country. It will not apply to the company's approximately 400,000 customers who have exchange price electricity or fixed-term contracts.

According to Helen, the price cut is a result of lower electricity procurement costs.

The price of energy and electricity has been declining for months in Finland and elsewhere in Europe, partly due to milder weather so far this winter.

Since the energy crisis began last year after the Russian attack on Ukraine, Helen has raised the prices of ongoing electricity contracts four times, most recently in December.

Late last year, Helen – like many other energy firms – came under criticism for raising prices while reaping record-high profits.

The company said on Thursday that it will notify those customers eligible for the price reduction by post in the next few weeks.

The city-owned utility has a target of carbon neutrality by 2030. In 2021, it sourced 42 percent of its electricity from renewable sources, up from 28 percent the previous year, and 26 percent from nuclear, down from 30 percent in 2020. It has not yet released corresponding data for last year.

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