Electricity prices hit record high in Finland in 2021 Trending News & More

Wholesale electrical energy prices in Finland hit a record high in 2021 as energy consumption returned to pre-pandemic ranges, the nationwide broadcaster Yle reported on Friday.

According to sector group Finnish Energy, in 2021 the common worth of electrical energy in Finland was almost 2.6 instances greater than in the earlier yr, up from about 28 euros (32 U.S. {dollars}) per megawatt-hour (MWh) to 72 euros per MWh.

One of the principle causes behind the value hike was the rise in energy consumption, notably the rising industrial demand. Last yr, the nation’s remaining electrical energy consumption totaled 86 terawatt-hours (TWh), 6 p.c greater than in 2020. The industrial sector’s consumption accounted for 44 p.c of the overall.

Jukka Leskela, Finnish Energy’s managing director, defined to Yle that wholesale power prices have been unprecedentedly high for a very long time. This winter’s freezing temperatures might consequence in additional worth spikes, he stated.

Nevertheless, Finnish Energy stated that in comparison with different European international locations, electrical energy prices stay reasonably priced for customers in Finland.

A family consuming between 2,500 kilowatt-hours (kWh) and 5,000 kWh of electrical energy a yr paid about 17 eurocents per kWh in the primary half of 2021 in Finland.

Germany had the very best electrical energy prices and Hungary the bottom among the many 27 European Union (EU) member states. Households in Germany paid about 30 eurocents per kWh, 3 times greater than in Hungary.

According to Finnish Energy, renewable power helped cowl half of the rise in electrical energy consumption in Finland in 2021, with a steady drop of electrical energy era from coal, whereas imports lined the opposite half.

Electricity prices in Finland might proceed to extend in 2022, Yle stated.

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