Electricity prices in Finland are set to rise significantly due to high consumption and low wind power production, with Sweden also experiencing a price increase.
On Tuesday, electricity prices in Finland are forecasted to peak at 43.62 cents per kilowatt-hour by 8:45 AM, driven by high demand during cold weather and a lack of wind power generation. In Sweden, the electricity cost will reach around 20 cents per kilowatt-hour, marking the highest price since January 2024. This price surge is particularly notable because Finland relies heavily on electricity imports from Sweden, leading to increased costs in the northern regions of Sweden.
As the temperature continues to fall across the region, the demand for electricity remains high, contributing to sustained price increases. The average price on Tuesday is expected to hover around 25 cents per kilowatt-hour, with the lowest price recorded at 13.50 cents per kilowatt-hour shortly after 6 AM. The fluctuating prices reflect the energy supply challenges during particularly cold periods, where residential heating and electricity use peak.
Despite a slight easing in the coldest temperatures, many areas will still experience well below freezing conditions, which keeps the electricity consumption high. This situation highlights the region's reliance on imports and the impact of external weather factors on local energy prices, raising concerns about energy affordability and supply stability as winter progresses.
