In Finland, the average price of electricity increased sharply in early 2023, with the VAT-inclusive price of spot electricity averaging 14.72 cents per kilowatt-hour in January and climbing to 17.22 cents in February. In contrast, fixed contracts in December were priced at under 7 cents per kilowatt-hour, resulting in substantial savings for consumers who secured these agreements. A comparison by the electricity price comparison site Halvinsähkösopimus.fi indicates that homeowners with a fixed contract could save hundreds of euros during this period.

For a typical electrically heated detached house consuming 3,000 kilowatt-hours per month, the estimated cost of a fixed contract in February was approximately 206.70 euros, while the same consumption under spot pricing would have cost around 528.90 euros. This results in a savings of over 320 euros for fixed contract holders. When weighted over the entire January-February period, this savings could accumulate to about 569 euros for those on a 12-month fixed contract. Moreover, for households consuming 4,100 kilowatt-hours per month, the savings could reach as high as 776 euros, highlighting the financial benefits of long-term fixed contracts in a fluctuating market.

In apartment buildings, the savings from fixed contracts were comparatively smaller, but the trend indicates a widespread impact on household finances due to the drastic rise in electricity prices. As consumers navigate these pricing challenges, the advantages of locking in fixed rates become increasingly apparent, prompting more households to consider similar contracts to mitigate costs amidst rising market prices.