Energy storage electricity prices in finland

Can electricity suppliers decide retail prices in Finland?

Electricity suppliers may decide retail prices by themselves in Finland. For retail supply, there are no regulated tariffs which should be approved by the Energy Authority or any other author-ities before taking into use. Retail prices were still high during spring 2023 following the energy crisis in autumn 2022.

How can Finland save energy?

The state administration launched in October 2022 a nationwide campaign1 to encourage citizens and enterprises to save energy. The short-term goal for the campaign has been to get over 95 per cent of Finnish households to save energy and cut down on their consumption by 5 per cent during peak hours.

Are electricity retailers in Finland fully ownership unbundled?

Only a few of the electricity retailers in Finland are fully ownership unbundled from electricity network activities. Though legally unbundled, most of the electricity retailers still belong to a same group of companies as a local distribution system operator or they are owned by one or several distribution system operators.

Is domestic generation capacity enough to cover the demand in Finland?

During the peak load situations, the available domestic generation capacity is not enough to cover the demand in Finland. The Energy Authority has estimated in the Security of Supply Outlook in November 2023 the total available generation capacity in the market during the peak load situation in winter period 2023 - 2024 as about 12,800 MW.

Did Finland and Estonia have same price in day ahead market?

Finland and Estonia had same price in day ahead market in 46 per cent of hours (62 per cent in 2022). Based on the Capacity Reserve Act the Energy Authority has responsibility to estimate amount of and procure strategic capacity reserves needed to ensure the balance between supply and demand.

How has the Finnish gas system changed since 2019?

The Finnish gas system has faced since 2019 several fundamental changes. Until end of 2019 all gas was imported from Russia through the interconnection point in Imatra. Commissioning of Balticconnector pipeline between Finland and Estonia in December 2019 opened additional source for importing gas.