Electricity prices are rising at record speed - compete while you still can

Electricity prices have risen at a record pace to new record highs in autumn 2021. Normally, the market price for electricity on Nord Pool has been around 3-5 cents/kWh, but in September the price of electricity has risen to over 25 cents/kWh at times.

The rise in electricity market prices has been pushing up the prices of all electricity contracts for several months now. Prices are currently around 50% higher than they were in June-July and there is no end in sight - on the contrary, prices have accelerated further in recent weeks and days.

Now could be the last chance to put your electricity contract out to tender and lock in your electricity price at the same level. Competitive tendering is particularly important for owners of exchange electricity; in exchange electricity, the user pays the market price on the Nord Pool exchange for his electricity every hour, and as mentioned above, market prices have been as high as over 25 cents/kWh in the worst cases.

The price has been high even outside the highest peaks: For example, between 13 September and 20 September, the average price of electricity was 13.57 cents/kWh.

If market prices continue to rise at the current rate, electricity contract prices could also continue to rise for months to come. This will be particularly costly for owners of exchange-traded electricity contracts, who will continue to pay the market price for their electricity.

Our recommendation to owners of exchange electricity is to switch to an indefinite universal electricity contract, where the price is locked in for at least a few months. Currently, the cheapest such contract on the market is Fortum Stable, where electricity is now available at 5.96 cents/kWh & for the first 6 months without a basic charge. Many other companies have already withdrawn their low-cost contracts, so it's worth taking advantage of this offer before it's too late.

You can read more about the rise in electricity prices in the HS article: Electricity prices threaten to rise - "In winter, you should be prepared for historically high prices"

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