Electricity prices set to rise this autumn — here's how to cope

Energy experts predict a rise in electricity prices in Finland this autumn. According to the energy futures market, prices could reach an average of nine cents per kilowatt hour (kWh) in September. This is significantly higher than the current prices and even higher than the same time last year, according to Pekka Salomaa, director of Finnish Energy's trade association and lobby group.

The increase is attributed to reduced hydroelectric power due to low water levels in the Nordic countries, tensions in the Middle East, and maintenance work on Finland's largest and newest reactor, OL3.

To cope with these rising costs, households need to consider their electricity usage and choose an appropriate contract. Veli-Matti Virtanen, an expert at Motiva, a firm specializing in sustainable development solutions, advises households to check how much electricity they use and whether they use electricity at different times of the day.

Spot-price contracts, which vary every 15 minutes, could be beneficial for those who want to take advantage of the cheapest hours. However, fixed-price contracts offer peace of mind for those who prefer not to change their consumption habits.

Spot-price contracts can also be advantageous for charging electric cars and heating homes. Turning down the thermostat by even one degree can reduce energy consumption by five percent, according to Virtanen. Regular maintenance of ventilation systems, such as checking seals on doors and windows and radiator thermostats, can also help reduce energy use.

While the price rise may seem significant, it is not expected to be as severe as the aftermath of Russia's full-scale invasion of Ukraine in February 2022, when spot prices averaged 15.4 cents/kWh.