Q: How to follow spot electricity prices?

With the Oma Hehku -service , you can easily keep track of current spot electricity prices and price trends. By viewing up-to-date price information and your own electricity consumption in one place, you can plan your electricity use and schedule activities such as doing laundry or charging your electric vehicle during periods when prices are lower. This allows you to take advantage of the most affordable electricity prices and directly influence your electricity bill. Read more

Question 1

What is spot electricity?

Accepted Answer

With a spot-price electricity contract, the price of electricity varies every 15 minutes according to the Finnish market price on the Nord Pool electricity exchange.

You can easily check current spot electricity prices and price trends through the Oma Hehku -service.

The advantage of spot-price electricity is that you can benefit from lower prices by adjusting your electricity consumption accordingly. If your electricity consumption is low or you can optimise when you use electricity, a spot-price electricity contract can be a good choice.

The downside is the risk of price fluctuations: spot electricity prices can occasionally spike to high levels and vary significantly from one hour or day to the next. This makes it more difficult to plan your electricity use and predict your electricity costs.

Question 2

How is the electricity price formed in a market-priced energy contract?

Accepted Answer

The price of energy varies quarter hourly in the Nord Pool energy exchange according to the prices of the Finnish market. You can check the current and upcoming energy prices in Oma Hehku -service.

This quarter hourly price is called spot price. Usually energy companies add their margin on top of the spot price, plus a fixed monthly basic fee. So, the energy price per kWh is the spot price plus the margin. The monthly fee is fixed and your energy consumption doesn't affect it.

Question 3

How to follow spot electricity prices?

Accepted Answer

With the Oma Hehku -service, you can easily keep track of current spot electricity prices and price trends. By viewing up-to-date price information and your own electricity consumption in one place, you can plan your electricity use and schedule activities such as doing laundry or charging your electric vehicle during periods when prices are lower. This allows you to take advantage of the most affordable electricity prices and directly influence your electricity bill.

Read more

Question 4

Is spot electricity worth it?

Accepted Answer

Spot electricity can be a smart choice if your electricity use often happens during the cheaper hours of the day. It’s worth considering whether you’re comfortable following prices and for instance running your laundry during low-cost hours, or if a fixed price feels more convenient and stress-free.

With spot pricing, you can potentially save on your electricity bill, but prices can spike at times. Typically, low-consumption households find it easier to adjust usage based on price, though it’s also possible in detached homes.

If your electricity use is low or you’re able to optimize your consumption, the Hehku Spot contract is a good option.

Question 5

Is spot electricity the cheapest option?

Accepted Answer

Electricity prices on the market, the Nord Pool, fluctuate constantly. Prices are shaped by supply and demand, natural factors like water reservoir levels, and events such as maintenance of nuclear power plants, which can impact availability and pricing. Because of all this, it's not possible to say that one type of electricity contract is always the cheapest.

Spot electricity is a good fit for consumers who are willing to follow market prices and shift their usage to the cheapest hours of the day. This can lead to savings on your electricity bill.

The downside is the risk of price spikes: spot prices can rise sharply and vary significantly from hour to hour or day to day. That makes it harder to plan electricity use and predict your monthly bill.

Question 6

How can the contract be terminated or changed to another contract?

Accepted Answer

You can terminate or change contract to another contract with a 14-day notice period.

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