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Published: 14 December 2015

Energy prices continued falling in the third quarter

Corrected on 21 December 2015 . The corrected numbers are indicated in red.

According to Statistics Finland's data, prices of energy products went down in the third quarter of the year. The price of electricity in the Nordic electricity exchange has halved during the year. The prices of oil products, natural gas and peat have also clearly fallen from one year back. Only the price of hard coal used in heat production rose significantly, which was caused by tax increases.

Fuel Prices in Heat Production

The fall in the world market price of oil has had an effect on the prices of oil products imported to Finland. This was also visible as a fall in consumer prices of liquid fuels. The price of motor petrol was 12 per cent lower in September than one year previously. The corresponding drop for diesel oil amounted to 15 per cent and for fuel oil to 24 per cent.

The tax on hard coal used in heat production was raised at the beginning of the year, as a result of which the price in the third quarter was nine per cent higher than one year previously. The tax on natural gas was also raised, but its price has fallen along with the price of oil. The price of natural gas was ten per cent lower in September than one year earlier. The price of milled peat fell by ten per cent as a consequence of the tax reduction at the beginning of the year. The price of forest chippings was on level with the previous year.

The system price of the Nordic electricity exchange derived from the sell and buy bids on the exchange went down in the third quarter. In September, the average for the system price was EUR 17.45 per megawatt hour, which was one half less than one year earlier. Due to electricity transmission restrictions, the Finnish area price was, on average, 82 per cent higher than the system price, that is, EUR 31.72 per megawatt hour, though falling by 17 per cent from one year ago. The prices of electricity for household customers rose in the third quarter by around one per cent from last year, which was influenced by the electricity tax that rose at the turn of the year. The prices for enterprise and corporate customers fell by around two per cent for the smallest consumers and by nine per cent for the biggest consumers.

Source: Statistics Finland, Energy prices

Inquiries: Ville Maljanen 029 551 2691, energia@stat.fi

Director in charge: Ville Vertanen

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Appendix tables

• Appendix table 1. Energy taxes, precautionary stock fees and oil pollution fees (14.12.2015)
• Appendix table 2. Energy prices in heat production in September 2015 (14.12.2015)
• Appendix table 3. Consumer prices of heating energy in September 2015 (14.12.2015)

Figures

• Appendix figure 1. Import prices of oil (14.12.2015)
• Appendix figure 2. Consumer prices of principal oil products (14.12.2015)
• Appendix figure 3. Fuel prices in heat production (14.12.2015)
• Appendix figure 4. Fuel prices in electricity production (14.12.2015)
• Appendix figure 5. Price of electricity by type of consumer (14.12.2015)
• Appendix figure 6. Average monthly spotprices at the Nord Pool Spot power exchange (14.12.2015)

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Updated 14.12.2015