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Published: 8 December 2016

Drop in energy prices levelled off in the third quarter

According to Statistics Finland's data, the prolonged decline in the prices of energy products levelled off in the third quarter of 2016. The price of electricity in the Nordic electricity exchange has been clearly on the rise since summer. The consumer prices of liquid fuels also rose close to the prices of one year ago.

Fuel Prices in Heat Production

The attempts of oil producer countries to limit oil production in the third quarter of the year raised the prices of oil products imported to Finland. The consumer prices of liquid fuels also rose from the second quarter, but still stayed slightly lower than a year earlier. The price of motor gasoline was four per cent lower and diesel oil three per cent lower in September than one year earlier. Despite the tax increase at the beginning of the year, the price of light fuel oil was two per cent lower in September than twelve months ago.

The tax of hard coal and natural gas used in heat production was raised at the beginning of 2016. Compared to the situation last year, the price of hard coal was 11 per cent higher in September while the price of natural gas remained nearly unchanged. In turn, the tax was lowered for milled peat used in heat production in March, due to which its price was ten per cent lower in the third quarter than one year before. The price of forest chips went down by two per cent. Similarly, the price of wood pellets used by consumers was two per cent lower in August than one year ago. The price of district heating in July 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 up in the third quarter. The decline of nearly 2.5 years in the system price appears to have stopped in summer and prices are now clearly rising, which is affected by the poorer water situation than average in Nordic countries. In September, the average for the system price was EUR 25.19 per megawatt hour, which was 44 per cent more than one year earlier. Due to electricity transmission restrictions, the Finnish area price was, on average, 29 per cent higher than the system price, that is, EUR 32.52 per megawatt hour, rising by two per cent from one year ago.

In September, the prices of electricity for household customers were nearly on level with one year before. The prices for enterprise and corporate customers fell by around three per cent for the smallest consumers but rose by three 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 (8.12.2016)
• Appendix table 2. Energy prices in heat production in September 2016 (8.12.2016)
• Appendix table 3. Consumer prices of heating energy in September 2016 (8.12.2016)

Figures

• Appendix figure 1. Import prices of oil (8.12.2016)
• Appendix figure 2. Consumer prices of principal oil products (8.12.2016)
• Appendix figure 3. Fuel prices in heat production (8.12.2016)
• Appendix figure 4. Fuel prices in electricity production (8.12.2016)
• Appendix figure 5. Price of electricity by type of consumer (the figure was corrected on 17 February 2017) (8.12.2016)
• Appendix figure 6. Average monthly spotprices at the Nord Pool Spot power exchange (8.12.2016)

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Updated 8.12.2016