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Published: 7 September 2017

Rise in energy prices slowed down in the second quarter

The rise in energy prices that started at the end of last year continued in the second quarter as well. According to Statistics Finland’s data, this was due to tax increases at the start of the year, but most of all to higher prices of imported fuels. However, the rise was already clearly slower than in the first quarter of the year.

Fuel Prices in Electricity Production

The fall in the world market price of oil in the second quarter was also reflected in the prices of oil products imported to Finland. Consumer prices of liquid fuels were, in turn, slightly elevated compared with the situation a year earlier, which was due to the tax increases at the beginning of the year. In June, fuel oil went up by one per cent, diesel oil by three per cent and motor gasoline by two per cent.

The price of coal rose steeply at the end of 2016, but it has again fallen slightly over this year. The tax-free price of hard coal used in electricity production was in June this year 42 per cent higher than one year previously. The price of natural gas has been on the rise for over a year and its tax-free prices rose by 23 per cent in June from one year ago. In Finland, the fuels for electricity production are tax-free while excise duty is paid on fuels used in heat production.

The taxable prices of coal and natural gas used in heat production were raised by higher prices of excise duties and tax-free prices. Changes in tax-free prices influence taxable prices increasingly less due to the growing share of taxes in the past few years. Compared to the situation one year earlier, the price of hard coal was 15 per cent higher in June and the price of natural gas 16 per cent higher.

The improved water situation in Nordic countries had an impact on the fall in the system price of the Nordic electricity exchange derived from the sell and buy bids on the exchange. In June, the average system price was seven per cent and the average for the Finnish area price was 14 per cent lower than one year ago.

The prices of electricity for household customers went up in all consumer groups and were, on average, five per cent higher in June than one year earlier. Of enterprise and corporate customers, electricity prices for the smallest consumers were in June on level with the corresponding period of last year, for medium size consumers, prices fell by three per cent and for the biggest consumers, prices went down by five per cent.

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 (7.9.2017)
• Appendix table 2. Energy prices in heat production in June 2017 (7.9.2017)
• Appendix table 3. Consumer prices of heating energy in June 2017 (7.9.2017)

Figures

• Appendix figure 1. Import prices of oil (7.9.2017)
• Appendix figure 2. Consumer prices of principal oil products (7.9.2017)
• Appendix figure 3. Fuel prices in heat production (7.9.2017)
• Appendix figure 4. Fuel prices in electricity production (7.9.2017)
• Appendix figure 5. Price of electricity by type of consumer (7.9.2017)
• Appendix figure 6. Average monthly spotprices at the Nord Pool Spot power exchange (7.9.2017)

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Updated 7.9.2017