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Published: 17 September 2015

Energy prices decreased in the second quater

According to Statistics Finland's data, prices of energy products continued declining in the second quarter as well. The drop was largest in the price of electricity in the Nordic electricity exchange. Prices of oil products, natural gas and peat have also declined clearly from one year ago. A significant increase was only seen in the price of hard coal used in heat production, which was the result of tax increases.

Fuel Prices in Heat Production

Prices of oil products imported to Finland have decreased clearly from one year ago. This was also visible as a drop in consumer prices of liquid fuels. The price of petrol was, on average, four per cent lower in June than one year earlier. For diesel oil, the corresponding drop amounted to eight per cent and for light fuel oil to 13 per cent.

The tax of hard coal used in heat production was raised at the beginning of the year, as a result of which the price in the second quarter was 11 per cent higher than one year earlier. The tax of natural gas was also raised but its price has declined alongside the price of oil throughout the early part of the year. In June, the price of natural gas was ten per cent lower than one year earlier. The price of milled peat dropped by ten per cent compared to the corresponding period in 2014 as a result of a tax decrease at the beginning of the year. The price of forest chippings remained unchanged. The price of wood pellets used by consumers decreased by five per cent.

The system price of the Nordic electricity exchange derived from the sell and buy bids on the exchange declined clearly in the second quarter. In June, the average system price was EUR 14.43 per MWh, which was almost 43 per cent lower than one year ago. Due to electricity transmission restrictions, the Finnish area price was, on average, 49 per cent higher than the system price in June, or EUR 21.52 per MWh but it also decreased by 39 per cent year-on-year. The prices of electricity for households increased by around one per cent in the second quarter from 2014, which was affected by the electricity tax that rose at year end. The prices for enterprise and corporate clients fell by around four per cent for the smallest consumers and by six 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 (17.9.2015)
• Appendix table 2. Energy prices in heat production in June 2015 (17.9.2015)
• Appendix table 3. Consumer prices of heating energy in June 2015 (17.9.2015)

Figures

• Appendix figure 1. Import prices of oil (17.9.2015)
• Appendix figure 2. Consumer prices of principal oil products (17.9.2015)
• Appendix figure 3. Fuel prices in heat production (17.9.2015)
• Appendix figure 4. Fuel prices in electricity production (17.9.2015)
• Appendix figure 5. Price of electricity by type of consumer (17.9.2015)
• Appendix figure 6. Average monthly spotprices at the Nord Pool Spot power exchange (17.9.2015)

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Updated 17.09.2015