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Published: 7 June 2017

Energy prices continued to rise in the first quarter

The rise in energy prices that started at the end of last year continued in the first quarter. 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.

Fuel Prices in Electricity Production

Oil producing countries’ cuts in oil production raised the prices of oil products imported to Finland. This and tax increases at the beginning of the year contributed to the clear rise in the consumer prices of fuels. In March, prices had risen from one year back by 12 per cent for motor gasoline, by 16 per cent for diesel oil and by 20 per cent for light fuel oil.

The world market price of coal made a distinct upturn in the latter half of last year. The tax-free price of coal used in electricity production was in March as much as 93 per cent higher than one year earlier and is now close to the tax-free price of energy peat. The present rise was preceded by a gradual fall in the price of hard coal for several years and now the price has gone up roughly to the level of 2011. Similarly, natural gas has been on the rise, its tax-free price being 36 per cent higher in March. In Finland, the fuels for electricity production are tax-free while excise duty is paid on fuels used in heat production.

The tax-free prices of coal and natural gas used in heat production were raised in the first quarter 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 24 per cent higher in March and the price of natural gas 22 per cent higher.

The poor water situation in Nordic countries has influenced the rise in the system price of the Nordic electricity exchange derived from the sell and buy bids on the exchange. This has also been visible in the difference between the system price and the Finnish area price, which has narrowed down to almost nothing in the first quarter.

The prices of electricity for household customers went up in all consumer groups and were, on average, five per cent higher in March than one year earlier. There was much dispersion in the electricity prices of enterprise and corporate customers. For the smallest consumers, the rise amounted to a few per cent in March, for medium size consumers, prices fell by a few per cent and for the biggest consumers, prices rose by 11 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 (7.6.2017)
• Appendix table 2. Energy prices in heat production in March 2017 (7.6.2017)
• Appendix table 3. Consumer prices of heating energy in March 2017 (7.6.2017)

Figures

• Appendix figure 1. Import prices of oil (7.6.2017)
• Appendix figure 2. Consumer prices of principal oil products (7.6.2017)
• Appendix figure 3. Fuel prices in heat production (7.6.2017)
• Appendix figure 4. Fuel prices in electricity production (7.6.2017)
• Appendix figure 5. Price of electricity by type of consumer (7.6.2017)
• Appendix figure 6. Average monthly spotprices at the Nord Pool Spot power exchange (7.6.2017)

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Updated 7.6.2017