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Published: 12 September 2019

Prices of imported fuels decreased in the second quarter

According to Statistics Finland's data, prices of imported fuels decreased in nearly all energy products in the second quarter of the year. The exchange price of electricity continued the fall that started at the beginning of the year.

Fuel Prices in Electricity Production

The fall in the world market price of oil in May was also reflected in the consumer prices of liquid fuels. Despite tax increases, the price of light fuel oil was seven per cent lower in June compared to one year before. For motor gasoline and diesel, the price increases stalled. In June, the price of motor gasoline was two per cent higher and the price of diesel on the same level compared to the year before.

The tax-free prices of hard coal and natural gas used in energy production were five and four per cent lower respectively in June compared to the previous year. The taxation for combined heat and power production was changed from the beginning of the year. The halving of carbon dioxide tax was abandoned, but it was replaced with lower energy content tax for fuels used in combined production. The changes tighten the taxation of coal and lighten the taxation of natural gas in combined production.

Prices of domestic fuels rose from the previous year. The taxable prices of forest chippings and milled peat were three and 14 per cent higher in June than one year ago. The price increase of milled peat was boosted by tax increases at the beginning of the year.

The system price of the Nordic electricity exchange derived from the sell and buy bids on the exchange continued falling in the second quarter of the year. In June, the average system price was 38 per cent lower than in the previous year. The average Finnish area price decreased correspondingly by 35 per cent from the year before. In January, the average system price was the highest since 2011. The price increase was influenced by rising prices of emission permissions and worse than normal hydro resources in the Nordic countries.

There were no significant changes to the electricity prices for household customers in the second quarter of the year. Compared to March of this year, prices remained almost unchanged. Compared to June 2018, the prices for household customers were 11 to 14 per cent higher depending on consumption category. Household customers’ electricity prices are based on the obligation to deliver prices published by the Energy Authority, while the prices of enterprise and corporate customers are based on Statistics Finland's price inquiry on electrical energy. The obligation to deliver price reacts slowly to changes in electricity prices on the Nordic electricity exchange.

Source: Statistics Finland, Energy prices

Inquiries: Aleksi Sandberg 029 551 3326, 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 (12.9.2019)
• Appendix table 2. Energy prices in heat production in June 2019 (12.9.2019)
• Appendix table 3. Consumer prices of heating energy in June 2019 (12.9.2019)

Figures

• Appendix figure 1. Import prices of oil (12.9.2019)
• Appendix figure 2. Consumer prices of principal oil products (12.9.2019)
• Appendix figure 3. Fuel prices in heat production (The figure was corrected on 5 November 2019) (12.9.2019)
• Appendix figure 4. Fuel prices in electricity production (12.9.2019)
• Appendix figure 5. Price of electricity by type of consumer (12.9.2019)
• Appendix figure 6. Average monthly spot prices at the Nord Pool Spot power exchange (12.9.2019)

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Updated 12.9.2019