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Published: 12 March 2020

The prices of import fuels fell and of domestic fuels rose in 2019

According to Statistics Finland's data, the price development of energy varied in 2019 by energy source. The prices of import fuels mainly fell and those of domestic fuels rose. The market price of electricity fell, but the rise in network service prices and the slow reaction of the obligation to deliver prices raised consumer prices.

Fuel Prices in Electricity Production

The rise in the world market prices of crude oil that started in 2016 turned into decline in the latter part of 2018 and started to rise again in early 2019. After that prices have varied, why domestic consumer prices of liquid fuels have fluctuated as well. In 2019, the price of light fuel oil (tax included) was, on average, one per cent lower than a year before. In turn, the prices of motor gasoline and diesel oil were on average of one per cent higher than a year earlier.

The tax-free price of hard coal in Finland started to fall in summer 2019. In the last quarter of the year, the tax-free price of coal was around 30 per cent lower than one year previously. The tax-free price of natural gas also started to decline in summer 2019 and was about 17 per cent lower than in the year before.

The taxation for combined heat and power production was changed from the beginning of 2019. The halving of the carbon dioxide tax was discontinued, but it was replaced by a reduction in the energy content tax of fuels used in combined production. The changes tightened the taxation of coal and lightened the taxation of natural gas in combined production. The prices inclusive tax for hard coal and natural gas were around nine per cent lower at the end of the year than one year before.

The prices of domestic fuels rose from the previous year. The prices inclusive tax for forest chippings and milled peat were in December good four and eight per cent higher than one year before. The rise in the price of milled peat was accelerated 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 was high in January to February 2019 but started to decline in early spring. The average system price for 2019 was 11 per cent and the area price for Finland six per cent lower than in 2018. During the past year, the Nordic water situation has normalised, and the price level of carbon dioxide emission rights has stabilised.

The electricity prices for household customers were around eight per cent higher in 2019 than in the previous year. The corresponding price rise for enterprise customers was two per cent at its lowest and five per cent at its highest. The network service prices of electricity have risen in all customer groups. 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: Virve Rouhiainen 029 551 3527, energia@stat.fi

Director in charge: Jan Nokkala

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Appendix tables

• Appendix table 1. Energy taxes, precautionary stock fees and oil pollution fees (12.3.2020)
• Appendix table 2. Energy prices in heat production in December 2019 (12.3.2020)
• Appendix table 3. Consumer prices of heating energy in December 2019 (12.3.2020)

Figures

• Appendix figure 1. Import prices of oil (12.3.2020)
• Appendix figure 2. Consumer prices of principal oil products (12.3.2020)
• Appendix figure 3. Fuel prices in heat production (12.3.2020)
• Appendix figure 4. Fuel prices in electricity production (12.3.2020)
• Appendix figure 5. Price of electricity by type of consumer (12.3.2020)
• Appendix figure 6. Average monthly spot prices at the Nord Pool Spot power exchange (12.3.2020)

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Updated 12.03.2020