Businesses’ electricity bills drop sharply

Business customers paid significantly less for their electricity than a year prior.

Statistics Finland published new energy price figures on Tuesday 12 March. According to the figures, the total price business customers paid for electricity dropped in December by between 27% and 56% compared to a year before. The price drop was due to the recovery from the energy crisis under way in December 2022.

For residential customers, the total price of electricity in December 2023 was, on average, 18–25% lower than a year before. The size of the bill depends on the household’s annual consumption. Over 2023, residents of electrically heated detached houses saw their bills drop by almost 40%.

“For its low average electricity prices, Finland can thank nuclear power, the significant investments in wind power of the past few years, district heating, adjustable hydroelectric power, and exceptionally good domestic interconnections,” says Roope Ohlsbom, an economist at Suomen Yrittäjät, the Finnish SME association.

“In addition, spot-price electricity became significantly more popular after the energy crisis, which increased consumption flexibility and thus reduced average prices further. The end of imports from Russia and the growing share of renewable energy means that we’ll need even more price-linked flexible consumption in future,” Ohlsbom says.

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