2024

Haakana Juha; Haapaniemi Jouni; Lassila Jukka; Vähäsaari Mikko; Viiliäinen Sami

On November 24th, an extreme case occurred in the Nordic electricity market, especially in the Finnish market area, when spot prices for half a day reached values of -500 €/MWh. This meant that even with distribution fees and taxes added to the spot price, end-users were still paid over 0.4 €/kWh for electrical energy use, providing a high incentive for electricity end-users to consume electricity. Statistics show that consumption increased considerably as the spot prices declined. The main increase in consumption was in the households having spot-price-based electricity retail contracts that provided a direct incentive to increase electricity consumption. Because of increased loads, a considerable number of load points’ fuses melted and even some network fuses melted.