Time for a new electricity contract? 

With energy prices increasing, shopping around for a new electricity contract can save you a pretty penny. Luckily the Energy Authority offers an easy-to-use online tool for comparing the prices of electricity contracts.

08.12.2023 11:05 | Written by: Timo Hämäläinen | Photos by: iStock.com
The electric plug placed on a stack of euro banknotes.

Electricity contracts can be easily compared using the Energy Authority’s online tool at www.sahkonhinta.fi . All you need to compare contracts is the postal code of your place of residence and the annual energy consumption of your household. You can check the annual consumption from your current electricity bill or your current electricity company’s online service. Alternatively, you can estimate it based on the examples provided on the website.  

By default, the tool uses the measurement method option ‘General’. General electricity is always priced the same regardless of the time of consumption. You can also select the options ‘Season’ or ‘Time’. Season-based electricity is affordable during periods other than winter weekdays. Electricity is typically most affordable between 22:00 and 07:00. If you change the measurement method, the list of currently available contracts and their prices will also be updated accordingly.  

Select your preferred energy sources and pricing 

You can also choose whether you want your electricity to be produced using renewable sources only or if you want to allow all production methods. You should also consider whether you want a fixed-price or market-based (spot-bound) electricity contract.  

If you opt for a market-based electricity contract, you will be able to reduce your electricity bill by timing your electricity consumption to take place during the more affordable hours of the day. With a market-based electricity contract, the price of electricity is tied to the hourly or monthly average market price (spot price) of electricity. As a result, the average price of a market-based electricity contract can potentially be considerably lower than that of other contract types.  

“No matter what kind of contract you choose, the best way to reduce your electricity bill is to save energy,” says Lawyer Kristel Pynnönen Andersson from the Consumers’ Union of Finland. 

If you want to know exactly how big your electricity bill will be in advance, your only options are a contract valid until further notice or a fixed-term contract.  

In an electricity contract valid until further notice, the electricity vendor can change the price, but must notify the customer of the change one month before it enters into force. The upside is that you can terminate the contract with a notice period of two weeks. 

The price of a fixed-term contract is fixed until the end of the contract period. The downside is that you cannot usually terminate the contract before the end of the contract period. 

Try it yourself 

Compare electricity contracts at www.sahkonhinta.fi .