NordenBladet – In Estonia the electricity prices have already been very high for several months. The record was December 7th 2021 when the power price reached as high as 1000 euros per megawatt-hour, i.e. for a kilowatt-hour, before VAT and other taxes (excise + network price) a full euro had to be paid. December’s unusually expensive electricity prices were reflected on January’s bills, which in many cases exceeded people’s monthly income.
Table 1. Power prices in Estonia on December 6th and 7th 2021
Although the valid stock exchange power price is today, on January 13th, more favorable than earlier (almost a week the price has been in the yellow zone), the prices, as compared to Finland, are partly 20 times higher. While a Finnish citizen pays 1.3 euro cents for electricity’s kilowatt-hour, then in Estonia up to 21 euro cents per kilowatt hour must be paid.
Table 2. Comparison of Finland’s and Estonia’s power prices. Today’s (January 13) power prices in Finland (left column) and Estonian prices in the right column.
What can a simple homeowner do in order to alleviate their complicated situation created by the high power price?
1. Observe power prices daily – you will find real time power prices from the power prices LIVE guidelines. Estonia’s power prices are on NordenBladet.ee site and Finland’s power prices are on NordenBladet.fi website. All who have concluded an hour-based tariff electricity package, for you the amount of the bill will depend on the amount of electricity consumed each hour and on the stock exchange price valid during that hour. Thus it is very important to daily observe the hourly power prices!
NordenBladet’s hour-based power prices graph (electricity market’s PRICES GUIDELINE) allows you to easily and conveniently observe power prices and plan the day’s more power consuming activities to a more favorable time zone. The price guideline functions as a traffic light (red light warns that the prices are high and the green light lets you know the prices are in a favorable zone). We define a price favorable when it is up to 10 euro cents per kilowatt hour.
(Those who have a fixed price stock exchange package need not worry, since the kilowatt-hour based price has been fixed for a certain time period and the bill shows a similar kilowatt-hour price every month).
2. Be aware of the amount of home appliances (technology) that are consuming electricity in your home. A long and thorough insight about domestic appliances that consume power can be found HERE. By knowing how much an electric stove, television, washing machine, computer and other home appliances consume energy, you will be able to make decisions that in conclusion will positively be reflected on your electricity bill.
3. It is possible to cut electricity costs by using several saving tips at home – beginning from a simple “switch the lights off” principle to a proper heat insulation of the building. You can find various tips and recommendations on how to limit electricity consumption HERE.