851
That massive spike of 50c/kWh at the left looks tiny compared to today even though that's already insanely expensive
this post was submitted on 05 Jan 2024
851 points (98.6% liked)
Mildly Infuriating
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It's the first time I hear about final consumers paying spot prices. What's the reason for it? Ecological activism?
Because at its cheapest it can be even free. For a long time last summer it was only like cents, sometimes even cheaper and at best negative. And the fixed contracts have been expensive for a while now in finland. I'm paying 8cents/kwh with the conract I got last fall. I got it because I was skeptical about prices at winter and I'm so glad I took that contract
And at one point, due to an error, it was tens of cents negative. You were literally getting paid to use electricity. Though, we're paying it back now.
Some people were even running electric heaters outside. Stupid but hilarious.
Making a note to blame Finland when global warming turns Earth into a fireball.
Fixed rates on renewal went crazy after the war started. Now it's possible to choose low-load times for running dishwasher etc. On average the spot price is lower than available fixed rates, although some lucky people locked in long cheap contracts before February 2022. Most of those will expire this or next month at latest. It's certainly easier to have a fixed price contract.
Plans like that started gaining popularity in the recent years as in general they were cheaper than ones with fixed prices. Then because of the Russian invasion the prices skyrocketed with daily averages of even 30 and 40 cents and people were in deep trouble with their electric bills and many of them scrambled to get 20 - 30c/kWh, 1 to 2 year long plans to save their asses. However the spot prices then dropped back to 3 to 4 cents for the spring and summer and now those people were stuck with their fixed price plans and are paying 10x the spot prices. Personally I just decided to gamble with the spot priced plan as my 6c/kWh plan had just ended and the 8 to 12 cent plans are all 1 to 2 years long. Despite freak days like this, on average, I'm still probably paying less than I would have with a fixed price plan.
So not mildly infuriating, but fuckaroundandfindout?
Anti-ecological maybe.
Consumers have chosen the spot deals because of the lowest possible prices with disregard to the high points and consumption.
I think the opposite. Price is usually high when demand is high because of cold temperature. Because of the high price, you're motivated to consume less, and that's a good thing for the grid. It's also a good thing for the carbon footprint because usually this is when the most polluting plants are activated, gas first, then fuel and coal. This is where protecting the consumer too much from the wholesale market volatility can be a problem, a fix price doesn't motivate the end consumer to adapt consumption base on supply/demand which is important to reduce carbon footprint, instead the country pollutes more than it would if people were more aware. The problem is rather the risk for personal finance. That's why I thought mostly ecological activists would be motivated enough to take this risk. But I forgot the possibility of very low prices on average.
I'd see you as an exception to the spot consumers here. Very admirable perspective!