Exchange electricity is an excellent choice for active electricity users. By taking advantage of the fluctuations in electricity prices and using electricity during the cheapest hours, you can save good money on your electricity bill. We offer Exchange electricity under a non-fixed-term contract, which means you can cancel your contract with a two-week notice.
How is the price for Exchange electricity calculated?
Under an Exchange electricity contract, the price of electricity is always made up of three parts: a fixed monthly payment, an hourly spot price and a commission fee. During hours that the spot price is negative, the electricity price consists of the same elements as when the spot price is positive: the spot price and the commission.
The area price for Exchange electricity in Finland is determined by Nord Pool’s electricity exchange. The spot prices for each day are announced the day before, allowing you to plan your electricity use in advance. You can view the hourly prices on Nord Pool’s website, but be aware that they do not include VAT or the commission charged by the electricity supplier.
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Is Exchange electricity the right choice for me?
Exchange electricity is especially suitable for situations in which you are able to regulate your use of electricity well and you are motivated to follow the developments in spot prices. Many choose Exchange electricity because they value the fact that it is priced in accordance with the current market prices. The prices may vary greatly by the hour, but in the long term, Exchange electricity is often a very affordable option.
Exchange electricity for a detached house – when is it a wise choice?
Exchange electricity is most cost-effective when you can adjust the timing of your electricity usage based on the energy exchange price. Often, the opportunities for this are best if you live in a detached house. For many everyday electricity needs, changing the timing of consumption is not possible or practical. Obviously, the refrigerator must be on regardless of price fluctuations, and lights are only needed when you are awake. In a detached house, however, energy consumption is usually higher, and the most significant difference is often in heating, where you may be able to influence the timing by scheduling electric heating, for example, during the night.
Track the spot prices
If you choose Exchange electricity, it is a good idea to look up the most current spot prices regularly. This way, you can plan your electricity use in advance. By reducing electricity use during the most expensive hours and pushing it to more affordable ones, you can save a pretty penny. Generally, Exchange electricity is cheapest at night and on weekends, when the demand is at its lowest.
Fingrid’s Hourly Price application, which can be found in the Play Store or Apple App Store under its Finnish name Tuntihinta, is a handy tool for monitoring price trends. The app offers customisable alerts that give you a heads-up if the price of electricity exceeds a certain limit or if electricity is particularly affordable.
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How is exchange electricity billed?
Exchange electricity is billed retrospectively based on your actual electricity consumption and the hourly fluctuating spot prices. It’s worth keeping the following things in mind when it comes to how exchange electricity is billed:
- In addition to the total monthly cost, the bill shows the average price for the electricity used. This only describes the average cost of your actual consumption, not the average price of the electricity overall.
- You can view hourly rates in our app.
- The billed amount can vary more on a monthly basis than in other types of contracts.
Vaasan Sähkö’s Exchange electricity Wind is 100% renewable energy.
The origin of the Exchange electricity Wind that Vaasan Sähkö sells is verified Finnish wind power. By choosing Exchange electricity Wind, you will be supporting the development of renewable energy in Finland.
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Frequently asked questions about Exchange electricity
How is the price of Exchange Electricity set?
The pricing of Exchange electricity contracts consists of:
- a fixed basic fee € per month
- an hourly fluctuating electricity market price, also known as the spot price, in cents per kWh
- a margin, i.e. the commission in cents per kWh
In addition, 24% VAT is added to the spot price.
The market price of Vaasan Sähkö’s Exchange electricity is set in the Nord Pool energy exchange of the Nordic countries, specifically based on the regional price in Finland. On the Nord Pool electricity exchange you can see the hourly prices for the next day, allowing you to plan your electricity usage in advance. Keep in mind that the prices shown on the Nord Pool exchange do not include value-added tax or the margin included in your Exchange electricity contract.
Trading in Nord Pool also brings costs for the electricity supplier. We have included these in the basic fee of the contract.
What if the exchange price is negative and drops below zero?
The spot price can be positive (more than 0 cent/kWh) or negative (less than 0 cent/kWh). When the spot prices are negative, your electricity price will the spot price + commission.
VAT is always added to the spot price on Nord Pool.
How often does the price of Exchange electricity change?
The energy price (cents per kWh) of Vaasan Sähkö’s Exchange electricity changes hourly.
On your electricity bill, you will only see the actual monthly spot average price, which is weighted according to your electricity consumption. Because of this, the average price varies with each invoice.
The basic fee for Exchange electricity (the monthly price) and our billed margin (the commission) are more stable. If you intend to change them, we will inform you well in advance so that you can terminate your contract if you wish before the new price takes effect.
Why does the average price of an Exchange electricity contract vary?
The average price depends on the cost of the hours during which you use electricity at a given location and how much has been consumed during each hour. It is typical for exchange electricity that some hours are more affordable than others. The average price of your contract depends on whether your electricity consumption takes place during cheaper or more expensive hours.
If you use electricity in multiple locations, each with an Exchange Electricity contract, the actual average price is likely to be different for each of them.
Therefore, the average price is based on the consumption of each individual location, which varies and is unique. This also enables you to lower the average price of your contract by controlling how much electricity you use and when.
Follow the average price in the app
The price of exchange electricity showed on the invoice is the average price for the entire month. In the Vaasan Sähkö app, you can easily see the actual average price for the past month. If you are interested in the average price for the current month, you can also track it in the app. If doing so, please note that the final average price is determined only after the end of the respective calendar month.
I live in an apartment building. Is Vaasan Sähkö’s Exchange electricity the right electricity contract for me?
Our Exchange electricity is particularly suitable when you are able to adjust and plan your electricity consumption, and you want to monitor how electricity spot prices develop.
In an apartment in a multi-story building, there may not be many opportunities to shift electricity consumption to times when it is cheaper. On the other hand, you can keep an eye on your electricity consumption and save money regardless of the type of electricity contract you have. If your home’s electricity consumption is low, with Exchange electricity you can potentially get electricity at a lower cost than with a fixed-rate contract.
In an apartment building, you can reduce your electricity consumption and save a significant amount of money by:
- turning down the underfloor heating in the bathroom
- choosing the sauna time based on electricity prices. It’s sensible to use the sauna as soon as it’s hot enough so that it’s not on for too long.
- doing laundry and wash dishes when the electricity price is low
- turning off devices that are on standby.
How often can I switch from one contract to another?
If you have an indefinite-term contract, you can make a change of contract within a 14-day exchange period.
Our indefinite-term contracts include Basic Electricity, Wind Power, Exchange electricity, and Exchange electricity Wind.
I have a Night-time electricity / Season-rate electricity distribution contract. Can I still choose an Exchange electricity product?
Yes, you can! Exchange electricity is available for all metering types for the same price. NB! When ordering, select “Basic electricity” as the metering type.
Your local power grid company will bill you for electricity transmission in accordance with the metering type specified for your address regardless of this.
How is Exchange electricity produced?
Vaasan Sähkö’s Exchange electricity is a mix of electricity from various sources, providing a diverse range of production origins.
Exchange electricity Wind is 100% renewable energy. Its origin is verified Finnish wind power.
How will Vaasan Sähkö bill me for my Exchange electricity contract?
The charges for an Exchange electricity contract will be calculated and invoiced after use, in accordance with the actual consumption of electricity and spot prices. A separate price is determined for each hour of the month. Despite this, you will only see the average spot price for the month on your bill in accordance with your electricity consumption. Since a month consists of more than 700 hours, it would be somewhat of a mess to report all of them on the bill.
However, in our app you can also afterwards check the price you have paid for every single hour.