Prices of imported fuels increased in the last quarter

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Cameron Martin Barrett
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1 Energy 2017 Energy prices 2016, 4th quarter Prices of imported fuels increased in the last quarter According to Statistics Finland's data, prices of imported fuels made a clear upturn in the last quarter of This also affected the rise in the prices of liquid fuels and electricity. At the beginning of 2017, energy taxes were raised for several products. Fuel Prices in Heat Production Oil producer countries agreements to limit oil production in the last quarter of the year raised the prices of oil products imported to Finland. This was also reflected in the consumer prices of liquid fuels that made a clear upturn in December. The price of motor gasoline was four per cent higher and diesel oil ten per cent higher in December than one year earlier. For light fuel oil, the price rise in December was as much as 33 per cent yearonyear but it was also affected by the tax hike at the beginning of The rise in the world market price of hard coal clearly affected the taxfree price of hard coal used in electricity production. In December, the yearonyear growth amounted to 50 per cent. Even the taxfree price of natural gas started to grow at the end of the year and it was 11 per cent higher in December than one year earlier. In Finland, the fuels for electricity production are taxfree while excise duty is paid on fuels used in heat production. Helsinki Quoting is encouraged provided Statistics Finland is acknowledged as the source.

2 The prices of hard coal and natural gas used in heat production rose in the last quarter as a result of the increase in the excise duty at the beginning of 2016 and the rise in taxfree prices. Compared to the situation one year earlier, the price of hard coal was 25 per cent higher in December and the price of natural gas was 12 per cent higher. In turn, excise duty was lowered for milled peat used in heat production last March, due to which its price was ten per cent lower in the fourth quarter than one year before. The price of forest chips declined by one per cent in the last quarter. The price of wood pellets used by consumers was one per cent lower in November than one year ago. The system price of the Nordic electricity exchange derived from the sell and buy bids on the exchange went up in the fourth quarter, which was affected by the especially poor water situation in the Nordic countries. In December, the average for the system price was EUR per megawatt hour, which was 67 per cent more than one year earlier. Due to electricity transmission restrictions, the Finnish area price was, on average, seven per cent higher than the system price, that is, EUR per megawatt hour, rising by 28 per cent from one year ago. The electricity prices for end users rose more moderately than the exchange price. In December, the prices of electricity for household customers were, on average, three per cent higher than one year earlier. The prices for enterprise and corporate customers rose by two per cent for the smallest consumers and by ten per cent for the biggest consumers. 2

3 Contents Tables Appendix tables Appendix table 1. Energy taxes, precautionary stock fees and oil pollution fees...4 Appendix table 2. Energy prices in heat production in December Appendix table 3. Consumer prices of heating energy in December Figures Appendix figures Appendix figure 1. Import prices of oil...7 Appendix figure 2. Consumer prices of principal oil products...7 Appendix figure 3. Fuel prices in heat production...8 Appendix figure 4. Fuel prices in electricity production...8 Appendix figure 5. Price of electricity by type of consumer (the figure was corrected on 17 February 2017)...8 Appendix figure 6. Average monthly spotprices at the Nord Pool Spot power exchange...9 3

4 Appendix tables Appendix table 1. Energy taxes, precautionary stock fees and oil pollution fees Electricity Fuels 1) Date Production Consumption Imports Hydro power Nuclear power Electricity, II 5) Electricity, I 4) Peat Natural gas Hard coal 11) Heavy fuel oil Liquefied petroleum gas Light fuel oil 12) Diesel fuel 3) Motor gasoline, unleaded 2) c/kwh /MWh /t c/kg c/l Excise taxes 10) 0,34 0,17 2,69 0,34 0,34 16,82 21, ,18 2,83 17,49 26, ,18 2,83 17,49 28, ,18 2,83 17,49 31, ,10 0,10 0,25 0,25 0,70 5,61 1,12 1,41 19,17 39, ,10 0,10 0,25 0,25 0,70 5,61 1,12 1,41 16,65 39, ,22 0,03 1,09 11,30 1,98 2,05 17,29 40, ,37 0,07 0,40 0,59 0,94 19,53 3,12 3,02 27,50 45, ,37 0,07 0,40 0,59 0,94 19,53 3,12 3,02 27,50 51, ,40 0,40 0,71 1,19 28,42 3,72 4,88 27,50 51, ,24 0,56 0,71 1,19 28,42 3,72 4,88 27,50 51, ,34 0,56 0,82 1,40 33,40 4,34 5,50 30,02 55, ,42 1,51 1,73 41,37 5,40 6,37 30,02 55, ,44 0,73 1,59 1,82 43,52 5,68 6,71 31,59 58, ,44 0,73 1,82 43,52 5,68 6,71 31,59 58, ,22 0,73 1,82 43,52 5,68 6,71 31,59 58, ,25 0,87 2,016 49,32 6,42 8,35 36,05 62, ,69 1,90 8,94 126,91 18,51 15,70 36,05 62, ,69 1,90 8, ,91 18,51 15,70 46,60 64, ,69 4,90 11,38 131,53 18,93 15,99 46,60 64, ,89 4,90 11,38 131,53 18,93 15,99 49,31 66, ,24 3,40 15,36 153,24 21,84 18,39 50,26 67, ,24 3,40 17,34 177,36 25,08 24,82 21,05 50,26 67, ,24 1,90 17,34 177,36 25,08 24,82 21,05 50,26 67, ,24 1,90 18,53 189,84 26,96 26,54 22,52 52,67 69, Energy content tax 8) 3,00 54,54 8,79 7,70 50, ,00 54,54 8,79 7,70 30,70 50, ,45 47,10 7,59 6,65 30,70 50, ,65 47,10 7,59 6,65 31,65 51, ,05 49,93 8,05 9,01 7,05 32,77 52, Carbon dioxide tax 9) 5,94 72,37 9,72 8,00 11, ,94 72,37 9,72 8,00 15,90 14, ,93 84,43 11,34 9,34 15,90 14, ,93 84,43 11,34 9,34 18,61 16, ,71 106,14 14,25 11,74 18,61 16, ,26 17,49 16,32 14,40 18,61 16, ,48 139,91 18,78 17,53 15,47 19,90 17,

5 Date Fuels 1) Motorgasoline, unleaded 2) c/l Diesel Light fuel 3) fuel oil 12) Liquefied petroleum gas c/kg Heavy fuel oil Hard coal 11) /t Electricity Consumption Natural Peat Electricity, gas I 4) /MWh c/kwh Electricity, II 5) Production Nuclear Hydro power power Imports ,90 1,69 Energy tax 7) ,90 1, ,90 1, ,40 2, ,40 2, ,90 2,24 Strategic stockpile fees ,72 0,39 0,39 0,32 1, ,68 0,28 1,18 0,084 0,013 0, ,68 0,11 0,28 1,18 0,084 0,013 0,013 Oil pollution fees 6) ,28 0,031 0,031 0, ,038 0,113 0,042 0,042 0,126 0,126 0,050 0,150 1) Fuels in electricity production taxexempt since 1 January ) Reformulated, since 1 January 1993, also sulphurfree since 1 September Fossil fuel 3) Sulphurfree, sulphur content < 50 ppm since 1 July 1993, sulphur content < 10 ppm since 1 September Fossil fuel. 4) Tax class I: others 5) Tax class II: industry and professional greenhouses 6) Fee for imported oil and oil products: 1,50 /t 7) Energy tax included in excise taxes 8) Energy content tax included in excise taxes 9) Carbon dioxide tax included in excise taxes 10) Excise taxes contain energy content tax, carbon dioxide tax, and energy tax. 11) Excise taxes for hard coal is in the heat production. In CHP use excise tax is lower. 12) Fossil fuel. Sulphurfree. 5

6 Appendix table 2. Energy prices in heat production in December 2016 Energy source 1) Price /MWh Annual change% 2) Hard coal (VAT 0%) Natural gas (VAT 0%) Forest chips (VAT 0%) Milled peat (VAT 0%) 1) Inclusive of excise duties. 2) The price is preliminary Appendix table 3. Consumer prices of heating energy in December 2016 Energy source Light fuel (VAT 24%) Household electricity, K2 (VAT 24%) Wood pellet (VAT 24%) District heat, terraced house / lowrise block of flats (VAT 24%) 1) The price of wood pellet is from November and district heat January ) Price /MWh Annual change%

7 Appendix figures Appendix figure 1. Import prices of oil Source: Finnish Customs/Foreign Trade Statistics Appendix figure 2. Consumer prices of principal oil products Source: Finnish Petroleum and Biofuels Association 7

8 Appendix figure 3. Fuel prices in heat production The prices include excise duties (VAT 0%). The carbon dioxide tax on natural gas and hard coal used in combined heat and power production was halved from the beginning of Sources: Finnish Customs/Foreign Trade Statistics, Energy Authority/Gasum Oy, The Bioenergy Association of Finland/Association of Finnish Peat Industries, Finnish Petroleum and Biofuels Association Appendix figure 4. Fuel prices in electricity production The fuels of electricity production are exclusive of tax. Sources: Finnish Customs/Foreign Trade Statistics, Energy Authority/Gasum Oy,The Bioenergy Association of Finland/ Association of Finnish Peat Industries, Finnish Petroleum and Biofuels Association Appendix figure 5. Price of electricity by type of consumer (the figure was corrected on 17 February 2017) The prices include electrical energy, transmission fee and taxes. Source: Energy Authority, Statistics Finland 8

9 Appendix figure 6. Average monthly spotprices at the Nord Pool Spot power exchange Source: Nord Pool Spot 9

10 Energy 2017 Inquiries Ville Maljanen Director in charge: Ville Vertanen Source: Statistics Finland, Energy prices Communication and Information Services, Statistics Finland tel ISSN X (pdf) Publication orders, Edita Publishing Oy tel

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