Question 1

What is spot electricity?

Accepted Answer

A spot electricity contract is a type of contract where the electricity price changes based on the electricity exchange. Unlike a fixed-price contract, you pay according to the market price, meaning your electricity cost follows the actual price on the market at the time of use. This can mean low prices at night, or price spikes during cold winter days.

Spot electricity is a good fit for consumers who are willing to monitor prices and adjust their usage. Low overall consumption also helps with optimization, since it's easier to shift something like laundry than heating to specific times.

If you prefer stability and simplicity, a spot electricity contract might not be the right fit. In that case, take a look at our fixed-price Cheap Fixed-Term contracts.

Question 2

What is the spot price now?

Accepted Answer

You can track spot electricity prices in real time through several reliable services. You can use the Nord Pool website or Fingrid’s free app to monitor prices easily. Fingrid’s app is available for download in your device’s app store.

So, what’s the cheapest spot electricity? We keep the margin and monthly base fee affordable, with no hidden costs. After that, how cheap your electricity is depends on how actively you optimize your usage!

Question 3

Where can I follow current spot prices?

Accepted Answer

You can easily follow spot electricity prices using Fingrid’s app or directly on the Nord Pool electricity market website. Fingrid’s app is free to download from your device’s app store.

Spot prices are available one day in advance, so if you want to optimize your electricity usage closely, it’s worth checking the price daily. Longer-term forecasting isn’t possible.

One day, Cheap Energy will have its own app too, but for now, our focus is on offering electricity contracts that are cheap and easy to get.

Question 4

What is the cheapest electricity contract?

Accepted Answer

Well, that depends on you!

The cheapest electricity contract depends on how and when you use electricity. If you like to follow electricity prices and, say, run the washing machine at night, a spot contract can be a real money-saver. But if you prefer to know in advance what you’ll pay and do laundry whenever your schedule allows, a fixed-rate contract offers peace of mind. Even our fixed-price options are priced as affordably as possible.

At Cheap Energy, we don’t promise magic tricks, but we do offer clear, transparent pricing on both options.

Question 5

Does spot electricity have hidden costs?

Accepted Answer

The price of a spot electricity is made up of the following parts:

the spot price / kWh
a margin / kWh
a fixed monthly basic fee

The spot price is the current market price set by the electricity exchange, Nord Pool. Electricity suppliers always add a small margin to this, and every contract includes a monthly basic fee.

So no worries, there are no hidden fees!

Question 6

Can I terminate my spot contract?

Accepted Answer

Spot electricity contract is an open-ended electricity contract that you can cancel at any time with 14 days’ notice.

Wondering if spot electricity is the right choice for you? This flexible contract lets you try it out without long-term commitment. If you prefer more stability later, you can switch to a fixed-price Cheap Fixed-Term contract instead. Our 24–36 month Cheap Fixed-Term contracts even come with a price guarantee, if you find a lower price elsewhere after placing your order, we’ll match it. Learn more about the price guarantee here.

Question 7

What transition to quarter-hourly electricity prices means?

Accepted Answer

Starting October 1, 2025, all of Europe will move to quarter-hour balancing. This means the NordPool electricity exchange will no longer show only hourly average prices – instead, prices will be published every 15 minutes. In practice, electricity will become quarter-hour precise. By 2028, all consumption will be measured in 15-minute intervals. Many Finnish meters are already ready for this, but for others the change will happen gradually.

Question 8

What if my meter doesn’t support 15-minute readings?

Accepted Answer

No problem. Your price will still be based on hourly averages until your meter is updated. You can check with your grid company about the upgrade schedule.

Spot electricity with quarter-hour precision

Cheap Spot Electricity

0,44 c/kWh

Save by adjusting your electricity consumption

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Frequently asked about spot electricity

3 reasons to choose Cheap Energy

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