Lumo Energia

Electricity terminology

Electricity terminology

Energy Authority (Energiavirasto)

The Energy Authority regulates and promotes operation of the energy market, emission reductions, energy efficiency and the use of renewable energy. They are an agency under the Ministry of Economic Affairs and Employment.

 

Fixed-price, fixed-rate, often also fixed-term

A fixed-term electricity plan with a fixed-price or fixed-rate means that the price/kWh is determined when you sign the electricity contract and this price does not change during the contract period – regardless of possible ups and downs in the electricity market. This is why a fixed-priced contract is very popular and a safe option if it is important to know how much you pay for your electricity each month. See our fixed-term electricity plans.

 

kWh or kilowatt hour

A kilowatt hour (kWh) is a measure of how much energy a device is using per hour, and as such it is used as a measurement unit in the pricing of electricity. In other words, a device with the power of 1 kW (kilowatt) consumes 1 kWh of electricity when it is on for 1 hour. For example, with 1 kWh it is possible to dry your hair for 30 minutes or charge your phone a hundred times.

 

Market-based or variable price

Independent electricity sellers, such as Lumo Energia, sell electricity purchased from the power market to their customers. The price of electricity on the power exchange forms according to supply and demand and varies daily. The consumer can benefit from the constant price fluctuations when choosing a variable price. Note that the pricing of market-based contracts is always based on the variable spot price in the area of ​​use. See our market-based electricity plans.

 

Nord Pool, power exchange market

Nord Pool is a Nordic power exchange market that brings together electricity producers, brokers and buyers. On the power market, producers sell their energy production to interested buyers.

 

Renewable energy

Renewable energy means energy produced from renewable energy sources. Solar, wind and hydropower are used as renewable energy sources. Note that all renewable resources are not necessarily considered sustainable e.g. peat. Read more about renewable energy sources.

 

Spot price

The spot price means the hourly electricity price of next day traded electricity on the power exchange market. On the power market, producers and buyers report daily at what price and how much they are willing to either buy or sell electricity on an hourly basis. The spot price is determined at the intersection of the buyer's and seller's bids. Note that when an electricity company sells market based (variable priced) electricity to the consumer, they will add tax and a commission to the spot price. Read more about spotprice.

 

Transmission of electricity

Transmission of electricity (electrical transmission) means that generated electricity is distributed, over power lines, to the local distribution grid (local electricity network) in populated areas. The fee for this is debited by the network company.

Buy electricity at the current price

Use electricity when it is at its cheapest! The electricity price in Tuntispot changes hourly according to the hourly spot price on the electricity market.

  • Hourly spot price + margin 1.25 c/kWh
  • Basic fee €0/month
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Customer service

We value our customers and our aim is to provide excellent customer service. Contact us if you need help with signing or choosing a contract, or if you would simply like to switch to a new, more affordable electricity contract.

Check our FAQ for quick answers

Our customer service is open on weekdays from 09.00 to 18.00.

You can also contact us outside openings hours via email at [email protected]

Our customer service hotline charges are: Local network rate

Weekdays Mon–Fri 9–18
09 4272 0444
You can also find answers on our FAQ page.