Regulators were the only institution who set the electricity prices, including costs of transmission, distribution and generation. Nowadays, this has changed. Electricity prices are determined by the fundamental economic rule of supply and demand. The forthcoming work examines a potential relationship between electricity price and fuel mix. It is used the Nordic System's electricity prices and generation. This thesis is concluded that hydropower and nuclear power plays a vital role in the futures energy mix and in the stability of electricity prices. A spillover effect is detected between electricity prices and fuel mix, but a need for further research is recommended.