• Sun. Dec 3rd, 2023

Power Surge: Electricity Exchange Customers Brace for Substantial Price Hike on Tuesday


Nov 20, 2023

According to Risto Kinnunen, an expert at the energy service company Väre, the price of electricity on the exchange will rise on Tuesday but drop again on Wednesday. This is due to the interruption in Olkiluoto 3’s electricity production, which covers approximately 14% of Finland’s electricity needs. The faulty temperature measurement of the generator’s cooling system caused this failure, and TVO has estimated that Olkiluoto 3’s triple unit will start producing electricity again at noon on Tuesday.

Kinnunen predicts that the price of electricity may rise significantly, possibly reaching 30 cents per kilowatt-hour or higher. However, he also believes that this increase will only last until Wednesday morning when Olkiluoto 3’s production starts up again and wind power production increases. By Thursday, windless and colder weather is expected to return, causing fluctuations in hourly prices.

According to Kinnunen, this interruption in Olkiluoto 3’s production will have a significant impact on the price of electricity in Finland. However, he believes that the market will adjust quickly once production resumes.

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