• Mon. Dec 4th, 2023

Temporary Hike in Electricity Prices Forecasted Amid Market Limitations


Nov 21, 2023

An unexpected fault in the turbine plant at the Olkiluoto nuclear power plant has caused an interruption in electricity production operated by Teollisuuden Voima (TVO). TVO announced that the estimated end time for the fault is Wednesday at 01 am, with production power expected to gradually increase after that. The director responsible for the energy market at the Energy Industry Association, Pekka Salomaa, expects that the outage of OL3 will lead to an increase in the price of electricity.

As a result of the interruption, Finland was dependent on imported electricity on Monday morning, with Sweden and Norway’s hydropower making up for the shortfall. The fault in OL3 came as a surprise, as the plant had been running without problems until then. It is uncertain when production will resume, and the timing depends on the nature of the fault and the repair estimate.

OL3 plays a crucial role in stabilizing electricity prices in Finland, and its sudden failure has come at a time when demand for electricity is high due to extreme cold weather conditions with no support for wind power. This has led to an anticipated rise in spot prices, with hourly prices for Tuesday’s stock electricity expected to be determined at 2 p.m.

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