• Tue. Dec 5th, 2023

Significant Electricity Price Hike for Exchange Users on Tuesday


Nov 20, 2023

On Tuesday, the price of electricity on the exchange will rise due to an interruption in Olkiluoto 3’s electricity production. This is estimated to cause a considerable increase in the price of electricity, possibly reaching 30 cents per kilowatt-hour or even higher. According to Risto Kinnunen of energy service company Väre, this interruption covers approximately 14% of Finland’s electricity needs and was caused by a faulty temperature measurement of the generator’s cooling system. TVO, the responsible company, estimates that electricity production in Olkiluoto’s triple unit will start again at noon on Tuesday.

On Wednesday, it is predicted that the price of electricity on the stock market will drop due to the start of Olkiluoto 3’s production and an increase in wind power production. However, windless and colder weather is expected by the end of the week, causing fluctuations in hourly prices. Despite this temporary fluctuation, Kinnunen believes that wind power will continue to play an important role in Finland’s energy mix moving forward.

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