• Sat. Dec 9th, 2023

Significant Electricity Price Hike Awaits Exchange Users 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 due to the interruption in Olkiluoto 3’s electricity production. The cause of the failure was revealed to be 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.

Kinnunen believes that this interruption will significantly affect the price of electricity as Olkiluoto 3 covers approximately 14% of Finland’s electricity needs. He estimates that the price of electricity may rise considerably, possibly reaching 30 cents per kilowatt-hour or even higher. However, he also believes that windless and colder weather is expected by the end of the week, causing fluctuations in hourly prices and potentially dropping them on Wednesday due to an increase in wind power production.

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