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Electricity exchange users to experience significant price increase on Tuesday


Nov 20, 2023

Energy service company Väre’s expert Risto Kinnunen predicts that the price of electricity on the exchange will rise on Tuesday and then drop again on Wednesday due to Olkiluoton 3’s interruption of electricity production. Kinnunen estimates that the price of electricity could rise considerably, possibly reaching 30 cents per kilowatt-hour or more. The reduction in Olkiluoto 3’s production will have a significant effect on the price of electricity on the exchange, as it covers approximately 14 percent of Finland’s electricity needs.

The cause of the failure at Olkiluoto 3 was revealed to be a faulty temperature measurement of the generator’s cooling system. The responsible Teollisuuden Voima (TVO) stated that after repairs, inspections, and tests, electricity production in Olkiluoto’s triple unit will resume at noon on Tuesday. TVO also assured that the incident had no impact on nuclear safety.

Kinnunen anticipates that the price of electricity on the stock market will drop by Wednesday, in addition to the start of Olkiluoto 3, there will be a few more windy days. This forecast includes 5,000 megawatts of wind power being produced on Wednesday and Thursday, which will also push down the price of electricity. Windless and colder weather is expected from the end of the week, and then users of exchange electricity should again monitor the fluctuation of hourly prices.

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By Editor

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