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Electricity Prices Expected to Temporarily Increase as Market Conditions Tighten


Nov 20, 2023

TVO announced on Sunday evening that the electricity production of the Olkiluoto nuclear power plant had been interrupted due to a fault in the turbine plant. A new market message estimated that the fault would be resolved by Wednesday at 01:00 am, and until then, the production power of the reactor would be zero megawatts, gradually increasing afterward.

The interruption in electricity production from OL3 means that Finland is dependent on imported electricity, primarily from Sweden and Norway’s hydropower. The fault is a surprise given that the plant has been running without problems, with only planned outages, up until this point.

The fault’s nature and the repair estimate are not yet known, so the timing of the resumption of production is uncertain. OL3 is crucial in stabilizing the price of electricity in Finland, especially as winter weather intensifies and there is no support for wind power. The situation may impact spot prices, and the hourly prices for Tuesday’s stock electricity will be determined at 2 p.m.

In addition to the market news about the Olkiluoto nuclear power plant, there are numerous unrelated and irrelevant links and content provided at the end of the original text. I excluded those as they do not relate to the operation of the power plant.

By Editor

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