• Wed. Dec 6th, 2023

Power Surge: Electricity Exchange Users Brace for Substantial Price Hike 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. This is due to the fact that Olkiluoto 3 covers approximately 14% of Finland’s electricity needs, and TVO, the responsible company, estimates that electricity production in Olkiluoto’s triple unit will start again at noon on Tuesday after a faulty temperature measurement was found in the generator’s cooling system.

Kinnunen predicts that the price of electricity may increase significantly, possibly reaching 30 cents per kilowatt-hour or even higher during this period. However, he also believes that it will drop again on Wednesday due to the start of Olkiluoto 3’s production and an increase in wind power production. However, he warns that windless and colder weather is expected by the end of the week, which could cause fluctuations in hourly prices.

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