Significant Electricity Price Hike for Exchange Users Coming on Tuesday

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 of Olkiluoto 3’s electricity production. This is expected to cause a significant increase in the price of electricity, possibly reaching 30 cents per kilowatt-hour or even higher.

The interruption in Olkiluoto 3’s production will have a significant effect on Finland’s electricity needs as it covers approximately 14% of them. 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 also believes that the price of electricity on the stock market will drop on Wednesday due to the start of Olkiluota 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.

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