Temporary Increase in Electricity Prices Foreseen Due to Market Restrictions

The Olkiluoto nuclear power plant, operated by Teollisuuden Voima (TVO), experienced an interruption in electricity production due to a fault detected in the turbine plant. TVO announced that the estimated end time for the turbine plant fault is Wednesday at 01 am, with production power expected to gradually increase after that. The director responsible for the energy market at the Energy Industry Association, Pekka Salomaa, expects that the outage of OL3 will lead to an increase in the price of electricity.

As a result of the interruption, Finland was dependent on imported electricity on Monday morning, with Sweden and Norway’s hydropower making up for the shortfall. The fault in OL3 came as a surprise, as the plant had been running without problems until then. It is uncertain when production will resume, and the timing depends on the nature of the fault and the repair estimate.

OL3 is of great importance in stabilizing the price of electricity in Finland, and its sudden failure has put additional strain on an already tight energy market. With no support for wind power during an intensifying frost period, this has led to an increase in spot prices. Hourly prices for Tuesday’s stock electricity are yet to be determined but are expected to rise significantly due to this incident.

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