Power Surge: Electricity Exchange Users Brace for Significant Price Increase on Tuesday

According to energy service company Väre’s expert Risto Kinnunen, the price of electricity on the exchange is expected to rise on Tuesday due to the interruption in electricity production caused by a faulty temperature measurement of Olkiluoto 3’s cooling system. The reduction in production from this plant, which covers approximately 14 percent of Finland’s electricity needs, will have a significant impact on the price of electricity. Kinnunen estimates that the price could rise considerably, possibly reaching 30 cents per kilowatt-hour or more.

On Wednesday, the price of electricity is expected to drop again as 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. Teollisuuden Voima (TVO) stated that after repairs, inspections, and tests, electricity production in Olkiluota’s triple unit will resume at noon on Tuesday. TVO also assured that the incident had no impact on nuclear safety.

The cause of the failure at Olkiluoto 3 was revealed to be a faulty temperature measurement of the generator’s cooling system. In addition to this news content populated by links and advertisements that do not belong would need to be removed.