According to Risto Kinnunen, an expert at the energy service company Väre, the price of electricity on the exchange is expected to rise on Tuesday, but drop again on Wednesday. The increase in price is due to the interruption of Olkiluoto 3’s electricity production. Kinnunen estimates that the price of electricity may reach 30 cents per kilowatt-hour or even higher.
The failure of Olkiluoto 3’s electricity production has caused a significant impact on Finland’s energy needs as it covers approximately 14% of the country’s electricity needs. 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 Olkiluoto 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.