March 4, 2024 12:36 pm
Stock exchange electricity customers face worst-case scenario as power plants go on strike

This week, trade unions are planning political strikes that primarily target electricity and heating plants. According to energy company The Waterfall Electricity Market Expert Peter Strandberg, these strikes could cause significant difficulties for electricity and heat production, particularly during the freezing season. While it is expected that the plants will not be shut down entirely, a breakdown could result in concerns about spot prices and supply of electricity.

Despite these concerns, the market estimates that the VAT-free spot price of electricity will remain around 55-70 euros per megawatt hour between Wednesday and Friday. The electricity union has planned 24-hour strikes between February 14th and 16th, which include a reserve. These strikes will occur at the Loviisa nuclear power plant on Wednesday, the Olkiluoto nuclear power plant on Thursday, and various hydropower plants on Friday.

In addition to these strikes, other unions have announced strikes for Helsinki, Pietarsaari, and Kuopio. A significant event for the electricity market is Olkiluoto 3’s upcoming maintenance break, which may result in high or stable prices if the cold weather continues.

The good water situation is currently a positive indication for the market. It has been influenced by strong storms in December and January. This situation can help limit electricity price development as there are no significant changes in demand due to water levels.

CEO Jukka Leskelä has stated that delivery of district heating to customers can be ensured during the strikes. However, with a large number of staff potentially affected, the situation is fragile as unexpected incidents could result in plants being shut down entirely. He also criticized the trade unions for taking big risks by issuing strike notices without predicting electricity consumption, production, import or wind power situations accurately.

Overall, while these strikes may cause some disruptions in the electricity market temporarily, it’s crucial for both stakeholders to find a way to address their concerns without causing long-term harm to consumers or affecting energy security negatively.

In conclusion, trade unions are planning political strikes targeting electricity and heating plants this week

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