On Tuesday, the price of electricity on the exchange will rise, but it is expected to drop again on Wednesday due to an interruption in the electricity production at Olkiluoto 3. Risto Kinnunen, an expert at energy service company Väre, believes that the price of electricity may increase considerably, possibly reaching 30 cents per kilowatt-hour or higher.
The cause of the failure was 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. The interruption in Olkiluoto 3’s production covers approximately 14% of Finland’s electricity needs.
Kinnunen also predicts 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.