November 30, 2023 11:02 am

The Olkiluoto nuclear power plant, operated by Teollisuuden Voima (TVO), experienced an unexpected 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, predicts 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. This fault occurred without any warning and it’s uncertain when production will resume. The timing depends on the nature of the fault and repair estimates.

OL3 plays a crucial role in stabilizing electricity prices in Finland, and this fault happened at a time when the country is experiencing an intensifying frost with no wind support. This is expected to cause spot prices to rise, with hourly prices for Tuesday’s stock electricity determined at 2 p.m.

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