Power Surge: Electricity Exchange Customers Brace for Major Price Hike on Tuesday

According to Risto Kinnunen, an expert at the energy service company Väre, the price of electricity on the exchange will rise on Tuesday, but drop again on Wednesday. This is due to the interruption of Olkiluoto 3’s electricity production. The interruption in Olkiluoto 3’s production will have a significant effect on the price of electricity, as it covers approximately 14% of Finland’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 Olkiluota 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. Some experts believe that this could lead to higher prices for consumers and businesses in certain regions during peak hours.

It is important for consumers and businesses to monitor their energy usage during this time and consider alternative energy sources such as solar or geothermal power if possible. This can help mitigate some of the price fluctuations and provide more stability in energy costs over time.