Finland is expecting a repeat of January’s record electricity prices. The second reactor at the Olkiluoto nuclear power plant has failed. And maintenance work is underway at the Loviisa nuclear power plant. At the same time, wind generation is declining. Gasum has warned that electricity prices could rise to 1,000 euros per MWh.

“The Finnish electricity market may see exceptionally high and unpredictable prices by the end of the week,” Kauppalehti reports, citing state-owned Gasum.
They predict that spot electricity prices could rise especially from Thursday afternoon. For the evening, from 19:00 to 20:00, Gasum predicts prices of 1,000 euros per MWh.

“Frankly speaking, the price will not necessarily behave in accordance with this rough generalization, but nevertheless, the risk of price increases is significant. “Based on this, prices could rise significantly on Thursday evening, as wind power production is expected to fall by around 2,000 megawatts compared to the same time on Wednesday as Thursday evening,” Kauppalehti quotes Gasum data.
The drop in wind power will be the last reason why Finland will have limited electricity. Earlier, the first reactor of the Loviisa nuclear power plant, with a capacity of 440 MW, was taken out of operation for a long period of maintenance. Then there was a failure in the turbo generator of the second reactor of the Olkiluoto nuclear power plant, with a capacity of 890 MW. It has been shut down until the end of September. Both units account for around 15% of Finland’s electricity production.