On Monday, Teollisuuden Voima (TVO) announced that the Olkiluoto 3 nuclear power plant’s electricity production had been interrupted due to a turbine malfunction. An investigation into the fault was underway, and the grid company Fingrid responded by starting backup power plants to maintain the balance of electricity supply.
The interruption in electricity production at the Olkiluoto 3 nuclear power plant was caused by a turbine failure. Additionally, the Olkiluoto 1 nuclear power plant was not operational due to annual maintenance, which was delayed further due to a generator failure. These issues have resulted in decreased supply and increased prices for electricity in Finland.
The transmission capacity of the cross-border electricity connection between Northern Finland and Sweden was reduced in the summer due to maintenance and construction work on power lines. As a result, the price of electricity for the following day was expected to reach a maximum of 25 cents tax-free per kilowatt hour during the day. The unexpected disruption is estimated to be costly for TVO, as they had to purchase additional production from the regulation market at a higher price due to their own interruption in production.
Recent high electricity prices in Finland were attributed to low wind availability and limitations on electricity transmission capacity. The maintenance work on transmission lines is expected to continue until the end of June, potentially leading to moderately expensive electricity prices during daytime hours in Finland. The energy service company’s portfolio manager, Risto Kinnunen, warned that expensive hours were approaching due to decreased supply. Despite these challenges, efforts are being made by TVO and Fingrid to address these issues and ensure a stable electricity supply in the coming days.
