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Electricity prices in Finland will rise sharply on Tuesday, with the hourly market rate peaking at nearly 38 cents per kilowatt hour, according to data from the Nord Pool electricity exchange.
Prices will begin climbing in the early morning, reaching a maximum of 37.7 cents between 9 a.m. and 1 p.m. Rates are expected to remain above 30 cents per kilowatt hour until 10 p.m., after which they will fall below 20 cents.
The daily average price, including VAT, will be 22.58 cents per kilowatt hour, marking a clear increase from recent holiday levels.
Two factors are behind the surge in prices: reduced wind power production and the temporary shutdown of two nuclear units at the Olkiluoto plant.
Teollisuuden Voima, which operates the facility, said Unit 2 was shut down last week due to increased moisture detected in the turbine generator. The unit is not expected to return to service until May.
Unit 3, meanwhile, is undergoing scheduled annual maintenance. The outage began in April and is set to end on 2 May.
The combined loss of output from these two units, along with low wind generation, has reduced available supply during a period of stable demand, pushing prices higher on the day-ahead market.
Market analysts expect volatility to continue in the coming days, depending on wind forecasts and the progress of nuclear maintenance work.
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Source: www.helsinkitimes.fi
