On Monday, Teollisuuden Voima (TVO) announced that electricity production at the Olkiluoto 3 nuclear power plant had been interrupted due to a turbine malfunction. The company stated that they were investigating the fault. Shortly after, grid company Fingrid mentioned that backup power plants had been activated to maintain the balance of electricity in the grid.
The Olkiluoto 1 nuclear power plant is currently not operational due to annual maintenance, which has been delayed until June 16th as a result of the generator failure at Olkiluoto 3. Additionally, the transmission capacity of the cross-border electricity connection between Northern Finland and Sweden is lower than usual in the summer due to maintenance and construction work on power lines.
As a result of these disruptions, energy service company The being portfolio manager Risto Kinnunen explained that the high prices are due to a decrease in supply caused by various issues in the electricity system. He noted that TVO had to purchase missing production from the regulation market at a high price of 3,000 megawatt hours due to the interruption at Olkiluuto 3. Looking ahead, he pointed out that there may be risks of moderately expensive electricity prices in Finland throughout June due to low wind power availability and ongoing maintenance work.
However, TVO stated that Olkiluoto 3 is expected to return to production on Tuesday afternoon, which would help alleviate any challenges in electricity supply. If the fault lasts longer, there could be potential issues with meeting demand for electricity in the region. Despite this setback, Kinnunen emphasized that TVO was committed to ensuring stable and reliable electricity supply for its customers.
In conclusion, while there are some challenges facing Finland’s electricity system this summer due to disruptions and high prices, TVO remains dedicated to providing its customers with stable and reliable energy solutions. As such, it’s important for consumers and businesses alike to prepare accordingly and plan their energy usage accordingly during this time.
