Power Surge: Electricity Exchange Users Brace for Substantial Price Hike on Tuesday

The price of electricity on the exchange is set to rise on Tuesday, according to Risto Kinnunen, an expert at energy service company Väre. This increase is due to the interruption of Olkiluoto 3’s electricity production, which accounts for approximately 14% of Finland’s electricity needs. The cause of the failure was a faulty temperature measurement in the generator’s cooling system. TVO, the responsible company, has estimated that electricity production in Olkiluoto’s triple unit will start again at noon on Tuesday.

Kinnunen believes that the price of electricity may rise significantly, possibly reaching 30 cents per kilowatt-hour or higher. However, he also predicts that the price will drop on Wednesday due to the start of Olkiluoto 3’s production and an increase in wind power production. Nevertheless, windless and colder weather is expected by the end of the week, causing fluctuations in hourly prices.

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