The Olkiluoto nuclear power plant, operated by Teollisuuden Voima (TVO), experienced an interruption in electricity production due to a fault detected in the turbine plant. The estimated end time for the fault is Wednesday at 01 am, and production power is expected to gradually increase after that.
The outage of OL3 has led to an increase in the price of electricity in Finland. According to Pekka Salomaa, the director responsible for the energy market at the Energy Industry Association, this could have significant implications for the country’s energy security and stability.
On Monday morning, Finland was dependent on imported electricity from Sweden and Norway’s hydropower to make up for the shortfall caused by the fault in OL3. The timing of when production will resume depends on the nature of the fault and its repair estimate. It is uncertain when production will resume, but TVO assures customers that they are taking all necessary steps to resolve the issue as soon as possible.
OL3 plays a critical role in stabilizing the price of electricity in Finland, particularly during times of extreme weather conditions such as an intensifying frost with no support for wind power. This outage has raised concerns about energy security and stability, prompting some experts to predict a rise in spot prices for Tuesday’s stock electricity. The hourly prices for Tuesday’s stock electricity will be determined at 2 p.m., according to industry sources.