Finland electricity prices rise due to low wind and maintenance

Spot market electricity prices in Finland have seen a significant increase, reaching approximately 50 cents per kilowatt-hour during morning hours. This spike is attributed to several factors: low wind power production, insufficient solar energy for the season, and lower than usual nuclear power output. Specifically, maintenance at the Olkiluoto 3 nuclear plant is lasting longer than originally scheduled.

Additionally, energy transfers from Sweden are limited because the Fenno-Skan 2 connection is undergoing maintenance. This reduces the capacity of the sea cable from central Sweden to Finland, affecting about a quarter of the transfer connections between the two countries. While prices are expected to drop in the evening and overnight as wind production increases, the average price for Monday remains notably higher than the yearly average.

As consumers increasingly use spot market contracts to time their usage for cheaper hours, experts have raised concerns regarding fire safety. Using certain appliances, such as dishwashers or electric scooters, overnight to save money may pose risks if left unmonitored.