The Olkiluoto nuclear power plant in Finland experienced an unexpected interruption in electricity production on Monday due to a fault detected in the turbine plant. TVO, the operator of the plant, announced that the estimated end time for the fault is Wednesday at 01 am, with power production expected to gradually increase after that. Pekka Salomaa, director responsible for energy markets at the Energy Industry Association, predicts that the outage of OL3 will lead to an increase in electricity prices.
Finland was heavily dependent on imported electricity from Sweden and Norway’s hydropower on Monday morning due to the interruption. The fault occurred without warning and it is uncertain when production will resume. The timing depends on the nature of the fault and repair estimates. OL3 is crucial in maintaining stable electricity prices in Finland and this fault came at a bad time as intensifying frost with no support for wind power is expected to lead to an increase in spot prices, with hourly prices for Tuesday’s stock electricity determined at 2 p.m.
It should be noted that there are currently no related content following these paragraphs about OL3 and its importance in stabilizing electricity prices in Finland or any other relevant information about energy market trends or news.