This week, trade unions are planning political strikes that primarily target electricity and heating plants. According to energy company expert Peter Strandberg of The Waterfall Electricity Market, these strikes during the freezing season could cause significant difficulties for electricity and heat production. While it is expected that the plants will not be shut down, a breakdown could lead to concerns about spot prices and electricity supply.
Despite low concerns about these effects, the market estimates that the VAT-free spot price of electricity will remain around 55-70 euros per megawatt hour between Wednesday and Friday. The electricity union has planned 24-hour strikes between February 14th and 16th at various locations including Loviisa nuclear power plant, Olkiluoto nuclear power plant, and hydropower plants. Additionally, other unions have announced strikes in Helsinki, Pietarsaari, and Kuopio.
One significant event for the electricity market is Olkiluoto 3’s upcoming maintenance break, which may result in high or stable prices depending on the weather conditions. The good water situation is also a positive indication right now due to strong storms in December and January which have influenced this situation. However, with a large number of staff potentially affected by the strikes, unexpected incidents could result in plants being shut down.
CEO Jukka Leskelä of district heating delivery emphasizes that customers can still receive their heating during the strikes but warns that with a fragile situation caused by a large number of staff being affected by the strike action, things are out of control as they cannot predict electricity consumption, production, import or wind power situations when issuing strike notices.