Spot electricity prices in Finland will surge sharply on Thursday, peaking at nearly 50 cents per kilowatt-hour (kWh), according to data from Nordic electricity exchange, Nordpool.
Prices have been slightly elevated on Wednesday, reaching up to 10 cents per kWh.
On Thursday afternoon, electricity prices will hover between 10 and 20 cents per kWh, before jumping to over 30 cents by 6pm. Price will be most expensive between 8 and 9pm, soaring to 49.36 cents per kWh.
Following a summer where prices were historically low for an extended period of time, spot prices began to fluctuate wildly in September.
Finland has been experiencing unusually mild weather for the season, affecting exchange electricity prices. In addition, the weekly average output of wind power has nearly halved, contributing to sharp swings in prices.
Several factors involved
According to Tuomas Rauhala, Unit Manager at the national grid operator Fingrid, the rise in exchange electricity prices in September is attributed to maintenance at large power plants and ongoing maintenance and repair work on transmission connections with Sweden.
"A key factor is the amount of electricity supply in Finland, but it is also very strongly influenced by the amount of electricity imported from neighbouring countries and the price level in neighbouring countries. Of course, the price of electricity is also affected by how much is used," he said.
Currently, the transmission connection in northern Sweden is operating at limited capacity due to maintenance work, which is expected to continue until the end of September. In addition, maintenance and construction work will affect the transmission connection in southern Sweden until mid-October.
The rise in prices can also be attributed to a generator malfunction at the Olkiluoto 2 plant, which has halted electricity production since Monday. Plant operator Teollisuuden Voima (TVO) said the outage is expected to last approximately three weeks.
“When the electricity supply in Finland decreases, it inevitably impacts the average price. However, short-term demand remains relatively stable,” Rauhala said.
Users with an Yle ID can leave comments on our news stories. You can create your Yle ID via this link. Our guidelines on commenting and moderation are explained here.