Finnish electricity prices hit record high as market struggles for relief

Today, the Finnish electricity market experienced a record high price for the autumn season, and there is little relief in sight for tomorrow, Thursday. According to data from the Nordic Nordpool electricity exchange, the maximum price for electricity will reach 43.29 cents per kilowatt-hour. The highest rates will occur at 9 AM, remaining above 30 cents per kilowatt-hour from 7 AM through to 1 PM.

However, overnight electricity prices are significantly lower than during the day, partly due to an increase in wind energy generation linked to cooler weather. Currently, wind power generation remains limited, contributing to higher electricity prices, but Lumme Energia expects it to increase toward the weekend.

Last week, prices were relatively low compared to yearly trends, although September saw price spikes due to unusually mild weather and maintenance work at power plants. The price of electricity peaked at 50 cents per kilowatt-hour last month.

The increased electricity prices have been affected for nearly a month by a generator fault at the Olkiluoto 2 power plant, alongside ongoing maintenance work on transmission connections to Sweden. Additionally, Loviisa nuclear power plant is undergoing annual maintenance expected to finish by Saturday.

On a positive note for electricity users, Olkiluoto 2 is projected to resume limited operations this Sunday. However, a power restriction will continue, limiting its output to 725 MW instead of the full 890 MW for several months. Furthermore, the restriction on the transmission line from northern Sweden to Finland was lifted last Sunday, though the southern Swedish lines remain limited due to ongoing maintenance and construction work.