Massive Electricity Spending After May Day – Here Are The Reasons

Nuclear power plants are under maintenance and will not save wind on Thursday.

Stock electricity prices will rise immediately after May Day on Thursday morning. There are several reasons for that, says Asta Sihvonen-Banga, CEO of grid company Fingrid.

The Olkiluoto 2 and Olkiluoto 3 nuclear power plants are under simultaneous maintenance.

– That's 1,600 MW gone and close to 900 MW, explains Sihvonen-Banga.

The lack of wind power has hit the price rally on Thursday morning. During the day, solar power eases the situation, and in the evening, wind power starts to increase, says Sihvonen-Banga.

At the same time, Sweden has two nuclear power plant units under maintenance. The transmission link between Finland and Sweden is also currently transmission controlled, meaning that electricity cannot be transferred to Finland at full power.

Big price differences

Electricity price will increase many times on Thursday as compared to Wednesday.

On Thursday, exchange electricity was the most expensive at 9 a.m., at 49.3 cents per kilowatt hour.

On May Day, stock market electricity cost 8.2 cents per kilowatt hour, down from just 1.1 cents per kilowatt hour at its most expensive.

On Thursday, the price of electricity in the stock market will drop later in the morning, but it will be clearly higher than on Wednesday, even in the afternoon. At its cheapest, at three in the afternoon, transmission electricity costs 7.7 cents per kilowatt hour.

Electricity is very expensive on Thursday. Tina Somerborough / K.L

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