OL3 for more than a month of maintenance outage – This is how Fingrid predicts the impact on the price of electricity on the stock market – 2024-03-03 12:59:34

The annual maintenance of Olkiluoto’s units is precisely scheduled. The fuel change shutdown of Olkiluoto 2 starts on April 28 and lasts for about 11 days. The maintenance shutdown of Olkiluoto 1 starts on May 12 and lasts for about 16 days. Pictured is Olkiluoto 3. Joel Maisalmi

The electricity production of the Olkiluoto 3 nuclear power reactor will be interrupted for more than a month due to the annual maintenance that starts today, Saturday. The unit is scheduled to start up again on April 8, i.e. after about 37 days of maintenance.

According to Teollisuuden Voima Oyj’s press release, the long duration of the maintenance is explained by the technical characteristics of the plant type and the large number of periodic tests and maintenance performed during the annual maintenance.

Olkiluoto 3 is the most efficient single electricity producer in Finland and the largest nuclear power plant unit in Europe, responsible for approximately 14 percent of the country’s electricity production. The unit’s maintenance shutdown has caused concern among exchange electricity customers as to whether the price of electricity may increase significantly.

Fingrid’s senior expert Jari Siltala considers that it is difficult to assess the effects of the unit’s stoppage. However, he does not believe that shocking price spikes would be known precisely as a result of Olkiluoto’s maintenance.

– I would say that there will be quite moderate effects, he says.

Many variables

There are several variables that affect the equation that forms the price of electricity. One factor is wind power production, which has been weaker in the past week, for example, due to the calm weather.

– The price of electricity is slightly higher now than a week ago (due to the wind power situation). It can be difficult to assess what is due to the absence of Olkiluoto 3 and what is due to the fact that there is less wind power this weekend than a week ago, he says.

In addition to the maintenance break in Olkiluoto, the electricity curve may be hit by the cold weather readings of the coming week, when the night frosts that often occur at the beginning of March arrive. Among other things, according to Foreca’s weather blog, in northern Finland, the coldest can drop to 20-25 degrees during the nights. In the south, we may experience readings of around 15 degrees below zero.

According to Siltala, freezing temperatures may increase the price of electricity on the exchange. However, from the point of view of security of supply, the situation is good, and there is no situation in sight where, for example, regulation of electricity would need to be planned.

CEO of Energiateollisuus ry Jukka Leskelä told Talouselämä on Thursday that the electricity consumption during the March strikes of previous years has never exceeded 14,000 megawatts per day, even if the weather was cold. For example, the first week of January can be considered as a point of comparison, when the daily consumption rose slightly below 15,000 megawatts.

The article continues after the picture.

Provision made

The state of electricity supply in March looked even more troubled last week, as Fortum’s Meri-Pori coal-fired power plant was supposed to switch to backup operation from the beginning of March. It was decided to postpone the change for a month due to the maintenance of Olkiluoto, so that there would be enough electricity.

– The announced arrangement reduces the risk of a shortage of electricity in March, said the Minister of Environment and Climate Kai Mykkänen (kok) in Fortum’s press release published on Monday.

The coal-fired power plant will switch from commercial use to maintenance security use at the beginning of April, from which point it will only be used in serious crisis and disruption situations of the power systems.