Finland’s Olkiluoto 3 nuclear output cut because of low electricity prices

Yle News:

The output of Finland's newest nuclear power facility, Olkiluoto 3, has been significantly cut back because electricity has become too cheap, according to the plant's owner, Teollisuuden Voima (TVO).

"Electricity production must also be profitable for nuclear power plants, and when the price is particularly low, there may be situations where output is limited," TVO communications manager, Johanna Aho, said.

Early on Wednesday the market price for electricity dropped below zero cents per kilowatt-hour (kWh) and for hours after that the price was only 0.3 cents per kWh at its highest, according to the country's grid operator, Fingrid.

The Olkiluoto 3 nuclear reactor in Eurajoki, southwest Finland, started regular electricity production in mid-April, about 14 years behind schedule.

Generally, the amount of electricity generated in Finland is regulated by increasing or decreasing the amount of hydroelectric power that is used. However, due to flood conditions in northern Finland, reducing hydroelectric-generated electricity is challenging at the moment.

According to Aho, cutting back on nuclear power production due to excessively low electricity prices is very rare, but not unheard of.

[Staff Report]

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