Friday, December 8, 2023

Small joy – production of Olkiluoto 3 is reduced because electricity is very cheap


Generally, production is controlled through hydropower.

The Olkiluoto triple reactor (OL3), which recently started commercial power generation, has been curtailed. This is because of the very cheap price of electricity.

Well, it’s a normal process. Yes, its production should be profitable for us too, said Johanna Aho, Teollisuuden voima’s communications manager.

The nominal power of the triple reactor is 1,600 MW. Aho says that today i.e. on Wednesday the production was at the level of 1,055 MW. That’s why scarcity is important.

Today, Wednesday, at 4 PM, the exchange of electricity was practically free. The cost of electrical energy is 0.009 cents per kilowatt hour. At 11 p.m., the price is exactly zero, and the price of electricity drops to minus 0.2–0.3 cents overnight.

See below how much electricity costs now and how much electricity is produced and consumed.

Yle was the first to report a reduction in production.

According to Yell, the amount of electricity produced in Finland is usually controlled by increasing or decreasing hydropower generation. Flooding in northern Finland has now made reduction difficult.

Aho tells Talousanomi that regulating nuclear power’s power is rare because of the low prices.

– The starting point is that the nuclear power plant produces electricity at full capacity.

The price has fallen to near zero several times recently. Warmer temperatures and rising wind power mean that generation may start to be regulated more often than before as electricity becomes cheaper.

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