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10 Sep, 2022 09:13

Power prices in Finland skyrocket – grid operator

Fingrid says it was forced to use two backup power plants to prevent blackouts
Power prices in Finland skyrocket – grid operator

Electricity prices in Finland have reached record highs, according to the country’s power grid company Fingrid.

The price of adjustment electricity is currently exceptionally high at approximately €5,000 per megawatt-hour,” Fingrid said in a statement on Thursday, noting that it has asked providers for more short-term power.

The operator also said it was forced to start up two backup power plants, Huutokoski and Forssa, early on Thursday in order “to balance the electricity system” and prevent blackouts. They were later shut down when “the situation was brought under control.

However, the threat of blackouts may return due to maintenance at Finland's new Olkiluoto 3 (OL3) nuclear power plant, along with a shortfall of wind power production, Fingrid told Reuters.

The grid operator is pinning high hopes on the new reactor, announcing earlier this year that it has the capacity to compensate Finland for the loss of Russian power supplies. However, it warned in June that supply during the heating season could be jeopardized if OL3 failed expectations.

Russia stopped supplying power to Finland back in May, after Russian utility Inter RAO had not received payments for electricity sold via the pan-European exchange Nord Pool.

For more stories on economy & finance visit RT's business section

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