Spot prices of electricity in Finland will soar to nearly one euro per kilowatt-hour (kWh) on Tuesday, which is several times higher than recent averages.
Tuesday's spot prices will shoot up to 68.20 cents per Kwh at 7am and then hit a peak of 96.37 cents at 4pm. Changing hourly, a day's spot prices are set according to electricity market prices one day in advance.
Tuesday's average spot price will sit at 35.68 cents per kWh, according to electricity network operator Fingrid.
The price spike is likely to be at least partially due to Sunday's shutdown of the Olkiluoto 3 nuclear reactor. It shut off automatically after a fault was detected in the facility's turbine plant, according to the company.
OL3 is expected to resume electricity production at noon on Tuesday. The reactor is located in western Finland and is the largest single power plant unit in the Nordic electricity system.
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