TVO, the Finnish power company, announced on Monday an extension of the outage at Olkiluoto 3, Europe’s largest nuclear power generator, due to ongoing repairs following an unexpected shutdown. This interruption caused a significant surge in day-ahead electricity prices.
The 1,600-megawatt (MW) unit, OL3, encountered an unforeseen outage on Sunday attributed to a turbine issue, as reported by TVO and Nordic power bourse Nord Pool.
TVO stated, “The fault stemmed from a malfunction in the temperature measurement within the generator’s cooling system,” assuring that nuclear safety remained unaffected.
“The current estimate indicates the plant unit’s expected return to production around noon on November 21.”
As Finland sought alternative power sources, the day-ahead auction prices soared to 287.87 euros per megawatt-hour (MWh) for Tuesday, a stark increase from Monday’s 116.09 euros/MWh, significantly surpassing prices in other Nordic regions.
Monday’s pricing had been established before the reactor malfunction occurred.
Initially projecting a full production capacity restoration by Monday morning, TVO revised its plans via a regulatory filing, aiming for a partial restart by Tuesday.
According to the filing, Tuesday’s output capacity was estimated at 1,285 MW, with a potential return to the full 1,600 MW by Wednesday.
Olkiluoto 3 faced persistent construction delays, commencing regular electricity output only in April of the current year, a substantial 14 years behind the scheduled timeline.
Finland anticipates the nuclear reactor, the first to launch in Europe in 16 years, to satisfy roughly 14% of the country’s electricity demand, thereby enhancing energy security.
