The utilization of nuclear power will be welcomed by Finnish consumers, particularly given the fact that Finland has the highest per-capita electricity consumption in the European Union. It is expected to produce up to 15 percent of the country’s power demand.Īnd while the plant’s production is still in its early days, its launch has had a considerable effect on Finland’s energy prices, lowering the electricity spot price in the country from €245.98 per megawatt-hour (MWh) in December to €60.55 per MWh in April, a reduction of more than 75 percent, according to physical electricity exchange, Nord Pool.Įnergy prices had risen sharply in the Scandinavian country after the Finnish government banned electricity imports from neighboring Russia last year due to the ongoing conflict in Ukraine.
The Olkiluoto 3 (O元) nuclear plant completed the transition from testing to regular output last month to become Finland’s first new nuclear plant in more than four decades.
The commencement of regular output from a much-delayed Finnish nuclear reactor in April saw electricity prices in the country decrease by more than 75 percent.
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