Unthinkable in Finland: So much energy available that prices went negative for a whole day

In 2022, the issue of energy prices was one of the most discussed issues, especially in Europe. Several solutions have been taken by countries, but the ones that can be documented today are: Plans for energy self-sufficiency after the ban on imports from Russia are working, at least in Finland.

In fact, just a few days ago there was a short-term drop in electricity prices in Finland. The lowest price that went negative in a whole day before moving up towards the close.

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Finnish network operator Fingrid announces price cuts, CEO Jukka Roosnen told state broadcaster Yale:The figure represents a historic moment in the country’s energy sector when the average daily price went negative, if only slightly. “

Negative overnight energy prices can usually occur in less time than last Wednesday.The cause seems to be in the massif Finnish energy surplus from renewable energy production.

Finland and other Nordic countries had an abundance of snow and ice during the winter, which melted with the arrival of spring. This huge amount of melted snow water widely used by hydroelectric power plants to generate energy.

In addition to hydropower, nuclear reactors, wind power and solar power plants also contribute to overproduction in the spring, as opposed to a large decline in production in the winter. When Finns were forced to reduce their electricity consumption.

Considering the various renewable resources that contributed to this result, a qualifying factor for this production is its sustainability.

Ruthnen also pointed out: The national grid had to cut nuclear power to make up for it Overproduction of hydroelectric power plants. It’s a win-win situation for consumers at the moment.

Luusnen also explained that Finland’s progress towards energy independence is important for investing in the green transition. This step towards self-sufficiency in Finland has been heavily influenced by neighboring Russia’s invasion.

Indeed, Finland has decided to ban energy imports from Russia as part of global sanctions following its 2022 invasion of Ukraine. As a result, Finland initially faced an energy crisis, but due to the recent activation of the energy crisis, Olkiluoto 3, Finland’s newest reactorpromises greater peace of mind in the future.

The addition of Olkiluoto 3 lowers electricity prices in Finland 75% increase from €245.98 per megawatt hour (MWh) in December 2022 to €60.55 per MWh in April of last year.

Rusnen said the country aims to reach its 2035 “carbon neutral” goal by: Main source of wind energy By 2027.

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