Electricity imports and mild weather allowed strikes targeting power facilities to prevent power shortages.
This week’s political strike, which also saw nuclear power plant workers join the union action, heightened concerns about power supplies.
However, despite initial concerns, the spot price of electricity actually fell this week, despite the Finnish Electrical Workers’ Union joining the strike.
On Wednesday and Thursday, members of the electric union held an unprecedented strike at the Olkiluoto and Lovisa nuclear power plants, destroying tools. However, these facilities were able to continue generating electricity.
A wave of political strikes led to periodic shutdowns of some hydroelectric facilities.
The political strike is a series of trade union actions to protest government labor market policies and social welfare cuts.
Low demand and favorable weather
However, during the electrical workers’ strike, Finland imported large amounts of electricity from Sweden. As of Thursday, these imports were roughly equivalent to the output of Finland’s newest and largest nuclear power plant, Olkiluoto 3.
Electricity consumption decreased this week due to relatively mild weather conditions compared to the recent cold snap.
In addition to the warming climate, electricity demand has also fallen as several factories have shut down production lines due to strikes.
Spot electricity prices fell during this week’s strike, fluctuating roughly between 7 cents and 3 cents per kilowatt-hour (kWh), compared to last week’s high of 15 cents per kilowatt-hour (kWh).
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