International
Finland says power supply stable amid cold weather, record price
January 05, 2024 | 12:36 PM
The Finnish electricity system was stable on Friday morning and demand was somewhat lower than expected, power grid operator Fingrid said amid a surge in prices prompted by a prolonged cold spell.Finland is experiencing an exceptionally cold start to the year with temperatures ranging from -15 Celsius (5 Fahrenheit) in the south to below -40 Celsius in Lapland.Fingrid and the government on Thursday urged Finns to save electricity during morning and evening peak hours to make sure the electricity system remained functioning during the unusually cold weather.The average Finnish price for Friday stood at a record 890.54 euros ($972.91) per megawatt hour, far exceeding the previous high from 2010 of 505.68 euros."For customers who have an electricity contract following the spot prices, the electricity bill (on Friday) may be nearly 20 times higher than on an average day," the Finnish Economic Affairs Ministry said in a statement.Consumption had hit a peak around noon local time on Thursday of 14,804 megawatt, while demand on Friday morning was likely to be around 800 MW lower than forecast, Fingrid said."The power system is stable and sufficiency of electricity is at a good level for now," the operator said in a statement, adding however that the cold temperatures and high demand continued to make the system sensitive to outages.
January 05, 2024 | 12:36 PM