Finland: Siltanews-News Desk
Wind farms off Finland’s coast have produced near-record energy output over the past two days, driving electricity prices to historic lows.
This phenomenon was triggered by powerful storms, with wind speeds reaching 25–30 meters per second, according to Finnish grid operator Fingrid.
During the storm, wind farms achieved a capacity of 6.7 GW in some hours – just shy of the all-time record of 6.9 GW set on 20 November. This surge in renewable energy caused wholesale electricity prices to plummet, dropping from an average of €43 per megawatt-hour (MWh) to as low as €3.73–€4.28 per MWh. Overnight, prices even dipped into the negative, reaching €1 per MWh.
Nord Pool data reveals that Finland has seen 14 days of negative electricity prices in 2024 and 45 days where prices remained below €5 per MWh. However, these instances of low-cost electricity are contrasted by days when average prices spiked as high as €890 per MWh, illustrating the volatility of green energy.
Fingrid predicts that wind capacity will decrease in the coming days, with electricity prices projected to rise to around €18 per MWh by November 26. Despite this, Finland’s power grid appears stable heading into winter, provided there are no significant disruptions.
Nuclear power remains a critical yet unstable element of Finland’s energy mix. The Olkiluoto nuclear station’s third reactor, the country’s largest at 1.6 GW, has faced repeated power reductions this year, contributing to shortages and price spikes.
For expats and locals in Finland, these developments highlight the benefits and challenges of the country’s renewable energy transition. While wind power occasionally offers ultra-low-cost electricity, reliance on variable renewable energy can lead to sharp price fluctuations.