Finland expects rising electricity prices this autumn

According to Euronext, electricity prices on the exchange could exceed nine cents per kilowatt-hour in September. For comparison, average prices in July and August remained around two cents.

The rise is driven by high gas prices and low water levels. Hydropower resources in Scandinavia have dropped to their lowest level in 10 years — Norway's reservoirs reached a 20-year minimum at the end of July. Finland's market heavily depends on hydropower plants in Sweden and Norway.

In addition, maintenance shutdowns are planned for the Olkiluoto 3 nuclear power unit. The availability of nuclear power has kept Finnish prices low during the summer.