(MENAFN) The start of Europe's first new nuclear plant in 16 years has helped bring down electricity prices in Finland by more than 75 percent. The Olkiluoto 3 (OL3) nuclear plant began operating in April and is capable of meeting up to 15 percent of the country's power demand. Nuclear power made up a third of Finland's total electricity generation in 2021.

According to Nord Pool, a physical electricity exchange, average spot electricity prices in Finland fell to €60.55 (USD65.69) per megawatt hour in April from €245.98 per megawatt hour in December, a decrease of 75.38 percent. In December, Finland was preparing for rolling power cuts due to high energy demand for heating during the winter, and had halted electricity imports from Russia over its invasion of Ukraine.

The 1,600-megawatt Olkiluoto 3 nuclear power plant joins two other reactors, each with 890 MW of capacity, at the site in Eurajoki, western Finland. The new nuclear plant has brought more stability to Finland's electricity system, according to Jukka Ruusunen, chief executive of Finland's national grid operator Fingrid.

Despite the rising contribution of nuclear power, Fingrid expects wind to be the largest energy source by 2027 due to rising investment. However, Mr Ruusunen notes that nuclear power remains an option for the country's energy mix. "It seems [nuclear power] is not very attractive for the investors. This is what they say. But, it's an option and I'm sure that our politicians would be in favour of these decisions," he told The National on the sidelines of a media event in Helsinki.

Overall, the new nuclear plant in Finland has had a significant impact on the country's electricity prices and energy mix. As Finland continues to invest in renewable energy sources, it remains to be seen how nuclear power will fit into the country's future energy plans.