Finland has brought Olkiluoto 3 to full operation delivering 1,600 megawatts and ending Finland's electricity import dependence.
Olkiluoto 3 is a European Pressurised Reactor featuring passive safety systems that cool the reactor for 72 hours without external power or operator intervention using gravity-fed water tanks and natural convection. The 1,600-megawatt output represents 14 percent of Finland's total electricity consumption, transforming Finland from a net electricity importer to a net exporter within the Nordic power market during low-demand periods.
Olkiluoto 3's levelised cost of electricity reaches 45 euros per megawatt-hour over its 60-year design lifetime — the lowest of any new European power generation facility built in the past decade. At 92 percent annual capacity factor the reactor provides baseload electricity across all seasons and weather conditions, complementing Finland's wind and hydroelectric resources without any storage requirement.
Finland's electricity prices dropped 23 percent in the month following Olkiluoto 3 achieving full output, directly demonstrating how large-scale firm baseload capacity reduces price volatility in electricity markets with high renewable penetration and variable seasonal hydrology.
Source: Teollisuuden Voima Oyj Finland, Finnish Radiation and Nuclear Safety Authority STUK, Energy Policy Journal, 2025
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