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Monday's papers: Falling electricity prices, Russians in Finland and a cool start to summer

Why are electricity prices falling?

I förgrunden vita blommor, i bakgrunden syns ett elverk och skog.
Nord Pool electricity prices went negative again on Sunday, Iltalehti reports. Image: jbdodane / Alamy/All Over Press
Yle News

The price of electricity dropped into negative territory on Sunday, reports Iltalehti, citing data from power exchange Nord Pool. This was the second time electricity prices were on the negative side in Finland since last Wednesday, when spring flooding super-charged hydropower production.

With spot prices in Finland less than zero for most of Sunday, households with electricity contracts tied to the market price could see some savings on their next bill, according to IL.

According to Jukka Ruusunen, CEO of grid operator Fingrid, electricity is currently being produced to such an extent that it's pushing down the price.

"Now there's a lot of electricity production available — nuclear power, wind power, and even solar power in central Europe. It's not flexible when the price drops, so now producers are paying to produce it," he explained.

Record numbers move from Russia

Last year a total of 6,003 Russians moved to Finland, which is more than in the aftermath of the dissolution of the Soviet Union. Kauppalehti looks into who the record number of Russian citizens are who arrived in Finland last year.

Family ties, jobs and studies are still the most common reasons for Russians to seek residence in Finland, according to the business daily. There was, however, an uptick in Russians applying for specialist work permits. As Finnish companies withdrew from Russia, some of their employees applied for residence permits to work in Finland.

"Last year, there were around 7,800 residence permit applications from Russians, compared to 4,800 in 2021," Pauliina Helminen, a permit director at Immigration Service (Migri) told KL.

Russians meanwhile accounted for 1,172 of some 5,800 asylum applications filed in 2022.

Cool early June

The graduation weekend ahead may be cool for those celebrating the end of their school year.

"There is no major rainfall expected, but the weekend is not going to be warm, sunny, or dry either," Foreca meteorologist Joanna Rinne told Ilta-Sanomat.

She said that temperature-wise, it's generally likely to be around 10 degrees Celsius across Finland on Saturday. Forecasts show variable clouds for the first weekend of June, which also means that the sun may occasionally peak out in some parts of the country.

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