Finnish electricity market returns to pre-pandemic levels

Electricity consumption saw a 6% increase last year, according to a survey published on 12 January by Finnish Energy ( T). [Gerd Altmann / Pixabay]

Electricity consumption in Finland returned in 2021 to pre-pandemic levels. The wholesale price has risen to an all-time high but remains at mid-level compared to other European countries.

Electricity consumption saw a 6% increase last year, according to a survey published on 12 January by Finnish Energy ( T). Behind the rising trend is the cold winter and the increased demand of the industrial sector recovering from the pandemic. The biggest increase, by 3%, took place in the forestry industry.

Demand has increased despite soaring wholesale prices set by Nord Pool, a trading market of some 360 companies from 20 countries. Currently, electricity prices are highest in Germany and lowest in Hungary, with Finland somewhere between.

The increased domestic electricity production was covered by renewable energy sources, mainly by hydroelectric energy and biomass replacing the use of peat.

The capacity of wind energy grew considerably, but its share of electricity production remained at around 9% due to low winds. Also, carbon emissions stayed at the 2020 level thanks to cuts in the use of c al. 87%of all electricity production is now emission-free.

20% of the consumed electricity was imported from Nordic countries. The picture will change after Finland’s fifth nuclear plant, Olkiluoto 3, starts full production next summer.

(Pekka Vänttinen | EURACTIV.com)

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