- Update
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- Format
- 4 files (PDF report, 3 Excel files)
- Pages
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39 (Report only)
- Delivery
- Immediate by e-mail
- GENERAL OVERVIEW
- INSTITUTIONS AND ENERGY POLICY
- ENERGY COMPANIES
- ENERGY SUPPLY
- ENERGY PRICES
- ENERGY CONSUMPTION
- ISSUES AND PROSPECTS
- DATA TABLES
- ABBREVIATIONS
- GLOSSARY
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Overview
This analysis includes a comprehensive Finland energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.
Highlights
- Finland aims to reach 62% of renewables in final energy consumption in 2030 and to reduce GHG emissions by 50% (compared to 2005).
- The country also intends to become carbon-neutral by 2035.
- Fortum is the main power generator, with 24% of the country's total capacity.
- Neste Oil is the largest oil company, with a strong position in the biofuels sector.
- Helen Ltd closed its last coal-fired power plant in April 2025.
- The share of nuclear in the power mix increased by 7 points in 2023 to 42%, following the commissioning of Olkiluoto-3.
- Around 80% of the power mix is CO2-free.
- Electricity prices are 40 to 50% lower than the EU average.
- Final energy consumption decreased by around 5%/year over 2021-2023.
- Biomass has a growing share of the energy mix (+8 points since 2010 to 31% in 2023).
- Pulp and paper account for around 1/4 of final consumption and over 50% of industry consumption.
- Around 30 GW of wind projects are planned.
- A total of €1.4bn will be invested between 2019 and 2030 to reinforce the power transmission grid.
Institutions & Energy Policy
The Ministry of Economic Affairs and Employment is responsible for the country's energy policy, through its Department of Energy. More specifically, the department is in charge of energy markets, energy efficiency, emissions trading, renewables, and nuclear energy and fuels. It also coordinates the preparation and implementation of climate policy.
Energy Companies
Electricity:
Fortum (50.8% public, with no other shareholder owning more than 2%) is the main power generator, with a capacity of 5.5 GW in Finland (of which 3.3 GW of nuclear, 48 MW of hydropower, and 0.7 GW of wind) as of early 2024. In April 2024, Fortum decided to close its last coal-fired unit used for district heat production at the Suomenoja plant (Espoo).
Energy Supply
Resources:
Finland is relatively poor in energy resources, except for hydroelectricity and biomass (peat and wood). The economically exploitable hydroelectricity resources are estimated at 16 TWh (2023).
Energy Prices
Oil:
Motor fuel prices are close to the EU averages and follow global oil prices. In 2024, gasoline and diesel prices continued to decline by 7% and 9%, respectively, after a similar decline in 2023. In 2022, gasoline and diesel prices surged by 30% and 40%, respectively. Motor fuel prices had remained relatively stable between 2017 and 2020.
Energy Consumption
Total energy consumption per capita is twice as high as the EU average, at 5.9 toe in 2023, including over 13 800 kWh of electricity per capita (2.9-fold higher than the EU average). The gap is due to a high share of pulp and paper industry activity.
Graph: CONSUMPTION TRENDS BY ENERGY SOURCE (Mtoe)
Issues & Prospects
Electricity:
According to Fingrid's forecasts, electricity consumption should reach 100-115 TWh in 2030, driven primarily by industry. Wind power capacity should reach 11 GW by 2026 and 21 GW in 2030, enough to generate 65-70 TWh, covering 30 to 50% of the total electricity consumption.
- GRAPH 1: CO2-energy emissions (MtCO2)
- GRAPH 2: Installed electric capacity by source (2023, %)
- GRAPH 3: Gross power production by source (TWh)
- GRAPH 4: Power generation by source (2023, %)
- GRAPH 5: Gasoline & diesel prices (€/l)
- GRAPH 6: Electricity prices for industry and households (€c/kWh)
- GRAPH 7: Gas prices for industry (€c/kWh GCV)
- GRAPH 8: Consumption trends by energy source (Mtoe)
- GRAPH 9: Total consumption market share by energy (2023, %)
- GRAPH 10: Final consumption market share by sector (2023, %)
- GRAPH 11: Oil consumption (Mt)
- GRAPH 12: Oil consumption breakdown by sector (2023, %)
- GRAPH 13: Electricity consumption (TWh)
- GRAPH 14: Electricity consumption breakdown by sector (2023, %)
- GRAPH 15: Natural gas consumption (bcm)
- GRAPH 16: Gas consumption breakdown by sector (2023, %)
- GRAPH 17: Coal consumption (Mt)
- GRAPH 18: Coal consumption breakdown by sector (2023, %)
- Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
- Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source.
- Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
- Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
- Infrastructure Projects: Covers power plant projects by energy, technology, status and operator, gas plant projects by status and operator and LNG contracts.
The Finland energy market data since 1990 and up to
is included in the Excel file accompanying the Finland country report.
It showcases the historical evolution, allowing users to easily work with the data.
Key Data included in the excelsheet:
- Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
- Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
- Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
- Energy Balance: total and per energy.
- Finland Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Finland energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).
The Finland country dashboards are complemented with country forecasts from EnerFuture (excel file) with scenario comparison.
Data included in the excelsheet:
- Demand: Primary energy consumption, final energy consumption, by fuel, by sector.
- Power: Electricity generation & capacities, by technology.
- CO2: Total CO2 emissions.
- Macro-economy: Main macro-economic assumptions.
- Key indicators: Energy intensity, share of renewables, CO2 emissions per capita and per unit of GDP.