Finland energy report

• Finland aims to reach over 50% of renewables in final energy consumption in 2030 and to phase out coal-fired generation by 2029. The country also intends to become carbon-neutral by 2035.
• Fortum completed the acquisition of German energy group Uniper.
• Gasum has lost its monopoly on the gas market.
• Neste Oil is the largest oil company with a strong position in the biofuels sector.
• Almost 90% of the power mix is CO₂-free.
• The country is highly dependent on Russia for its oil and gas supply.
• Electricity prices are much lower than the EU average.
• Pulp and paper accounts for around 1/4 of final consumption and over 50% of industry consumption.
• Total energy consumption remained stable between 2013 and 2019 but declined by almost 5% in 2020.
• Biomass has a growing share of the energy mix (30%, +7 points since 2010).
• More than 1.8 GW of wind projects are under construction.
• 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 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 (2020).

• Energy Prices

  Gas:

  The price of natural gas for industry is twice higher than the EU average. It is significatively lower for households. In 2020, the average price of gas for Finland on the GETBaltic gas exchange stood at €12.2/MWh; they surged to over €90/MWh in December 2021.

  Graph: GAS PRICES FOR INDUSTRY AND HOUSEHOLDS (€c/kWh GCV)

• Energy Consumption

  Total energy consumption per capita is twice as high as the EU average, at 5.8 toe in 2020, including over 14 000 kWh of electricity (2.7-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 soar from over 2.5 GW in 2020 to over 14 GW in 2030, enough to generate 53 TWh of power, covering 30 to 50% of the total electricity consumption. Solar capacity should double to 3 GW in 2030, along with the nuclear capacity.

• GENERAL OVERVIEW
• INSTITUTIONS AND ENERGY POLICY
• ENERGY SUPPLY
• ENERGY PRICES
• ENERGY CONSUMPTION
• ISSUES AND PROSPECTS
• DATA TABLES
• ABBREVIATIONS
• GLOSSARY

Download the Table of Contents

Below is a list of the Finland energy market report graphs:

• GRAPH 1: CO₂-energy emissions (MtCO₂)
• GRAPH 2: Installed electric capacity by source (2020 %)
• GRAPH 3: Gross power production by source (TWh)
• GRAPH 4: Power generation by source (2020, %)
• GRAPH 5: Gasoline & diesel prices (€/l)
• GRAPH 6: Electricity prices for industry and households (€c/kWh)
• GRAPH 7: Gas prices for industry and households (€c/kWh GCV)
• GRAPH 8: Consumption trends by energy source (Mtoe)
• GRAPH 9: Total consumption market share by energy (2020, %)
• GRAPH 10: Final consumption market share by sector (2020, %)
• GRAPH 11: Oil consumption (Mt)
• GRAPH 12: Oil consumption breakdown by sector (2020, %)
• GRAPH 13: Electricity consumption (TWh)
• GRAPH 14: Electricity consumption breakdown by sector (2020, %)
• GRAPH 15: Natural gas consumption (bcm)
• GRAPH 16: Gas consumption breakdown by sector (2020, %)
• GRAPH 17: Coal consumption (Mt)
• GRAPH 18: Coal consumption breakdown by sector (2020%)

In the Finland energy market report you will find the following tables:

• 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 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.