Finland energy report

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 2020 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.

Finland energy report
April 2022
2 files (PDF report, Excel file)
37 (Report only)

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  • 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.


share of carbon free sources in the power mix in 2020


of renewables in final consumption in 2030

2.8 GW

of nuclear projects under development


  • 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


    Oil supplies are primarily ensured by imports, particularly crude oil (over 80%). In 2020, crude oil imports declined by 9% to 11.4 Mt; according to preliminary estimates, imports fell again in 2021 (-26%) with 81% of imports coming from Russia and 17% from Norway.

  • Energy Prices


    The price of natural gas for industry is double 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; it surged to over €90/MWh in December 2021.


  • 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.


  • Issues & Prospects


    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.

Table of Contents


Download the Table of Contents

List of Graphs

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%)

List of Tables

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.

Data (Excel Sheet)

The Finland energy market data since 1990 and up to 2020 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 report is complemented with a national power generation dashboard (excel file) from our Power Plant Tracker Service.

Data included in the excelsheet:

  • New capacities: Current power mix, installed capacity at date, capacity under construction and under development.
  • Power Sector Performances: Historical data on installed capacity, power generation, thermal power plants inputs, average thermal power plant efficiency, CO2 emissions of the power sector, carbon factor of the power sector.


Projections Data (Excel Sheet)

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.

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