The European Commission has approved a €10bn loan guarantee scheme to provide last-resort liquidity support to electricity producers in Finland and a €5bn Finnish subsidised loan umbrella scheme to aid municipal electricity producers. The two measures were approved under the State aid Temporary Crisis Framework.
The loan guarantee scheme to support energy producers will be open to electricity producers with a production capacity of at least 100 MW; and other producers with regional importance, significance or criticality in electricity markets.
Municipal electricity companies that produce or supply electricity, engage in hedging operations and are affected by the current crisis will be eligible to the subsidised loan umbrella scheme to support municipal electricity producers and suppliers.
Finland’s power mix was dominated in 2020 by nuclear (34%), followed by hydro (23%), biomass (17%), coal (8%) and gas (6%). Fortum is the largest electricity company by installed capacity in the country with 3.9 GW at end-2020.