Electricity in Finland in 2023/2024

Finland is remarkably successful in generating clean electricity, with over 88% of its electricity deriving from low-carbon sources. This impressive achievement is largely due to the substantial contributions from nuclear power, which provides more than a third of the country's electricity, and wind power, which accounts for almost a quarter. Additionally, hydropower and biofuels add collectively close to 28%, while net imports contribute about 7% to the electricity mix. Conversely, reliance on fossil fuels is minimal, with gas and coal together constituting only a little over 3% of Finland's electricity, playing a negligible role. As Finland looks to the future, the next step involves electrifying more sectors like transport, heating, and industry, which will significantly increase electricity demand.

Suggestions

To enhance its low-carbon electricity generation further, Finland should focus on expanding both its nuclear and wind capacities, given their already substantial contributions to the energy mix. Investing in additional nuclear power plants would provide a consistent and reliable electricity source and support long-term sustainability goals. Simultaneously, increasing wind power capacity will capitalize on the existing upward trend and provide more clean electricity from this abundant source. Complementing these efforts, solar power, while currently making a modest contribution, offers potential growth opportunities, especially during the lengthy daylight periods characteristic of Finnish summers. These expansions not only address increased electricity demands but also continue to limit reliance on environmentally harmful fossil fuels, reducing climate change impacts and improving air quality.

History

Throughout Finland's history, the nation has consistently grown its low-carbon electricity generation. In the early 1980s, nuclear power made a significant leap, contributing an additional 7.4 TWh of electricity in 1981. Hydropower saw increments throughout the decades, with notable rises in the 1980s and 2000s, despite some temporary setbacks like in 2002 and 2009. Most recently, in 2022, Finland advanced its wind energy production by adding over 3 TWh, continuing this trend with more increases in 2023. The year 2023 was particularly significant for nuclear energy, with an impressive increase of 8.6 TWh, although it saw a small step back in 2023/2024. Nonetheless, this historical focus on growing low-carbon electricity sources has positioned Finland as a leader in sustainable electricity production, demonstrating the effectiveness of investing in nuclear and wind energy to achieve a cleaner future.

Electricity Imports and Exports

Balance of Trade

Maximum Imports

Data Sources