Electricity in Finland in 2023/2024

Finland has made significant strides in its electricity sector, achieving an impressive 87.55% from low-carbon sources over the past year, from October 2023 to September 2024. This clean electricity is primarily composed of nuclear energy, contributing nearly 39%, while wind power accounts for over 19%. Hydropower is responsible for around 18%, and biofuels add almost 10%. Additionally, net imports, which generally include low-carbon electricity, make up about 8%. In stark contrast, fossil fuels such as gas and coal together contribute a mere 3.4%. Solar energy, though a small player at around 1.5%, also adds to this cleaner mix. The low reliance on fossil fuels puts Finland in an excellent position to electrify other sectors like transport, heating, and industry, a transition that will necessitate a substantial increase in electricity generation.

Suggestions

To further boost its low-carbon electricity generation, Finland could expand its existing nuclear and wind capabilities. Given that nuclear energy already provides more than a third of the electricity, continuing to build new plants or enhancing the efficiency of existing ones would capitalize on this established infrastructure. Wind power, contributing nearly a fifth of the electricity, could be expanded by installing more turbines and investing in advanced technology to harness wind more efficiently. Solar energy, despite its smaller share, also holds promise, especially during the long summer days. By focusing on these sustainable energy sources, Finland can continue to reduce its reliance on fossil fuels and meet future electricity demands.

History

Historically, Finland's journey in low-carbon electricity has seen notable increments and some fluctuations. In the early 1980s, specifically in 1981, nuclear and hydroelectric power both saw significant boosts, contributing 7.4 TWh and 4 TWh respectively. The subsequent decade saw moderate increases, such as the 2.3 TWh from hydro in 1991 and 2.8 TWh in 1998. The early 2000s experienced ups and downs in hydropower with a notable decline of 2.4 TWh in 2002, only to bounce back in 2004 with an impressive 5.5 TWh increase. The years from 2006 to 2022 displayed variability, with hydro showing both increments and declines. However, recent developments have been promising, with wind energy growing by 2.3 TWh in 2020, 3.2 TWh in 2022, and another 2.9 TWh in 2023. Nuclear energy also saw a significant rise in 2023, with an addition of 8.6 TWh, affirming its critical role in Finland's low-carbon electricity portfolio. These trends underscore Finland's commitment to expanding its clean electricity generation while maintaining a focus on sustainability.

Electricity Imports and Exports

Balance of Trade

Maximum Imports

Data Sources