Electricity in Finland in 2023

Based on our proprietary forecasting model utilizing real data for the first 11 months and projected data for the remaining month in 2023, Finland is demonstrating an impressive commitment to low-carbon electricity. A noteworthy 90.88% of the country's electricity comes from clean sources. The clear majority of this virtually carbon-free energy is generated through nuclear power, which contributes 42.4%, followed by hydropower and wind, at 18.7% and 18.6% respectively. Biomass contributes just over 10% while solar stands at slightly over 1%. In comparison, fossil energy forms a small fraction of the energy mix, with coal and gas together making up less than 6%, and imports, presumably from more carbon-intensive sources, accounting for just over 3%.

Suggestions

Finland can push the envelope even further by focusing on expanding its existing low-carbon electricity generation capacity. Given that nuclear and wind energy already contribute significantly to its low-carbon electricity mix, their expansion presents a logical and effective step to further reduce the country's dependence on fossil energy. Enhancing nuclear capacity, despite the need for significant investment and long gestation periods, can provide consistent, dependable, and substantially increased electricity generation. Simultaneously, harnessing the extensive scope for growth in wind energy can augment the country's electricity supply and respond swiftly to fluctuations in demand.

History

Finland's clean energy journey reflects consistent growth, especially in nuclear and hydropower sectors. Starting with a significant hike in nuclear power generation by 7.4 TWh in 1981, Finland steadily increased its utilization of hydroelectric sources in the subsequent decades. There were fluctuations in hydropower generation, but an overall upward trend was evident right from the 1980s, with variation ranging from an increase of 5.5 TWh in 2004 to a decrease of 4.4 TWh in 2009. The promotion of biofuels gained traction by 1990, contributing an additional 5.2 TWh, but their generation plunged by 6.2 TWh in 2023. However, the significant expansion in wind energy from 2020, coupled with another boost to nuclear power, by 7.4 TWh in 2023, underlined Finland's unwavering commitment to low-carbon electricity.

Electricity Imports and Exports

Balance of Trade

Maximum Imports

Data Sources