The energy market remains in an extraordinarily challenging state due to the war in Ukraine. A secure energy supply and affordable electricity now have a highly tangible value.
The high gas price has caused electricity prices to soar throughout Europe. However, the northernmost part of Europe has benefited from clean electricity production, and the electricity price in Finland has remained lower than the prices further south in the continent.
We are lucky to be heading in an even better direction, as Finland is likely to become self-sufficient in electricity on an annual basis next year. Until then, however, we must prepare ourselves for high electricity prices in the winter.
The European energy crisis has raised uncertainties around the adequacy of electricity in the coming winter in several countries, including Finland. We published our first assessment of the adequacy of electricity for the winter back in August and updated it in October.
The message is clear: there are substantial uncertainties, so people in Finland should be prepared for power outages caused by possible electricity shortages this coming winter.
Finland is a nation that takes case of the security of supply.
The message has been well understood, and people in Finland have joined the effort to save
electricity: electricity consumption decreased in September by an average of seven per cent
compared with the previous year. Action has been taken in homes and in industry – Finland is a
nation that takes care of the security of supply.
While we deal with the crisis at hand, we are also looking resolutely to the future. Our investment programme to reinforce the main grid has continued as planned, and we have succeeded in driving forward our demanding transmission line and substation projects on schedule and on budget.
The most significant project was the Forest Line, which was completed in September. The new line strengthens the electricity transmission capacity between Northern and Southern Finland, enabling the efficient transmission of renewable energy output from the north to electricity users in the south. An electrifying Finland needs a strong main grid.
