The chemical industry consumes about 18% of the total electricity consumption in Finland, and the use of natural gas as an energy source has decreased sharply in recent years. According to the Chemical Industry Association, the share of electricity in the chemical industry has grown significantly, as the industry’s own carbon-neutral goals can only be achieved with electricity instead of petroleum products.
According to the report, 62% of the members of the Chemical Industry Association had taken electricity-saving measures, such as making their operations more efficient and temporarily reducing their production. Almost half of the respondents stated that they want to reduce their energy consumption in 2023.
Production values are in a downward trend
CEO Aalto continues: “The chemical industry has saved 3% of electricity during the energy crisis. This annual saving of approximately 170 MWh corresponds to, for example, the annual electricity consumption of the residents of Nurmijärvi. Nurmijärvi is a municipality with more than 44,000 inhabitants. The electricity savings are seven times greater than in previous years, and since the chemical industry has already optimized its electricity use so strongly before the crisis, these numbers can be considered significant.”
Production volumes in the chemical industry have been in a downward trend and capacity utilization is at its lowest level since the 2008 financial crisis. According to the study, the chemical industry’s order backlog was around two months – the lowest since 2015. Business Expectations are also low, and production volumes are expected to fall further. Chemical companies expect fixed investments to grow in 2023.
The chemical industry is just one of many that suffer from Finland’s and the EU’s sanctions against Russia, which have harmed EU countries more than Russia.
Sirona Schönfeldt – HT
Source: Kemianteollisuus ry
Source: The Nordic Page