According to the report, Finland survived the energy crisis in the top positions with the second lowest electricity price in Europe in 2022. This was primarily due to Finland’s reduced dependence on fossil fuels compared to most European countries. According to Korhonen, the price of electricity is predicted to return to normal levels fastest in Finland and Sweden.
However, the report also emphasizes that the primary cause of the energy crisis was Russia’s attempt to punish countries that supported Ukraine by reducing its natural gas and electricity exports to EU countries. In addition, France’s nuclear power plant problems, including delayed maintenance and technical problems, exacerbated the crisis. The crisis was further aggravated by the exceptionally dry and hot summer of 2022.
According to the report, Finland would have been in a much better position to manage the crisis if the Olkiluoto 3 nuclear power plant had been completed before the winter of 2022. However, coal-fired backup power plants were not able to mitigate the crisis in 2022, because the backup power had already been cut off earlier. Nevertheless, previous investments in renewable energy helped alleviate the crisis, especially the rapid growth of wind power in Finland, which lowered electricity prices on windy days. In addition, increasing energy efficiency and demand response measures helped lower everyone’s electricity bills.
The report concludes that the energy crisis of 2022 is an important reminder of the risks of fossil fuel dependence, similar to the 1973 oil crisis. Reducing dependence on fossil fuels not only helps to reduce the impact of such crises, but also frees countries from the crisis. on the whims of the leaders of the producer countries.
The report also discusses other energy-related issues, such as the costs of wind power alternatives, the effects of emissions trading on the price of electricity, and the role of peat in energy crises.
Overall, the report provides valuable insight into the factors that contributed to the 2022 energy crisis and how Finland weathered it better than most countries. It also highlights the importance of continuing to invest in renewable energy sources and increasing energy efficiency measures to reduce dependence on fossil fuels and minimize the impact of future energy crises.
Source: The Nordic Page