Tag: Energy crisis
Business survey: The outlook for companies worsened, many reported a decrease in profitability
The Union’s Chief Economist, Juhana Brotherus, stated that “the financial situation of companies is still assessed to be slightly worse than in May of last year”. Easing the energy crisis seems to ease the worries of small and medium-sized companies, but at the same time, the rise in interest rates is felt by many companies. […]
Finland will become a superpower of heat pumps in Europe, with the most heat pumps per thousand households
The popularity of heat pumps has grown in Finland since the turn of the 21st century thanks to the demanding Nordic conditions and high heating needs. Most of the heat pumps sold in Finland are air source heat pumps, but according to LämpöYkkönen’s CEO, the future growth engine of heat pumps will come from apartment […]
Electricity prices will rise when the VAT discount ends
The VAT on electricity has been reduced from 24 percent since December in order to curb the effects of inflation and the energy crisis.
Kela paid 16.3 billion euros in 2022: An overview of the distribution of global crises and the effects on social security in Finland
The report stated that global instability, inflation and the COVID-19 pandemic affected Kela’s operations in 2022. Despite these challenges, Kela’s benefit costs only increased by 0.9% compared to the previous year. Health insurance benefits made up the largest part of Kela’s payments, 5 billion euros. The increase compared to the previous year was 6%. Instead, […]
The business of Helsinki Messukeskus recovered quickly
Helsinki Messukeskus’ operations for 2022 began in an unstable operating environment. The effects of the changed security situation in Europe, the energy crisis, recession and high inflation on the Finnish economy were great. The Helsinki Fair Center also had to take into account long event interruptions, event reorganizations and personnel changes that inevitably followed the […]
Energy consumption will decrease in 2022 as wind and nuclear power reach record levels
The mild weather reduced the need for heating, especially at the beginning of the year. In addition, there was a paper workers’ strike in January-April, which reduced the burning of black liquor, a by-product of the pulp industry, for energy. The effects of Russian aggression also affected energy consumption, and natural gas consumption almost halved […]
Suomen Fortum is re-examining management incentives rejected by the state owner
The rejection of the general meeting is not binding, and the final decision on remuneration is made by the board of directors. “I will add the issue to the board’s agenda without delay” Mikael SilvennoinenThe chairman of the board of Fortum promised press release published on Saturday. “The shareholders’ opposition at the general meeting and […]
Sales of new apartments have slowed down dramatically, YLE reports
In January, contractors completed 3,025 apartments, which is 1,706 more than two years earlier. The Real Estate Association revealed to public radio that in January 2023, 80 percent fewer new apartments were sold in Jyväskylä than in January 2021. Sales times in the city, meanwhile, have tripled in the past two years. In Helsinki, Espoo, […]
Spending cuts of six billion euros can be harmful to Finland, an economist tells YLE
Kuoppamäki on Tuesday told According to YLE, achieving the goal with spending cuts could even be harmful to the national economy and added that there is almost no room for large tax increases. “Six billion euros is a very good, but also an ambitious goal. It is very difficult to achieve that with just spending […]
Household confidence in the economy is still weak, says the chief economist of the Central Chamber of Commerce
In March, household confidence increased slightly, but the general mood is still gloomy. The value of the confidence indicator announced by Statistics Finland this morning was -10.8 in March. The corresponding figure in February was -11.9, which means that the trend is currently up, but we are still far from normal. The long-term average of […]
Report: Finland survived the energy crisis well in 2022
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 […]
The Bank of Finland’s mid-term forecast: the economy is at rest
Despite the difficulties, the Finnish economy has endured so far, but not all the effects of rapid inflation and rising interest rates have been seen. In addition, the risks of the international economy have increased recently,” says Meri ObstbaumHead of forecasting at the Bank of Finland. In 2022, Finland’s economy grew by 2.1% thanks to […]
YLE: The interests of electricity producers reject the estimate of the costs of the energy crisis
His calculation was based on two variables: the average market price in the second half of last year – more than 20 cents per kilowatt hour – and energy consumption during the same period. It does not include heavy industry, as they tend to use various mechanisms to protect themselves from fluctuations in electricity prices. […]
Danske Bank updates its investment outlook: Stocks and bonds are weighted neutral
The increase in the neutral weight of stocks is due to the fact that the darkest clouds in the market have disappeared. Kivipelto, however, advises stock investors to be cautious about geographical diversification. “We are overweight in emerging markets. In addition, we still have a neutral weight on US and Japanese stocks. Regarding Europe, we […]
Statistics Finland: Inflation slowed to 8.4 percent in January
However, the price of electricity remained the main factors of inflation, along with diesel prices and interest rates on both mortgages and consumer loans. In contrast, the factors that slowed down inflation were the fall in the prices of detached houses and the fall in the prices of prescription drugs. The publication of the inflation […]
Apartment prices are falling and rents are rising: PTT
However, there are no signs of an imbalance in the housing market that could lead to a downward spiral or pose a risk to the economy. At the end of the year, the housing market is expected to recover, but the average prices of old apartment buildings will decrease by 2.5% throughout the country. “The […]
Finland consumed 10 percent more coal last year than in 2021
The use of fossil fuels increased during 2022 as a result of the energy crisis, but consumption has been declining for a long time.
Eva: 44% of Finns are ready to suspend climate action due to the energy crisis
PUBLIC CONCERNS The climate crisis has subsided a little over the past year, reveals the value and attitude survey conducted by the Finnish Business Forum (Eva). Eve on Tuesday reported that two-thirds (66%) of those who responded to the survey consider climate change to be the greatest environmental threat of our time, which requires effective […]
Wednesday papers: Consulate of Turku, early retirement, charging prices for electric cars
The energy crisis is now beginning to be felt in the everyday life of electric car drivers in Helsinki, reports Helsingin Sanomat.
Interview: US scientists say Nord Stream leaks ‘need honest investigation’
WASHINGTON, Oct. 3 (Xinhua) — U.S. attempts to blame Russia for the Nord Stream gas pipeline leaks are “very unconvincing,” a prominent U.S. scientist and a senior U.N. adviser have said, calling for an honest investigation. “The evidence is of course incomplete at this stage, but the US attempt to blame Russia is very unconvincing […]
The Russian oil price cap worsens the energy crisis, backfires on the G7 countries: Expert
“I don’t see such a decision by the G7 countries having the desired effect, instead it will put even greater pressure on oil demand and more likely exacerbate energy crises. Such actions will affect the G7 countries, as all previous sanctions have,” Rasmussen said. Over the past several months, sanctions imposed by the collective West […]
Sweden offers liquidity guarantees to electricity companies
STOCKHOLM, Sept. 3 (Xinhua) — The Swedish government promised on Saturday to provide liquidity guarantees to power companies in a bid to prevent a financial crisis triggered by Europe’s energy crisis. The guarantees, worth “hundreds of billions” of Swedish kronor, were designed to help companies struggling to meet the rising security requirements needed to trade […]
Marin: The EU must end its dependence on Russian oil
The informal two-day summit of EU leaders continued on Friday at the Palace of Versailles just outside Paris. Speaking to the media before the meeting, the Prime Minister Sanna Marin (SDP) said that Finland has reservations about some of the proposed measures, such as price regulation, in response to the European energy crisis. "Finland has […]
IEA: Europe will increase coal production in 2021, reduce gas use by 1%
In 2020, the fall in natural gas prices led many regions of the world, including Europe, to reduce the use of coal in energy production, the IEA said. But the trend began to change in the second half of 2020 as gas prices began to rise. “In the second half of 2021, rising prices opposed […]
Swedish power plants use oil to keep the lights on
A Swedish power plant that is crucial in keeping the country’s lights on used almost eight times more oil last year when the energy crisis increased demand for the dirtiest fuels. It is the latest proof of how the fight against global warming has ended up in the back seat when Europe is facing a […]