Nordic energy cooperation focuses on functioning markets, infrastructure and enabling clean investment.
It is important for Finland to play an active role in Nordic energy cooperation in order to meet climate targets.
Finnish Energy is part of Nordenergi, the joint collaboration between the Nordic associations for electricity producers, suppliers and distributors. Other members are Swedenrgy, Green Power Denmark, Renewables Norway and Samorka. Nordenergi represents more than 2 000 market actors (member companies), most of which are active in the electricity sector, but also in other areas such as district heating, gas and services.
Finland held the presidency of Nordenergi from 2021 to 2023 and Norway (Renewables Norway) took over the presidency in October 2023.
The aim of the cooperation is to promote well-functioning markets and infrastructure.
At the heart of Nordic energy cooperation is:
- Electrification is a key solution for reducing carbon emissions in different sectors. To mitigate climate change, the conditions for investments in clean electricity need to be strengthened. It is essential that EU legislation enables investment in all forms of clean energy production. A diversified energy mix also ensures the lowest possible price for customers.
- A functioning electricity market is central to the energy transition based on electrification. It is vital that the European electricity market is regulated at EU level in a predictable and coherent way to reduce emissions in a cost-effective way.
- Electricity market regulation must enable the integration of energy systems, including demand response, energy storage and Power-to-X technologies.
- Investment in both transmission and distribution networks is crucial for the growth of carbon-neutral energy. Grid financing and licensing must be accelerated. In addition to the electricity grid, the hydrogen grid will also be needed in the energy transition.
- The EU ETS should remain the main tool for reducing emissions in the future. The Commission’s proposal to develop emissions trading in the Fit for 55 package is a step in the right direction, and it is essential that the level of ambition of the proposal is maintained in further preparations.
- In climate policy, it is important to stick to agreed emission reduction targets and not to jeopardise the functioning of the electricity or emissions markets through sudden policy intervention