Green Energy in the Nordic Region: Renewable sources, capacity growth and future outlook

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Green Energy in the Nordic Region: Renewable sources, capacity
growth and future outlook
Published on April 2010

Report Summary

Renewable energy in Nordic region constitutes 25.8% (384,131GWh) of the total energy production with Norway contributing the
most. While Finland has considerable energy generation from renewables corresponding to 109,102GWh, Denmark produces least
amount of renewable energy representing 33,783GWh in the Nordic region. All Nordic countries have set their individual RES target
higher than that of EU's target of 20% RES in overall energy mix by 2020. Denmark has set a target to achieve 30% of energy from
renewables by 2020, while Finland set that target at 38% and Sweden at 49%. The EU directive has not defined a target for Norway
and Iceland, but the countries intend to become carbon-neutral by 2050.
This report documents the growth of the Nordic renewable energy market, showing its current status and potential.
This document gathers the statistical data on the different types of energy generation, combines and contrasts them against each
other to show the clear leaders, drivers to change and future growth.

Key features of this report

' Overview of the Nordic electricity market with focus on renewable energy. Analysis of energy type volumes, capacity installed, and
generation output in Nordic region.
' Growth of renewables ' installed capacity and generation, government mandates and incentives.
' Information and analysis by renewable energy sector ' wind, biomass, hydro, solar, geothermal, and biofuels.
' Installed capacity and generation, key players, drivers, resistors, and outlook for each renewable energy sector.
' Outlook for all Nordic countries primary energy supply with forecasts up to 2020.

Scope of this report

' Achieve a quick and comprehensive understanding of how Nordic market trends and legislation are influencing the development of
the renewable energy market.
' Assess the emerging trends in renewable energy technology ' wind, biomass, hydropower, solar, geothermal, and biofuels - capacity
and generation.
' Quantify value and volume growth potential in Nordic electricity market and in energy generation technology type.
' Understand the major issues affecting the Nordic electricity industry in general and renewable electricity in particular.
' Predict the key growth areas in the Nordic renewable energy industry.

Key Market Issues

' EU Emission Reduction Targets: Historically, the EU's emission reduction targets are the primary drivers for implementation of
policies that encouraged usage of renewable energy in the EU member states. The EU's directive on reducing GHG emissions
through increased usage of renewable energy is expected to be met at individual country-level through their own policies.
' Renewable Energy Incentives and Mandates: In order to meet the emission reduction target laid out in the EU directive, Nordic
countries have adopted their own strategies above the EU target of 20% RES in overall energy mix by 2020.
' Energy Security: All Nordic countries are slowly reducing their dependence on imported fossil fuels (specifically Denmark ) and
promoting domestically-produced renewable energy.

Green Energy in the Nordic Region: Renewable sources, capacity growth and future outlook Page 1/7


' Energy Efficiency: Every Nordic country has national goal to increase energy efficiency, reduce energy demand and promote green
energy.

Key findings from this report

1. The Nordic region comprising of Denmark, Finland, Iceland, Norway and Sweden is rich in renewable energy sources due to its
favorable geography. Renewable energy in the Nordic region constitutes 25.8% (384,131GWh) to the total energy mix.
2. Government support through incentives such as favorable feed-in tariffs and subsidies will drive the growth of wind power in the
Nordic region. Denmark is the leading wind power producer with an installed capacity of 3,163MW constituting 66.1% of the total
Nordic region's wind capacity, however it grew at a CAGR of 0.4% during 2004'08.
3. Solar power in Nordic regions is at a nascent stage of development with only 25MW of solar PV installed capacity compared to an
installed capacity of 9,533MW in the EU.
4. Biopower in the Nordic region is predominantly used as a source of heating followed by its usage in generation of electricity and
transportation. Sweden is the leading producer of electricity and heat from biopower in the Nordic region and also leads in production
of biofuels used for transportation.

Key questions answered

1. What are the drivers shaping and influencing new capacity installed in the Nordic energy industry'
2. What is the potential of renewable energy technologies in the Nordic region' What are the opportunities'
3. What is the policy framework governing the renewable energy market'
4. Which renewable energy technology types are likely to grow'
5. What is the potential of various renewable energy technologies'

Table of Content

List of Tables
Green Energy in the Nordic Region
Executive Summary 10
Market overview 10
Denmark 11
Finland 11
Iceland 12
Norway 12
Sweden 13
Outlook 14
Chapter 1 Market overview 16
Summary 16
Overview of the electricity sector 17
Overview of renewable energy 18
Wind power 20
Solar power 21
Biopower 21
Hydropower 22
Geothermal 23



Chapter 2 Denmark 26
Summary 26
Overview 26
Wind power 30
Key players 31
Drivers of wind power 31
Resistors of wind power 32
Solar power 33
Key players 33
Drivers of solar power 34
Resistors of solar power 34
Biopower 35
Key players 35
Drivers of biopower 35
Resistors of biopower 36
Hydropower 36
Geothermal 37
Chapter 3 Finland 40
Summary 40
Overview 40
Wind power 43
Key players 44
Solar power 45
Key players 45
Biopower 46
Key players 46
Hydropower 48
Key players 49
Drivers of hydro power 49
Resistors of hydro power 50
Geothermal power 50
Chapter 4 Iceland 52
Summary 52
Overview 52
Hydropower 54
Key players 56
Drivers of hydropower 56
Resistors of hydropower 56
Geothermal 56
Key players 58
Drivers of geothermal 58
Resistors of geothermal 58
Chapter 5 Norway 62
Summary 62



Overview 62
Wind power 65
Key players 66
Solar 67
Biopower 69
Key players 69
Hydropower 71
Key players 71
Chapter 6 Sweden 74
Summary 74
Overview 74
Wind power 77
Key players 78
Solar power 80
Key players 80
Biopower 81
Key players 82
Hydropower 84
Key players 85
Geothermal power 86
Chapter 7 Outlook 90
Summary 90
Nordic region renewable energy outlook 90
Wind power 91
Solar power 92
Biopower 92
Hydropower 93
Geothermal 94
Appendix 98
Glossary 98
Index 100

List of Figures
Figure 1.1: Energy generation in the Nordic region (%), 2008 17
Figure 2.2: Denmark energy consumption (GWh), 2008 27
Figure 2.3: Denmark Wind power cumulative installed capacity (MW), 2004'08 31



Figure 3.4: Finland energy consumption (GWh), 2004'08 41
Figure 3.5: Finland wind power cumulative installed capacity (MW), 2004'08 44
Figure 3.6: Finland hydropower installed capacity (MW), 2004'08 49
Figure 4.7: Iceland final energy consumption (GWh), 2004'08 53
Figure 4.8: Iceland hydropower installed capacity (MW), 2004'08 55
Figure 4.9: Iceland geothermal electricity installed capacity (MW), 2004'08 57
Figure 5.10: Norway final energy consumption (GWh), 2005'08 63
Figure 5.11: Norway wind power cumulative installed capacity (MW), 2004'08 65
Figure 5.12: Norway solar PV cumulative installed capacity (MW), 2004'08 68
Figure 6.13: Sweden final energy consumption (GWh), 2008 75
Figure 6.14: Sweden wind power cumulative installed capacity (MW), 2004'08 78
Figure 6.15: Sweden hydropower installed capacity (MW), 2004'08 85

List of Tables
Table 1.1: Energy generation in the Nordic region (%), 2008 17
Table 1.2: Electricity generation in the Nordic region (GWh), 2008 18
Table 1.3: Electricity generated from renewable energy in the Nordic region, (GWh), 2008 19
Table 1.4: Wind power installed capacity (MW), 2004'08 20
Table 1.5: Hydropower generation in Nordic region (GWh), 2004'08 22
Table 2.6: Denmark energy consumption (GWh), 2005'08 27
Table 2.7: Electricity generation in Denmark (GWh), 2004'08 28
Table 2.8: Denmark wind power cumulative installed capacity (MW), 2004'08 30
Table 3.9: Finland energy consumption (GWh), 2004'08 41
Table 3.10: Electricity generation in Finland (GWh), 2004'08 42
Table 3.11: Finland wind power cumulative installed capacity (MW), 2004'08 43
Table 3.12: Finland hydropower installed capacity (MW), 2004'08 48
Table 4.13: Iceland final energy consumption (GWh), 2004'08 53
Table 4.14: Electricity generation in Iceland (GWh), 2004'08 54
Table 4.15: Iceland hydropower installed capacity (MW), 2004'08 55
Table 4.16: Iceland geothermal electricity installed capacity (MW), 2004'08 57
Table 5.17: Norway final energy consumption (GWh), 2005'08 63
Table 5.18: Electricity generation in Norway (GWh), 2005'08 64
Table 5.19: Norway wind power cumulative installed capacity (MW), 2004'08 65
Table 5.20: Norway solar PV cumulative installed capacity (MW), 2004'08 67
Table 6.21: Sweden final energy consumption (GWh), 2005'08 75
Table 6.22: Electricity generation in Iceland (GWh), 2004'08 76
Table 6.23: Sweden wind power cumulative installed capacity (MW), 2004'08 77
Table 6.24: Sweden hydropower installed capacity (MW), 2004'08 85

Companies mentioned



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