5. Electricity consumption of industry decreased 6 percent
Consumption total 33 TWh
11.1.2024
0
10
20
30
40
50
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
TWh
Forest industry Chemical industry Metal industry Other industry
6. Industrial electricity consumption 2022-2023:
most of decrease in forest industry
11.1.2024
-1.4
-1.2
-1
-0.8
-0.6
-0.4
-0.2
0
Forest industry Chemical industry Metal industry Other industry
TWh
7. Change of Industrial Electricity Consumption 2022-2023
11.1.2024
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
Forest industry Chemical industry Metal industry Other industry
%
8. Electricity by energy source and net imports 2023
11.1.2024
Hydro power
18.8 %
Wind power
18.2 %
Solar power
0.8 %
Biomass
13.0 %
Peat
1.6 %
Waste fuels
0.9 %
Net imports
2.2 %
Nuclear power
41.0 %
Natural gas
0.8 %
Coal
2.5 %
Oil
0.2 %
80 TWh
9. The share of CO2-neutral electricity 94 percent
Renewable: 52 % (54 % in year 2022)
CO2-neutral: 94 % (89 % in year 2022)
Domestic: 54 % (57 % in year 2022) 11.1.2024
2022
2023 Hydro power
19.2 %
Wind power
18.5 %
Solar power
0.8 %
Biomass
13.3 %
Peat
1.7 %
Waste fuels
0.9 %
Nuclear power
42.0 %
Natural gas
0.8 %
Coal
2.6 %
Oil
0.2 %
78 TWh
Hydro power
19.3 %
Wind power
16.7 %
Solar power
0.6 %
Biomass
17.3 %
Peat
2.9 %
Waste fuels
1.1 %
Nuclear power
35.1 %
Natural gas
1.3 %
Coal
5.4 %
Oil
0.3 %
69 TWh
10. Electricity production in Finland and net imports
11.1.2024
2023 2022
Nuclear power
29.7 %
CHP, district
heating
10.9 %
CHP, industry
9.6 %
Condense etc
3.5 %
Net imports
15.3 %
Hydro power
16.3 %
Wind power
14.2 %
Solar power
0.5 %
82 TWh
Nuclear power
41.0 %
CHP, district
heating
8.0 %
CHP, industry
8.9 %
Condense etc
2.2 %
Net imports
2.2 %
Hydro power
18.8 %
Wind power
18.1 %
Solar power
0.8 %
80 TWh
11. Fossil fuels have been replaced by renewables
11.1.2024
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
GWh
Moving 12 months electricity production, % of consumption
Net imports
Solar
Oil
Waste
Peat
Gas
Coal
Bio
Wind
Hydro
Nuclear
12. Net imports of electricity decreased 86
percent (10.7 TWh)
11.1.2024
• Exports increased 15 %
• Imports from Nordics decreased
40 %
-10
-5
0
5
10
15
20
25
30
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
TWh
Nordic countries Estonia Russia
Imports
Exports
13. Net imports of electricity
1.8 TWh in year 2023
11.1.2024
0
5
10
15
20
25
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
TWh
15. Hydropower generation
11.1.2024
Average year
= hydropower production
calculated when flows of
built rivers are in average
level
0
2
4
6
8
10
12
14
16
18
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
TWh
16. Generation and capacity of CHP in district heating
11.1.2024
*Peak load capacity is not included from year 2017
*Source: Statistics Finland, Energy 2023 table service, table 3.5
3,150 3,150 3,350 3,490 3,490 3,550 3,430 3,350 3,250 3,021 3,051 3,051 3,061 3,097 3,097 3,030
14,591
15,257
16,909
14,804
13,897
13,602
12,785
12,119 11,988
11,607
12,267 11,983
9,475
10,647
8,883
6,335
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Electricity generation capacity in peak load period (MW)* Generation (GWh)
MW and GWh
20. CO2-emissions of power generation-downward trend
continues
CO2-emissions of power
generation:
• 2.5 Mt in year 2023
• 4.1 Mt in year 2022
• 4.7 Mt in year 2021
• 7.5 Mt in year 2016
• 19 Mt in year 2010
2023 vs. 2022 -38 %
Emissions -65 % in last 5
years
Emissions -87 % vs 2010
11.1.2024
EU-27, v. 2022: 251 g CO2 / kWh
Source: EEA
227
182
124
160
133
97
111
95
107
83
64 68
59
33
0
50
100
150
200
250
0
5,000
10,000
15,000
20,000
25,000
30,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
1000 t CO2
Condense etc CHP Specific carbon dioxide emissions
g
g CO2 / kWh(e)
21. Peak loads of electricity
maximum electricity power MW
11.1.2024
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020
MW
Peak of year 2023 13 335 MW (27.11.2023)
23. Variation of Electricity Production and Imports in 2023
average week power
11.1.2024
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
1 5 9 13 17 21 25 29 33 37 41 45 49
MW /week
Net imports Nuclear power Hydro power Wind power Solar power CHP Condense etc
25. The development of annual prices in Finland
relative to the Consumer price Index
11.1.2024
Data: Nord Pool ja
Tilastokeskus
74
62
45
50
43
36 39 40
55 51
33
82
164
56
0
20
40
60
80
100
120
140
160
180
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
EUR/MWh
The inflation-adjusted wholesale electricity price in Finland from 2010 to 2023
Data: Statistics Finland & Nord Pool
Consumer Price Index, 2010 = 100
26. Finland has the second lowest electricity
prices in Europe
11.1.2024
0
20
40
60
80
100
120
140
EUR/MWh Electricity wholesale prices in Europe in year 2023
Data: Energy-Charts.info, Entso-e & Nord Pool
* = Capital's price area
27. Price gap to Sweden in year 2023
11.1.2024
0
10
20
30
40
50
60
70
80
90
January February March April May June July August September October November December
EUR/MWh
Price gap to Sweden
Finland Stockholm (SE3)
• At the end of August, Olkiluoto 2
and Loviisa 2 were out of operation,
and there were disruptions in
transmission connections.
• Simultaneously, there was a
prolonged period with little wind,
and not all CHP power plants were
yet in operation.
28. Price differentials between regions have
increased, with Finald following Stockholm
11.1.2024
0
20
40
60
80
100
120
140
160
180
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
EUR/MWh
The nominal values of wholesale electricity prices in the Finnish and Swedish (SE1 & SE3) price areas
annually
Northern Sweden (SE1) Stockholm (SE3) Finland
Data: Nord Pool
SE1 & SE3 between years from 2003 to 2011 = The price of Sweden before splitting the country into four bidding zones
The Aurora 1 transmission
connection, scheduled to
be completed in 2025, is
expected to reduce the
price difference between
Finland and Northern
Sweden.
29. Factors influencing the electricity price
Supply
• Variable costs of generation units
(e.g. fuel costs and CO2 prices)
• Status of water reservoirs
• Wind/solar conditions
Demand
• Weather conditions (Temperature,
seasonality…)
• Time of day or week (day vs. night
& weekday vs. weekend)
• Industrial activity
Cross-border impacts
• Available transmission connections
• Maintenance and incidents in
transmission connections
• Demand/supply in neighboring
countries
11.1.2024
30. Alternative import channels have been found for Russian gas –
supply and price pressures have eased
11.1.2024
1.
2.
3.
4.
0
10
20
30
40
50
60
70
80
90
100
% Natural gas storage levels in Europe
Historical variation range 2023 2022 2021
Data: AGSI
In 2021 Europe’s gas
reservoirs were at their
lowest as Russia
prepared for war,
including resticting gas
exports to Europe
Entering the winter,
gas reserves are at a
record high.
Due to the mild winter of
2022-2023, the demand for
gas was lower than expected,
allowing for high filling rates
of gas reserves throughout
the year. In addition,
alternative import channels
have been found for Russian
gas (e.g., LNG).
During the year 2022
gas reserves were filled
quickly, so that there
would be enough gas
throughout the winter
heating season.
31. Price development of gas
11.1.2024
0
50
100
150
200
250
300
350
400
1/21 4/21 7/21 10/21 1/22 4/22 7/22 10/22 1/23 4/23 7/23 10/23
EUR/MWh Gas (TTF) price development in 2021 to 2023
Data: Trading Economics
Europe’s gas storages began
to fill in summer 2022 for the
upcoming winter – increased
demand drove the price
higher.
The price of gas
increased when
Russia attacked to
Ukraine.
32. The connection of wind power to the price
• The amount of wind power
production is a significant
individual factor influencing
the price in Finland
• Other factors continue to
have a significant impact on
the price as well, such as
electricity demand,
temperature, status of water
reservoirs, transmission
connections and
maintenance and incidents
in nuclear and thermal
power plants.
11.1.2024
-50
0
50
100
150
200
250
300
350
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
MW October's wind power production and electricity spot price
Wind power production Spot-price FI
EUR/MW
Data: Energiateollisuus & Entso-e
33. Hydro reservoir balance in the Nordics
11.1.2024
0
10
20
30
40
50
60
70
80
90
100
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52
% of capacity of water reservoirs
Week
Hydro reservoir balance in the Nordics
Variation range of 2010 to 2019 Median 2022 2023
34. The development of the nominal wholesale
electricity price
11.1.2024
0
50
100
150
200
250
300
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
EUR/MWh
Wholesale electricity price's nominal value in Finland monthly Electricity price
Average 2008-2020
Data: Nord Pool
35. Weekly prices of electricity in 2021 to 2023
11.1.2024
0
50
100
150
200
250
300
350
400
450
2021 2022 2023
EUR/MWh
Wholesale electricity prices in Finland weekly
Data: Nord Pool
36. The amount of hours with negative price has
growed sharply
0 9 5
27
467
2019 2020 2021 2022 2023
The number of negative electricity prices in Finland
Data: Entso-e & ACER
• The number of negative electricity
prices has significantly increased
due to the rapid growth of wind
power.
• Low and negative electricity prices
imcentivize investments in flexible
demand, such as electric boilers
connected to district heating
networks, with electricity capacity
soon exceeding 1 GW.
11.1.2024
37. Electricity price fluctuations have increased
11.1.2024
-100
-50
0
50
100
150
200
250
300
January February March April May June July August September October November December
EUR/MWh Average nominal daily electricity wholesale prices in Finland
2023 2018
Data: Entso-e
2023 average: 56,5 EUR/MWh
2018 average: 46,8 EUR/MWh
As a result of the
erroneous bid, the
price of electricity
collapsed well on the
negative
38. Consumers’ electricity bills have significantly
decreased over the past year
11.1.2024
Electricity energy
(tax free)
40%
Network service
fee (tax free)
29%
Taxes (electricity
tax and VAT)
31%
The shares of different components in the electricity bill
for a household customer with an annual consumption of
5,000 kWh to 15,000 kWh
Data:
Statistics
Finland
0
5
10
15
20
25
30
c/kWh The development of electricity bill
Household customer, annual cosmuption 5,000 kWh to 15,000
kWh
Electricity energy (tax free) Network service fee (tax free) Taxes (electricity tax and VAT)
Data: Statistics Finland
39. In 2023, wholesale electricity price in Finland was
considerably higher than in the previous years
11.1.2024
Source: Nord Pool
0
20
40
60
80
100
120
140
160
180
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
€/MWh
Annual electricity spot prices in Finland
40. In addition to gas, the hot and dry summer and challenges
in nuclear power plants also contributed to the crisis
• The rise in electricity prices is also partly
explained by the reduced supply of nuclear and
hydro power.
• There are a number of faults and maintenance
issues especially in French nuclear power
plants, due to which production has
plummeted.
• The dry year has reduced the supply of hydro
power.
• Reduced use of electricity and increased
production of wind and solar power have not
been enough to meet the shortfall in nuclear
and hydro power.
• It has been necessary to utilise more coal
power in electricity production, and even the
hugely expensive natural gas has been slightly
more in demand than in the previous year.
11.1.2024
Sources: Bruegel & Ember
-112
-65
-5 -2
-1 [CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
-200
-180
-160
-140
-120
-100
-80
-60
-40
-20
0
Nuclear
Power
Hydro
Power
Other
Fossiles
Bio
Energy
Other
Renewables
Gas
Coal
Wind
Power
Solar
Power
TWh
Change in electricity production by production form 2022 vs. 2021
January-November
42. Petrol and diesel car sales in Finland
(new passenger cars, plug-in hybrid cars not included)
11.1.2024
0
20,000
40,000
60,000
80,000
100,000
120,000
2016 2017 2018 2019 2020 2021 2022 2023
No.
Diesel Petrol Source: Traficom
43. Alternative power sources for the first
registration of passenger cars
11.1.2024
0
10
20
30
40
50
60
2016 2017 2018 2019 2020 2021 2022 2023
%
Gas cars Plug-in hybrid cars Electric cars Source: Traficom
44. Alternative power sources in passenger cars
in traffic by end of the year
11.1.2024
614 844 1,449 2,404 4,661
9,697
22,921
44,889
83,762
1,508 1,825 3,161 5,607
9,388
12,366
14,395
15,622 16,402
1,017
2,437 5,719
13,095
24,704
45,621
76,990
104,039
135,106
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
2015 2016 2017 2018 2019 2020 2021 2022 2023
No.
Electric vehicles Gas vehicles Plug-in hybrid cars Source: Traficom