{"id":262977,"date":"2023-06-20T12:34:12","date_gmt":"2023-06-20T10:34:12","guid":{"rendered":"https:\/\/climatescience.press\/?p=262977"},"modified":"2023-06-20T12:34:14","modified_gmt":"2023-06-20T10:34:14","slug":"finland-soon-to-see-europes-cheapest-electricity","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=262977","title":{"rendered":"Finland soon to see Europe\u2019s cheapest electricity"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From \u00a0Montelnews<\/a>\u00a0<\/p>\n\n\n\n

By ANTON TIGERSTEDT<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo: TVO<\/p>\n\n\n\n

<\/p>\n\n\n\n

(Montel)\u00a0Finland will soon have the lowest electricity prices in Europe thanks to an abundance of new capacity including the 1.6 GW Olkiluoto 3 nuclear power plant, StormGeo analyst Sigbjorn Seland said on Thursday.<\/mark><\/em><\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

\u201cOur forecast shows that 25 TWh of renewable energy will be built in Finland by 2030, which will push down prices,” he told Montel\u2019s Finnish Energy Day in Helsinki.<\/p>\n\n\n\n

The Nordic nation already saw<\/a> its first monthly power surplus in almost 20 years in May, a trend that will extend annually.<\/p>\n\n\n\n

Finland\u2019s net exports could reach 2 TWh this year, following net imports of 12 TWh last year, Seland said, noting that net exports could rise to 6 TWh next year.<\/p>\n\n\n\n

\u201cFinland is no longer a high-price area but should be seen as a low-price area on par with SE1 in northern Sweden,\u201d he said.<\/p>\n\n\n\n

StormGeo’s latest forecast shows Finnish day-ahead power prices averaging EUR 58\/MWh this year and EUR 51\/MWh next year, well below the average of EUR 154.04\/MWh last year and at least EUR 10 under the forecasts for the regional Nordic benchmark system price.<\/p>\n\n\n\n

Rising renewable power supply
<\/strong>Finnish prices could even fall further, Seland said, noting an expected surge in new capacity from intermittent wind and solar power.<\/p>\n\n\n\n

Around 11 TWh will come from new wind power capacity due to launch by 2025, along with several TWh of solar power.<\/p>\n\n\n\n

\u201cIf there is no large increase in consumption, the [average Finnish spot] price could fall below EUR 45\/MWh next year and below EUR 40\/MWh in 2025,\u201d he said.<\/p>\n\n\n\n

Fingrid, the TSO, estimates 75 TWh of new annual output from wind and solar plants by 2030.<\/p>\n\n\n\n

\u201cIf this estimate is right in, then our forecast shows spot prices in Finland of under EUR 20\/MWh from 2027,\u201d Seland said.<\/p>\n\n\n\n

However, he considered it unlikely that prices will fall so low, noting the marginal cost of onshore wind power would be around EUR 30\/MWh in 2030, according to StormGeo\u2019s models.<\/p>\n\n\n\n

\u201cEverything has a cost and investors must get a return on investment. But Finland will have the lowest price in Europe,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

(Montel)\u00a0Finland will soon have the lowest electricity prices in Europe thanks to an abundance of new capacity including the 1.6 GW Olkiluoto 3 nuclear power plant, StormGeo analyst Sigbjorn Seland said on Thursday.<\/p>\n","protected":false},"author":121246920,"featured_media":262981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691818877,691818054,691818181],"class_list":{"0":"post-262977","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-finland","9":"tag-nuclear-power-plant","10":"tag-renewable-energy","12":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0russia-says-to-cut-electricity-to-finland-from-saturday.jpg?fit=1360%2C765&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-16pz","jetpack-related-posts":[{"id":259456,"url":"https:\/\/climatescience.press\/?p=259456","url_meta":{"origin":262977,"position":0},"title":"Wind & Solar \u2018Industries\u2019 Furious as French Demand More Nuclear Power\u00a0Generation","author":"uwe.roland.gross","date":"28\/05\/2023","format":false,"excerpt":"The rent-seekers profiting from the wind and solar scam hate nuclear power with a visceral passion. 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