Green Energy Share in Finnish Power to Hit High in 2018

 

Green energy accounted for a record 47 percent of Finland's power in 2017, however, Helsinki is considering scrapping much-criticised subsidies, Fingrid chief executive Jukka Ruusunen told Reuters in an interview.

"Subsidies increased renewables," he said. "It is not profitable to invest in this price level. But if you get the feed-in tariff plus the market price then it is profitable."

The subsidies have been mostly used for wind power investments and have drawn complaints for costing the tax payer dear. The Finnish government is discussing changing them to a new auction-based scheme, which would not privilege green energy, but has not made a decision so far.

Lying partly in the Arctic circle, Finland has limited sunny days. Its hydropower industry is already mature, so the country's strong wind is the main hope for renewables.

Finland's long-delayed Olkiluoto 3 reactor, originally planned to begin production in 2009, is now expected to start commercial power production in 2019. As the 1.6 gigawatt reactor will be one of the world's biggest, the renewable share in Finland's production will fall.

"In 2019 we are going to increase nuclear power, so CO2-free will increase, but as Olkiluoto 3 enters the system, then the renewable percentage will drop," he said.

Finland said last year it has a goal to reduce its CO2 emissions and get rid of coal in its power production by 2030.