Finland was one of the countries that managed to survive the energy crisis of 2022, according to a report released by the Kalevi Sorsa Foundation. The report, titled "Nine Questions and Answers About the Energy Crisis of 2022," was written by Janne M. Korhonen, an energy policy expert at the foundation. It examines the causes of the crisis and suggests ways in which it could have been avoided.
The report indicates that Finland weathered the energy crisis in a top-tier position, with electricity prices being the second lowest in Europe in 2022. This was due primarily to Finland's reduced dependence on fossil fuels compared to most European countries. According to Korhonen, electricity prices are projected to return to normal levels most quickly in Finland and Sweden.
However, the report also highlights that the primary cause of the energy crisis was Russia's attempt to punish countries that supported Ukraine by reducing its exports of natural gas and electricity to EU countries. Furthermore, France's nuclear power plant issues, including delayed maintenance and technical problems, compounded the crisis. The crisis was further exacerbated by an exceptionally dry and hot summer in 2022.
According to the report, Finland would have been much better positioned to manage the crisis if Olkiluoto 3, a nuclear power plant, had been completed before the winter of 2022. However, coal-fired backup power plants were unable to mitigate the crisis in 2022, as backup power had already been shut down earlier. Nonetheless, previous investments in renewable energy helped ease the crisis, particularly the rapid growth of wind power in Finland, which lowered electricity prices on windy days. Additionally, increasing energy efficiency and demand response measures helped to lower the electricity bills for everyone.
The report concludes that the energy crisis of 2022 serves as a vital reminder of the risks of fossil fuel dependence, similar to the oil crisis of 1973. Reducing dependence on fossil fuels not only helps to reduce the impact of such crises but also frees countries from the whims of producing countries' leaders.
The report also touches on other energy-related issues, including the cost of wind energy alternatives, the impact of emissions trading on electricity prices, and the role of peat in energy crises.
Overall, the report provides valuable insights into the factors that contributed to the energy crisis of 2022 and how Finland was able to withstand it better than most countries. It also highlights the importance of continuing to invest in renewable energy sources and increasing energy efficiency measures to reduce dependence on fossil fuels and minimize the impact of future energy crises.
Report: Finland weathered energy crisis well in 2022
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