Fingrid Newsletter July 2023: Fingrid’s main grid development plan: increased investments to promote Finland’s competitiveness

July 2023

Fingrid’s main grid development plan: increased investments to promote Finland’s competitiveness

Fingrid’s main grid development plan 2024-2033 has been published. The plan outlines the main grid’s development needs and planned investments for the next ten years. The main grid investments are rising to four billion euros and strengthen Finland’s position as a competitive country for clean energy investments and enable the achievement of carbon neutrality targets.

The stakeholders can provide feedback on the draft until 31 August.

Is there adequately electricity in the latter half of 2020’s?

Fingrid opens the discussion on the adequacy of electricity in Finland in the latter half of this decade, preparing for the comprehensive transition of the electricity production structure. With consulting company Afry we have identified potential ways of improving the adequacy of electricity and the security of the energy supply.

The stakeholders can provide feedback on the report until 18 August.

Scenario work: Finland to become a major producer of clean hydrogen gas and hydrogen downstream products

Fingrid and Gasgrid Finland explore the possibilities of hydrogen economy and analyse its effects on the Finnish energy system. According to the scenarios the hydrogen production will become the largest user of electricity, while wind power will be the number one form of electricity production. Finland's inexpensive onshore wind generation creates good conditions to produce clean hydrogen, and in all scenarios Finland's market share will increase to more than 10 percent of clean hydrogen produced in the EU by 2030. Achieving Finland's hydrogen target requires substantial investments in both electricity and hydrogen networks, streamlining permitting processes of transmission networks and strong political and social support.

The maximum wind power output on the west coast will be occasionally reduced during transmission outages in the coming months

Fingrid will set the maximum wind power output from the west coast at a level lower than normal during planned transmission outages in the coming months. In practice, the change will have the greatest effect when peak wind power output coincides with transmission outages. This action is necessary to ensure grid stability and will be taken in close cooperation with wind power producers.

Finland is building a new industrial success story

Offshore wind power and solar power plants gain momentum

Seamless cooperation between transmission system operators

The opportunity to make the green transition a real industrial success story and a source of prosperity is well within Finland’s grasp. Our competitive advantage in electrification is a diverse, clean and efficient electricity production infrastructure which will attract investments to Finland. Hopefully, Finland’s new parliament and government will contribute to this development.

Fingrid’s President & CEO Jukka Ruusunen’s blog >

Read also: A reliable electricity grid gives Finland a competitive edge >

According to Fingrid’s connection enquiries numerous investors are planning new offshore wind power and solar power plants in Finland. By 2030 the solar power production could be 7 GW while the biggest growth in offshore wind power will occurr in the 2030s and 2040s. Still, many uncertainties and matters remain to resolve. As the amount of electricity generated by distributed wind and solar power plants increases, grows also the need for cooperation in the energy sector.

Fingrid’s Laura Ihamäki and Antti-Juhani Nikkilä's interview in Fingrid Magazine >

A unified European electricity market is based on functioning cross-border transmission connections. Fingrid, Svenska kraftnät and Elering do planning and research as well as maintenance together. Working cross-border connections ensure that the main grid and power generation facilities are utilized as efficiently as possible on both sides of the border. At the same time, we enable the realisation of the green energy transition.

Fingrid’s Kimmo Nepola (photo), SvK’s Dag Ingemansson and Elering’s Reigo Haug's interview in Fingrid Magazine >

Fingrid uses congestion income to benefit customers and waives grid service fees

Fingrid uses the record-high congestion income from 2022 to benefit its customers and waives grid service fees for six months in 2023. The grid service fees were waived also for December 2022. This will reduce grid customers’ fees by altogether some EUR 300 million.

Independently in Åland

In addition to Fingrid, Finland has also another transmission system operator: Kraftnät Åland. The company manages the power grid in the Åland Islands. Electricity is produced in Åland and imported, mainly from Sweden.

Asta Sihvonen-Punkka appointed Fingrid’s President & CEO as of Jan 2024

Fingrid’s current Executive Vice President Asta Sihvonen-Punkka has been appointed as Fingrid’s President & CEO as of 1 January 2024. She joined the company in 2016 and will take over the reins at the turn of the year when the current President & CEO Jukka Ruusunen retires.