Electricity Year 2022

1. Energy Year 2022
Electricity
Finnish Energy
12.1.2023

2. Electricity total consumption 82 TWh, 6 %
decrease compared to 2021
12.1.2022
2
0
10
20
30
40
50
60
70
80
90
100
1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020
TWh

3. Electricity consumption decreased from the previous year
5,4 TWh change 2021-2022
12.1.2022
3
-6
-4
-2
0
2
4
6
8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
TWh

4. Electricity consumption 2022
12.1.2022
4
Housing and
agriculture
30%
Services and building
22%
Losses
4%
Forest industry
20%
Chemical industry
8%
Metal industry
10%
Other industry
6%
O
Industry
total 44 %
82 TWh Other
Consumption
total 52%

5. Electricity consumption of industry decreased 6 percent
Consumption total 36 TWh
12.1.2022
5
0
10
20
30
40
50
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
TWh
Forest industry Chemical industry Metal industry Other industry

6. Industrial electricity consumption 2021-2022:
most of decrease in forest industry
12.1.2022
6
-2.5
-2
-1.5
-1
-0.5
0
0.5
1
Forest industry Chemical industry Metal industry Other industry
TWh

7. Change of Industrial Electricity Consumption 2021-2022
12.1.2022
7
-14
-12
-10
-8
-6
-4
-2
0
2
4
6
8
Forest industry Chemical industry Metal industry Other industry
%

8. Electricity by energy source and net imports 2022
12.1.2022
8
Hydro power
16.3 %
Wind power
14.1 %
Solar power
0.5 %
Biomass
14.8 %
Peat
2.1 %
Waste fuels
1.0 %
Net imports
15.3 %
Nuclear power
29.7 %
Natural gas
1.3 %
Coal
4.7 %
Oil
0.2 %
82 TWh

9. The share of CO2-neutral electricity 89 percent
 Renewable: 54 % (53 % in year 2021)
 CO2-neutral: 89 % (87 % in year 2021)
 Domestic: 57 % (57 % in year 2021) 12.1.2022
9
2021
2022
Hydro power
19.3 %
Wind power
16.7 %
Solar power
0.6 %
Biomass
17.4 %
Peat
2.5 %
Waste fuels
1.2 %
Nuclear power
35.0 %
Natural gas
1.5 %
Coal
5.6 %
Oil
0.2 %
69 TWh
Hydro power
22.5 %
Wind power
11.8 %
Solar power
0.4 %
Biomass
18.3 %
Peat
2.9 %
Waste fuels
1.2 %
Nuclear power
32.7 %
Natural gas
5.3 %
Coal
4.7 %
Oil
0.2 %
69 TWh

10. Electricity production in Finland and net imports
decreased
12.1.2022
10
2022 2021
Nuclear power
29.7 %
CHP, district
heating
10.6 %
CHP, industry
9.0 %
Condense etc
4.5 %
Net imports
15.3 %
Hydro power
16.3 %
Wind power
14.1 %
Solar power
0.5 %
82 TWh
Nuclear power
26.0 %
CHP, district
heating
12.2 %
CHP, industry
10.4 %
Condense etc
3.3 %
Net imports
20.4 %
Hydro power
18.0 %
Wind power
9.4 %
Solar power
0.3 %
87 TWh

11. The end of imports from Russia and Energy crisis
changed Energy procurement compared to 2021
12.1.2022
11
-5
-3
-2
-1 [CELLRANGE]
[CELLRANGE]
[CELLRANGE]
-12
-10
-8
-6
-4
-2
0
Net
imports
Gas
Hydro
Power
Bio/Peat/Waste
Coal
Nuclear
Power
Wind
Power
TWh
Finlands electricity energy source changes 2022 vs 2021

12. Net imports of electricity decreased 28
percent (5 TWh)
12.1.2022
12
• Imports from Russia ended in
May 204 %
• Imports from Nordic countries
increased 3% (0.4TWh)
• Exports to Estonia increased 2 %
(+0.1 TWh)
-10
-5
0
5
10
15
20
25
30
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
TWh
Nordic countries Estonia Russia
Imports
Exports

13. Net imports of electricity
12 TWh in year 2022 (-28 %)
12.1.2022
13
0
5
10
15
20
25
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
TWh

14. Electricity imports changed significantly after May
12.1.2022
14
0
500
1000
1500
2000
2500
3000
2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022
1 2 3 4 5 6 7 8 9 10 11 12
GWh
Nordic Countries Russia Estonia

15. Wind power grows rapidly:
Capacity increased 76 percent and production 41 percent
12.1.2022
15
109 142 146 196 199 259 453 631
1,004 1,532
2,044 2,041 2,284 2,586
3,257
5,677
188 261 277 294 481 494
774
1,107
2,327
3,068
4,795
5,839 6,025
7,938 8,180
11,545
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Installed generation capacity at the end of year (MW) Generation (GWh)
MW and GWh

16. Hydropower generation
12.1.2022
16
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
TWh

17. Generation and capacity of CHP in district heating
12.1.2022
17
*Peak load capacity is not included from year 2017
*Source: Statistics Finland, Energy 2022 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
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
8,625
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
Electricity generation capacity in peak load period (MW)* Generation (GWh)
MW and GWh

18. Generation and capacity of CHP in industry
12.1.2022
18
*Source: Statistics Finland, Energy 2022 table service, table 3.5
2,450 2,450 2,300 2,365 2,370 2,330 2,330 2,250 2,000 1,990 2,250 2,250 2,250 2,250 2,150
11,885
9,536
11,189
10,739
9,389
9,724
9,277
8,710 8,879 9,109
9,554 9,576
8,614
9,066
7,331
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Electricity generation capacity in peak load period (MW)* Generation (GWh)
MW and GWh

19. Generation and capacity of condensing power
12.1.2022
19
*Peak load capacity is not included from year 2017
*Source: Statistics Finland, Energy 2022 table service, table 3.5
2,650 2,650 2,200 2,200 2,045 2,045 1,650 1,600 960 502 502 502 370 540 540
8,779
8,963
14,179
9,822
5,177
8,883
6,379
4,062 4,319
3,284
4,748
3,142
2,311
2,848
3,706
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Electricity generation capacity in peak load period (MW)* Generation (GWh)
MW and GWh

20. Electricity Generation with Coal
total of moving 12 months
12.1.2022
20
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13
12/14
12/15
12/16
12/17
12/18
12/19
12/20
12/21
12/22
GWh

21. CO2-emissions of power generation-downward trend
continues
CO2-emissions of power
generation:
• 4.4 Mt in year 2022
• 4.7 Mt in year 2021
• 4.3 Mt in year 2020
• 6.9 Mt in year 2015
• 19 Mt in year 2010
 2022 vs. 2021 -6 %
 Emissions -39 % in last 5
years
 Emissions -77 % vs 2010
12.1.2023
21
EU-27, v. 2020: 229 g CO2 / kWh
Source: EEA
227
182
124
160
133
97
111
95
107
83
64 68 64
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
1000 t CO2
Condense etc CHP Specific carbon dioxide emissions
g
g CO2 / kWh(e)

22. Peak loads of electricity
maximum electricity MW
12.1.2022
22
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 2022 14 058 MW (11.1.2022)

23. Electricity supply hourly in year 2022
peak load day 11.1.
12.1.2022
23
2799
2800
2798
2800
2801
2801
2801
2800
2799
2800
2800
2800
2799
2800
2800
2800
2800
2800
2801
2801
2802
2801
2801
2800
1532
1558
1465
1376
1394
1519
1816
1984
2223
2251
2286
2248
2045
2103
2023
1940
2044
2198
2206
2281
2218
1926
1720
1581
1414
1725
1953
2131
2235
2280
2306
2362
2407
2394
2403
2446
2532
2549
2542
2574
2461
2430
2352
2411
2455
2458
2434
2382
3180
3139
3135
3102
3074
3062
3059
3101
3338
3438
3213
3141
3074
3051
2959
2856
2847
2854
2825
2785
2688
2563
2541
2510
669
614
617
623
632
631
620
615
661
693
632
656
674
682
684
670
682
690
710
716
748
716
726
704
3044
2520
2222
2152
2158
2333
2904
3001
2629
2317
2454
2507
2526
2299
2317
2452
2621
2462
2417
2229
1944
1818
2047
1956
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000
1 12638
2 12357
3 12189
4 12186
5 12293
6 12627
7 13505
8 13863
9 14058
10 13893
11 13788
12 13798
13 13650
14 13484
15 13325
16 13292
17 13456
18 13434
19 13312
20 13224
21 12855
22 12282
23 12270
24 11932
MW
Nuclear power
Hydro power
Wind and solar power
CHP
Condence etc
Net imports

24. Variation of Electricity Production and Imports in 2022
average week power
12.1.2022
24
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
MW
Nuclear power CHP, industry CHP, district heating Condence etc Hydro power Wind power Solar power Net imports

25. Electricity spot markets are in an
unprecented rise and change

26. In 2022, wholesale electricity price in Finland was
considerably higher than in the previous years
12.1.2023
Tekijä tai esityksen nimi
26
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

27. Price of electricity in Finland was the second-lowest in the
entire EU ̶ great price differences compared to Central
Europe
12.1.2023
Tekijä tai esityksen nimi
27
Source: Nord Pool
0
50
100
150
200
250
300
Finland Northern
Sweden
Stockholm Oslo Copenhagen Germany France Estonia
€/Mwh
Electricity spot prices on average 2022

28. Electricity prices rose in Europe mainly due to the reduced
amounts of Russian natural gas and other energy in the
market
12.1.2023
Tekijä tai esityksen nimi
28
Lähde: Nord Pool
Society starts to
open up after
COVID-19
restrictions and the
demand for
electricity
increases.
Exceptionally low
prices come to an
end.
Cold December
raised gas and
electricity prices.
Russia attacks
Ukraine.
Gas and electricity
imports from Russia
are reduced
considerably during
spring and summer.
Russia starts to limit
gas imports to
Europe.
0
100
200
300
400
500
600
jan 2020 April-20 July-20 October-20 January-21 April-21 July-21 October-21 January-22 April-22 July-22 October-22
€/MWh
Electricity spot prices 2020-2022
Finland Stockholm France Germany

29. Price of electricity has followed the price of natural gas,
which has multiplied in Central Europe
12.1.2023
Tekijä tai esityksen nimi
29
• The price of natural gas has
increased 20–30-fold from the low
prices in 2020.
• About 20% of electricity in the EU is
produced with natural gas. In many
countries this share is much higher.
• For the time being, gas is a
necessary fuel with respect to
sufficient electricity supplies.
• The wholesale price of electricity in
Finland partly follows the Central
European prices, but not in full.
When there is plenty of Nordic
production on offer, our price level
falls considerably lower.
Sources: Nord Pool & Trading Economics
0
50
100
150
200
250
300
0
50
100
150
200
250
300
350
400
450
500
€/MWh
(Gas)
€/MWh
(Electricity)
Finland Germany Gas (TTF)
Electricity spot price and the price of monthly gas products in
Finland and Germany

30. 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.
12.1.2023
Tekijä tai esityksen nimi
30
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

31. High prices are not only a
Finnish phenomenon
12.1.2023
Tekijä tai esityksen nimi
31 Source: Nord Pool
• Prices have been very high throughout Europe.
• The electricity wholesale market is common,
i.e. pricing takes place according to supply
and demand in the entire region.
• Electricity is transmitted in the grid towards
a higher price.
• Electricity transmission links are not enough
to ensure the same price in all areas.
• The prices have been highest in countries that
have a lot of production based on fossil fuels or
not enough own production capacity.
• Sweden has had the lowest prices, and Finland
has imported a lot of electricity from Sweden.
Correspondingly, electricity has been exported
from Finland to Estonia.
Electricity spot prices by country 2022
Prices in Norway,
Denmark, Sweden and
Italy are from the price
areas of the capital cities

32. Electricity price fluctuations have been high this year –
highest prices seen in August and in early December
12.1.2023
Tekijä tai esityksen nimi
32
0
50
100
150
200
250
300
350
400
450
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
€/MWh
Weekly electricity spot prices in Finland in 2022
Lähde: Nord Pool
• In January–April, Finland had the
lowest wholesale electricity prices in
Europe together with Sweden.
• The prices increased when electricity
imports from Russia stopped and gas
became more expensive.
• In late November and early December,
the weather was widely cold with low
winds in Central and North-West
Europe.

33. Price difference between Finland and Sweden grew further
12.1.2023
Tekijä tai esityksen nimi
33
Lähde: Nord Pool
• The reason for the price difference between
Finland and Sweden is the insufficient
transmission capacity to transmit lower-
priced electricity to the neighbouring
country.
• In the past few years, Finland has usually
imported a substantial volume of electricity
from Sweden.
• The challenge for Finland is that our
production capacity is not sufficiently high.
In sub-zero temperatures during high
demand or low winds, the prices can rise
extremely high even if electricity prices in
Sweden were lower.
• Increasing own power production and
growing the transmission capacity will
reduce the price difference.
0
20
40
60
80
100
120
140
160
180
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
€/MWh
Annual electricity spot prices in Finland and the Stockholm region
Finland Stockholm (2002-2011 Sweden)

34. Outlook for electricity prices is promising
especially in terms of Finland and Sweden
12.1.2023
Tekijä tai esityksen nimi
34
Sources: Nord Pool, Nasdaq OMX & EEX
Futuure prices from 29.12.2022
• Future electricity deliveries are
traded on the electricity derivatives
market.
• The price outlook is declining in
Finland and Sweden.
• In Germany, high prices seem to be
continuing.
• The situation in Finland and Sweden
is explained by the fact that we have
a constant plentiful supply of new
electricity production. Moreover, we
are not dependent on gas in
electricity production which would
keep prices at a constantly high level.
0
50
100
150
200
250
300
350
400
450
500
€/MWh
Actual electricity spot prices & futures
Finland Stockholm Germany Finland Fut. Stockholm Fut. Germany Fut.

35. The low carbonization of traffic
is progressing

36. Petrol and diesel car sales in Finland
(new passenger cars, plug-in hybrid cars not included)
12.1.2022
36
0
20,000
40,000
60,000
80,000
100,000
120,000
2016 2017 2018 2019 2020 2021 2022
No.
Diesel Petrol Source: Traficom

37. Alternative power sources for the first registration of
passenger cars
12.1.2022
37
0
5
10
15
20
25
30
35
40
45
2016 2017 2018 2019 2020 2021 2022
%
Gas cars Plug-in hybrid cars Electric cars Source: Traficom

38. Alternative power sources in passenger cars
in traffic by end of the year
12.1.2022
38
614 844 1,449 2,404 4,661
9,697
22,921
44,889
1,508 1,825 3,161 5,607
9,388
12,366
14,395
15,622
1,017
2,437 5,719
13,095
24,704
45,621
76,990
104,039
0
20,000
40,000
60,000
80,000
100,000
120,000
2015 2016 2017 2018 2019 2020 2021 2022
No.
Electric vehicles Gas vehicles Plug-in hybrid cars Source: Traficom