What is a Nordic power system?

The Nordic power system is a mixture of generation sources, where hydro, nuclear and wind power are the main sources. The Nordic region has many energy intensive industries and a large share of electricity heated houses. Therefore the electricity consumption and the electricity’s share of total power use is higher than in the rest of the EU.

Where does Nordic energy come from?

Over a third of the Nordic region’s energy supply comes from renewable sources. The largest of these is biomass and waste, which are used to generate electricity, heat and transport fuels in Sweden, Finland and Denmark. Renewable electricity in the region is also generated from hydropower in Norway, as well as growing share of wind power.

How efficient is the Nordic power market?

An efficient Nordic power market has been key to the integration of large shares of renewables in the Nordic countries, where the relative CO2 intensity has settled at around 60 gCO2/kWh. A similar sharp All five Nordic countries have seen significant increases in the utilisation of renewable energy.

How much energy does a Nordic country use?

The total energy consumption in the Nordic countries was 4 237 PJ in 2010, which is equal to about 8% of energy consumption in the EU-27. Industry accounts for about a third of energy use in the Nordic countries on average, considerably higher than most other developing countries.

Why are Nordic electricity prices so volatile?

On the other hand, the Nordic electricity market enjoys uniquely low costs and emissions, with very little reliance on fossil fuels. Yet several factors are making supply, and therefore prices, more volatile.

How does the Nordic electricity market work?

Over half of the electricity production is generated from hydropower. The Nordic electricity market consists of various marketplaces that are “time windows” for physical trading in electricity: the day-ahead market, the intra-day market and the balancing market.