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Finland decarbonises energy market by increasing nuclear and renewable plants, says GlobalData

 

July 6, 2020 (Investorideas.com Newswire) Finland is one of the few countries in the EU that is investing heavily in nuclear power generation technology along with renewable power generation, and this is expected to provide substantial support for the nuclear sector, says GlobalData, a leading data and analytics company. Renewable power capacity (excluding hydropower) in the country has increased from 2.1GW in 2000 to 4.6GW in 2019, at a compound annual growth rate (CAGR) of 4.3%, while non-hydro renewable installed capacity is expected to increase to 10.8GW in 2030, at a CAGR of 8%.

GlobalData's latest report, "Finland Power Market Outlook to 2030, Update 2020 - Market Trends, Regulations, and Competitive Landscape", reveals that wind and biopower are the leading renewable energy technologies used in Finland, and the country is one of the largest generators of electricity from biomass within the EU. Most of the produced biomass is used for heating and power generation.

Akanksha Keshri, Power Industry Analyst at GlobalData, comments: "Finland has four nuclear reactors and Fennovoima Oy plans to construct a new nuclear power plant, which is set to be commissioned in 2024. The Government is focusing on making Finland carbon free by 2035 and eventually carbon negative. This will be achieved by speeding up measures to reduce emissions at existing plants and generating more and more electricity from renewable plants."

"Thermal power (including coal, gas and oil) is the largest in terms of capacity in Finland, followed by hydropower and nuclear power. Wind and biopower stand fourth and fifth. While some EU countries are phasing out nuclear power, Finland is continuing to add capacity.

"Finland has traditionally used thermal fuel sources to generate electricity. However, growing awareness of greenhouse gas (GHG) emissions led it to actively augment its capacity through the development of clean energy sources. The government is providing a number of incentives and benefits in the form of subsidies for developers of renewable power plants in order to promote clean sources of electricity in order to reduce emissions."

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About GlobalData

4,000 of the world's largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make timelier and better business decisions thanks to GlobalData's unique data, expert analysis and innovative solutions, all in one platform. GlobalData's mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, technology, energy, financial and professional services sectors.


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