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Nordic cooperation - more needed than ever to ensure electricity supply

Published 19.8.2022 09.21
Joint statement from Fingrid, Svenska Kraftnät and Energinet
The energy crisis together with the current volatility of the electricity market has led to considerations of intervening in the electricity market. 
 
Very recently the Norwegian government has announced that it intends to reduce the electricity interconnector capacity in order to protect the national supply of security.
 
While we, the transmission system operators from Finland, Sweden and Denmark, understands the need to ensure security of supply we are at the same time deeply concerned that the proposed capacity reduction seems to disregard the benefits of keeping the borders open and seems not to acknowledge that it is through a well-functioning market that electricity security of supply is ensured in the most efficient way. 
 
The Nordic countries have been at the forefront of developing the European market for electricity and the Nordic countries have similarly to all the other European countries harvested substantial socioeconomic welfare gains by allowing electricity to be produced, transmitted and consumed across the borders of the interconnected European market in the most efficient way.
 
If export restrictions were to be allowed under the current European electricity regulation, we fear that such a step could inspire other countries to consider similar restrictions and thus causing a much bigger negative effect on both the Nordic and the European electricity markets.  
                             
It is particularly important in times of crisis that the market is allowed to function by allowing all the available resources to participate in supplying electricity or providing the needed flexibility, thus contributing to the security of supply. 
 
We urge the Norwegian government to reconsider the situation and not to implement export restrictions on the electricity interconnectors. 
 
Fingrid, Svenska Kraftnät and Energinet  
 
Questions related to the joint message can be directed to
 
Fingrid:                                      
Asta Sihvonen-Punkka, Executive Vice President for Markets 
Asta.Sihvonen-Punkka@fingrid.fi / +358 50 573 9053
Svenska Kraftnett:                    
Mårten Bergman, Head of Transmission and Wholesale
Marten.Bergman@svk.se / +46 76 118 24 32
Energinet:                                  
Johannes Bruun, Director for Electricy Markets
jbu@energinet.dk / +45 2333 8576