Nordic West Office, together with eight Nordic companies, published a report “Stronger Together: The Future of the Nordic Energy Markets”. The report explores concrete ways to create the world’s smartest energy system and to find the most energy and cost-efficient solutions in moving towards a low-carbon green economy. Nordic West Office is part of the Miltton Group of companies.
The Nordic countries are widely recognised as frontrunners in the on-going energy transition, where the world is reducing its dependence on fossil-fuel based energy resources and moving towards low-carbon solutions, harnessing renewable energy sources. “It is clear that the Nordics can – and should – serve as an example in this transition, not only within the European Union but for the rest of the world. However, in order to achieve this and to remain forerunners also in the future, the Nordic countries must do more,” says Risto E.J. Penttilä, CEO of Nordic West Office.
“There is a need for close Nordic cooperation and well-functioning markets to ensure that new technologies that are needed to decarbonise will be developed efficiently,” Penttilä continues.
The report provides several concrete proposals for Nordic decision makers to drive stronger integration of Nordic energy markets. For example, these include setting up a vision for a common Nordic organisation that prioritises grid investments from a Nordic perspective; removing barriers to the realisation of an integrated energy system; decreasing the number of price areas in the Nordic electricity market; and providing well-functioning low-carbon energy technologies with a “Nordic passport” by harmonising and coordinating regulations and removing border barriers between the Nordic countries. In addition, the report urges to form a coordinated, Nordic approach to the implementation of national or EU-level climate targets.
The report brings together insights from energy producers, technology providers, service providers and energy users. The participating companies include Danfoss, Fortum, Gasum, Stora Enso, SSAB, Statkraft, Virta and Wärtsilä.
“Business sector plays a key role in addressing some of the key problems of our time – not least the urgent global challenge of climate change. We hope that our report provides useful insight to drive progress towards a sustainable energy transition,” says Penttilä.
The report can be found HERE
Risto E.J. Penttilä
CEO, Nordic West Office
+ 358 50 366 2395
Nordic West Office is a global affairs consultancy, a pan-Nordic think tank and a gateway to the US markets. We believe that New Nordic companies and countries can help lead the way to a more enlightened market economy.
In addition to the participating companies, the report benefitted from the expertise of Pöyry and Climate Leadership Coalition. Academic insight was provided by Johannes Urpelainen, the Prince Sultan bin Abdulaziz Professor of Energy, Resources and Environment at the Johns Hopkins School of Advanced International Studies. Maria Wetterstrand, CEO of Miltton Purpose, had a leading role in drafting the report.