Share of carbon-free electricity soon over 90% in Finland
With the regular electricity production of OL3, Finland’s self-sufficiency in clean electricity grows – the share of carbon-free electricity production will rise from 87% to over 90%.
According to the Finnish Wind Power Association's (FWPA) half-year review of wind power projects, in addition to onshore wind power, potential offshore wind power areas are also of interest to project operators. There are currently 13 offshore wind power projects planned, with a total output of nearly 13,500 megawatts. More than 3,200 MW more offshore wind power is under development than in the spring. The combined capacity of the onshore wind power projects under development is now 18% larger than in March 2022.
So far, offshore wind power has not been financially viable, so projects have been developed slowly. With the rapid cost reduction of offshore wind power, market-based profitability will be realized this decade, and interest in Finnish offshore wind power projects has grown significantly. During the last year, several offshore wind power projects have been launched, especially in the economic water area, i.e. international water areas controlled by Finland.
New offshore wind power projects are expected to be launched in regional waters, i.e. in the sea areas of the Finnish state, in 2023 and 2024, when Metsähallitus tenders project operators for the selected sea areas.
The combined capacity of the onshore wind power projects under development is now 18% larger than in March 2022. According to statistics, almost half of the planned wind power projects are being located in North Ostrobothnia.
The proportion of projects planned for South Ostrobothnia, Kainuu and Central Ostrobothnia has increased since spring. In regards of municipalities up to 12 different wind power projects are planned for Pyhäjärvi. The next most wind power production is under development in Oulu and Pudasjärvi.
A wind power project takes an average of 4-8 years
According to the plans, a total of 340 turbines (1800 MW) would be completed this year, a total of 250 turbines (1500 MW) next year, and at least 140 turbines in 2024. However, most of the currently planned projects are at a fairly early stage. Before the construction phase, the wind power project goes through several zoning and permitting processes, and some of the plans in the initial phase will fail due to reasons that prevent the construction of wind power in the area. Of the 6,859 turbines currently in the planning phase, more than a thousand have been permitted or are already under construction.
The known projects to be built in the years 2022–2025 mean investments of more than 6 billion euros in different parts of Finland. About 60% of the cash flows during the lifetime of the wind power project remain in Finland.
Finland's energy self-sufficiency and security as well as the electrification of industry, transport and heating as well as P2X solutions require a lot of new, clean, domestic electricity production.