Nordic electricity market presented to global energy ministers
The international forums for co-operation Clean Energy Ministerial 9 (CEM9) and Mission Innovation 3 (MI3) convened in the Öresund region this week, and it was during the CEM9 meeting that ministers were shown how the Nordic electricity market works. A new film was screened that explains how the most integrated regional electricity market in the world works, and what its benefits are.
The objective of CEM9 and MI3 is to propel the green transition. The Nordic electricity market is a good fit with this.
“Nordic co-operation in the electricity market is globally unique. In addition to being one of the world’s most integrated forms of regional co-operation, the Nordic Region is also a world leader in terms of sustainable energy and climate-smart solutions. Integrating renewable energy into an electricity grid isn’t easy, but the Nordic Region has succeeded in doing so. For this reason, it’s important that we have the opportunity to present our solutions in broader international contexts, such as CEM9,” says the Secretary General of the Nordic Council of Ministers Dagfinn Høybråten.
The countries complement each other
A strength of the Nordic electricity market is its flexibility in energy production. The Nordic Region has everything from wind and solar, to hydroelectric power and biomass. This means that the countries complement each other. For example, if the wind drops in Denmark, the market can be opened to take power from Norway, which produces a lot of hydroelectric power.
Fluctuating renewable energy sources such as wind and solar are combined with more flexible sources such as biomass and hydroelectric power, as well as other thermal production.
But as Høybråten says at the end of the film, there is one Nordic resource which is extremely important.
“Trust. Without trust and good communication among all stakeholders this simply would not work.”
Footnote: The Nordic countries and Nordic Council of Ministers are co-hosting CEM9 and MI3 with the European Commission in Copenhagen and Malmö. Alongside these meetings, a series of energy events under the name Nordic Clean Energy Week are being held between 21 and 25 May.
