The Nordic Energy Trilemma

Security of Supply, Prices and the Just Transition


The Nordic region faces an energy trilemma – three challenges to delivering a secure, affordable, and sustainable energy transition. In view of unprecedented energy prices and geopolitical risk, supply chains, power grids, raw materials, and enabling technologies must be secured to meet the demands of an electrified society in the long term. This report reviews factors that drove the most severe energy crisis in recent memory, with an emphasis on electricity markets, the preparedness of Nordic countries, and their responses. Risks to the energy transition are identified, and measures to mitigate these risks are assessed. Where no such measures exist, actions are proposed to address the gaps. The recommendations herein define national, regional, and international actions to increase energy security and emergency preparedness, such that Nordic societies are ready for future energy crises.