Finland will invest up to 850 million euros to ensure it meets its energy needs and to accelerate the break from its dependence on Russian supplies, the government said on Thursday. Finland, which has invested in nuclear power, is already less dependent on Russian energy than many other European countries, but the government wants to cut its last ties.
In 2019, oil imports accounted for 22% of Finland’s total energy consumption, coal 7% and gas only 5%, according to data from the Bank of Finland and Statistics Finland. Finland will lease a new floating LNG terminal, together with Estonia, to end gas deliveries from Russia, Economic Affairs Minister Mika Lintila told reporters, without revealing the financial value.
“After that, we will have enough capacity to operate independently,” he added.
In addition to the LNG terminal, the investments will be devoted to measures aimed in particular at ensuring sufficient energy supply for the coming winter in the northern hemisphere.
The government has said it must temporarily reduce its climate measures to mitigate the impact of rapidly rising energy prices, although its long-term goal is to speed up Finland’s transition to green energy through these investments.
The reduction means that the requirement for petroleum retailers to include 19.5% renewable fuel in their petroleum blend this year and next year will be reduced to 12%, which Lintila says should lower the price per liter of oil of 12 euro cents.