Smoke rises from the Hanasaari coal energy plant in Helsinki, Finland, November 28, 2016. Picture taken November 28, 2016. Jussi Nukari/Lehtikuva/through REUTERS
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HELSINKI, April 7 (Reuters) – Finland will invest up to 850 million euros ($924 million) in guaranteeing it meets its energy wants and to speed up breaking away from dependence on Russian provide, the federal government mentioned on Thursday.
Finland, which has beforehand invested in nuclear energy, is already much less depending on Russian energy than many different European international locations, however the authorities needs to minimize its final ties.
In 2019, oil imports amounted to 22% of Finland’s whole energy consumption, coal for 7% and fuel for under 5%, Bank of Finland and Statistics Finland information confirmed.
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Finland will hire a brand new floating LNG terminal, along with Estonia, to put an finish to fuel deliveries from Russia, Minister of Economic Affairs Mika Lintila informed reporters, with out revealing its monetary worth.
“After this, we will have enough capacity to operate independently,” he mentioned.
In addition to the LNG terminal, the investments can be made in measures resembling guaranteeing enough energy provides for the following Northern hemisphere winter.
The authorities mentioned it had to reduce its local weather measures quickly so as to ease the influence of quickly rising energy costs, although its long-term purpose is to speed up Finland’s shift to inexperienced energy with the investments.
The scaling again means reducing to 12% the present requirement for oil retailers to embrace 19.5% renewable gas of their oil combine this 12 months and subsequent, which Lintila mentioned would hopefully decrease the oil worth per litre by 12 euro cents.
($1 = 0.9201 euros)
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Reporting by Anne Kauranen; Editing by Jason Neely and Jan Harvey
Our Standards: The Thomson Reuters Trust Principles.
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