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Energy industry in Finland
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General State of the Economy

Finland,officially the Republic of Finland, is a country in Northern Europe. Its capital city is Helsinki [1]. The country has a land border with Sweden (to the north-west), with Russia (to the east), Norway (to the north), and also has maritime borders with Estonia. Finland has access to the Gulf of Finland and the Gulf of Bothnia.
According to 2022 statistics Finland, which in terms of size is 66th in the world, is home to more than 5.6 million people. In terms of population density the country is 216th from the 248 countries considered [2,3]. Finland is a presidential republic and the official languages are Finnish, Swedish and Sami. The administrative map of the country is divided into 19 regions [3].
Finland has a modern diversified market economy, which is reflected in Figure 1. The country's economy is based on woodworking, metallurgy, machine-building, telecommunications and electronics industries [3]. By almost every indicator in the presented diagram, Finland places in the top 25% of the leading countries in the world included in the rating.

 Sources:
1. GDP (purchasing power parity), 2020 est. / The World Factbook/Library/Central Intelligence Agency *228
2. GDP - per capita (PPP), 2020 / The World Factbook/Library/Central Intelligence Agency *229
3. Inflation rate (consumer prices), 2019 est. / The World Factbook/Library/Central Intelligence Agency *228
4. Charges for the use of intellectual property, receipts (BoP, current US$), 2020 / International Monetary Fund, Balance of Payments Statistics Yearbook, and data files. / License: CC BY-4.0 *88
5. The Global Competitiveness Index 2019 / Rankings / Reports / World Economic Forum *141
6. High-technology exports (current US$) 2019-2020 / United Nations, Comtrade database through the WITS platform / License: CCBY-4.0 / Data *134
7. 2021 Index of Economic Freedom / International Economies / The Heritage Foundation *178
8. Reserves of foreign exchange and gold, 2017 est. / The World Factbook / Library / Central Intelligence Agency *195
9. Annual average GDP growth in %, for the last 10 years (2011-2020) / World Bank national accounts data, and OECD National Accounts data files / License: CC BY-4.0  *206
10. Public debt (% of GDP), 2017 est. / The World Factbook / Library / Central Intelligence Agency (from smallest to largest) *210
  * Total number of countries participating in ranking


Figure 1. Economic Indices of Finland


Between 1993 and 2008 the country experienced sustained GDP growth in purchasing power parity, both in general and per capita, followed by a decrease and economic volatility [4,5]. GDP at purchasing power parity increased from $238.6 billion in 2015 to $261.3 billion (59th place in the world) in 2020 [3]. The country’s GDP at purchasing power parity per capita is high (32nd place in the world in 2020), which has also been demonstrating positive dynamics: from $43,600 in 2015 to $47,300 in 2020 [3].
The level of inflation changed from 0.8% in 2017 to 1% in 2019, in terms of this indicator the country was 64th in the world (ranked by levels of inflation, low to high) [3]. According to The Global Competitiveness Report 2019, presented by the World Economic Forum, Finland ranked 11th (out of an estimated total of 141 countries), behind Switzerland, Sweden, and other, larger countries – the USA, Japan and Germany. This rating reflects the effectiveness of the use of the country’s own resources for sustainable development. In addition to a number of economic indicators this index also takes into account such variables as education, health, level of innovation, etc. In the list of countries that exported high-tech products in 2019-2020, Finland was 36th, slightly ahead of Norway. According to the Index of Economic Freedom 2021, which is based on freedom of business, freedom from government action, property protection, and freedom from corruption, the country was considered “mostly free”: 17th, out of 178 countries. In terms of gold reserves and foreign exchange reserves Finland was 73rd in the world. According to the indicator for the average GDP growth in % over the last 10 years, in 2020 the country was 169th out of 206 countries considered. In terms of public debt, calculated as a percentage of the country's GDP, Finland in 2017 was ranked 73rd out of 210 countries.
Despite the country's high level of GDP per capita, the latter two indices partly reflect a number of negative trends in the Finnish economy related to demographic problems, a contraction in the volume of business of a leading Finnish company, Nokia, as well as a reduction in the turnover of some important industries, particularly those based on deep wood processing.

Energy Resources

Finland has practically no reserves of fossil resources, but due to its geographic location, it has various reserves of renewable energy sources. A selection of basic indicators of this type of resource is presented in Table 1.

Table 1. Renewable energy resources of Finland  

Resource/
Explanations
Solar Potential
(GHI)*
Wind Potential
(50 м)*
Hydro energy
Potential**
Bio Potential
(agricultural area)
Bio Potential
(forest area)
Geothermal
Potential
Municipal Solid
Waste
Value<2.76.5-7.516 0267.573.715-69596
UnitkWh/m2/day m/sMW% of land area% of land areamW/m2kg per capita
Year2018201820152020202020002020
Source[9][10][6][11][12][8][13]

* for the majority of the territory of the country

The economically exploitable hydropower capability in Finland is 16 026 GWh/year. For comparison, this is about 3.5 times less than the economically accessible hydro potential of Austria, 3 times less than Italy and slightly less than in neighbouring Sweden [6]. According to experts, the potential of Finland's geothermal energy ranges between 15-69 mW/m2 [7]. The most favourable conditions for the implementation of heat pump technology to exploit this geothermal potential are found in the southern regions of Finland, in particular in Uisimaa [8]. The level of global horizontal radiation does not exceed 2.7 kWh/m2/day, and in the south of the country, along the Gulf of Finland, it can reach its maximum of 2.7-3.0 kWh/m2/day [9]. These are insufficient resources for the mass development of solar energy in the country. The distribution of wind resources is as follows: for the majority of the country the wind speed is 6.5-7.5m/s, while in the southwest of the country it can exceed 7.5 m/s at the height of 50 m [10]. This offers promising potential for the future development of wind energy in Finland, which would allow wind energy to compete with Finland’s established renewable technologies - bio and hydropower. According to data from 2020, 7.5% of the territory of the country is occupied by agricultural land, the area of which has been slightly decreasing during the last half-century [11] There has been a slight increase in forest area to 73.7% [12].
According to Eurostat, Finland's municipal waste generation was 596 kg per capita in 2020; ahead of, for example, Sweden - (431 kg per person), but behind Norway - (726 kg per person) [13]. This resource is a valuable raw material for recycling or energy production, the technologies of which have reached a high level of development in Finland.

Energy Balance

According to the BP Statistical Review of World Energy 2022, Finland’s total primary energy consumption in 2021 was 1.16 exajoules, around 30% from oil, 19% from nuclear energy, 10.3% from coal, 21.5% from renewable energy, 13% from hydropower, and 6% from natural gas [14]. Using the data from [3,14], we calculated GDP per unit of primary energy use in Finland in 2020 to be $9.9, taking into account PPP in 2011 prices per unit of energy expended (the equivalent of energy contained in one kg of oil equivalent/$ PPP per kg of oil equivalent), which is significantly lower than the world average level of GDP energy efficiency.
Oil consumption between 2001 and 2020 remained almost unchanged (Fig. 2), and in 2021 totalled 179 thousand barrels/day [15]. In 2017, the total final oil products consumption in the country was 7 463 ktoe [16]. According to a BP survey, Finland’s level of oil consumption in 2021 was 178 thousand barrels/day [14]. Oil imports to Finland in 2018 were estimated at 232,400 barrels/day [3].

Source: U.S. Energy Information Administration (Oct 2022) / www.eia.gov

Figure 2. The Production and Consumption of fossil fuels in Finland (coal – left, gas – in the center, oil – right)

The consumption of natural gas in the country between 2001 and 2010 did not exceed 177 Bcf, but subsequently declined and in 2020 amounted to 85 Bcf [15]. According to the International Energy Agency, the total final natural gas consumption in the country amounted to 735 ktoe in 2017 [16]. According to the BP Statistical Review of World Energy 2022 [14], gas consumption in the country in 2021 was 2 billion m3. In 220, Finland imported about 2.568 Bcm of natural gas [3].
Coal consumption in the country has gradually decreased since 2003, and in 2021 amounted to 3.37 million short tons, against 9.83 million short tons in 2003 [15]. According to BP, in 2021 coal consumption amounted to 0.12 exajoules [14]. Primary energy production in Finland accounts for 48.57% of total energy consumption in 2021 (Fig. 5). The main suppliers of primary resources are enterprises of bioenergy and nuclear energy. For neighbouring Sweden, also not very rich in fossil resources, this figure is just over 70% [16], in Norway, also neighbouring Finland, domestic production is many times higher than the total domestic consumption, since the country is a large exporter of energy resources.
Finland mainly uses nuclear energy and hydropower for the production of electricity, but it is worth noting the increase of the share of renewable energy sources (especially bioenergy) and, as a consequence, the decline of the share of fossil sources (Fig. 3).

                                    
Sources: U.S. Energy Information Administration (Oct 2021) / www.eia.gov
 
                                       Figure 3. Electricity Generation in Finland 

In 2021 according to the U.S. Energy Information Administration, the country produced 69.62 TWh of electricity, where nuclear power accounted for 32.5%, hydropower  22.7%, renewables  31.1%, and fossil fuels – 13.7% (Fig. 6). Finland’s position in the comparative diagram of energy index is shown in Fig. 4.
Finland does not appear in the first three indices due to the absence of significant reserves of fossil energy sources, and, for the same reason, it is in the lower half of the chart for such indicators as the ratio of their production and consumption.

 Sources:
1. Crude oil proved reserves, 2021 / International Energy Statistic/Geography / U.S. Energy Information Administration (Nov 2021)*98
2. Natural gas proved reserves 2021 / International Energy Statistic / Geography / U.S. Energy Information Administration (Nov 2021) *99
3. Total recoverable coal reserves 2019 / International Energy Statistic / Geography / U.S. Energy Information Administration (Nov 2021) *81
4. Combination production-consumption for Crude oil 2018 / International Energy Statistic / Geography / U.S. Energy Information Administration (Nov 2021) *219
5. Combination production-consumption for Natural gas 2019 / International Energy Statistic / Geography / U.S. Energy Information Administration (Nov 2021) *123
6. Combination production-consumption for Coal 2019 / International Energy Statistic / Geography / U.S. Energy Information Administration (Nov 2021) *128
7. Electricity – from other renewable sources (% of total installed capacity), 2017 est. / The World Factbook / Library / Central Intelligence Agency *170
8. GDP per unit of energy use (PPP per unit of oil equivalent), 2020 *66
Primary energy consumption - BP Statistical Review of World Energy 2021/BP;
GDP (purchasing power parity) - The World Factbook/Library/Central Intelligence Agency
9. Energy use (primary energy use of oil equivalent per capita) 2020  *127
Primary energy consumption – BP Statistical Review of World Energy 2021; Population - United Nations, Department of Economic and Social Affairs,
Population Division (2019). World Population Prospects 2019, custom data acquired via website. Retrieved 15 November 2021
*66
10. The Global Energy Architecture Performance Index Report (EAPI) 2017 / Rankings / Reports / World Economic Forum
11. Electric power consumption (kWh per capita), 2016 *217
Electricity Consumption - The World Factbook / Library / Central Intelligence Agency; Population - United Nations, Department of Economic and Social Affairs,
Population Division (2019). World Population Prospects 2019, custom data acquired via website. Retrieved 15 November 2021

12. Combination of electricity production-consumption (kWh)/The World Factbook/Library/Central Intelligence Agency *216

* Total number of countries participating in ranking

Figure 4. Energy indices of Finland


In another rating from 2017 listing countries by their production of electricity from renewable sources (excluding hydropower), Finland placed 29th out of 170 countries selected for consideration, which notable for such a sparsely populated country. In 2020 Finland was 37th out of 66 countries ranked by the ratio of GDP per unit of energy use. The energy consumption per capita is much higher –16th in the world, slightly ahead of  Netherlands and behind Norway among EU countries.
In terms of electricity consumption per capita, the country is fourth in the world, second only to Iceland and Norway in the region. However, for the indicator of combined electricity production-consumption, Finland is at the penultimate place in the ranked list of 216 countries. The volume of electricity imports in 2020 was 21.61 billion kWh (exporting 6.666 billion kWh), according to preliminary estimates from [3], significantly ahead of EU countries such as Sweden or Belgium, that also have limited fossil fuel resources, but are more populated.

Energy Infrastructure

A territorial map showing the distribution of the largest infrastructure projects of the fossil fuel sector and electricity in Finland is shown in Figure 5.
In order to meet domestic demand Finland has to rely on energy imports, due to the lack of reserves of fossil energy resources. As mentioned above, according to U.S. Energy Information Administration, primary energy production in Finland accounts for 48.57% of total energy consumption in 2021 (Fig. 5).
Oil refining in Finland is conducted at two refineries, the largest
– Porvoo, Nestle Oil has an installed capacity of 206,000 bbl/day [17] (Fig. 5). Oil and petroleum products are imported via six oil terminals, there are also six large oil storage facilities in the country.  Porvoo Oil Storage is one of the largest, with a storage capacity of 8.0 mln m3 [18].

Map of fossil fuel and power plants in Finland
                                         Figure 5. Basic Infrastructure facilities of the fossil fuel Sector and Electricity in Finland

The country has a significant number of stations for the production of electricity from hydrocarbons, including, including four gas, four combined-type, three coal-fired, three oil and two nuclear power plants (Fig. 5). The largest power plants in the country are: Vuosaari gas power plant with a capacity of 630 MW [19]; Suomenoja combined-typepower plant with a capacity of 350 MW; Meri-Pori coal power plant with a capacity of 565 MW; the complex of nuclear power plants -Olkiluoto 1-2, with an installed capacity of 1760 MW; and Forssa oil power plant, with a capacity of 318 MW [20,21,22,23]. The main hydroelectric power plant is Imatra, with an installed capacity of 192 MW [24].
Figure 6 shows the main infrastructure facilities in Finland for the production of renewable energy.

Map of Renewable energy infrastructure in Finland
                                        Figure 6. Renewable Energy in Finland

As noted above, renewable energy (excluding hydroenergy) accounted for 19.73 TWh in 2020 (Fig. 6).
In zones of high wind activity there are 13 large wind farms, each with a capacity of more than 40 MW. In 2016 there were about 225 wind farms with a total installed capacity of 2113 MW in Finland [25], the largest is Metsälä Wind Park, with an installed capacity of 117.3 MW [26].
As mentioned earlier, the level of direct solar radiation in some areas of the country can reach 3 kWh/m2 [9]. As a result, a small Eco-Viikki solar district heating plant was installed around the area of the capital, generating about 1 MW/hour of thermal energy [27].
The share of bioenergy in the production of electricity by renewable sources is 32.5% (Figure 6). Finland is one of the most advanced countries in the world in the development of bioenergy technologies. This is based on the presence of rich forest resources (more than 73% of the country's territory is covered by forests) and strong traditions in the field of wood processing. There are biogas enterprises, as well as enterprises processing municipal garbage, landfill gas, bio-diesel, bioethanol, and pellets (Fig. 6). Finland's large enterprises for the production of second-generation biodiesel and bioethanol are: Porvoo, Neste Oil with an installed capacity of 380,000 tons/year; and Hamina with a capacity of 70,000 tons/year [28.29]. The largest biogas plant in the country is Hämeenlinna, St1 Renewable Energy Industrial Biogas Plant which is capable of producing about 2,100,000 m³ per year [30].
Other notable enterprises include: Joensuu, Fortum Demo BTL-FT Plant that produces 50,000 tons/year of liquid hydrocarbons [31]; Vilppula, Vapo Wood Pellet Plant, that produces 100,000 tons of pellets annually [32]; Alholmens, Jakobstad, is home to the second largest in the world biomass power plant and Alholmens Kraft Pietersaari bioenergy plant with an installed capacity of 265 MW [33]. The city of Lahti houses the Kymijärvi I-II Biomass power plant, which with a capacity of 160 MW, is the fourth most powerful in the world. It features an atmospheric gasifier using plastic, paper, cardboard and wood as raw materials [33]. The country also has enterprises that use advanced fast pyrolysis technology. The most prominent are Joensuu and Fortum, with an installed capacity of 6313 kg/h [36], and the Mikkeli, Biosaimaa Torrefaction Plant, which can produce about 10,000 tons of pellets annually [37]. The leader in the generation of electricity from municipal waste is Helsinki-Vantaa, with a capacity of 320,000 tons/year [34]. Ämmässuo, Espoo generates about 15 Mwe of electricity from landfill gas [35]. It should be noted that in recent years Finland has consistently been among the top ten countries in the world in terms of electricity production from municipal waste per capita.
Finland is actively developing hydrogen as an energy source for vehicles. As of August 2018, there were 2 hydrogen filling stations in operation in the country (Fig. 6). There are also several plants producing hydrogen, the largest being Raisio, Linde Compressed Hydrogen Plant, with an installed capacity of 708 Nm³/hour [38].

Education and Innovation

The set of indices reflecting the position of Finland among other countries in the field of education and innovation can be seen in Figure 7.
Finland is 7th out of 132 countries considered in the ranking of countries of the Global Innovation Index 2021 (see diagram), slightly behind Sweden, but ahead of Norway and Austria, which indicates the highest level of innovative activity in the country.

 Sources:
1. The Global Innovation Index 2021, Rankings / Knowledge / World Intellectual Property Organization / Cornell University, INSEAD, and WIPO (2021):
Energizing the World with Innovation. Ithaca, Fontainebleau, and Geneva *132
2. Patent Grants 2011-2020, resident & abroad / Statistical country profiles / World Intellectual Property Organization *185
3.Patents in Force 2020 / Statistical country profiles / World Intellectual Property Organization *109
4. QS World University Rankings 2022 *97
5. SCImago Country Rankings (1996-2020) / Country rankings / SCImago, (n.d.). SIR-SCImago Journal & Country Rank [Portal]. Retrieved 17 Nov 2021 *240
6. Internet users in 2018 / The World Factbook / Central Intelligence Agency *229
7. Internet users in 2018 (% Population) / The World Factbook / Central Intelligence Agency *229
8. Government expenditure on education, total (% of GDP), 2019 / United Nations Educational, Scientific, and Cultural Organization (UNESCO) Institute for Statistics.
License: CCBY-4.0 / Data as of September 2021*177
9. Research and development expenditure (% of GDP), 2018 / UNESCO Institute for Statistics. License: CCBY-4.0 / Data *119
10. Scientific and technical journal articles, 2018 / National Science Foundation, Science and Engineering Indicators. License: CCBY-4.0 / Data *197
  * Total number of countries participating in ranking


Figure 7. The indices of education and innovation in Finland


According to the number of patents granted to Finnish nationals, both domestically and abroad, the country ranks 15th in the world, behind a number of European countries, but higher than the world average. It should be noted that this ranking compares absolute values, and all countries from this rank that are ahead of Finland have a larger number of inhabitants, and most of them are many times larger. Similarly, by the number of patents in force, the country is above the world average - 29th place, indicating the country's favourable conditions for innovation. In terms of government expenditure on education as a percentage of GDP, the country ranks highly - 18th out of 177 countries selected for consideration, which has contributed to 9 Finnish universities entering the QS University Rating. Finland is very well positioned when considering the number of publications of specialists in scientific and technological journal and patent activities. The country placed 26th out of 240 participating countries in the Scimago ranking, and in Scientific and Journal Activities it is ranked 38th out of 197 countries. The country is also among the leaders in the region in terms of the number of Internet users and 6th in terms of public expenditure on research and development as a percentage of GDP.
Finnish universities, such as the University of Helsinki, The Arctic Aalto University, and the University of Oulu train specialists in various fields of energy, including Geology, Mining Engineering, Environmental Engineering and Electrical Engineering, etc. In the field of synthetic fuel production, leaders in patenting are Neste Oyj, UPM-Kymmene Oyj. Research and development in this field is carried out by VTT Technical Research Centre of Finland and Aalto University. In the field of unconventional oil, Outokumpu Oyj, Metsa Specialty Chemicals Oy and the VTT Technical Research Centre of Finland should be mentioned. Aalto University and Kemira are actively engaged in research in this field. Aalto University and the Geological Survey of Finland conduct research in the field of gas hydrates. Another important patenting area is coalbed methane, here the leaders in patenting among Finnish companies are Wärtsilä Finland Oy, CP KELCO OY. Wärtsilä Finland Oy is a leading patent holder in the field of utilization of coalmine methane and associated petroleum gas.
In the field of hydrocarbon production from reservoirs with low permeability - Kemira, UPM-Kymmene Oyj, CP KELCO OY. The leading patent holders in the field of bioenergy are Neste Oyj, UPM-Kymmene Oyj, Metso Power Oy, and the following research agencies are actively engaged in research: Aalto University, Norwegian University of Life Sciences, and the VTT Technical Research Centre of Finland.
A large number of companies patent technical solutions in the field of energy production from renewable sources. In the field of solar energy - Upstream Engineering Oy, Suinno Solar Oy. Leading research organizations in this field is VTT Technical Research Centre of Finland.
Moventas Gears Oy, Ahlstrom Corporation, VTT Technical Research Centre of Finland, Lappeenranta University of Technology (LUT) are all to the fore in the number of patents in the field of wind power.

Ecology and Environment Protection

The diagram of environmental indices presented in Figure 8 to some extent reflects the ecological situation in the country. The country demonstrates a relatively high level of CO2 emissions both in general, and per capita. It is also necessary to note the high level of methane emissions in the country. Finland is at 15th place in the Climate Change Performance Index (CCPI) 2022, which consists of 64 positions and includes 61 countries responsible for more than 90% of global energy-related CO2 emissions.

 Sources:
1. CO2 total emission by countries 2020 / European Commission / Joint Research Centre (JRC) / Emission Database for Global Atmospheric Research (EDGAR)*208
2. CO2 per capita emission 2020/European Commission/Joint Research Centre (JRC) / Emission Database for Global Atmospheric Research (EDGAR) *208
3. Forest area 2020 (% of land area) / The Global Forest Resources Assessment 2020 / Food and Agriculture Organization of the United Nations *234
4. Forest area change 2010-2020 (1000 ha/year) / The Global Forest Resources Assessment 2020 / Food and Agriculture Organization of the United Nations *234
5. The Environmental Performance Index (EPI) 2020 / Rankings / Yale Center for Environmental Law & Policy / Yale University *180
6. Annual freshwater withdrawals (m3 per capita), 2017 *179
Annual freshwater withdrawals, total (billion m3), 2017 – Food and Agriculture Organization, AQUASTAT data. /License: CC BY-4.0; 
Population – United Nations, Department of Economic and Social Affairs, Population Division (2019).
World Population Prospects 2019, custom data acquired via website. Retrieved 15 November 2021
7. The National Footprint Accounts 2017 (Biocapacity Credit / Deficit) / Global Footprint Network *188
8. Methane emissions (kt of CO2 equivalent), 2018 / Data for up to 1990 are sourced from Carbon Dioxide Information Analysis Center, Environmental Sciences Division,
Oak Ridge National Laboratory, Tennessee, United States. Data from 1990 are CAIT data: Climate Watch. 2020. GHG Emissions. Washington, DC: World Resources Institute.
Available at: License : Attribution-NonCommercial 4.0 International (CC BY-NC 4.0)  *191
9. The Climate Change Performance Index (CCPI) 2022 / Overall Results / Jan Burck, Thea Uhlich, Christoph Bals, Niklas Höhne, Leonardo Nascimento /
Germanwatch, NewClimate Institute & Climate Action Network *60

  * Total number of countries participating in ranking

Figure 8. Environmental Indices of Finland
 

In terms of forest area as a percentage of the country, Finland was 12th in 2020 out of 234 countries. The trend associated with forest area change from 2010-2020 looks positive and according to this indicator the country is 17th in the world.
The country is very well positioned in the Environmental Performance Index (EPI) 2020, which focuses primarily on the environmental activities of national governments, aimed at reducing the negative impact of the environment, and rational use of natural resources. In this ranking Finland is 7th out of 180 participating countries, behind a number of European countries, including Austria and Switzerland. However, according to the Environmental Vulnerability Index, which is based on years of observations and 50 indicators that include, for example, changing climatic characteristics or the quality of water resources, waste volumes, oil spills and other hazardous substances, etc. Finland is 57th out of 234 countries, and is characterized as “vulnerable". Finally, it is worth mentioning that according to the Ecological Footprint Atlas rating, Finland is among a number of ecological debtors.

References

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[36] Finland / Pyrolysis Demoplant Database / Publications / IEA Bioenergy Task 34: Direct Thermochemical Liquefaction / www.pyne.co.uk
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[38] Merchant Hydrogen Production Capacities in Europe /Hydrogen Production /Hyarc / Hydrogen Tools / h2tools.org


The sources of charts and curves are specified under the images.

For more information about the energy industry in Finland see here