Fortum said that, by utilizing the resources in a more efficient manner, increasing renewable-based electricity production will be cheaper, lowering the needed support ultimately paid by taxpayers or electricity customers.
The European Union has committed to increase its share of renewable energy in the final energy consumption from 8.5% in 2005, to 20% in 2020. The target has been allocated nationally to each member state. Achieving the targets will require a significant increase both in energy efficiency and in all forms of renewable energy production, according to Fortum.
Fortum noted that if every Nordic country must achieve the high targets on their own, they must invest more in the most expensive production methods, such as offshore wind.
On the other hand, when the resources are pooled at a Nordic level, lower-cost resources available in all four countries will reportedly be sufficient to meet the needed production increase. Building capacity in the most optimal locations first, will reportedly create cost benefits for all stakeholders involved.
