The investment gold rush requires a cool energy policy

From the reader. Finland is currently living in the promised time of large investments. News of international technology giants’ billion-dollar data center projects around the country is rightly welcomed with joy.

These projects are not just bit strings; they mean thousands of new jobs during the construction phase, permanent livelihood for hundreds of experts and significant tax revenues for municipalities. They bring vitality to areas that have long needed a new industrial engine and faith in the future.

Data is the new oil, and Finland is the world leader in refining it. It is wonderful that our stable society and cool climate attract global players. In the future, however, we need to recognize and be aware of the following things, so that we do not become blind in the face of growth while at the same time weakening the quality of life of our own people.

Ireland is a cautionary example

A cautionary example can be found in Ireland, which has been the center of European data centers for years. There, development has reached the point where data centers already consume more than 21 percent of the country’s electricity – i.e. more than all the country’s households combined. This huge spike in demand, together with the limited electricity market, has led to a situation where the price of electricity has become one of the most expensive in the EU. Ordinary consumers have paid the bill for this in the form of high energy bills and transmission fees from strengthening the network.

We must learn from this. It is now vital that all available innovations are utilized to prevent energy price spikes. In Finland, we already have great examples of recycling waste heat from data centers into the district heating network, which improves the efficiency of the entire energy system.

Smart grids, flexible consumption and energy storage must be fully implemented.

Technological development must not lead to electricity becoming a luxury product. Innovations must be used to ensure that the price of electricity remains reasonable and stable, so that Finns would have those euros left over for their own living, hobbies and consumption.

The growth must be one that benefits society as a whole – not just data center owners. That’s the only way we can ensure that a large investment wave is a genuine profit for Finns, not a financial burden.