Finnish industry needs more nuclear power

From the reader. In 2023, the global green steel market will be valued at approximately US$3 billion, while the total steel market will reach US$1,500 billion. Finland has a significant opportunity to participate in the growth market for low-carbon special steels and metals. However, this requires above all the availability of emission-free electricity.

As the production of wind and solar energy increases, electricity consumption flexibility and energy storage solutions are also needed. In addition to these, the sufficiency of the steadily producing basic power sources needed by industry must be secured.

The production of heavy industry is by its nature weakly flexible, and its scales are enormous. For example, the development project of the Kokkola aluminum factory estimates the electricity needs to be around 7 terawatt hours per year.

Uncertainties in electricity pricing weaken the willingness to invest and have a negative impact on future expectations. Energy-intensive production facilities are designed to operate at the highest possible utilization rate, not to flex on a large scale according to demand.

More nuclear power is being built around the world. A recent estimate by the International Energy Agency (IEA) predicts that nuclear power capacity will double in the next 25 years.

There are several industrialized countries that invest in basic power to secure industrial investments. For example, Sweden aims to build at least two large reactors by 2035 and to add up to ten large reactors by 2045.

Sweden and Finland are similar industrialized countries in many respects. Therefore, Sweden’s ambitious plans to secure sufficient basic power should also be seen in Finland as an example of how to build a competitive industrial operating environment in the long term. Sufficient base power is key as industrial electricity consumption increases.

The prerequisites for energy-intensive heavy industry to create growth and well-being rely on a stable and predictable operating environment. This requires a long-term policy that attracts investment.

Finland needs the courage to look into the future and make decisions that enable green steel and other low-carbon products to become a global success story. The sufficiency of emission-free basic power is key in this development.

Saku Vuori

CEO, Metallinjalojat ry