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5 Feb, 2023 15:20

EU member to face electricity shortage – grid operator

Industrial demand in Sweden is growing faster than energy production, Svenska kraftnat says
EU member to face electricity shortage – grid operator

Sweden will have to reckon with a dearth of electricity starting in 2027, as industrial power demand is growing faster than energy production, Mattias Jonsson, a manager for electricity market analysis at the country’s grid operator, Svenska kraftnat, said on Sunday.

The projection takes into account the latest report prepared by the country's energy agency in cooperation with state regulatory bodies, including the Swedish Transport Agency, Energy Markets Inspectorate and Svenska kraftnat.

“We see a risk that large industrial investments won't be possible if we do not get a faster expansion of electricity production started,” Johansson told Swedish national public television broadcaster SVT.

Sweden's power consumption is on the rise after years of remaining steady, which was accompanied by growing power availability, according to a five-year outlook report issued earlier this week.

The report outlines that demand for electricity in Sweden could double by 2035. Analysts expect onshore wind power to be technically and economically feasible in the short-term, but highlight that in the long run new nuclear power facilities will be needed. It says existing wind power capacities should be expanded.

According to the estimates, electricity generation in Sweden will grow by about 17 terawatt-hours (TWh) by 2027, while consumption will grow by 44 TWh. The current energy surplus of 33 TWh will decrease to about 6 TWh.

The outlook also predicted that electricity consumption in Finland would increase slightly, while production would expand as well, helping the country to move from deficit to surplus. Meanwhile, the growth of solar and wind energy in Denmark is expected to keep pace with demand. Norway, however, should move from surplus to deficit.

In total, the available electricity surplus in the Nordic region will reportedly decrease from 38 TWh in 2023 to 13 TWh in 2027. The lower reserve is anticipated to lead to a bigger power crunch during adverse weather conditions.

For more stories on economy & finance visit RT's business section

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