Energy ministers call for closer cooperation on the electricity market
The Nordic countries have worked closely together on the electricity market for decades. It is a partnership based on mutual trust and shared values and goals. Now, the energy ministers…
“The Nordic electricity market is one of the pillars of our green transition. High energy prices and fluctuating levels of generation pose obstacles to European competitiveness and security of supply. Working together at Nordic level allows us to make the most efficient use of all of our energy resources, secure supplies and make our region more competitive,” the Norwegian Minister of Energy, Terje Aasland, said after the recent meeting of Nordic energy ministers, at which they signed a new declaration about closer collaboration on energy in the Nordic Region and Europe. The meeting was held in Warsaw to coincide with a meeting of EU energy ministers.
Efficient and green electricity system
The Nordic electricity market is one of the keys to utilising the region’s energy resources, facilitating the green transition, and helping countries reach their ambitious climate targets. The ministers stress how crucial it is to maintain and develop an electricity market based on the principle that resources must be used efficiently – and for the benefit of the whole population and businesses.
“Together we are stronger – not just in the Nordic Region, but in Europe as a whole”
– The Nordic Council of Ministers for Energy
An important part of the European energy system
The Nordic countries have worked closely together to build a robust market that works well and is now seen as a model for the rest of Europe. Events in recent years have shown just how vulnerable the energy market can be. External factors such as the effects of the weather on electricity generation, geopolitical conflicts and the instability of gas supplies have led to significant fluctuations in electricity prices throughout Europe, not just in the Nordic Region. Nordic co-operation not only has an impact on the region but also plays an important role in the European energy market With this context in mind, the Nordic ministers will promote Nordic interests in the EU and actively help develop a European energy system that balances security of supply, sustainability and competitiveness.
Joint statement by the Nordic Energy Ministers
The Nordic countries have a long-standing tradition of cooperation in the electricity market, built on shared interests and a commitment to ensuring a well-functioning, competitive, and secure energy system for our region. We, the Energy Ministers in the Nordic Countries, will strengthen our good cooperation on a well-functioning Nordic electricity market, in order to ensure stable and competitive electricity prices for households and businesses.
Efficient power system
The Nordic electricity market plays a crucial role in facilitating an efficient utilisation of our energy resources, the green transition necessary to achieve the Nordic countries climate ambitions and security of supply. We have created a resilient market that benefits both households and businesses across the region. In this way, the Nordic power market has served as a model for the rest of Europe.
It is essential that we maintain and further develop a well-functioning electricity market based on the principle of the effective use of our resources, to the benefit of all.
Vulnerability
Our power supply remains exposed to external factors which contributes to high and variable prices. The transition to a more renewable and weather-dependent energy system, in addition to Russia’s aggression against Ukraine and subsequent effects on gas deliveries, continue to impact energy markets. These challenges underscore the need for continued collaboration and proactive measures to safeguard stability and affordability. It is crucial that Nordic industrial enterprises remain competitive in the future, and that end-users are not exposed to extreme fluctuations in electricity prices.
Goal
As a part of our close energy cooperation, we, the Nordic Energy Ministers, are strengthening our cooperation to ensure stable and competitive electricity prices for households and businesses. At the same time, we remain committed to maintaining a high level of security of supply across the region.
European Dimension
Our strengthened collaboration will also seek to safeguard common Nordic interests within the European energy market. By working together, we can contribute to a well-functioning European energy system that balances security, sustainability, and competitiveness.