The Nordic region is well on the way to becoming a European powerhouse for renewable energy, according to Rystad Energy. According to Rystad Energy, Finland, Sweden and Denmark together could install up to 12.8 gigawatts of new solar systems by 2030.
According to a new study by the Norwegian research company Rystad Energy, installed photovoltaic capacity could increase by 12.8 gigawatts by 2030 in Denmark, Sweden and Finland. The Nordic region is therefore well on the way to becoming a powerhouse for renewable energy in Europe. However, most of the growth, at 61.5 gigawatts, is attributable to onshore wind energy.
Rystad Energy expects Denmark to lead the growth in photovoltaics in the region. According to the forecast, the country will install around 9 gigawatts of solar systems by 2030, followed by Sweden with 3 gigawatts and Finland with 0.8 gigawatts. By 2030, Sweden wants to get 65 percent of its electricity from renewable sources. Finland has set a target of 51 percent and Denmark 55 percent. According to the latest statistics, by the end of 2021, Denmark had more than 2 gigawatts of installed photovoltaic capacity, while Sweden and Finland had 1.59 gigawatts and 395 megawatts, respectively.
According to Francesca Bjørnflaten, senior analyst at Rystad Energy, the Nordic countries are already major electricity exporters to the rest of Europe. "This trend will only increase as investment in renewable energy and generation increases due to the region's geography, technology and management experience."
Green hydrogen projects will also see significant growth in the region. Denmark, Sweden and Finland have announced almost 40 separate hydrogen projects that are scheduled to come on stream from 2030 or earlier. "The combined share of electrolyser capacity for green hydrogen production in the three countries will account for about 18 percent of the European market by 2030," the report said.
With a share of twelve percent of the European market by 2030, Denmark will also be the leader in the use of green hydrogen. Sweden will follow with a five percent share as the country plans to use green hydrogen to decarbonize its steel industry.
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