Increased electrification will be a cornerstone in the battle against climate change, and the Nordic countries will lead the way by becoming the most electrified region in the world. This shall be done by developing the Nordic electricity market by ensuring that electricity production is climate-friendly, security of supply is high, and electricity prices are competitive. In short, the world’s best electricity market.

These were some of the conclusions at the first “Nordic Electricity Market Forum” which was held on Wednesday in Stockholm. The meeting in Stockholm was initiated by the Swedish Minister for Policy Coordination and Energy, Ibrahim Baylan. He emphasized the need to look forward:

“We have come a long way in the Nordic region, but there is no need to be nostalgic. We must move forward. Major challenges lie ahead of us, which we will best resolve together.”

Deputy CEO of Danish Energy, Anders Stouge, is the acting chairman of the cooperation between the Nordic energy associations (Nordenergi). He was particularly pleased with the ambition to make the Nordic region a beacon for the green transition and electrification.

“For many years in the Nordic region, we have been a world leader in the development of renewable energy and in cross-border cooperation. The energy sector is undergoing a fantastic development with decreasing prices for wind and solar energy. However, the increased share of renewable energy can affect the stability of the power grid if not handled correctly. Finding solutions to this challenge is among the new challenges, where we should now take the lead in the Nordic countries.”

At the Electricity Market Forum, it was decided to establish five working groups which are to work out recommendations prior to the Nordic Energy Ministers meeting in spring 2019.