EPV Energy kicked off 2021 with the launch of the New Electricity Revolution® strategy. At the heart of the strategy is zero-emission energy production, towards which we took significant steps during the year. We took decisive steps in nuclear power generation, increased our wind power production capacity and continued to explore technologies for industrial solar power generation and electricity storage. These technologies will play a crucial role in ensuring the security of future energy production.
The New Electricity Revolution® in full swing
The energy sector is undergoing a historic transformation – fossil fuels are being phased out and carbon dioxide emissions are being driven down rapidly. These changes are driven by the EU’s Fit for 55 climate package, which includes raising the price of emissions allowances.
Carbon-neutral solutions carried out in our industry have an important societal role to play in the fight against climate change. Launched at the beginning of the year, EPV’s New Electricity Revolution® strategy focuses on the generation and storage of zero-emission electricity, as well as the management of its consumption, using new technologies. In the future, our energy portfolio will consist of nuclear, wind, solar and hydropower. We also use emission-free raw materials and circular economy products such as forest energy and industrial gases. Through these actions, we are not only making our own operations emission-free, but also helping society to meet its emissions reduction targets. There is more to do, but we are taking important steps forward all the time in the form of new projects.
Large-scale projects underway
In line with our new strategy, our goal is to make EPV’s energy production completely emission-free by the end of the 2020s. This will require large investments. Important milestones were reached this year: the Radiation and Nuclear Safety Authority (STUK) granted permission to start the Olkiluoto 3 reactor for the first time and the Paskoonharju wind farm in Teuva was completed. In the summer, we also made an investment decision to build a sixth wind farm in Närpes.
There are also a significant number of new zero-emission energy projects on EPV’s drawing board. Future investments will include more wind power, the construction of our first industrial-scale solar farm and energy storage solutions.
The most flexible player is the star on the field
In the old world, electricity was produced to match consumption. However, the sharp increase in weather-dependent wind and solar power is bringing significant changes to the playing field. Investments must also be made to guarantee energy supply in any circumstance. Electricity demand will keep growing as society relies more and more on electricity. This makes the flexibility of the electricity system even more important. The need for flexible elements and ever better risk management is fuelled by the price volatility in the energy market, which was historically high towards the end of the year. But such price turbulence is the new normal in the market, and we need to adapt to it. When electricity is expensive, we need to be able to reduce its consumption, while when the price falls, we need to increase it.
In the world of new electricity, we have energy reserves and new industry that is run purely on the terms of electricity supply. Traditional consumption is also becoming flexible. Energy storage solutions are one of our key areas of investment to increase flexibility. The storage facilities allow for the decoupling of production from the moment of use, which significantly improves the reliability of the zero-emission energy system.
Much depends on technological developments
Technology is global, and it is also rapidly evolving in the energy sector. Innovations made on the other side of the world will sooner or later also have an impact on our energy market. We are looking to the future and the opportunities that technological advancements will bring. As the world changes, we need to make investments, even bold ones, to meet the energy needs of the future. The use of hydrogen to increase flexibility and store electricity is one of our major projects involving new technology.
Technology teams innovate and promote projects
Our strategy emphasises our desire to be a forerunner and to stay strongly involved in the transformation of the energy sector. In 2021, we established dedicated technology teams for all key technology areas to support these strategic objectives.
Technology teams explore new technologies and the opportunities they bring for future emission-free energy production and flexibility, innovate new solutions and drive projects forward. To ensure that all the teams have the best possible know-how at their disposal, they include people from across the Group.
Our experts are the key to zero-emission production
2021 was a successful year for EPV. We delivered more value to the owners than ever before. Despite the pandemic, we also managed to keep the wheels of society turning and continue to deliver high-quality development work. Thanks for all this goes to our professional personnel and their strong commitment.
EPV has been able to launch visionary large-scale projects thanks to its skilled people. Employees have also joined the technology teams with courage and motivation to participate in developing the energy solutions of the future. Thanks to our personnel’s top-level know-how, we are well on our way to the New Electricity Revolution and fully carbon-neutral energy production.
EPV Energy Ltd