When it comes to energy consumption, Finland has been increasing its usage of hydroelectric and renewable energy. However, nearly half of the energy it consumed throughout 2021 came from fossil fuels, and a further 20% from nuclear sources.
Without any oil, gas or coal reserves of its own, the nation has long relied on neighbouring Russia for much of its energy. After Russia invaded Ukraine in February 2022, Finland quickly replaced its oil with another supplier.
In May 2022, Russia cut off its natural gas exports to Finland when the Scandinavian nation refused to pay with roubles, the Russian currency.
At the time, Gasgrid Finland, the state-owned company in charge of natural gas transmission, said it was prepared for any halt in supply from Russia. In December 2022, after Gasgrid Finland signed a 10-year charter deal with America's Excelerate Energy, it was announced that the country would receive a floating liquid natural gas (LNG) terminal.
Positioned in the Baltic Sea, the LNG should supply Finland with natural gas for the next 10 years.