Finland Sells $22Mln Worth of Renewable Energy Surplus to Belgium
Helsinki – Finland sold Belgium its renewable energy surplus for 18.6 million euros ($22 million) under the statistical transfers agreement signed on Friday, the Finnish Ministry of Economic Affairs and Employment said.
The agreement by Finnish Minister of Economic Affairs Mika Lintilä and Belgian Minister of Energy Tinne Van der Straeten was reached under the EU’s Renewable Energy Directive that limited Finland’s national target for the share of renewable energy to 38%.
“Finland will transfer the surplus of its renewable energy target to Belgium. The amount to be transferred is 1376.5 GWh. The countries agreed on a purchase price of EUR 13.5 per MWh and therefore Belgium will pay Finland EUR 18,582,750 on 30 September 2021,” the ministry said in a press release.
The statistical transfers agreement with Belgium is “a way of meeting EU-level obligations in a cost-effective manner” after exceeding national targets for renewable energy share, according to the Finnish minister.
The EU Renewable Energy Directive allows member states to transfer their renewable energy surpluses to other European countries in order to help them meet their own target. Finland and Belgium informed the European Commission on the progress of the negotiations as early as on 31 March 2021 and must report on the amount and price of energy transferred by 31 December 2021.