For this Scandinavian country, the natural foundation for a hydrogen economy, compared to many others in Central Europe, is rather good. Finland has sufficient renewable energy resources, an enormous amount of water sources at its disposal and competitive electricity prices. Of the electricity generated from renewables in 2021, the highest share in Finland was nuclear at 35.6%, but hydro with 22.5% constituted nearly one quarter. Wind with 12.5% was the third most significant renewable electricity source. Biomass closely followed with 10.3%. All this accompanied by an intensely developed and reliable energy transmission network and the technological and digital expertise to make power generation in Finland extremely efficient and low cost.
A startup from Erlangen, Germany is advancing the development of a liquid organic hydrogen carrier. With various corporations like Bilfinger und Schaeffler, the technology company is trying to make the innovative solution for green hydrogen more economical worldwide. At the end of 2023, the largest storage and release plant thus far is to appear in Chempark Dormagen, near Cologne. It should be able to produce and store 1,800 tonnes of hydrogen annually. Demand is widely abundant.
Although the Nordic countries are characterized by widely different sectoral setups and geographies, they do share many traits such as being welfare democracies with flexible labor markets and long traditions for environmentally friendly policies and highly adaptable energy sectors.