Nordic Vision & Roadmap
In 2030, the Nordics have the world’s most competitive, innovative, and consumer-oriented electricity market, that contributes to reaching the ambitious Nordic climate goals. This is the main goal of the Nordic 2030 Vision for the electricity markets.
Link to the Vision
The Nordic Vision and correlating Roadmap were discussed and adopted by the Nordic Ministers of Energy at their 2019 annual meeting in Reykjavik. The Vision was adopted by the ministers and the roadmap noted as a live working document to be further developed and updated as actions and tasks progress. Both documents were developed by the Nordic Electricity Market Forum in 2018.
The Roadmap was updated in 2021 with input from the online sessions of the 2021 Electricity Markets Forum on the topic of Flexibility. The update takes into account the increased Nordic and European ambition for a carbon neutral 2050, following the European Green Deal and the Paris declaration to reach the 2 degrees target.
The 2030 objectives of the Roadmap for the Electricity Market are
- Flexibility to the markets: All flexible assets from producers, consumers and service providers can efficiently contribute to reliable and competitive functioning of the power system on a level playing field.
- Clear and transparent price signals: Price signals for all system needs across all time frames, long term forecasts for system needs, bidding zones and voltage levels (TSO/DSO), rewarding flexibility and system support were effective.
- Fostering electrification: new sectors (transport, heating & cooling, and industry (power to X)) are electrified and fully integrated into the electricity markets. Electricity markets that are coupled (energy and transport pricing combined) enable system integration, provide flexibilities across energy sectors, and support the move towards a climate neutral Nordic society.
- Nordic grid development: Welfare on a Nordic level is the guiding objective when planning, building, and operating the Nordic grids. Only with Nordic planning large scale RES developments on- and offshore and efficient Nordic bidding zone structures, is it possible to foster electrification and make Nordic region competitive for new electricity consumers and industrial investments.
- Open market access: All clean electricity sources (e.g., offshore energy) are seamlessly integrated into the Nordic and European markets.
- Resource adequacy: Resource adequacy is ensured through marked-based solutions in Nordic cooperation. Price signals guide investments, reflecting the value of resources in scarcity periods, and internalize the risk of inadequacy.