Finland sells surplus renewable energy to Belgium for €18.6 million

The Finnish government has sold 1,376.5 GWh of surplus renewable energy worth € 18.6 million to the Kingdom of Belgium, according to the Ministry of Economy and Employment.

This operation took place due to the EU Renewable Energy Directive. The mandatory national target of the Renewable Energy Directive for Finland is 38%, and already last year renewables accounted for about 42% of final energy consumption, meaning Finland exceeded the target.

“Through the agreement, Finland will transfer the surplus of its renewable energy target to Belgium. The transfer amount is 1376.5 GWh. The countries have agreed on a purchase price of 13.5 euros per MWh, so on September 30, 2021, Belgium will pay Finland 18,582,750 euros, ”the message says.

Finland and Belgium must notify the European Commission of this operation by 31 December, including the amount and price of the energy transferred. The commission was informed in advance about the progress of the negotiations on March 31.