The report “The Nordic Energy Trilemma – Security of Supply, Prices and Just Transition” reviews factors that drove the most severe energy crisis in recent memory, with an emphasis on electricity markets, the preparedness of the Nordic countries, and how they responded. Risks to the Nordic energy transition are identified, and measures in place to mitigate these risks are assessed. Where no such measures exist, actions are proposed to address the gaps.
The recommendations herein define national, Nordic, and international actions to increase energy security and emergency preparedness, such that our societies are ready for the energy crises of the future.
The Energy Trilemma
Secure access to abundant and affordable energy is critical for societies and a cornerstone of well-functioning economies. The Nordic governments’ participation in the Paris Agreement’s goal of limiting the global temperature increase to well below 2oC compared with pre-industrial levels has created a desire to accelerate the pace of the green energy transition. Governments are consequently being challenged to balance the three dimensions of the Energy Trilemma of security, affordability and sustainability, which, while often conflicting, do offer some synergies.
