Nordic Power Market Outlook

42nd edition (to 2050).

Scenario-based analysis with updated price prognosis for all Nordic price areas and neighboring countries.

The Nordic Power Market Outlook contains: 

  • Four scenarios with an updated base case scenario, using market prices for coal, natural gas, and EUAs
  • High and low scenarios 
  • Expectation scenario based on our view of long-term EUA prices
  • And much more.


SG power market reports
Key insights

What does the outlook offer?

The long-term report offers four scenarios with an updated base case scenario, using market prices for coal, natural gas, and EUAs, a high and low scenario, as well as our expectation scenario based on our view of long-term EUA prices. The analysis is available as pdf including a spreadsheet with all relevant calculations from the analysis.


What price forecasts are included?

We include price forecasts with an hourly resolution for the Nordic system and all Nordic area prices up to 2050, plus price projections for Germany France, the UK, Netherlands, Poland, Estonia, Russia, Latvia, and Lithuania on an annual resolution.

Does the outlook include annual supply and demand balance?

The Nordic Power Outlook also includes a detailed annual supply and demand balance for all price areas and estimates for SRMC and LRMCs for a large number of production technologies until 2050.

Details and Specifications

Key discussions for the Spring 2023 Nordic Power Market Outlook.

Nena Power Market Outlook Cover 2023

Onshore Wind Power Investments

Onshore wind power investments in the Nordic region are currently experiencing a decline. This decline can be attributed to a high level of conflict in many areas, with numerous vetoes from local authorities. Additionally, the rising cost of onshore wind power is posing profitability challenges for several projects.

Slow Development of Solar Power

Solar power investments, particularly in Norway, are progressing slowly. While the potential profitability of these projects is promising, conflicts related to land use and other factors are impeding or delaying investments more than previously anticipated.

Delays in Offshore Wind Projects

Several offshore wind projects are facing delays due to cost increases. In Norway, the first tender round is more than a year behind schedule.

Long-Term Profitability of New Production

It is imperative that investments in new production ensure satisfactory profitability for investors in the long term. Although offshore wind power is likely to see growth due to subsidies, there is an expectation that it will need to operate without subsidies in the long run. Consequently, rising costs for new production are contributing to higher long-term power price expectations.

Impact on Demand-Side Projects

The increased costs for new production are also impacting the profitability of projects on the demand side. As a result, consumption growth is expected to be hindered by the higher costs associated with new production.

Flexibility in Consumption Growth

Much of the growth in consumption will depend on its flexibility, allowing consumers to use power when prices are low. Technologies such as hydrogen and Power-to-X will play an increasingly significant role in the power markets.

Achieving Carbon Neutrality

To achieve carbon neutrality, it is imperative that higher EUA (Emission Unit Allowance) prices are implemented. We provide our perspective on the EUA market and propose an alternative CO2 price that is better aligned with Europe's goal of becoming climate-neutral by 2050.

Cost Elements for the Power System until 2050

Our report offers a comprehensive analysis of the various cost elements within the power system, projecting developments until 2050. We focus on Long Run Marginal Costs associated with renewable power production, energy storage, hydrogen production, and hydrogen-fired power plants.

Download the part of the Nena Nordic Power Market Outlook, which was published in fall 2022,
and learn more about the Future of Renewable Energy Policy and investments

Speak to one of the StormGeo Nena team today and discover how our power market analyses can help you. The report is available for pre-purchase now.

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