Stockholm, Sept. 3(ChinaEuropeDialogue) –The Government of the Republic of Finland and the Government of the Kingdom of Belgium reached an agreement on statistical transfers under the EU’s Renewable Energy Directive on late June.
The Minister of Economic Affairs Mika Lintilä on behalf of Finland and the Minister of Energy Tinne Van der Straeten on behalf of Belgium have now signed the agreement, according to a press release from Finland.
“Finland’s long-term investments into increasing renewable energy have been successful. We have exceeded our targets and statistical transfers are a way of meeting EU-level obligations in a cost-effective manner. Our negotiations with Belgium proceeded smoothly and the outcome will benefit us both,” minister Mika Lintilä says.
The Renewable Energy Directive’s binding national target for the share of renewable energy in Finland is 38% and already in last year the renewable energy accounted for around 42% of final energy consumption, which means that Finland exceeded the target.
The Directive aims to help different Member States to achieve their targets and, at the same time, for the EU to meet its common objective. For this purpose, the Directive allows Member States to use the renewable energy surpluses achieved in another Member State as a statistical transfer for their own target.
Finland sells its renewable energy surplus to Belgium for EUR 18.6 million
By means of the agreement, Finland will transfer the surplus of its renewable energy target to Belgium. The amount to be transferred is 1376.5 GWh. The countries agreed on a purchase price of EUR 13.5 per MWh and therefore Belgium will pay Finland EUR 18,582,750 on 30 September 2021.
Finland and Belgium must notify the European Commission of statistical transfers by 31 December 2021, including the amount and price of energy transferred. The Commission was informed in advance of the progress of the negotiations on 31 March 2021.
The Ministry of Economic Affairs and Employment has prepared the statistical transfers and negotiated the agreement on behalf of Finland supported by the Foreign Ministry.
Under the Government Rules of Procedure, energy policy falls within the remit of the Ministry of Economic Affairs and Employment, and the national implementation of the Renewable Energy Directive is its responsibility. In September 2020, the Ministry submitted a Europe communication to Parliament (E 104/2020 vp) concerning the start of the agreement negotiations.