16.2.2023

The Nordic energy transition goes on despite the energy shock

Energy lawyers are truly at the centre of action. Europe’s energy shock, set off by the war in Ukraine, flung energy markets to the centre of the attention of citizens, policymakers and the media. At the same time, the global climate crisis is calling for an urgent transformation of the energy system all over the world. Nora Steiner-Forsberg, General Counsel and member of the Executive Management team at the Nordic energy company Fortum, and Partner Samuli Tarkiainen from our Energy service discussed the energy transition in the Nordic countries and the role of lawyers.

‘The energy transition is the best solution to the current crisis. It is a way to reduce our carbon footprint and the dependency of Europe on the import of fossil fuels,’ says Nora.

The Nordic energy system has shown resilience to the energy shock, thanks to favourable natural conditions, a balanced mix of energy sources and good transfer connections between the countries. Power production in the Nordics has been almost fully decarbonised, with hydro and nuclear as the backbone and wind power growing fast.

What’s more, decarbonisation is well on its way in heating. District heating, which is the dominant technology, is undergoing a fuel switch from fossil fuels to forest biomass and recovered waste heat streams.

However, for entire societies to become carbon neutral, industry and transport need to be decarbonised as well. This will require even more emissions-free power and fuels. New capacity must be accompanied by modifications to the market model. Smart regulation can help bring these changes about.

‘You need to have different layers of regulation,’ Nora says. Right now, we are in the middle of the energy shock, and lawmakers must respond. Governments are intervening in the energy markets to cut power bills, and energy companies are bringing back coal power plants to secure the supply of energy.

Despite this setback, European regulators must not be diverted from the path towards carbon neutrality. In the medium and long term, it requires not only building more renewable capacity but also investing in power grids, developing the import infrastructure and transforming the demand side of the energy market.

In regulation, the USA is ahead of the pack with the Inflation Reduction Act. European lawmakers should also grasp the moment to transform the energy system.

‘I hope that the EU can manage the classifications in hydrogen so that we can really be in par with the US, because there will be a lot of competition,’ Samuli says.

Energy lawyers can play their part in shaping regulation. Firstly, lawyers can spread knowledge on the types of rules that would work best for the energy transition. Secondly, lawyers put the rules to practice and impact the efficiency of the regulatory system. Finally, since the energy transition must happen quickly, Nora stresses the importance of cooperation:

‘It is really important to keep good contact with your stakeholders, whether it is regulators, municipalities or other stakeholders. This will make processes faster and smoother. Of course, you need to be able to earn trust first, with accountability, transparency and working together to achieve the joint goals.’

Listen to Nora and Samuli’s talk on Legal500’s Global Green Hub for views on facilitating the energy transition with regulation and the elements of a balanced decarbonised energy system for Finland.

Latest references

We advise Fingrid Oyj in a transaction in which Ilmarinen Mutual Pension Insurance Company is selling its holding of approximately 20 per cent of the shares in Fingrid to the Finnish State and OP Pohjola Kantaverkko Holding Ky. Fingrid owns Finland’s main electricity transmission grid and all significant cross-border transmission connections. The main grid is the backbone of the electricity transmission network, to which major power plants, industrial plants and regional electricity distribution networks are connected. 
Case published 11.2.2026
We advised Metsäkonepalvelu Oy in its acquisition of the entire share capital of PJP Metsäexpertit Oy. PJP Metsäexpertit is a Pirkanmaa-based company specialising in forest management and logging. The acquisition will strengthen Metsäkonepalvelu’s operations, particularly in the Pirkanmaa region, and expand its operations. Metsäkonepalvelu is a portfolio company of A. Ahlström Oy, a Finnish family-owned industrial owner. Metsäkonepalvelu provides mechanical timber harvesting services to forest companies, large private forest owners, and the public sector in Finland and Sweden. Metsäkonepalvelu Group employs nearly two hundred forestry professionals.
Case published 6.2.2026
We acted as legal adviser to EcoUp Oyj in a directed share issue, through which EcoUp raised a total of approximately EUR 3 million in gross proceeds to strengthen the company’s capital structure and finance its growth. The share issue was directed to a limited group of domestic investors, deviating from the shareholders’ pre-emptive subscription right. EcoUp’s shares are traded on the First North Growth Market Finland marketplace maintained by Nasdaq Helsinki.  EcoUp promotes the green transition of the construction industry by producing carbon-neutral, energy-efficient and circular economy-based materials, services and technologies that help construction industry players reduce their environmental impact. The company has over 40 years of experience in developing and delivering circular economy solutions to customers.
Case published 29.1.2026
We advised a leading global investment firm Brookfield, alongside a global sovereign wealth investor, on the Finnish law aspects of a EUR 1 billion holdco financing for DayOne Data Centers, a Singapore-headquartered developer and operator of hyperscale data centres. Structured as a seven-year secured holdco financing facility of €500 million, expandable to €1 billion – and secured by DayOne’s Finland platform – the financing will support the rollout of hyperscale developments in Lahti and Kouvola, providing nearly 300MW of planned capacity across Finland. The proceeds will also support DayOne’s global expansion across the EU and APAC, with flexibility to allocate to other key growth markets as required.
Case published 29.1.2026