Inside the Nordic Power Markets with Riku Merikoski (Senior Power Analyst @ Axpo Group)

As Europe’s energy markets evolve, the Nordic region provides a fascinating case study. High hydro penetration, cross-border interconnections, and shifting regulatory frameworks are shaping a unique electricity market with lessons for the rest of the continent.

From Sweden’s shift to zonal pricing to growing debates around consumer fairness and the future role of storage, the region continues to test the boundaries of what a flexible, renewable-heavy market can look like and what it means for the rest of Europe.

In this episode of Transmission, Ed is joined by Riku Merikoski, Senior Power Analyst at Axpo Group, to explore the distinct challenges and opportunities in the Nordics. Over the course of the conversation, you’ll hear about:

• The role of batteries in the Nordics – in a system already dominated by flexible hydro, where exactly do batteries fit in?
• Swedens move away from a national market in 2011 and adoption of a zonal market structure.
• Interconnection and integration in the region.
• Rethinking fairness in energy policy – who really needs support, and should subsidies extend to second homes?
• What the Nordics can teach the rest of Europe (and the world) about balancing renewable integration, price signals, and consumer outcomes.

About our guest

Axpo Group is Switzerland’s largest producer of renewable energy and a leading international player in energy trading and the marketing of solar and wind power. Headquartered in Baden, the company operates across more than 30 countries in Europe, North America, and Asia, offering innovative energy solutions to industrial and commercial customers. With a diverse portfolio that includes hydropower, nuclear, biomass, and gas-fired plants, Axpo is committed to enabling a sustainable future through technological innovation and strategic investments in clean energy. For more info, head to their website.

Riku Merikoski is a Senior Power Analyst at Axpo Group, specializing in Nordic and UK power market analysis within the company's fundamental analysis team. With over a decade of experience in the North European power markets, his insights have supported significant investments across major low-carbon power production technologies.

About Modo Energy

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