New working group to assess impacts of energy crisis on operations of different sectors and businesses
Russia’s invasion of Ukraine has led to an energy crisis that affects not only individuals but also the operations of different sectors and individual businesses. The Ministerial Working Group on Preparedness proposed on 20 October 2022 that the Ministry of Economic Affairs and Employment appoint a working group to draw up an overall assessment of the changed operating environment facing businesses.
The task of the working group appointed by the Ministry of Economic Affairs and Employment will be to produce an assessment of changes in the operating environment of businesses brought on by the energy crisis. The assessment of the situation will take into account the special characteristics of different sectors.
The working group will assess the impacts of changes in the operating environment on different sectors and, in particular, how the increase in energy prices is affecting the profitability and finances of businesses and their ability to cope with the situation in the short and medium term.
Electricity prices affect operations and profitability of nearly all businesses
“We do not yet have a clear overall picture of the current situation facing businesses and different sectors. Anticipating trends in energy prices is also challenging. In a changing operating environment, it is important to have a clear understanding of the situation in order to maintain overall preparedness and a comprehensive picture of the economy,” says Minister of Economic Affairs Mika Lintilä.
Businesses also play an important role in the demand side response of electricity. Demand side response can be an important means to influence energy costs, but it also plays a key role in safeguarding the electricity system in the case of shortages.
Working group to begin its work immediately
The working group’s term will run from 20 October to 11 November 2022. It will be chaired by Sampsa Nissinen, Senior Ministerial Adviser at the Ministry of Economic Affairs and Employment, while Director General Ilona Lundström from the ministry will serve as its vice-chair.
The members of the working group will be Chief Specialist Anita Silanterä (Ministry of Economic Affairs and Employment), Chief Senior Specialist Olli Kärkkäinen (Ministry of Finance), Chief Specialist Juha Tervonen (Ministry of Transport and Communications), Ministerial Adviser Pekka Sandholm (Ministry of Agriculture and Forestry), Senior Ministerial Adviser Sari Rapinoja (Ministry of the Environment), Director Mika Maliranta (Labore) and Professor Otto Toivanen (Aalto University).
Sonja Hällfors, Special Adviser to the Minister of Economic Affairs, tel. +358 50 594 8255
Sampsa Nissinen, Senior Ministerial Adviser, Ministry of Economic Affairs and Employment, tel. +358 29 504 7189 (Chair of the working group)