On the Brink of an Energy Crisis – What Can We Learn from the Past?

Russia’s war of aggression against Ukraine is causing immense human suffering and massive material damage. The war may also plunge Europe, including Finland, into a deeper energy crisis. Many organisations, including the European Commission and the International Energy Agency (IEA), have recently outlined the path out of dependence on Russia.

In this working paper, we have collected lessons from past energy crises and energy economic upheavals. First we look at the 1973 oil crisis, then Japan’s recovery from the collapse of nuclear power generation in 2011. We also look at cases where the energy economy has changed significantly in the absence of crises.

Finland has traditionally been comparatively well prepared for exceptional situations. On the brink of an energy crisis, we should use all available tools: we can strengthen foresight and preparedness, seize the potential for energy savings and ensure the timely replacement of Russian energy. In the long term, we need to secure the transition towards a circular economy that is sustainable for the climate and nature.