The lands in the northernmost corner of Europe present contradictory aspects in their social and economic development. Urban settlements are relatively few and small-sized, but rich natural resources (minerals, forests, rivers) attract energy-intensive industries. Energy demand is increasing as a result of new investments in mining and industries, while reliable energy supply is threatened by the planned phase out of Swedish nuclear power, the growth of intermittent power supplies and the need to reduce fossil fuel consumption, especially in the Finnish and Norwegian energy sectors. Given these challenges, this paper investigates the potentials of so far unexploited energy resources in the northern counties of Finland, Norway and Sweden by comparing and critically analyzing data from statistic databases, governmental reports, official websites, research projects and academic publications. The criteria for the technical and economic definition of potentials are discussed separately for each resource. It is concluded that, despite the factors that reduce the theoretical potentials, significant sustainable techno-economic potentials exist for most of the resources, providing important insights about the possible strategies to contribute to a positive socio-economic development in the considered regions.