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Faraday's law of induction is responsible for setting up a geoelectric field due to the variations in the geomagnetic field caused by ionospheric currents. This drives geomagnetically induced currents (GICs) which flow in large ground‐based technological infrastructure such as high‐voltage power lines. The geoelectric field is often a localized phenomenon exhibiting significant variations over spatial scales of only hundreds of kilometers. This is due to the complex spatiotemporal behavior of electrical currents flowing in the ionosphere and/or large gradients in the ground conductivity due to highly structured local geological properties. Over some regions, and during large storms, both of these effects become significant. In this study, we quantify the regional variability of dB/dt using closely placed IMAGE stations in northern Fennoscandia. The dependency between regional variability, solar wind conditions, and geomagnetic indices are also investigated. Finally, we assess the significance of spatial geomagnetic variations to modeling GICs across a transmission line. Key results from this study are as follows: (1) Regional geomagnetic disturbances are important in modeling GIC during strong storms; (2) dB/dt can vary by several times up to a factor of three compared to the spatial average; (3) dB/dt and its regional variation is coupled to the energy deposited into the magnetosphere; and (4) regional variability can be more accurately captured and predicted from a local index as opposed to a global one. These results demonstrate the need for denser magnetometer networks at high latitudes where transmission lines extending hundreds of kilometers are present.