1 February 2023
Minesto signs MoU with tidal energy developer in the Philippines
The Philippines has one of the largest markets for ocean energy development. Renewable energy demand has increased in the Philippines due to economic development and more ambitious green energy goals. At the end of 2022, legislation was changed to facilitate a transition to more renewable energy production, and to promote foreign investment. In light of this, Swedish ocean developer Minesto has signed a collaboration agreement (MoU) with a tidal in-stream energy developer from the Philippines, Poseidon Renewable Energy Corporation, to establish tidal energy with Minesto’s technology in the Philippines.
RGNT Motorcycles secures financing from Nefco to scale business
The Nordic green bank, Nefco has approved a loan to Swedish electric motorcycle manufacturer RGNT that will allow the company to scale up its business and international commercialization. RGNT’s electric motorcycles are emission free, require less maintenance and are produced using recycled material. Opportunities to increase recycled material usage in production are currently being investigated. Moreover, RGNT’s motorcycles are connected to an application which provides real-time information on battery status and maintenance using over-the-air (OTA) updating. If customers act on the given information, the batteries will have a longer life cycle and preventive maintenance will be done at the right time, which will increase battery energy efficiency and savings.
Bixia forecasts Swedish electricity prices will decrease from 2025
Bixia, a Swedish electricity company, forecasts that Sweden will have high electricity prices for the next two years - forecast to be between 60 öre - 1 kr per kWh, but then decreasing steadily over the next 15 years to a little over 50 öre per kWh. The electricity price forecast is based on Bixia’s base scenario, which forecasts future energy consumption, energy production and management capacity, as well as the known ambition levels within the EU politics and individual countries. The forecasting does not take into account nuclear energy development, as no final decision has been made on the matter. The forecast also highlights that energy and climate policy goals will dictate technology and price developments in the electricity market.
Electricity consumption is expected to increase by 40% or 155 TWh by 2040. This is mostly due to development in the transport and industry sectors and partly due to more data centres establishing in the Nordic countries. Electricity production is also expected to increase by about 40% with wind energy being the biggest contributor. Bixia also predicts that energy production will exceed energy consumption, therefore sufficient power grid infrastructure needs to be in place to create energy balance.
“The countries in Europe have different conditions in terms of both natural resources and economy. Electricity from fossil fuels still constitutes a large part of the world's and Europe's energy production. An increased exchange and trade between the Nordic countries and the continent is a necessity in order to reach the climate goals regarding power production”, says Johan Sigvardsson, an electricity price analyst at Bixia.
Nuclear power furthered in Finland, especially small modular reactors (SMR)
Currently, Finland has two reactors in the Loviisa plant and two in the Olkiluoto plant. A fifth reactor (Olkiluoto 3) is in the implementation phase at the Olkiluoto plant. Now Finland is ready to start the pilot project of small modular reactors (SMR), the end goal being to build two small nuclear power plants with SMRs. The pilot projects will produce only 50 MW, which means that no government decision will need to be made. An environmental impact assessment will need to be done, which usually takes a couple of years. Then, the project will have to be processed by the radiation safety centre Stuk, which can take time. So, the SMR pilot projects will likely become a reality by early 2030.
However, there are still many years to go before SMRs can be produced at a larger scale. For that to happen, a new nuclear law needs to be established, which will require thorough work. “The legislative work will take many years, but the goal is that it will be ready during the next government term”, says Liisa Heikinheimo, the industry advisor at the Ministry of Labor and Enterprise.
Jönköping Energi reports strong financials
Jönköping Energi reported a strong 2022 economic performance, with a profit of SEK 251 million due to electricity production, which comes from a cogeneration plant using sustainable fuel, water power and wind power. “I think that everyone who lives in our municipality should be proud of the county's largest energy company and feel secure that the profit goes back to them as residents of the municipality”, says Fridolf Eskilsson, the CEO of Jönköping Energi. The profit will be partly used to improve the power grid and district heating infrastructure, as well as help cover the increased costs.
Swedish ventilation company Lindab invests in carbon dioxide reduced steel
Lindab plans to offer ventilation products with carbon dioxide reduced steel XCarb® RRP, which will be made with more recycled steel and 100% renewable energy, resulting in 70% less climate impact than traditional steel. Lindab is currently waiting for a delivery of completely fossil-free steel, but believes XCarb® RRP will allow them to provide a more sustainable ventilation product to the market now.
Equinor Ventures invests in French hydrogen company HySiLabs
Norwegian Equinor Ventures has invested EUR 13 million in French company HySiLabs, which is developing a patented process to lock hydrogen molecules in a silica-based liquid carrier. The hydrogen can then be released when needed, without energy, which is interesting in today’s market. Equinor’s investment will allow HySiLabs to ensure that hydrogen transport using its patented technology is safe, economical and scalable.
Chinese waste incinerator reduces energy consumption by 30%
Swedish company ABB has provided Beijing Enterprises Environment Group Limited with a waste treatment plant, with variable speed drives (VCDs). The VCDs control the speed of the plant’s waste incinerator. ABBs VCDs have lowered energy consumption, while the capacity for waste treatment has increased to 2,250 tonnes per day. Annual carbon emissions have been reduced by 120,000 tonnes.
Flying electric boat launch delayed to 2024 in Stockholm
Production of Candela’s “flying electric boats” has been delayed until April 2024 due to component shortages. According to a KTH study, the boats will have 97.5 % lower carbon emission over the boat’s 30 year lifetime. The boats will also lower travel prices, for example a journey from Stockholm to Sandhamn will cost 100 kr, compared to 2000 kr on a fossil-driven boat.
Dala Energi plans for new solar energy park in Gagnef
Swedish energy company Dala Energi plans to construct a new solar energy park in the Swedish municipality Gagnef. The new park can provide electricity to 300 villas and plans to deliver 4000 MWh per year. Ground work will begin in Autumn 2023 and installation at the start of 2024.
Soltech Energy acquires Vårgårda Solenergi
The Swedish solar energy company Soltech Energy has acquired 100% of the shares in Vårgårda Solenergi, which is also a Swedish solar energy company. Vårgårda Solenergi will become part of Soltech Energy’s wholly-owned subsidiary Takbyrån in Alingsås. The acquisition was made using the company’s own cash and newly issued shares.
Norwegian ministers to hold circular economy meeting on 3 Feb
The Minister for Climate and the Environment and the Minister for Business are holding a meeting on circular economy on 3 February in Norway. The ministers have invited industry organisations, representatives from the business world and public administration, policy makers and climate and environmental organisations. The meeting aims to put a focus on the circular economy:
- What does EU policy mean for Norway and Norwegian business?
- How will the Norwegian authorities support during the transition?
- What is the status and the most important challenges in various sectors and industries?
Celsia enters into agreement with Verdane
Norwegian startup Celsia offers climate reporting software in accordance with new requirements outlined by the EU taxonomy, which came into force for most European countries at the end of last year. In 2022, Verdane launched Europe’s largest growth fund in the impact segment. As part of the agreement, Celsia will ensure that impact reporting for the companies in the new fund is done correctly under the new requirements.
Offshore wind developers collaborate with the Carbon Trust
11 offshore wind developers collaborate with the Carbon Trust on the Offshore Wind Sustainability Joint Industry Programme, including Fred Olsen Seawind, Vattenfall and Ørsted. The programme aims to develop a common method for calculating CO2 emissions from a life cycle perspective. The purpose of the programme is to help offshore wind farms scale up sustainably, meaning with low CO2 emissions.
Although offshore wind energy production emits significantly less CO2 than fossil energy, the sector still needs to collaborate to transition its value chain and resource-intensive forms of production, construction and operation to become CO2 free. Key areas that still need to be addressed are steel, cement and fuel.
Finland’s coal consumption increased for the second year in a row
According to Statistics Finland, coal consumption increased by 10% in 2022 compared to 2021, and in 2021, coal consumption was 18% higher than in 2020. Even though coal consumption has increased, the consumption of coal used as industrial fuel has not. The Russian invasion on Ukraine and the subsequent sanctions imposed on Russia’s imports, affected the demand for coal, since it replaced the deficit produced by natural gas and wood. Russia’s coal imports to the EU have been replaced by coal imported from Poland, the United States and Australia.
Despite the increase in coal consumption over the last two years, the general consumption has been declining for a long time, as renewable energy has replaced the use of fossil fuels, says Aira Hast, Statistics Finland's Chief Actuary. The use of coal as energy will have to continue decreasing, because the ban on its use will enter into full force in 2029.
What we’re reading
- Belgium wants to make Antwerp Europe's hydrogen hub (ShippingWatch)
- ‘It’s over, finished’: Coal boss gloomy about future EU power market (Euractiv)
- Emissions divide now greater within countries than between them – Piketty study (The Guardian)
About Nordic Green News
The Nordic countries are some of the most dynamic and successful economies in the world. They are also leaders in sustainability, from renewable energy, biofuels, carbon capture and storage and the hydrogen economy, circular economy business models and battery development, the Nordics are pioneers in policy design, technology development and consumer uptake. Mundus Nordic Green News is covering this transition for the international community. Every day we curate the stories of most relevance to international businesspeople and policy experts from the flow of news. Mundus Nordic Green Indices summarise the meta-data from our daily coverage to enable easy tracking of trends. We supplement these with our own opinion pieces and commentary.
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