10 January 2020

Subsidized electricity and challenges with transition to renewable energy in Norway 

Beginning in January, the Norwegian government will provide subsidies for the electricity bills during the upcoming three months. The support will cover approximately a third of the electricity bill. According to the Norwegian Prime Minister, Jonas Gahr Støre, the market does not take social consideration into account and thus, this kind of governmental intervention is needed. 

Støre also mentions the challenge of reaching the climate goal of cutting emissions by at least a half from 1990 to 2030. This goal entails replacing power plants with electrification. In this process, there could potentially be issues with power shortage and consequently, higher electricity prices. The government is currently working on more renewable energy on land and on sea to proactively circumvent this outcome. 

MSN økonomi

Green policies force big jump in price of Swedish green diesel 

On New Year's Day, Swedes were confronted by a 20% overnight increase in the price of  "environmentally friendly, HV0100 diesel. HV0100 is made from renewable energy, such as animal waste and residual products. The price increase can somewhat be explained by a world market price increase for biofuels as demand for it has gone up. Another reason, specific to Sweden, according to a law enacted in 2018, suppliers of fuel must gradually increase the mix of fossil-free fuels, such as HV0, in their fuels. This law was enacted as a part of the national target to reduce 70% of greenhouse gas emissions from domestic transportation by 2030. According to a politician from the Swedish Green Party, Henrik Ölvebo, the fact that the environmentally friendly alternative is more expensive than the regular diesel is not optimal. Domestic production and other alternatives, such as an increase in electric cars, are also needed to drive change. 

SVT

Haldor Topsøe receives large fund from EIB for R&D in clean energy 

The Danish technology supplier, Haldor Topsøe, has received funding of 45M EUR from the European Investment Bank (EIB). Haldor Topsøe is in the pursuit of becoming the world leader in technology for CO2 reduction by 2024 and aims to support a wide range of energy intensive industries in their transition to clean energy. With the funding, the company will conduct research in innovative hydrogen technologies and enable customers to manufacture at a low carbon footprint. According to EIB’s Deputy Chairman, Christian Kettel Thomsen, this R&D investment will help towards meeting the European Green Deal and reach the goal of carbon neutrality by 2050. Additionally, he sees this investment as beneficial for economic growth and creating employment opportunities. 

Elektronik fokus

HSB Göteborg makes large investment in solar cell park 

The Swedish cooperative association for housing, HSB Göteborg, has made a large investment in the nation’s second largest solar cell park. This investment is part of their larger ambition towards minimizing climate impact to zero by 2030. In the long run, their goal is for all of their real estates’ energy consumption to be met through renewable energy. Additionally, on a societal scope, the company has made this large investment to lead the change towards clean energy.

press release

Rgnt expanding its business of electrified motorcycles in 2022 

In 2019, Jonathan Åström founded the electrified motorcycle brand Rgnt in Kungsbacka, Sweden. In 2021, he sold 60 motorcycles and he expects the business to grow significantly during the upcoming year. The company has already received a large amount of orders for the summer, and hopes to raise around SEK 100M this spring and has a goal to sell 1,000 bicycles by the end of the year. The brand has a focus on sustainability as well as high quality. The motorcycles are produced in Sweden and its parts are only sourced from within European borders. Additionally, Rgnt motorcycles in usage measure data in real time for information on further improvements of the product. There is competition in the market, though Åström perceives it as mostly beneficial since it helps pave the way for electric vehicles. 

Breakit

What we're reading (no translation/summary required)

• Bill Gates-backed fund aims to invest $15bn in clean tech (FInancial Times)
• Sun Metals taps gravity energy storage tech in shift to “green zinc” (RenewEconomy)
• Will the Swedish fuel revolution knock out the concentrated biofuels? (Swedish: Magnus Nilsson blog)
• Shrink to fit: the year Big Oil starts to become Small Oil (Reuters)

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