12 April 2022
Energinet expands billion plan for Danish electricity grid
CEO of Energinet, Mogens Lykketoft, is calling for action to invest in Denmark’s electricity grid in order to make the country less dependent on Russia. “We at Energinet have already decided to invest DKK 30 billion until 2025, to renovate and strengthen the electricity grid. Even more will be needed if we are to have more green power even faster”, said Lykketoft. Despite already large investments, Energinet is able to increase the pace of expansion further. However, if the company is to increase investments it requires a new mandate from Danish politicians and for politicians to relax the rules of the game under which Energinet operates, e.g. to shorten approval processes and invest more risk-wise. “With the serious situation we have now, we must do everything we can to increase the green capacity as quickly as possible. Therefore,we must also look at what are some barriers that stand in the way of us being able to expand renewable energy even faster”, Lykketoft continued.
Swedish Government gives green light for SEK 8.4 billion investment in electricity grids
The Swedish Government gives state-owned enterprise Svenska kraftnät permission to invest SEK 8.4 billion in electricity network investments and power stations along the coast in Norrland. The investments aim to increase the capacity of the main grid in order to more efficiently meet the new and large power needs that come from the industry in the area. The investments will further make it possible to connect new wind power in the coastal areas.
Green Hydrogen suspends 2022 guidance after complications
Green Hydrogen Systems recently announced that the company will temporarily suspend its financial forecast for 2022, following testing and review performance of the Hyprovide A-series platform. The tests identified certain technical issues with the platform, resulting in further delays in deliveries and affecting the forecast for 2022. Prior to the suspension, the company expected revenues of DKK 75-120 million. Green Hydrogen’s share fell 2.8% following the announcement.
Hexicon launches joint venture for floating wind power in Greece
Hexicon has launched a new Joint Venture, Hexicon Power, together with the local Greek company EAMAA. The collaboration is a first step development of floating wind power projects off the coast of Greece. A new legal framework for the country’s offshore wind power is expected to be in place this year, including a national plan stating that 60% of the energy mix will come from renewable sources by 2030. The Greek government’s new green energy goals makes it a suitable time for Hexicon to establish itself in the area. “Greece has great potential for floating wind power with some of the best winds in Europe”, said CEO of Hexicon, Marcus Thor. The project will be led by Mikelis Chatzigakis, who will take on the role as CEO of Hexicon Power.
Eco Wave Power signs 2 MW wave power plant agreement
Eco Wave Power, a leader in the production of clean electricity from sea waves, recently announced that it has entered into an official agreement with Port Adriano in Spain for the potential construction of a wave power plant with a capacity of up to 2 MW. The new facility will become the first unit to use the technology in Spain. According to the agreement, Port Adriano will allocate a suitable site to Eco Wave Power for a period of 20 years, while Eco Wave Power is responsible for securing licences, building and commissioning the power plants and selling the electricity in accordance with an approved production quota.
OX2 signs agreement with TMW Green Oü for onshore wind farms in Estonia
A new cooperation agreement between OX2 and TMW Green Oü has been put into place for the development of wind farms in Estonia. The new facilities are expected to reach a capacity of 500 MW. TMV Green will be responsible for usage of land, licensing and network connection, while OX2 will be responsible for financing, construction and implementation of projects in the portfolio. The projects are currently in an early phase and are not yet part of OX2’s project development portfolio.
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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