17 May 2023
Today's Top Nordic Green News:
- OX2 faces setback as government rejects Galatea, scaling back plans while approving Galene wind farm
OX2 faces setback as government rejects Galatea, scaling back plans while approving Galene wind farm
It was reported yesterday that the Swedish government had approved two new wind developments. But, on further inspection of the details, it is clear that OX2 is forced to reduce its ambitious plans after the government rejects its larger project, Galatea, while approving the smaller Galene wind farm. OX2 had expected to produce 6-7 TWh of electricity annually from Galatea-Galene, but now must scale back significantly. The approved Galene project has a potential capacity of around 400 MW. OX2 remains positive about the government's decision, as it allows them to contribute to the expansion of Swedish offshore wind power. Meanwhile, Vattenfall, granted approval for the Kattegat Syd project, aims to have the multibillion investment operational by the early 2030s.
Paul Stormoen, CEO of OX2, expresses some disappointment about not receiving permission for the entire Galatea-Galene project but remains positive about the government's overall support for offshore wind power. The Galatea project partially overlapped with Vattenfall's Kattegatt Syd project, which received approval from the government. OX2 will need to coordinate with Vattenfall due to the project overlap. There is no information yet on when OX2 will make investment decisions for Galene or when the new park will be completed. OX2 has applied for two more offshore wind projects, Triton and Aurora, and remains optimistic about obtaining more permits in the future.
Neste's Singapore refinery reopens with expanded capacity and renewable jet fuel supply
Neste has completed the expansion of its renewables production capacity in Singapore, doubling its production capacity and making it the world's leading producer of renewable jet fuel. The refinery's total capacity now stands at 2.6 million tonnes, with up to one million tonnes dedicated to renewable jet fuel. The completion of the project supports Neste's renewable growth strategy and its commitment to sustainability. Neste has also established a supply chain for jet fuel to Singapore Changi Airport, furthering its support for the aviation industry's emission reduction targets.
Strong emphasis on environment and climate in new agricultural agreement in Norway
The Norwegian government and the Norwegian Farmers' Association have reached a new agricultural agreement with a budget of NOK 4,147 billion. The agreement prioritises climate and environmental measures in the agricultural sector, with a 25% increase in funding for targeted schemes. Climate and Environment Minister Espen Barth Eide highlights the importance of agriculture in achieving climate and environmental goals. The agreement strengthens programs for renewable energy, technology development and environmental measures in agriculture. It also focuses on reducing greenhouse gas emissions, preventing nutrient runoff into the Oslo Fjord and promoting sustainable nitrogen use.
Finnish government urged to develop cost-effective carbon sink policy
The ongoing government negotiations in Finland face the challenge of reconciling the diverse goals of political parties, climate commitments, and the interests of the forest industry. Finland's climate policy is becoming less predictable, potentially affecting international companies' willingness to invest in the country's green transition. Finland faces a climate debt and has fallen behind on its carbon sink targets. To manage the situation, the government must prioritise both reducing emissions and increasing carbon sinks. Measures such as limiting logging and raising biofuel distribution obligations can have an immediate impact. The government is expected to develop a long-term sink plan that serves both climate measures and the forest industry, ensuring predictability and promoting investments in the green transition.
Danish government rejects energy consumption strategy proposal, drawing criticism
The Danish government has voted against the Enhedslisten party’s proposal for a national strategy on energy consumption, citing timing as the primary reason. However, Danish interest organisation SYNERGI Director Katrine Bjerre expresses regret over the lack of majority support for the proposal, emphasising the importance of an efficient, smart and flexible energy consumption approach in addressing current challenges. Bjerre believes that Denmark needs a clear plan to outline the government's ambitions for energy efficiency, especially as the country already has goals and strategies for various other green initiatives. The government intends to consider an energy consumption strategy once the Energy Efficiency and Building Directives are finalised at the EU level, with hopes of implementing a comprehensive strategy before the end of the year.
Danish Environmental Protection Agency approves first full-scale PtX plant in Denmark
The Danish Environmental Protection Agency has granted environmental approval to Solar Park Kassø for the establishment of a full-scale Power-to-X (PtX) plant in the Aabenraa municipality. The plant, owned by European Energy, aims to produce 32,000 tonnes of e-methanol annually using renewable energy from the nearby Kassø Solar Park. The e-methanol will be utilised as CO2-neutral fuel for Maersk's container ships and for the production of sustainable plastics by Lego and Novo Nordisk. The environmental approval includes requirements for energy efficiency measures and sets limits on environmental and risk impacts. Solar Park Kassø expects to commence e-methanol production at the facility in early 2024.
Metacon reports reduced loss and increased turnover in 1Q23
Metacon, an energy technology company, has reported a reduced operating loss for the first quarter of 2023 compared to the previous year. The operating loss was SEK -15.4 million, an improvement from SEK -16.4 million. Net sales increased to SEK 16.3 million, driven by ongoing electrolysis and hydrogen filling station projects. Metacon also secured a new electrolysis project in Slovakia and made sales within research and development projects in its subsidiary, Helbio. However, operating expenses rose by 9%, negatively impacting operating profit and cash flow.
The company attributed the increase in costs to higher expenses for the electrolysis and gas station projects and investments in strengthening the organisation. Metacon's CEO, Christer Wikner, mentioned the focus on quality assurance, building structural capital, and establishing two unique demonstration sites for electrolysis and reforming. The company aims to improve profitability by enhancing quotation management, streamlining operations and cost rationalisation.
Sustainable Energy Solutions Sweden Holding releases positive interim report for Q1 2023
SENS (Sustainable Energy Solutions Sweden Holding) has released its interim report for the period of January to March 2023. The CEO, Henrik Boman, expressed satisfaction with the company's progress in becoming a player in the future energy system. SENS has focused on intensifying business development efforts and strengthening its organisation with competent personnel in solar cells, batteries, pump power and energy storage. Notably, SENS has entered into a collaboration with Axpo, Switzerland's largest producer of renewable energy, to finance and operate a solar power and battery park.
The financial data for the period includes net sales of SEK 0.29 million and improved equity. Significant events during the quarter involved signing a lease agreement for a solar park with battery storage and establishing a partnership with Spanish engineering company Bloquetech for mine exploration.
Ikea acquires French solar park from Danish company Obton
Ingka Investments, the investment arm of Ikea, has entered into an agreement with Danish company Obton to purchase a future solar park in France. Obton has developed the rights to the solar park and will continue to provide advisory services during the construction phase. The acquisition aligns with Ingka Investment's goal of being climate positive by 2050 and their strategic focus on renewable energy and the circular economy. The Langeron solar project will have a capacity of 19.6 MW and an estimated annual production of 23 GWh, equivalent to the energy consumption of 6,000 households. The park is expected to be operational by mid-2024.
What we’re reading
- Global warming set to break key 1.5C limit for first time (BBC)
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.
Powered by Notified