Russia has waged an energy war against Europe by reducing its gas supplies, which will lead to high gas and electricity prices, especially in winter. Although Sweden uses relatively little gas, Swedish electricity consumers will still be affected by the European energy supply. Svenska kraftnät, which is responsible for Sweden's electricity system, announced that the risk of electricity shortages this winter has increased, particularly in southern Sweden. Analysts see this as a result of underinvestment in the grid (and poor energy policies over a decade). On Monday, the Government announced that it has decided to approve a series of investments totalling SEK 3.2 billion within the framework to renovate and upgrade eight existing major grid stations across the country.
Svenska kraftnät carries out simulations periodically, with the most recent set showing that about 6% of the time production or imports may not meet the electricity demand, resulting in brownouts (controlled blackouts) or manual load disconnections.
Swedish households have received billions of dollars in government compensation for high electricity prices, but according to Energy Minister Khashayar Farmanbar, the government does not currently have any new plans for further electricity price subsidies.
SvD Näringsliv, Dagens Industri
Sky-high summer electricity prices are displaying just a hint of rest. But, when people are back from holiday, and as temperatures drop, analysts expect a sharp increase in prices on a par with German and Danish electricity prices. Never before has Norway had a summer day with such high electricity prices in South-East Norway (price range NO1) and Western Norway (price range NO5). Monday's update from Nord Pool shows that the price continues to rise from an already record high level in Oslo and Bergen. Yesterday, Europower announced that Monday was the highest ever summer electricity price in Oslo and Bergen. Today, that record will become history, peaking between 09:00 and 10:00 in NO1 and NO5 at over NOK 2.7/kWh.
Alfa Laval has completed the acquisition of Desmet, which is part of the Desmet Ballestra Group. Founded in Belgium in 1946, Desmet is a specialist in plants and equipment for the oilseeds, grains, oil and derivatives industries, with a global sales and presence. The acquisition will drive future innovation in the food, feed and biofuel sectors, strengthening Alfa Laval's position in the renewable energy sector and complementing its offering in the edible oil sector. The acquisition includes Rosedowns and Stolz, which have a turnover of €300 million for the Desmet Group, and will become a separate business unit within Alfa Laval's Food and Water division.
Following the divestment of its Lundin oil business, Orrön Energy is an independent, publicly listed renewable energy company, owning a wind farm in Skåne as well as half of a hydroelectric plant in Norway and half of a wind farm in Finland. It has now taken the next step in its journey through a bid for the wind power company Slitevind, for close to SEK 900 million. The combination of the two companies means that Orrön Energy will generate more than 1 TWh of electricity per year by the end of 2023. CEO Daniel Fitzgerald said that the acquisition increases its production base by 70% and generates immediate cash flow. "We are now one of the largest listed Swedish companies in renewable energy. We are fully funded and want to grow, with the Lundin family behind us".
Founded in 2015, Esbjerg-based offshore shipping company MHO-Co is now investing in fuel cells, joining a number of other Danish shipping companies that are working with creativity, ambition and purpose on the green transformation of shipping. MHO-Co’s goal is to be 100% fossil fuel free within a few years.
Helen continues its investment in renewable energy through the acquisition of the international VSB Group's Ålandsbanken Tuulivoima Erikoisjoitsrafasto, the Juurako and Karahka wind farms in North Ostrobothnia. Meanwhile, German wind farm builder Nordex has reached an agreement with Helen and the wind energy fund of the Bank of Oran to supply 25 wind turbines of 147.5 MW and a 35-year maintenance contract for the Karahka wind farm, whose construction will start in autumn 2022 and is scheduled to be completed by the end of 2024. In addition, seven turbines arrived in June at the Juurako wind farm, which is currently under construction and scheduled for completion in 2022.
Construction has also started on another wind farm, Björkliden, jointly owned by Neoen and Prokon. Neoen, one of the world's leading renewable energy producers, owns 80% of the project, while the remaining 20% is owned by Proko, a leading energy cooperative specialising in renewable energy. Björkliden is Neoen's third wind farm in Finland and increases Neoen's wind and storage capacity in use or under construction in Finland to more than 550 MW.
Sähköinsinöörit, Energiateollisuus, Sähköinsinöörit
Solnet Green Energy was founded in 2014 to provide renewable energy services. The company has tripled its turnover in the last four years and is the fastest growing Finnish company, offering renewable energy services in the European market. Solnet has delivered more than 400 solar plants to customers such as IKEA, DHL, Lidl and Kesko, and Its investments now also involve energy storage and energy management systems. Solnet Green Energy CEO Kaj Kangasmäki says their goal is to be the leading supplier of solar power plants in Europe by 2024.
Tesi and EAB Private Equity say Solnet meets their expectations for renewable energy and sustainable development goals, and they are attracted to the sector, which is being propelled by “strong megatrends”.
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.