20 January 2022

Sweden’s top financial regulator wants to “ban bitcoin mining”

According to the Financial Times, Erik Thedéen, vice-chair of the European Securities and Markets Authority, and also Director General of Sweden’s FSA (Sv: Finans Inspectionen), said that bitcoin mining had become a “national issue” for Sweden and warned that cryptocurrencies posed a risk to meeting climate change goals in the Paris Agreement. Thedéen said that European regulators should consider banning a mining method known as “proof of work” and instead nudge the industry towards the less energy-intensive “proof of stake” model to cut down on the sector’s vast power usage. Such move would hit hard against Bitcoin and Ether, the two largest cryptocurrencies by volume, which both rely on a proof of work model

Financial Times

Wärtsilä sells engine technology to Italy to balance the power grid

Finnish engineering giant Wärtsilä will provide a 110MW thermal power balancing motor in Italy that aims to balance the power grid as the share of renewable energy in the country increases. Wärtsilä’s fast-starting internal combustion engine technology will be used to balance the power system and ensure its stability when the share of renewables is increased. The order includes engineering, procurement and construction of the project, with the equipment to be delivered in the autumn of 2022 and the facility is expected to be completed in 2023.

Press release

OKG enters the hydrogen market as a producer and supplier

OKG, the operator of the Oskarshamn nuclear power plant, already operates a hydrogen plant in connection with the plant area, producing hydrogen used to cool the generator at Oskarshamn 3. Given that the two oldest reactors are permanently closed, there is an overcapacity of hydrogen production, which can be used for other purposes.

Nordiska Projekt

Novel Norwegian CO2 technology to be developed

Japan's NYK and Norway's Knutsen Group have formed a JV company for the commercial development of a liquefied CO2 marine transportation and storage business using the Knutsen developed technology, PCO2 which allows transport of liquified CO2 at ambient temperatures. NYK and the Knutsen Group, will each hold a 50% stake in the new company, which has been named Knutsen NYK Carbon Carriers (KNCC). KNCC will also build and operate low/mid pressure vessels based on other technologies.

Offshore Engineer

Norwegian energy startup enters into large-scale agreement with solid German industrial company

Norwegian Nordic Electrofuel will start production of electrofuel in Porsgrunn. The Norwegian start-up has now signed an important agreement with the large German industrial company P2X Europe, a joint venture company between Mabanaft and H&R Group.

Metal Supply

Sweden exceeds its 2020 renewable target

According to the European Commission, Sweden together with Croatia and Bulgaria were the EU countries that significantly exceeded their 2020 target for the share of gross final energy consumption coming from renewable sources. Sweden had aimed for 49.1% of energy consumption to come from renewable sources but exceeded that number by 11pp. On an EU-wide level 22% of gross final energy consumption came from renewable resources, beating the 20% target for 2020. France was the only country to not reach its target, falling short by 3pp.

Press release

What we’re reading

• Germany aims to turn G7 into “nucleus of an international climate club” – chancellor (Clean Energy Wire)
• The Power of Capitalism (Larry Fink’s 2022 Letter to CEOs

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