20 June 2023
Today's Top Nordic Green News:
- EU Ministers deadlocked over reforms to the electricity market
- Energy giants Neste, Helen, Gasgrid and Vantaa join forces to develop industrial hydrogen valley in Uusimaa
- Large scale energy projects at risk in Sweden from lack of political action
EU Ministers deadlocked over reforms to the electricity market
France and Germany the main actors in an EU impasse on reforms to the electricity market. EU Ministers are negotiating whether state-backed contracts that ensure that electricity producers only charge a set price for power and return additional profits should be applied to existing operators. Such an agreement would allow France to subsidise its nuclear industry more easily. Sweden's Minister for Energy, Business and Industry Ebba Busch (KD), chair of yesterday’s meeting in Luxembourg, said that it was a “technical and difficult discussion” and that final approval would now be left to EU ambassadors, which she hoped would be given by the end of June. She urged member states to not “try and block each other’s power production out”. The EU Ministers did, however, manage to approve a directive to prevent market manipulation in the energy sector and came to a provisional agreement on measures to protect consumers from volatile prices.
The Financial Times
Norway faces up to trade-offs between environment and climate goals
Norway will not “shy away” from the tension between combating climate change and protecting nature, the country’s prime minister has said, as he grapples with pushback against deep-sea mining and so-called green colonialism. Jonas Gahr Støre’s centre-left government is expected to approve plans in the coming days that would open up the possibility of deep-sea mining in Norway’s Arctic waters despite criticism from environmentalists and fishermen. The Government is caught up in a growing debate about hurting nature to reach climate targets. “We have to weigh transport, fishing, birdlife, oil and gas — and find the right solutions,” Støre announced, adding, “with the green transition, all countries will have to find the balance between more grid (power) and on the other hand you are bound to run into discussions about land,” adding, “it brings both challenge and opportunity. These are conflictual matters. We don’t shy away from them.
Energy giants Neste, Helen, Gasgrid and Vantaa join forces to develop industrial hydrogen valley in Uusimaa
Finnish energy companies Neste, Helen, Gasgrid Finland and Vantaa are collaborating to develop an industrial hydrogen valley, connecting infrastructure, renewable hydrogen storage, and transmission. The initiative aims to serve both hydrogen producers and consumers, including district heating systems. They are also exploring carbon dioxide capture, utilisation, and storage in a bioenergy heating plant.
Gasgrid Finland is actively promoting the development of a national hydrogen network, international infrastructure cooperation, and the hydrogen market in the Baltic Sea region. Neste, Finland's largest consumer of hydrogen is emphasising the need for renewable hydrogen to achieve carbon-neutral production and sees the hydrogen valley as a future source. Vantaa Energy is aiming to become carbon-negative by utilising the circular economy, with renewable hydrogen playing a vital role in carbon capture and utilisation. The companies view this announcement as a major step to achieving carbon neutrality and making Finland’s hydrogen economy globally competitive.
Helen Ltd Press Release, Kauppalehti, Uusimaa, Helsingin Uutiset
Soltech Energy Solutions and Norwegian Solgrid sign solar park agreement in southern Sweden
Soltech Group’s Soltech Energy Solutions has entered into a cooperation agreement with Norwegian solar park developer Solgrid. Solgrid will invest in and own several solar park projects developed, installed, and maintained by Soltech Energy Solutions. The agreement aims to develop 300 MW of ground-based solar energy, requiring an investment of approximately SEK 2 billion for Solgrid if all planned permit reviews are approved. The initial order volume for Soltech Energy Solutions is estimated to be around SEK 700 million to SEK 1 billion over the first 3-4 years. The partnership reflects Soltech Energy Solutions' strategic shift towards becoming a project developer attracting investors for green transition projects.
Large scale energy projects at risk in Sweden from lack of political action
Nordion Energi aims to invest up to SEK 240 billion in new hydrogen infrastructure, including the Nordic Hydrogen Route and the Baltic Sea Hydrogen Collector projects. However, CEO Hans Kreisel emphasises that political action is crucial for these investments. The Nordic Hydrogen Route, estimated at SEK 75 billion, is a planned pipeline from Vaasa to Umeå that will serve the mining industry. The Baltic Sea Hydrogen Collector, costing around SEK 165 billion, aims to connect Germany, Bornholm, Gotland, Åland, Gävle, and Turku. Final investment decisions are targeted for 2026, with operations beginning by 2030, pending political support.
Swedish Government seeks to reach climate goals by controversial bio-CCS technology
The Swedish Government wants to use controversial technology to reach the EU's in order to make the EU’s 2030 climate goals. Swedish emissions are forecast to increase substantially due to recently reduced domestic regulatory constraints on petrol and diesel usage. The Government is proposing to deploy a much debated technology called bio-CCS to remedy this. The technology involves capturing and storing carbon dioxide from burning biofuels, often forest raw materials. The decision has caused a number of agencies to warn that Sweden may come to miss both its national 2030 climate goals as well as the EU’s common goal. The Government is nevertheless pushing forward with the new technology.
Everfuel stops use of hydrogen trailers after leak
Everfuel, a hydrogen company listed on the Oslo Stock Exchange, has temporarily shut down its hydrogen distribution due to a malfunction and leak discovered in one of its hydrogen trailers. An initial investigation identified a valve as the cause and raised concerns about potential system failure. The shutdown will impact hydrogen distribution to Everfuel's customers and filling stations. The company is working to minimise the impact and is in close communication with the trailer manufacturer. Everfuel's market value is currently NOK 1.76 billion, with a share decline of 43% since the start of the year. Further updates will be provided as the situation progresses.
What we’re reading
- WMO, C3S release sombre findings in joint State of the Climate in Europe 2022 report (Copernicus Climate Change Service)
- EU energy ministers lash out at Polish effort to extend coal subsidies (Financial Times)
- UN adopts world's first treaty to protect high seas biodiversity (Reuters)
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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