21 October 2022
Vattenfall believes Sweden’s existing nuclear power can last 80 years
Vattenfall assesses that Sweden’s five existing nuclear power reactors can operate until 2060, not 2040 as previously assessed. In an interview with Vattenfall CEO Anna Borg, she says that the restart of Ringhals 1 and 2, which the Swedish Government wants to see happen, is no longer possible. Borg also emphasises that in addition to nuclear power, Sweden needs more solar and wind power.
Ørsted divests the company's first US onshore asset reduction for $410m
Ørsted has completed a transaction with Energy Capital Partners (ECP), an investor focused on the energy transition, to divest a 50% ownership stake in a portfolio consisting of three onshore wind farms and one solar farm in the US. The value of the transaction is approximately USD 410 million. The portfolio consists of the onshore wind farms Lincoln Land Wind, Plum Creek Wind and Willow Creek Wind and the solar farm Muscle Shoals, located in four US states, with a total capacity of 862 MW. The projects are all operational and have power purchase agreements in place for all or part of their capacity. Ørsted will be the managing member of the partnership and will continue to provide asset management services for the projects.
Norwegian Government to investigate the value chain of hydrogen
The Ministry of Petroleum and Energy has launched an external investigation to understand how the state can contribute to the establishment of a coherent value chain for low or no emission hydrogen production, where production, distribution and use are developed in parallel. Oslo Economics, together with Sintef, Greensight and NTNU, has been selected as the provider of the study. The survey will, among other things, identify any market failures that the state should consider for socio-economic reasons to play a role in establishing economically sustainable hydrogen value chains. The survey will also provide an overview of relevant existing instruments in national, EU and European countries. The survey will also include scenarios for the further development of the Norwegian hydrogen market and place the production and use of hydrogen in the context of a larger energy system.
Cinis Fertilizer sees good opportunity to increase production in Northern Europe
Cinis Fertilizer, a fertiliser manufacturer currently listed on the stock market is about to be listed on Nasdaq First North. Ahead of its listing, the company has raised a total of SEK 400 million to set up production facilities for the world's most sustainable mineral fertiliser. According to Cinis Fertilizer CEO Jakob Liedberg, fertiliser inputs and customers are already secured. The company has also set some financial targets, with EBITDA margins to exceed 25% per annum from the financial year 2024 onwards.
Cinis Fertilizer has a clear plan for the company's future development, the first step of which includes the construction of four production facilities at strategic locations near battery manufacturers, pulp mills and ports. The production facilities will be located in the Nordic region, which is due to the large supply of fossil-free electricity in the Nordics. The first plant will eventually be located in Örnsköldsvik in Ångermanland, and the second production plant will be located in Skellefteå, directly adjacent to the Northvolt Ett plant. The third mill will be close to Northvolt's planned mill in Borlänge, while the fourth production mill will be located somewhere in the Nordic region. These four production facilities will produce 900,000 tonnes of water-soluble potassium sulphate at full capacity in 2028.
New salt energy storage unit to be built in Esbjerg
A 10 metres high tank with a width of 20 metres in diameter (MOSS) could store enough salt to produce 1 GWh of electricity. Such a tank, with a 100 MW turbine in operation, could reduce CO2 emissions by up to 110,000 tonnes per year by replacing fossil cogeneration sources. The salt storage from the MOSS plant produces steam which can be used to generate electricity or to produce district heating via a steam turbine. The liquid salt on which the plant depends is an effective storage material, but it is also strongly alkaline. The components must therefore be able to withstand operation in hot and corrosive conditions. This is a challenge that the project partners are joining forces to tackle. MOSS is supported by the Energy Technology Development and Demonstration Programme (EuDP) with DKK 13.2 million and has a total budget of DKK 24.7 million. Partners of the project are, among others, DIN Forsyning, Alfa Laval Aalborg, Hyme Energy and Aalborg University. The project is expected to be completed by 2024.
Marcus Sandlund resigns as CEO of Ecoclime Group AB
The Board of Directors of Ecoclime Group AB has today agreed with Marcus Sandlund, CEO of Ecoclime Group, that he will leave his position at the company's Extraordinary General Meeting, which is to be held on 11 November. The Ecoclime Group provides products and services for cloud-based automation, recycled energy, ventilation and electrical technologies for properties. The Ecoclime Group acquires companies in the industry and operates across the entire value chain from product innovation and manufacturing to installation, operation and service delivery.
SeaTwirl publishes Interim Report for 3Q22
SeaTwirl has published its interim report with a net turnover of SEK 0 and a loss of SEK 4,6 million. The negative result is attributable to development costs, which include personnel costs. Significant events during the period included the designation of SeaTwirl by Business Sweden as one of the winners in the Smart Energy Catalyst category for 2022. In September, SeaTwirl signed a letter of intent with Westcon Yards to manufacture and install S2x in Norwegian waters. SeaTwirl released a white paper which showed that the company's vertical axis turbines could be placed closer together and therefore get more energy from smaller areas of the wind park.
Statkraft consortium plans UK green hydrogen project
Progressive Energy, HyNet founding partner Statkraft, and investment manager Foresight will work together to develop green hydrogen projects in the North West of England. The consortium has signed a partnership agreement to develop a number of green hydrogen projects. The projects will be supported by wind and solar power from Statkraft's portfolio of projects. The centrepiece of the portfolio is the proposed 28MW Cheshire Green Hydrogen project, which will use renewable electricity from the Foresight-managed Fredsham wind farm in Cheshire to generate green hydrogen. Hydrogen may be supplied to Cadent's proposed hydrogen village in Whitby and to local industry, including Encirc, a local employer producing container glass. An initial five 'hydrogen-ready' sites have been selected for the first phase of development, with more sites under discussion. Each plant will be connected to the HyNet hydrogen pipeline network, allowing for potential expansion to supply a wider range of industries.
What we're reading
- Germany concedes move to cap gas prices as EU wrestles with energy crisis (Financial Times)
- Spain and France ditch contentious gas pipeline for undersea project (Financial Times)
- South Africa approves $8.5bn energy transition investment plan (Climate Home News)
- Ahead of COP27: increasing demands to open the wallet (Swedish, Utrikes Magasinet)
- Belgium wants to make Antwerp Europe's hydrogen hub (Shipping Watch)
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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