27 August 2021

Baseload Capital Sweden reports first half loss

Baseload Capital, a developer of thermal power plants using geothermal heat reported its first half. The loss was SEK -34.1 million, with revaluation of projects and loans to subsidiaries accounting for SEK -17.2 million, of which SEK -7.5 million consisted of exchange rate differences as a result of a stronger krona. Baseload Capital has power companies in the USA, Japan, Taiwan and Iceland.

Ramboll picks up former director of French oil giant to lead its CCS and PtX division

Ramboll, the Danish engineering consultancy has selected Patrick Gilly to lead what was once Ramboll's oil and gas division. The Frenchman, who was country manager for Total's Danish oil business until last March, will take over the position as director of Energy Field Development. Ramboll writes in a press release: As times are changing, Ramboll is refocusing its traditional oil & gas services on the green transition of the oil & gas sector. (press release)

Swedish industry cries out for Swedish political leaders to lead energy transition

Officers of the Confederation of Swedish Enterprise (Svensk Näringsliv) write that Sweden’s electricity network has been forced into challenging market dynamics for the last 2 summers. Now, nuclear power has been closed and the situation is diluted by the dry summer. The Swedish and Norwegian water reservoirs have significant deficits compared with normal levels. This puts further pressure on the system. There is a great risk that we will see continued high electricity prices during the autumn.

This affects companies in western Sweden and sends serious signals to the business community, which is now investing large resources in implementing a transition where fossil fuels will be phased out in favor of electricity.

The business community must be given the right conditions for the climate-necessary investments to take place.  Western Sweden's business community needs politicians who dare to act. [Political] parties that claim to take the climate issue seriously should present a credible plan for how to give Swedish companies the [right] conditions. (Göteborgs-Posten)

 What we’re reading

• Climate Change Fueling Warm Ocean 'Blob' Causing Chile Megadrought (US News)
• 3 energy storage technologies can help solve the challenge of moving to 100% renewable electricity (The Conversation)
• SoftBank-backed storage developer Energy Vault raises $100 million (Reuters)

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