28 June 2022

Statkraft raises its ambitions: Wants to increase power production 50% by 2030

Statkraft has announced an updated strategy for 2030, increasing the growth rate for solar, onshore wind and battery storage from 2.5-3 GW in 2025 to 4 GW per year by 2030, aiming to develop up to 30 GW of new renewable production capacity by 2030.

As part of the strategy, Statkraft is focusing on upgrading and expanding Norwegian hydropower. The goal is to start at least five major hydropower projects by 2030.

A significant part of the growth will also be related to solar, onshore wind and battery storage, across all Statkraft's markets. The company aims to become a significant player in offshore wind in Norway and Ireland.

Within green hydrogen, the ambition is to become a leader in Norway and Sweden, as well as expand activities to selected markets outside the Nordic region. The goal is to develop 2 GW of green hydrogen by 2030.

Dagens Naeringsliv, Montel

Vattenfall begins a feasibility study to build small modular reactors 

Today, Vattenfall announced that as part of its program of working actively on how different fossil-free energy types can meet the increased electricity demand, it was initiating a feasibility study on the conditions for building at least two small modular reactors (SMR) on the site of the Ringhals nuclear power plant.

Noting that electricity consumption in Sweden is expected to increase rapidly in the next few decades, CEO Anna Borg said that “No investment decisions have been made, but Vattenfall's management has during the spring worked on the issue of new nuclear power in Sweden. Provided that a feasibility study concludes that it would be profitable and all other conditions for a future investment decision would be met, not least new regulations for nuclear power, it should be possible to have a first SMR reactor in operation at the beginning of 2030s.” 

The feasibility study is expected to be completed by 2023-2024.

Press release

Equinor and SSE Thermal buy companies for GBP 341 million

Equinor and SSE Thermal are to buy the power company Triton Power for GBP 341 million from Energy Capital Partners (ECP). The key plant included in the purchase of Triton Power is Saltend Power Station with an installed capacity of 1.2 GW. This is a conventional gas power plant (combined cycle gas turbine) that uses natural gas. The main role of this power plant today is to contribute electricity during periods of low power from sun and wind. Equinor and SSE are now starting work on preparing the power plant to use up to 30% hydrogen from 2027, with an ambition to gradually increase to 100% hydrogen operation.

The hydrogen may come from Equinor's hydrogen project H2H Saltend, which will reform natural gas into hydrogen by carbon capture and storage, where more than 95% of the CO2 content is captured. 

DN Investor

CIP invests half a billion DKK into Spanish developer

Copenhagen Infrastructure Partners (CIP) has made the first investment from the billion fund CI Green Credit Fund I, with the infrastructure fund issuing a loan of DKK 520 million to Spanish Capital Energy.

Energiwatch

OX2 applies for a permit for huge Aurora offshore wind farm 

OX2 has submitted an application in accordance with the Swedish Economic Zone Act (SEZ) for the offshore Aurora wind farm between Gotland and Öland. The Aurora wind farm is planned to be 20 kilometres from Gotland and 30 kilometres from Öland. The plan is to include up to 370 wind turbines, with a maximum height of 370 metres, and with a total installed capacity of 5500 MW. Electricity production from the planned wind farm is estimated to amount to approximately 24 TWh per year, corresponding to an annual electricity consumption for approximately 5 million households or approximately 17% of Sweden's total electricity use. 

Press release

What we’re reading

• Malaysia’s $30bn wealth fund to stand by carbon-emitting state companies (Financial Times)
• ExxonMobil chief predicts continuing surge in oil markets (Financial Times)

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