29 November 2021

Norwegian and Swedish electricity prices hit records

Sweden and Norway were met by record-high electricity prices during the weekend. In Sweden, this resulted in three subsequent days of record-breaking electricity prices in almost the entire country, with an estimated spot price of SEK 1.93 per kWh in all four Swedish electricity trading areas on Sunday – an increase of 7.8% from Friday’s price (SEK 1.79 per kWh). In Norway, the average electricity price leapt from NOK 1.48 per kWh on Saturday, to NOK 1.87 per kWh on Sunday. The price in mid- and north regions of Norway were even higher, at NOK 1.92 per kWh. The soaring prices are a result of cold weather, poor wind conditions as well as ice coating in Sweden according to Arne Bergvik, Chief Analyst at Jämtkraft. Bergvik continues, claiming that the high electricity prices in EU countries will further increase the prices in Sweden (Di, Nettavisen, E24).

Mainstream Renewable Power raises EUR 90 million: Accelerates new market entries

Mainstream Renewable Power, which is listed on Euronext in Norway, has raised EUR 90 million (NOK 915 million) in funding from its shareholders, including Aker Horizons which maintains its 75% stake. The raised funding will be used to accelerate new market entries and the build-out of gigawatt solar- and wind assets in Latin America, Africa, Asia, and the Asia Pacific region. Mainstream has already secured several projects for a total of circa 5 GW renewable electricity tenders in the aforementioned regions (Exchange Announcement, E24).  

SeaTwirl receives SEK 47 million following oversubscribed rights issue

SeaTwirl announced that its rights issue, made public 29 October 2021, was oversubscribed by almost 200% and will receive circa SEK 46.9 million, prior to deduction of issuing costs. Mangold Fondkommission AB and the law firm Delphi are the financial- and legal advisors, respectively, for SeaTwirl’s rights issue (Press release).

Shell and CoensHexicon receive licence for South Korean offshore wind

MunmuBaram, a Joint Venture (JV) between Shell and CoensHexicon, a JV between Hexicon and Korean company COENS has received an Electricity Business Licence (EBL) for its offshore wind project in South Korea. The licence, issued by the Korean Ministry of Trade, Industry and Energy, gives MunmuBaram the exclusive right to develop 420 MW wind power, corresponding to a third of the total planned production capacity (1.3 GW). Shell owns 80% of MunmuBaram, and CoensHexicon owns the remaining 20% (Press release, SvD).

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BASF, Engie Sign Power Purchase Agreement for Renewable Energy in Europe (MarketWatch)

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