2022-12-05 15:25News

5 December 2022

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Finland to tax 33% of windfall profits on power in 2023

Finland plans to tax 33% of excess profits from power companies in 2023, the government announced. The tax would be applied on top of regular company taxation, covering power producers as well as firms that sell power forward to consumers or for resale purposes. The tax – due to run from in 2023 only – will hit profits that exceed a 5% return calculated on the equity committed to a firm’s electricity or fossil fuel business.


“Sweden has failed to explain and defend its forestry model”

The forestry industry and Sweden have failed to explain and defend the Swedish forestry model to the rest of the EU. However, as Sweden comes to assume the EU-presidency role, it is high time that the model be communicated widely, write the CEO of Wallenberg asset management company FAM, Håkan Buskhe, and former Social Democrat Prime Minister (1996-2006) Göran Persson, in a debate article in Dagens industri. Sustainable forestry that respects high demands on biodiversity and other natural values can both offer extensive carbon sinks and produce goods that replace fossil alternatives, and stand as our only large-scale renewable raw material option as fossil fuels are phased out. Although in days of yore, Swedish forestry had poor practices, they credit forest policy reforms made in 1903 and 1993 to turning this around. But still. Sweden is made to suffer at the hands of EU policy proposals that would create limitations or negative developments. In order to improve the relation between Swedish forestry and the EU, Sweden should use its Presidency to show European legislators and decision-makers the benefits of a Swedish forestry model. In this way, Swedish sustainable forestry can be a resource for all of Europe, without union-wide legislation hampering its domestic agenda.


Botnia Hydrogen develops hydrogen production and 2 filling stations 

With financial support from Klimatklivet, Botnia Hydrogen AB will build two hydrogen filling stations in the northern Swedish municipalities of Piteå and Arvidsjaur. The stations will contain facilities for hydrogen production on a 1-2 MW scale as well as storage of the gas and are primarily intended for heavy trucks and buses. Production is planned to start in the second half of 2023.

Dagens Infrastructur

Vattenfall to develop a large wind power project off the coast of Germany

As part of the bidding process for the construction of a large wind farm off the island of Borkum on the German North Sea coast, Vattenfall has informed the German authorities that it is exercising its right of first refusal for the project and thereby obtaining the right to develop and construct the wind farm. After a final investment decision from Vattenfall, connection of the wind farm to the German electricity grid could take place sometime in 2027. If fully developed, the farm would have an capacity of 980 MW with annual production corresponding to the consumption of over one million German households.

Svensk Leverantörstidning

Helen is building more than 2,000 MW of replacement capacity for fossil energy production

Helen (a shortening of Helsinki Energy) has already advised that it will closing of the Hanasaari and Salmisaaari cogeneration plants, which burn coal and wood-chips, a loss of electricity production capacity of cogeneration plants of almost 400 MW. But, by the end of 2025, Helen will be bringing online  new electricity production capacity of around 1,300 MW. With significant wind power investments, wind power is expected to form a large part of Helen's electricity production in 2025, when more than 90% of the company's total production will be emission-free. In the same year, Helen's annual wind power production exceeds the amount of electricity previously produced by coal. 


What we're reading
  • Biden says can 'tweak' inflation act to include European countries (Reuters)
  • Von der Leyen promises EU help for companies lured by US green subsidies (Financial Times)
  • Europe cuts gas demand by a quarter in bid to shed reliance on Russia (Financial Times)

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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.