7 December 2021

Svenska kraftnät warns for volatile electricity prices: Planning investments of SEK 100 billion

Electricity prices in Sweden and across Europe have reached record heights and are expected to remain at high levels – especially if it is a cold winter according to Lotta Medelius-Bredhe, President and CEO of Svenska kraftnät. Additionally, with the closure of plannable electricity production in the south of Sweden, Sweden is facing an increased risk for critical power deficits. Medelius-Bredhe highlights the need to reduce bottlenecks and restrictions in the main network which result in price differences across the country’s regions by renewing and modernising the main network as well as expanding the national production capacity. Thus, Svenska kraftnät is now planning investments of circa SEK 100 billion between 2022 and 2031, to support Sweden's electrification, which it is forecast, may double (Dagens Industri).

Uniti in financial distress

Uniti, a Swedish electric car start-up, has announced that it was hit hard by the pandemic as well as a delayed bridging loan which was promised for the end of November. The company has had to down-size its team significantly as a result of the pandemic according to Lewis Horne, CEO of Uniti. Additionally, the delay of the bridging loan means that Uniti now has less than a week to raise EUR 500,000 or to file for insolvency.

Uniti One is a small electric car with a known price in Sweden and Great Britain where it was to be sold at prices starting at EUR 17,760 (Electrive). 

Reno-Nord, Copenhagen Infrastructure Partners and Aalborg Forsyning build PtX facilities

Reno-Nord, Copenhagen Infrastructure Partners and Aalborg Forsyning have entered a collaboration project to build a Power-to-X facility (PtX) in Aalborg for the production of green methanol. The new PtX facility is expected to be constructed by 2028 and accommodate a 300-400 MW electrolyser for the production of green hydrogen. CO2 emissions from Reno-Nord will be captured to produce green methanol for use as fuel in heavy vehicles, ships and buses according to Søren Gais Kjeldsen, CEO at Aalborg Forsyning (Tv2nord).

Ørsted eyes offshore wind projects in Vietnam

Ørsted will invest DKK 11.9-13.6 billion in the development of offshore wind parks close to Hai Phong, Vietnam. The wind parks are expected to have a total production capacity of 3,900 MW, when put into operation. This announcement follows new strategic partnerships in both Vietnam and Poland as both countries have ambitious targets for renewable energy (Euroinvestor).  

SENS appoints ex Defence Minister as Chair

As a part of its new strategy, Sustainable Energy Solutions Sweden Holding AB (SENS)  is building a portfolio in energy storage and optimisation with an increasing interest in the international market by implementing tried and tested technology in an innovative environment. SENS has announced a newly appointed Chairman of the Board in line with its new strategy – Mikael Odenberg, the former Minister for Defence in Sweden. Odenberg has a background in the energy sector and international collaborations from his past in Nordel, ENTSO-E, Nord Pool ASA and Svenska kraftnät (Press release).

Region Stockholm publishes its first sustainability strategy

Sustainability is now integrated in the operations of Region Stockholm, as it receives its first sustainability strategy. The strategy was motivated by the fact that Region Stockholm is a large actor on a global market with responsibilities including expenditure, decision-making and implementing procurement regulations with effects outside of the region and Sweden’s border. Analyses of current regional, national, and global targets underpins the strategy which targets continuously high ambitions within the climate and environment and an increased focus on social sustainability and circular economy. The strategy includes several concrete targets for Region Stockholm.

• Region Stockholm’s total climate impact is to be halved by 2030 compared to 2019.
• Operational flows in Region Stockholm are to be circular by 2035.
• Region Stockholm is to minimise its emissions of harmful substances by 2035.
• Region Stockholm is to strengthen sustainable transportation.
• Region Stockholm is to contribute to improving people’s health (Press release).

What we’re reading

• Shell U-turn on Cambo could mean end for big North Sea oil projects (The Guardian)

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