7 September 2022

Sweden wants EU to push for changes in energy market

Ahead of the Extraordinary Transport, Telecommunications and Energy Council on 9 September, the Swedish Prime Minister, Magdalena Andersson (S), has spoken to five EU leaders in a bid to push through changes in the EU energy market that would bring down electricity prices. The Swedish Prime Minister said such changes could potentially halve Sweden's electricity prices. On 6 September, Andersson (S) also spoke to the German Chancellor and the Heads of Government of the Czech Republic, Belgium, Denmark and Finland about European energy issues. Meanwhile, the Swedish Government announced last week that it had changed its mind and now wants to see changes in the EU energy market. This mainly means delinking the price of gas from the price of electricity.

SvD

Ørsted issues nearly DKK 15 billion in green bonds

Ørsted has secured commitments from investors for a total nominal amount of EUR 900 million and GBP 950 million through the issuance of green bonds to finance its global renewable energy expansion and its green growth ambition to reach approximately 50 GW installed capacity by 2030. The issues consist of a EUR 900 million fixed rate tranche maturing in 2031, a GBP 375 million fixed rate tranche maturing in 2034 and a GBP 575 million fixed rate tranche maturing in 2042. All bonds are issued as green bonds under Ørsted's 'green finance framework'.

Press Release

Large green wind projects that could ease energy crisis in Sweden threatened by permit delays

Sweden and the world's largest offshore wind companies have submitted record-breaking investment applications totalling between SEK 300-400 billion to the Swedish Government. The projects are all located in southern Sweden, several of which are in SE4, the region with the greatest power shortage. Despite this eager interest from investors, Sweden has not yet started construction of large-scale offshore wind power. According to industry representatives, the reason for this is the long and inefficient permitting process. In many cases, these permit procedures have been rejected due to the objections of the Swedish Armed Forces and municipalities, among others. For example, after several years of testing, Vattenfall's giant wind farm Kriegers Flak in the sea off Skåne has still not received final government approval. Vattenfall hopes that the incoming government and state-owned Svenska kraftnät will speed up the approval process so that the multi-billion dollar project can be completed by 2028 and then strengthen the tight power supply in southern Sweden.

Di, Di, Di

Sweden’s electric car development named 3rd best in the world by EY

Sweden has been ranked third in the world in terms of electric car development, evident from a report from the auditing giant EY. The report has mapped countries based on supply, demand and regulations, with Sweden ranking highly due to a strong energy ecosystem, a large demand and high production of electric cars. Top of the list is China, with Norway claiming second place - the fellow Nordic was early in the conversion to electric cars. According to the Norwegian Road Federation, 64.5% of all new registrations in 2021 were electric cars, whereas in Sweden, the corresponding figure was around 19%. Meanwhile, SvD reports that China’s largest electric car producer BYD is launching in Sweden. BYD (Build Your Dreams) is launching an initiative that includes Sweden and several countries in northern Europe. In Norway sales are already underway.

EY, OFV, Press Release, SvD

Finnish company Kempower selected as Australia's longest electric vehicle charging network

Australia's longest electric vehicle charging network will feature electric vehicle chargers from Finnish company Kempower. 5,300 km of the charging network will stretch from Eucla near the South Australian border to Perth and up to Kununurra in the north of the state and is a key part of the State Government's USD 21 million Electric Vehicle Fund, which aims to promote electric vehicle infrastructure. The announcement comes after Jetcharge won the contract for the longest network, with Jetcharge ordering 42 dual socket Kempower C-Stations, which can charge one or two vehicles at a time. The Kempower C-Station chargers will be powered by Western Australian energy suppliers Synergy and Horizon. The network will be completed by early 2024, with the majority of the network expected to be operational by the end of 2023.

THE DRIVEN

Copperstone Resources and GreenIron H2 engage in a Vinnova-collaboration regarding metal recoveries with limited environmental footprint

Copperstone Resources AB and GreenIron H2 AB have initiated a joint development project based on GreenIron's fossil-free reduction process and Copperstone's planned future copper and magnetite by-product streams. The project aims to optimise material handling before and after the GreenIron process. GreenIron has a unique process for reducing various metals that is completely fossil-fuel free, operates at significantly lower temperatures, is silent, energy efficient and the only residual product is water compared to today's conventional processes. The project, supported by SEK 17 million from the Swedish Government agency Vinnova, will increase understanding of the process itself and the various process steps that exist before and after the reduction process itself. This will also include a full-scale demonstration plant to be built by GreenIron.

GlobeNewswire

Record growth in wind power makes Finland's main grid more vulnerable to disruption

Fingrid, the company that maintains Finland’s main grid, says that the growth of wind power is challenging the transmission capacity and stability of the country’s main grid, especially on the west coast. For new wind projects, new transmission connections to the main grid are needed. Wind power is being planned and built in Finland at a record pace. Currently, Finland's wind power capacity is around 4,000MW, but is expected to increase to 20,000MW by the 2030s. According to current forecasts, there will be around 5,000MW of wind power in the area between Pori and Oulu on the west coast alone by the end of 2024. According to Fingrid, the transmission capacity of the main west coast grid will then be almost at its limit, especially in the event of maintenance and faults. Fingrid has started to study the construction of new 400 kV power line connections in the area. According to the company, these connections will significantly increase the region's power transmission capacity and make it easier to connect new wind power generation to the grid. However, the environmental impact assessment and permitting process for the hundreds of kilometres of power lines will take time. The new lines from Kristiinakaupunki to Tampere and from Karajoki to central Finland are scheduled to be completed in 2027 and 2028. Besides, the wind power and solar power together also pose stability problems for the grid.

Tekniikka&Talous

What we're reading

• Germany’s Energy Crisis Deepens as Local Utilities Cry for Help (Bloomberg)

---