The Swedish Energy Agency plans to invest SEK 1.5 billion in new hydrogen and charging stations nationwide. A new hydrogen refuelling station will now be built in the Torsvik area outside of Jönköping, and the county will also have nine truck power charging stations for electricity and hydrogen fuel replenishment to reduce carbon emissions from heavy vehicles.
Due to power shortages, Svenska Kraftnät warns that Sweden may be forced to implement controlled power cuts this winter, especially in southern Sweden. The government this week approved Svenska Kraftnät's request to invest SEK 3.2 billion in eight power grids. Energy Minister Khashayar Farmanbar says Europe is in a serious situation and we must do everything we can. Khashayar blames the problem on the war in Ukraine, but energy expert Carl Berglöf says that is wrong. He thinks it is a result of the fact that energy policy has mainly promoted power types that contribute insufficiently to strengthening the power balance, e.g. the dismantling and closure of nuclear and cogeneration plants. Lowina Lundström, Divisional Manager at the authority, believes that in the long term, a major expansion of the primary grid and cooperative projects to shorten delivery times and remove transmission restrictions could solve part of the electricity crisis. She highlights successful examples of truly effective cooperation in the north and hopes the permitting process can be halved.
Orrön Energy shares have had a very strong performance this summer, rising 142.3% since July 1. In its recent quarterly financials it reported net quarterly income of $29.5 million. Daniel Fitzgerald, CEO, said it had low operating costs, a strong balance sheet, no debt financing and a cash flow of $124 million. The company, which changed its name to Lundin Energy after it sold its E&P assets to Norway's Aker BP, made a bid on Monday for wind power company Slitevind that, if successful, would increase Orrön Energy's total production base by 70% from the end of 2023. Nonetheless, the level of costs in the business surprised analysts, and Orrön made an operating loss for the quarter of -$5.5 million dollars, compared to -$4.3 million in the corresponding quarter last year. The share price fell 12.9% after the announcement.
Plagazi AB has signed a detailed engineering contract with InEnTec Inc, which will lay the foundation for constructing and designing a hydrogen energy park in Köping. InEnTec is Plagazi's partner and leading supplier of the plasma gasification stage, and will perform the project's front-end engineering design ("FEED"). For Plagazi, the start of the FEED phase is an important milestone and another step towards achieving the goal of having the first commercial Plagazi plant operational by 2025. For InEnTec, the breakthrough recycling process also allows the conversion of non-recyclable waste into green hydrogen at a competitive cost while significantly reducing CO2 emissions.
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.