In Sweden, energy utility Vattenfall AB and Industrikraft, a newly formed company by industry to support the expansion of the Swedish electricity supply, have signed an agreement to identify and evaluate the conditions for joint investments in new fossil-free power production.
Work is now beginning on concrete measures to meet the electricity demand with a supply that paves the way for Sweden’s competitiveness as an industrial nation.
Demand is primarily driven by indirect electrification of industry, direct industrial electrification, and transport.
Vattenfall and the newly established industrial collaboration Industrikraft, consisting of industry majors Alfa Laval, Boliden, SKF, Stora Enso, and the Volvo Group, will work together to investigate the conditions for joint investments in new electricity production.
The collaboration includes issues such as a framework for co-investment, identification of projects, and assessment of feasibility in terms of permits, grid connections, and profitability.
New investments in electricity production are key to enabling the electrification of industry in Sweden and securing a balance between new industrial demand and new electricity supply.
Sufficient new electricity generation to ensure the competitiveness of Swedish companies has long been high on the agenda in our dialogue with industry. We look forward to working with Industrikraft to enable investments in new fossil-free electricity production, which is needed both in the short and long term. Vattenfall brings expertise about the energy market, the electricity system, and the various types of power. Together, we can create the conditions for a healthy long-term investment climate, said Anna Borg, President and CEO of Vattenfall.
The collaboration includes all fossil-free power sources, and the agreement between Vattenfall and Industrikraft runs until further notice.
Industrikraft has been formed to support the work of shaping the future energy system in Sweden and a platform with Vattenfall will be important for advancing that work. As more Swedish industrial companies join Industrikraft, the cooperation agreement becomes of strategic importance for both parties, said Tom Erixon, Chairman of Industrikraft.
