Published 5 February 2023 at 08.25
Economics. A new report from the Energy Agency shows that the need for electricity may double as early as 2035, due to various “green” industrial projects and more. There is also a threat of a power shortage in Norrland. Short-term investments in onshore wind power as well as longer-term investments in new nuclear power or offshore wind power are now required, according to the report.
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In the report, the authority states that the estimate of existing electricity production is based on an assumed lifetime of wind turbines of 25 years, as these structures are short-term things that break down quite quickly.
Sweden's existing nuclear power, which already has a number of years of the neck, however, it is expected to be able to use for another 60 years.
Still, onshore wind power needs to be expanded, the report says, because it takes nearly 10 years to get a new nuclear plant up and running. According to the report from the Energy Agency, land-based wind power must therefore be built quickly to provide enough electricity.
In the short term, Sweden risks an electricity shortage across the country and large, politically correct, green industrial projects are threatened if wind power is not expanded more quickly.
In a new future analysis, even Svenska Kraftnät has warned of a looming electricity shortage, reports SVT. They state that industry's electricity needs are increasing faster than the expansion of new electricity, and from 2027 Sweden may lack electricity even in Norrland.
Large industrial projects such as Hybrit and H2 Greensteels in Norrbotten and Northvolt in Skellefteå and Gothenburg, as well as the expansion of offshore wind and nuclear power, could be adversely affected if it is not expanded more quickly.
Electricity prices are expected to increase further forward in 2027 as demand for electricity increases.
Investors may also back off due to increasing prices. The company LKAB confirms the concerns and reports that there are great risks that the schedules for the projects will be postponed or will not happen at all, unless the expansion of electricity goes faster in the next few years, writes SVT.