Nordic industry initiative proposes cross-border energy hubs
Nordic industry initiative proposes cross-border energy hubs GOTHENBURG, Sweden, Nov 5 (Reuters) - A new Nordic corporate alliance on Thursday said the region should turn its access to clean, reliable power into a competitive advantage by building cross-border energy and industrial hubs.
The Nordics have Europe's largest wind power potential, significant hydropower capacity and one of Europe's most important nuclear fleets, the Nordic Compass group said
The region's abundant clean energy could help position the Nordics as a hub for advanced manufacturing, AI, quantum computing and electrification, it added
Nordic power demand is expected to rise from about 380 terawatt hours (TWh) today to 525-550 TWh by 2040, requiring new output to be developed in tandem with the increased consumption ,and linked more closely across borders
The alliance plans to develop five strategic energy hubs, including one spanning northern Norway, Sweden and Finland
It said the projects would require political backing for new cross-border power links, grid-access reforms and faster permitting
Nordic Compass is launching initiatives across energy, defence, capital markets and deep tech on Thursday, with its energy focus being backed by Aker, Alfa Laval, Danfoss, Vattenfall and Orsted
(Reporting by Marie Mannes in Gothenburg and Nora Buli in Oslo, editing by Terje Solsvik)
((Nora.Buli@thomsonreuters.com; (+47) 21 04 05 56; Reuters Messaging: nora.buli.thomsonreuters.com@reuters.net/))
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