Suddenly 1.2 billion is missing.
Accounts without the hotelier lead to disaster!
The Northern Lights CCS project in the North Sea is considered “still” promising for CO₂ storage projects in many European countries. But in practice , questions arise about the financing, technical capacity and transport of the project.
How does a 1.2 billion hole suddenly appear? Here are the jumps…
Northern Lights is a consortium with the participation of the Norwegian state and is largely financed by public funds. The Norwegian government has promised to cover 80% of the costs. Of course at no cost because Norway with Equinor in the lead is the strategic initiator of the CCS technology from which it hopes to make a lot of money. Equinor (derived from Statoil ASA) with ISIN NO0010096985 and 67% owned by the Norwegian state. Now the question is whether Northern Lights’ customers will take on the remaining costs themselves which have risen to $3.3 billion. So we have a funding gap of about 1.2 billion.
Norwegian district heating producer Hafslund Celsio left already in 2023 due to rising costs – and despite the support of the Norwegian state – as an initial first customer, but plans to come back after 2029 if conditions change.
According to consultancy firm Wood Mackenzie, transport and storage alone cost an average of $145 per tonne – to this are added the costs of binding... but the most tragic thing is that there is no future reduction in costs due to economies of scale in this technology, which is what is happening with PV and PV.
As can be seen in practice, the estimates of the neutral consultancies are becoming reality. CCS is turning into a cow that will be milked by a few artisans, while society has to shoulder the many economic and environmental burdens….
The full article here…
