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Nordic industry initiative proposes cross-border energy hubs

By Reuters News

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

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