Norway is just a rich, European Algeria with a big piggybank. Peak fossil fuels means politicians who tell the truth about hydrogen embarrass everyone.
were only $469 per MWh for a single month, and on average were under $200.
It’s not like Norway didn’t see this coming. The Government Pension Fund of Norway, also known as the sovereign wealth fund, was established in 1990 to manage the country’s surplus oil and gas revenues. Initially, the fund was created to help ensure that future generations would benefit from Norway’s natural resource wealth.
How big a deal is this? Norway has 51 trillion cubic feet of proven natural gas reserves as of January 1, 2022 and each Tcf was worth about $3 billion in 2018 in the cheapest natural gas markets in the world. That’s what’s at stake, and that’s why deeply irrational behaviors are emerging in oil and gas economies like Norway.
Oh, and that’s for the cheap version of carbon capture that only captures 85% of the CO2 emissions from steam reformation. If you want to capture 98%, you need to put another process in with more energy requirements and capital costs. Two-step carbon capture is whatit uses to power its foolish direct air capture process, which as I pointed out a few years ago, means that a third of all the CO2 its process delivers is from burning natural gas, not capturing it from the air.
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