SwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

The Iron Slurper LKAB is Braking the Green Transition

It will be necessary to have significantly less electricity production in the north than previously calculated. This since the state-owned mining giant LKAB is putting the brakes on the transition to fossil-free iron ore in Kiruna.

» Published: October 23 2024

The Iron Slurper LKAB is Braking the Green Transition
Photo: Jonas Ekströmer/TT

Future investments are being reprioritized when new discoveries have been made. And then parts of the transition to fossil-free production of iron ore in Kiruna are being pushed back, writes Dagens industri.

What affects is the tempo, says Niklas Johansson, communications director at LKAB, to TT.

The Gällivare plans for iron ore, which concern the next decade, remain unchanged, continues Niklas Johansson.

The transition, which was announced in 2020, would have meant that LKAB would need 50 terawatt-hours (TWh) of electricity by 2040, an amount that would have grown to 70 TWh by 2050, which corresponds to approximately half of Sweden's electricity consumption today.

The electricity issue is not decisive for the decision to reprioritize, although it plays a role.

Our hybrit demo (production of fossil-free iron ore), which requires around 5 TWh, there we feel fairly confident that there will be electricity available until 2030. Then when we scale up, there hasn't been enough, says Niklas Johansson.

When LKAB reduces its need for electricity, at least in the short term, the company is just one more in a row of major electricity consumers who are pushing back their plans.

Thus, the risk increases that electricity producers will become more cautious in their investment plans.

Clarity going forward for all actors is important, it must go hand in hand, says Johansson.

Tags

TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Union Rejection Puts Swedish Industrial Wage Talks at Risk

Union Rejection Puts Swedish Industrial Wage Talks at Risk

Nike Shares Drop 8.1% Amid Sales Concerns on NYSE

Nike Shares Drop 8.1% Amid Sales Concerns on NYSE

Trump and Bondi Warn Tesla Vandals of Severe Prison Sentences

Trump and Bondi Warn Tesla Vandals of Severe Prison Sentences

Snus Delivery Strike Looms as Union Holds Firm on Notice

Snus Delivery Strike Looms as Union Holds Firm on Notice

EU Investigates Star Stable for Allegedly Deceiving Kids Out of Money

EU Investigates Star Stable for Allegedly Deceiving Kids Out of Money

Russia Holds Steady on Interest Rate Amid High Inflation Concerns

Russia Holds Steady on Interest Rate Amid High Inflation Concerns

Social Democrats Criticize Increased ROT Deduction as Ineffective

Social Democrats Criticize Increased ROT Deduction as Ineffective

Sweden Unveils Updated Food Strategy to Boost Domestic Production

Sweden Unveils Updated Food Strategy to Boost Domestic Production

Tele2 Gains Amid Stockholm Stock Exchange Downturn

Tele2 Gains Amid Stockholm Stock Exchange Downturn

Germany's Major Loans Drive Up Interest Rates Across Europe

Germany's Major Loans Drive Up Interest Rates Across Europe

Asian Markets Diverge Amid Fed Signals and Trade Uncertainty

Asian Markets Diverge Amid Fed Signals and Trade Uncertainty

Sweden's Rent Hike Slows in 2025 but Remains a Struggle for Many

Sweden's Rent Hike Slows in 2025 but Remains a Struggle for Many

Heathrow Closure Disrupts Travel for Hundreds of Thousands After Fire

Heathrow Closure Disrupts Travel for Hundreds of Thousands After Fire

Akelius Foundation and Partners Raise 125 Million Kronor for Gaza Education

Akelius Foundation and Partners Raise 125 Million Kronor for Gaza Education

Navigating Mortgage Decisions Amid Economic Uncertainty

Navigating Mortgage Decisions Amid Economic Uncertainty

Svantesson Urges Shared Responsibility to Tackle Rising Food Prices

Svantesson Urges Shared Responsibility to Tackle Rising Food Prices

Interest Grows in Northvolt Assets Amid Bankruptcy Proceedings

Interest Grows in Northvolt Assets Amid Bankruptcy Proceedings

Tesla Recalls Cybertrucks, Market Dips Amid Fed Rate Hold

Tesla Recalls Cybertrucks, Market Dips Amid Fed Rate Hold

EU Delays Bourbon Tariffs, Seeks Talks with Trump Administration

EU Delays Bourbon Tariffs, Seeks Talks with Trump Administration

Bank of England Holds Interest Rate Steady Amid Inflation Concerns

Bank of England Holds Interest Rate Steady Amid Inflation Concerns

Geely's Profit Soars in 2024 with Strategic Shift and Sales Boost

Geely's Profit Soars in 2024 with Strategic Shift and Sales Boost

Coop Syd Cuts 160 Jobs Amid Ongoing Boycott in Sweden

Coop Syd Cuts 160 Jobs Amid Ongoing Boycott in Sweden

Mercedes CEO Calls for Zero Tariffs to Boost US-EU Trade

Mercedes CEO Calls for Zero Tariffs to Boost US-EU Trade

Switzerland Nears Zero Interest Rate as Central Bank Cuts Again

Switzerland Nears Zero Interest Rate as Central Bank Cuts Again

Swedish Central Bank Holds Steady on Interest Rates Amid Inflation Concerns

Swedish Central Bank Holds Steady on Interest Rates Amid Inflation Concerns

Swedish Central Bank Holds Rates Steady, Ready to Act on Inflation

Swedish Central Bank Holds Rates Steady, Ready to Act on Inflation

Ericsson Gains Amid Stockholm Stock Exchange Dip

Ericsson Gains Amid Stockholm Stock Exchange Dip

Sweden Tackles Rising Food Costs: Government Meets with Industry Leaders

Sweden Tackles Rising Food Costs: Government Meets with Industry Leaders

China Holds Steady on Interest Rates Amid Economic Challenges

China Holds Steady on Interest Rates Amid Economic Challenges

Trump Calls on Fed to Lower Interest Rates Amid Economic Uncertainty

Trump Calls on Fed to Lower Interest Rates Amid Economic Uncertainty

Rising Trend: 1 in 5 Swedes Boycott American Brands

Rising Trend: 1 in 5 Swedes Boycott American Brands

U.S. Stock Markets Surge as Fed Holds Interest Rates Steady

U.S. Stock Markets Surge as Fed Holds Interest Rates Steady

Fed Holds Interest Rates Steady Amid Economic Uncertainty

Fed Holds Interest Rates Steady Amid Economic Uncertainty

Sweden's Finance Minister Pushes for Lower Food Prices Amid Talks

Sweden's Finance Minister Pushes for Lower Food Prices Amid Talks

Sweden's Economy Faces Higher Unemployment Despite Growth Signs

Sweden's Economy Faces Higher Unemployment Despite Growth Signs

Another Major Bank Raises Mortgage Interest Rates

Another Major Bank Raises Mortgage Interest Rates

European Inflation Revised Downward

European Inflation Revised Downward

Stockholm Exchange Sees Slight Gains Amid Mixed European Markets

Stockholm Exchange Sees Slight Gains Amid Mixed European Markets

More and more rush to declare

More and more rush to declare

Inflation Expectations Rise

Inflation Expectations Rise