QAZAQ GREEN.  Sweden has set ambitious energy goals: achieving 100% renewable electricity by 2040 and cutting greenhouse gas emissions to zero by 2045, according to EnergyLand.

These goals create new opportunities for Sweden’s renewable energy sector, which remained stable during the COVID-19 pandemic due to the country's decision against lockdowns, thereby limiting economic impact. Sweden’s annual electricity consumption is around 150 terawatt-hours. Thanks to high wind power output during peak times, it faces no significant power shortages, but the country still lacks sufficient grid infrastructure to transport electricity from its northern generation sites to southern consumption areas. The decommissioning of thermal power plants continues, with thermal capacity expected to fall to just 1.8 GW by 2030, representing only 0.5% of the total capacity.

Sweden has only begun to tap its potential in offshore wind energy, despite having an extensive coastline suitable for it. Authorities are now accelerating large-scale offshore wind projects to help meet growing energy demand. Although Sweden is Europe's largest net electricity exporter—thanks to its onshore wind capacity, ranking fifth in Europe—domestic electricity demand is projected to double by 2045. This increase is largely driven by the push to electrify the economy and create "green steel" from renewable hydrogen.

Sweden lags behind neighboring countries Finland and Norway in offshore wind development, with only 192 MW installed, no projects built since 2013, and no government financial support or auctions held. However, recent government announcements signal a potential boom in offshore wind installations by the late 2020s. Currently, renewables contribute 75% of Sweden’s electricity, split between hydropower (38%) and wind (22%).

The government aims to expedite offshore wind development by shortening approval processes, designating offshore wind zones, and pledging significant investment in transmission lines. Previously, developers had to cover all costs of connecting offshore farms to the grid. Now, the state-owned grid operator, Svenska Kraftnät, will handle the connection points, enabling developers to focus only on connections within the farm itself and to Svenska Kraftnät's grid points.

Authorization applications for projects totaling 15 GW are underway, potentially operational by 2030, with an additional 90 GW in various development stages—most expected online by 2032. Noteworthy projects include Vattenfall’s Kriegers Flak, a 640 MW wind farm adjacent to Denmark’s hybrid Kriegers Flak project. Other large projects include OX2’s proposed 5.5 GW Aurora wind farm, which could supply 17% of Sweden’s electricity, and additional gigawatt-scale initiatives by Iberdrola, Orsted, RWE, and others. The floating wind sector is also emerging, with Freja Offshore advancing plans for 8 GW of floating wind capacity.

Offshore wind will support Sweden’s green hydrogen and steel initiatives, with significant projects set to launch by 2030, such as H2 Green Steel and HYBRIT. Vattenfall and Preem, Sweden's largest fuel company, are exploring the integration of offshore wind hydrogen production to the west coast refining industry, signaling a robust shift toward sustainable energy solutions.