Elkem : Sparebank1 Markets Energy conference - 28 Feb 2024

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4

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< 50 EUR/MWh

50 - 75 EUR/MWh

> 75 EUR/MWh

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Creating positive ripple effects in Norway based on industrial value-add to renewable energy

1904 2022

~7 TWh FOR 100

LONG-TERM JOBS?

PURCHASING OF

GOODS & SERVICES

• TANA
• SALTEN	~4TWh
• MÅRNES	CO2-FREE		3X JOBS WITH
• RANA
• THAMSHAVN	HYDRO-	1 500 DIRECT	EXTERNAL SUPPLIERS
POWER
• BREMANGER
	JOBS IN NORWAY
• BJØLVEFOSSEN
	
• OSLO
• KRISTIANSAND
			RESEARCH AND INNOVATION
			IN NEW GREEN INDUSTRY
		6-8X HIGHER EXPORT INCOME
		FOR NORWAY VS. EXPORT OF	~10 BNOK REINVESTED IN
		NON-VALUE-ADDED POWER	NORWAY IN PAST 10 YEARS

The green & digital transitions mean shift to more mineral- intensive energy system: Moremining & smelters required

The shift to a more mineral-intensive energy system

Minerals used in selected energy technologies

6x

13x

Mineral input in EVs vs

ICE

(kg/vehicle)

Mineral input

in offshore

wind vs. gas-fired power plant (kg/MW)

The green & digital transitions will bring new energy trade patterns, countries and geopolitical considerations into play

China dominates in EVs & renewable energy equipment supply

Share of top 3 producing countries in extraction of selected minerals and fossil fuels, 2019

China

share of >50% global EV

fleet (2022)

35-	China share
of mineral
90%	processing &

refining

(2019)

European industry struggles - Norway canbe an exception

Europe has limited self-sufficiency in materials…

Source: EuroMetaux - Metals for Clean Energy

… and its energy intensive industry struggles

Norway: As important for EU in metals as in gas

Norway's share of EU imports

Natural gas	Aluminium	Silicon metal
30 %	17 %	30 %
Source: European Council	Source: aluminium.no	Source: EU CRMA

Norway can export power ormetals, not both

Source: IEA - Electricity 2024

Source: Meld. St. 11 (2021-2022) - Energi til arbeid

Metal is the best way to export Norwegian power

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