The Power of the North Sea 

The North Sea has always been economically significant, with six countries bordering it, including Belgium, Britain, Denmark, Germany, the Netherlands, and Norway. It is characterised by its high density of infrastructure, population, and industry.  And, there is one resource that the North Sea has an infinite amount of: awful weather. The sea has an infinite amount of wind, with average wind speeds of ten meters per second, making it one of the gustiest areas in the world. In 2022, North Sea countries auctioned 25 gigawatts in wind power capacity, making it the busiest year yet, with nearly 30 gigawatts worthof tenders scheduled for the next three years. By 2050, the North Sea countries aim to install 150 gigawatts of wind power, equivalent to 24,000 of the world's largest turbines. But the North Sea region is also undergoing a transformation beyond the energy sector. Carbon capture and storage (CCS) projects are multiplying in the area, as the cost of CCS is decreasing and political resistance is easing. For example, the Netherlands has the Porthos project in Rotterdam, which would capture 2.5 million tonnes of CO2 annually for 15 years. Equinorand its partners have also completed drilling operations for a CO2 injection well near Bergen, Norway, as part of the Northern Lights project. Europe currently has more than 70 CCS facilities in various stages of development. The North Sea region is also becoming a hub for data processing and storage. The area has low electricity prices, a cold climate, an highly skilled workforce, and favorable data laws, making it an attractive location for data centers. New submarine data cables are being installed in the region, with demand for data centers projected to grow 17% annually until 2030.Major cloud companies such as Amazon Web Services and Microsoft Azure have already built server farms in the Nordics.

The sea is the answer Europe's shift towards renewable energy and a greener economy could draw more economic activity north. The abundant energy sources of the North Sea region, particularly wind and hydro power, have attracted companies involved in renewable energy, steel production, electric vehicle battery production, and wind turbine manufacturing. The move is expected to have a significant impact on Europe, both economically and politically. Aker Horizons, a renewable energy firm, aims to establish a green industrial hub in Narvik, Norway, powered by offshore wind. In Boden, Sweden, h2 Green Steel is building Europe's first new steel mill in half a century that will run on green hydrogen. The energy-intensive parts of the steel production process could move to where they can be done more efficiently, near renewable energy sources, while the labor- and knowledge-intensive parts could remain in Europe's steelmaking heartlands. Others moving north include industries such as makers of electric-vehicle batteries, which also require lots of energy to produce.  The new North Sea economy could have a profound impact onEurope. It could shift the balance of power within littoral countries, and giveEurope an economic and geopolitical boost. As SigmaRoc continues to expand whilst committing to our industry leading ESG targets, the Group aims to grow in the most dynamic region of Europe.