Circular Energy is here to stimulate a stable, climate-neutral energy supply with clean electricity from small offshore gas fields
With the explosive growth of offshore wind farms, it is becoming increasingly difficult to balance the power supply. Even at sea there are periods of low wind speed. Large-scale energy storage offers a solution to absorb the fluctuations in wind energy generation.
In order to prevent global warming, it is important to prevent CO₂ emissions. In the energy transition period, natural gas has a role to play as the cleanest fossil fuel. The Dutch government assigns CCS a key role in achieving climate objectives. Small fields on the North Sea lend themselves perfectly for clean gas exploitation with CCS.
There are gas reserves beneath the North Sea that are currently not economically profitable to produce. By choosing a different business model - where fossil energy generation serves sustainable energy generation - it is possible now to develop these fields in a sustainable and economic attractive way.
The offshore installation of Circular Energy works as a super-sized battery. The power production can be adjusted to the fluctuating supply of electricity from offshore wind farms. This is enabled by the responsive nature of the offshore power plant, which 'moves along' with the supply of electricity from wind; the power plant has a short cycle for ramp up and ramp down. This enables us to contribute to balance the offshore grid and the electricity market.
Our offshore installation captures the CO₂ before it is emitted and injects it in the gas reservoir. In other words, we remover our own waste on site. We are circular because we keep the carbon within the company and only produce electrons. Because we inject the CO₂ back into the reservoir, we prevent soil movements and subsidence. The knowledge and experience we gain from CO₂ capture and CO₂ injection are relevant for other CCS projects. Circular Energy is therefore actively involved in national and international networks for CCS research, development and application.
The business model of Circular Energy revitalizes otherwise unprofitable gas reserves. The natural gas is converted into electricity, preventing the high costs of connecting to the existing or the construction of a new gas pipeline. Attractive returns are generated by trading the power at the spot market and futures market. Our business model contributes to the electrification of the society and the responsible exploitation of gas reserves.