Circular Energy wants to provide clean power from natural gas and advance a stable, climate-neutral energy supply.
Circular Energy’s stable and flexible power supply reduces the volatility that is as yet characteristic of intermittent renewable energy resources like wind and solar power. The share of renewable sources in power generation is increasing. Circular Energy’s CO2-free power from natural gas facilitates further renewable electricity growth by providing load-following power, meaning that our power output can be adjusted to fluctuating power demand.
There is wide scientific consensus about the critical role of carbon capture and storage (CCS) in reducing carbon dioxide emissions of utilities and energy intensive industry. Circular Energy aspires to advance a value creating model for CCS and realize subsidy free CCS deployment. Circular Energy is actively involved in national and international CCS networks.
The North Sea alone still holds plenty gas reserves that hold value but are “stranded”. These are reserves that have been discovered but are not being exploited. There can be several reasons for not developing a gas field. The costs of connecting to existing gas infrastructure could be too high. Or public acceptance of new gas production could be perceived as too low. Circular Energy’s business model revitalizes stranded reserves: we transport green power to share instead of gas and windfarm locations are more important than pipeline routes.
The E&P industry can and should provide low-carbon power and petrochemical products. CCS is one of the ways to do this.
Many companies have tried to do the same as Circular Energy. Few projects have been realized, mostly because of the high costs of CCS. Company revenues come from gas or power sales. Selling gas or power without capturing and storing CO2, is commercially much more attractive. But damaging our climate.
An offshore zero emission gas-fired power plant is more costly than conventional offshore gas production, more costly than conventional onshore gas-fired power generation and RoI take longer. But it is climate neutral.