The local energy company of Stockholm
Stockholm Exergi is the local energy company of Stockholm, owned by the City of Stockholm and Fortum. Stockholm Exergi has provided energy for the capital of Sweden since the 19th century, and today it provides heating for more than 800,000 people in metropolitan Stockholm and cooling for more than 400 properties, hospitals and data centres.
In 2015, Stockholm Exergi issued its first green bond under its previous name AB Fortum Värme. In September 2019, the company launched a new green bond framework, structured by Danske Bank and aligned with the latest version of the Green Bond Principles. The framework received a Dark Green Shading in the Second Opinion provided by CICERO Shades of Green.
Shifting towards 100% climate- & resource neutral production
Since the 1990, Stockholm’s greenhouse gas emissions from heating have fallen to one third of what it was. Stockholm Exergi’s production of district heating has been a crucial factor in this journey but the destination has not been reached yet. Stockholm Exergi’s goal is to phase out the last remaining coal completely from its operations by 2022 and achieving a 100% climate- and resource-neutral energy production by 2030.
To reach these targets, coal will be completely replaced by sustainable sources, including biomass from sustainable forestry, recovered energy from wastewater, energy from non-recyclable waste as well as excess heat from data centres and stores with refrigerated displays. Other actions include implementing technology for smart control of peak load and energy needs in properties, fourth generation low-temperature district heating, and technology to create negative emissions through carbon sinks like Bio-energy with carbon capture and storage (BECCS) or production of biochar through pyrolysis of biomass.
The first Green Bond issue under the new framework achieved large interest from the investor community and managed to raise SEK 2bn. The large demand resulted in Stockholm Exergi achieving a considerably lower pricing than if they would have issued a conventional bond.Link (pdf) to Stockholm Exergi’s Green Bond Framework and link (pdf) to CICERO’s Second Opinion.