Karpowership in Talks to Ease Energy-Cost Pressure on Europe's Households

Region's energy crisis is having a severe impact on households Karpowership in discussions to provide affordable, reliable power supply

LONDON, Sept. 15, 2022 /PRNewswire/ -- Europe is facing an unprecedented energy crisis that's set to intensify as winter approaches. Alarming reports released by More in Common and Eurofound have revealed that 97% of people across the continent are feeling the effects of rising prices and more than seven in 10 are struggling to adjust or are only just coping with higher costs.

Uncertainty over Europe's supply security for power and natural gas have caused extreme volatility in energy markets, putting acute financial stress on households, businesses and industry.

Most people across the continent expect to use their home heating less this winter because of surging costs, with 16% already reporting being in arrears with their utility bills as Europeans face rising energy poverty.

In response, Karpowership has begun discussions to supply portions of its fleet of floating power plants, known as Powerships, to European countries to help ease the crisis. Enlisting this high efficiency, proven technology can lower the continent's costly energy-import bill and provide a reliable yet flexible source of electricity that can be deployed almost immediately. Karpowership offers a dispatchable, utility-scale turnkey power generation solution, with 2,000 MW of immediately available generation capacity, enough to supply 5 million households. It can also support district heating systems.

"Our solution can help Europe reduce its dependency on costly energy imports, relieving pressure on communities grappling with the cost-of-living crisis," said Zeynep Harezi, Karpowership Chief Operations Officer. "We offer an innovative technology with a proven track record, and one that is ideally suited for Europe's needs during this time. In a matter of weeks, we can begin relieving the burden on European households."

Karpowership's vessels have duel-fuel capability, operating on natural gas, low sulfur fuel oil or ultra low sulfur diesel, which ensures they are always the most cost-effective supply solution for Europe. Its fleet of 33 Powerships connect directly to a country's electricity grid, leveraging existing infrastructure, and can do so in as little as 30 days. If the preferred option is to use existing gas assets, dedicated FSRUs are also available for immediate connection to its Powerships. This helps to maintain strategic LNG reserves and to provide additional supplies of the fuel for land-based power plants.

Karpowership is a global power supplier with technology support from leading European manufacturers including Siemens, MAN, and Wartsila. Its combined cycle technology increases the integration of renewable power generation to grids via ancillary services and grid balancing.

Because Powerships are delivered with all the infrastructure they need, there is minimal disruption to local communities onshore. They also leave zero environmental impact when decommissioned. Powerships are simply unplugged and re-deployed wherever they are most needed.

For more information on Karpowership and its fleet of floating power solutions, visit https://karpowership.com/en/

Media contact:
Karen Kumbasar, 
Karen.Kumbasar@karpowership.com