We explore the future of nuclear power

Fortum has over 40 years of experience in nuclear power, and we believe that nuclear power is also part of the solution in our transition towards a future emission-free energy system. This is why we launched a two-year study in October 2022 on the preconditions for new nuclear power in Finland and Sweden. The study will support our goal of enabling the decarbonisation of the Nordic region together with our customers and stakeholders.

What

In October 2022, we launched a two-year feasibility study to explore prerequisites for new nuclear in Finland and Sweden.

Why

With our world-class nuclear expertise, we are in an excellent position to explore conditions for new nuclear together with our partners and customers to enable decarbonisation of societies.

How

We explore commercial, technological, and societal conditions for new nuclear. We also investigate new partnerships and business models.

Last year we focused in particular on analysing new technological solutions and new reactor designs. After collecting and analysing a huge amount of information over the year, we have come to some clear conclusion:

The market has room for both large and small reactor
Competitiveness is achieved by building multiple identical plants
A new revival of nuclear needs a catalyst and project risk-sharing

Lauren Leveugle

Three lessons about new nuclear

Read the blog here

What now?

After significant business and technical knowledge buildup in 2023 we are now focusing on:

Siting: Potential newbuild sites will be identified and must be investigated further in order go deeper in business planning
Financing: How to finance and de-risk the different phases of the project including the stakeholders like technology vendor, customers and society
Vendor evaluation: Deep-dives in the focused designs, aiming at a shorter list at the end of the feasibility study
Licensing dialogue with the regulators, also relevant ministries to be involved
Contract model development is important to make the projects successful