Fortum concludes new nuclear feasibility study
– continues to develop nuclear as a future option
We develop nuclear as a future option
Fortum investigated the future conditions for new nuclear power from 2022 to 2024. In our study, we evaluated the commercial, technological, and societal conditions for both small modular reactors (SMR) and traditional large reactors in the Finnish and Swedish markets.
Fortum has over 45 years of experience in nuclear power, and we believe that nuclear power is also part of the solution in the transition towards a future low-carbon energy system. This is why we conducted a two-year study on the conditions for new nuclear power in Finland and Sweden. The study supports our goal of enabling the reduction of carbon dioxide emissions in the Nordic countries together with our various stakeholders.
What?
We investigated the future conditions for new nuclear power in Finland and Sweden from 2022 to 2024.
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 explored commercial, technological, and societal conditions for new nuclear. We also investigated new partnerships and business models.
Conclusions
After collecting and analysing a huge amount of information over two years, we have come to some clear conclusion:
- The business case: New nuclear capacity will not be built on merchant basis in the Nordics.
- The technologies: Large reactors are mature whereas most of the SMR technologies are still under development.
- Fortum’s strength: We have a competitive advantage in nuclear competences but will need strong partners for future projects.
- Not all conditions are currently met for investing in a new nuclear project. However, we will continue to develop these opportunities.
Recording of the Fortum's new nuclear feasibility study conclusions
What now?
Fortum will continue to develop its capabilities to have new nuclear as an option to meet future customer demand in the Nordics in the longer term. We work cost-efficiently and creating value step by step to be ready when the conditions are right.
