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Fortum and MIT launch Nuclear Cost Estimation Tool

01 November 2022, 9:00 EET



The energy crisis and the fight against climate change require active cooperation within the energy sector. The nuclear industry has long been highly networked and international, but there can never be too much exchange of information. This is particularly important for large and complex issues such as the role of nuclear power in the future energy system.

Through collaboration, Fortum and MIT have launched Nuclear Cost Estimation Tool (NCET) that enables more precise cost estimation of new nuclear power plants and improved understanding of potential risks of new nuclear projects. The open-source version of the tool is now publicly available, and its customised application has been taken into use at Fortum.

The NCET is a sophisticated tool that enables organisations to evaluate the costs of new build nuclear power plants and provides valuable information to back up investment decisions, for instance. The code is in open-source format, so it will be provided cost-free also for external users. Thus, the work behind the tool benefits basically everyone working in the nuclear industry.

“In less than two years, we reached our first major milestone with the launch of the first version of the cost estimation tool. While this is already highly useful for us, the ongoing work will continue to provide more precise cost data and will further our understanding of the general project risks,” notes Konsta Värri, the NCET project lead on Fortum’s side.

For Fortum, the collaboration is not just about creating new tools for business, it’s also about creating networks and furthering the understanding and know-how of the people involved.

From the industry point of view, Värri sees positive developments in the horizon.

“The first SMR projects in the West are just around the corner. For these projects to reach the finish line, they need to be sustainable from both a technical and economic point of view. Our MIT collaboration and other similar partnerships are small steps towards realising the potential of new nuclear power to solve the world's energy crisis and combat climate change,” Värri concludes.

Fortum Corporation

Further information:
Konsta Värri, Project Manager, Nuclear Services, tel. +358 40 545 9597

Fortum Consultation Services for SMRs

Nuclear Cost Estimation Tool