Fortum is starting a two-year feasibility study to explore the conditions needed for new nuclear developments in Finland and Sweden.
As part of the study, Fortum will examine commercial, technological and societal, including political, legal and regulatory, conditions both for small modular reactors (SMRs) and conventional large reactors.
“The goals of energy independence, security of supply and carbon neutrality are challenges facing our entire society. We want to find out under which conditions we could meet them with nuclear power generation, which is known to be reliable and CO2-free,” stated Simon-Erik Ollus, executive vice president, Generation Division at Fortum.
The study will also explore the potential for service business offerings for new projects in Europe and hydrogen for industrial applications. According to Fortum, current market uncertainty will lead to a greater number of partnership constellations.
Partnerships may be formed between, for example, nuclear generating and district heating companies, industrial off-takers of power and heat for whom competitive energy supply is of increasing strategic importance, and nuclear utilities, or start-up companies and established utilities with nuclear competence.
“The challenges related to new nuclear are well-known. Achieving competitive construction times and costs are must-win battles for our industry. In this feasibility study, we aim to explore novel partnerships, new business models and technologies, such as small modular reactors (SMRs), which are promising in terms of taking nuclear power forward to future generations,” said Laurent Leveugle, who is leading the nuclear feasibility study.
Fortum will be engaging with external stakeholders such as political decision makers and safety authorities to explore the planning, citing and permitting aspects of newbuild projects.
The news comes after Fortum agreed to divest in Uniper. The Finnish energy company is now restrategising, focusing on developing its CO2-free generation assets. This study will contribute to that strategy development as well as help guide future investments.
