Fortum, Kärnfull Next to explore small nuke plants chances

The majority state-owned energy company Fortum and Swedish Kärnfull Next Ab have signed a Memorandum of Understanding to jointly explore opportunities in new nuclear for developing Small Modular Reactors (SMRs) in Sweden, said Fortum in a press release on Thursday.

The joint agreement is part of Fortum’s two-year feasibility study to explore business opportunities in new nuclear both in Finland and Sweden.

The collaboration will allow the companies to jointly address Swedish SMR projects which could lead to concrete feasibility studies.

The schedule of the first operative SMR in Sweden is largely dependent on progress in permitting, licensing and legislation regarding the location and number of reactors in operation and any decisions about future investments will be made in due course.

In order to fight climate change, the use of electricity will have to increase significantly in the coming decades and strong actions are needed to achieve the climate targets set by the Swedish Government.

To meet the new demand, a major expansion of fossil-free power sources is needed. The potential for SMRs is great and there is clear interest from industry.

“SMRs can provide both industry and municipalities with predictable and fossil-free electricity, heat and hydrogen. Together with new wind power, new nuclear will be a crucial piece of the climate transition puzzle. Kärnfull Next already has a noteworthy project portfolio and we see that our different competences in the value chain complement each other in an excellent way," said Laurent Leveugle, Head of Fortum’s Newbuild Feasibility Study.

“Fortum has a unique and broad nuclear expertise and it operates its reactors with world-leading availability. For Kärnfull Next, the cooperation with Fortum will mean that we can offer our customers an even better comprehensive solution at a competitive price,” said Christian Sjölander, CEO of Kärnfull Next.