Fortum considers Nordic sites for new nuclear power (updated)

Studsvik AB

22/01/2024 11:28

(Adds detail and background)
    By Anne Kauranen
       HELSINKI, Jan 22 (Reuters) - Finnish utility Fortum
 FORTUM.HE  is looking at several potential sites in Finland and
Sweden to build nuclear power plants with small or large-scale
reactors, it said on Monday.
    After relinquishing ownership of Germany's Uniper in 2022,
Fortum wants to focus on the Nordics and is conducting a review
of nuclear and heat generation capacity in Finland and Sweden.
    In Finland, Fortum named its existing Loviisa nuclear site
and a location near stainless steel producer Outokumpu's
 OUT1V.HE  site in Tornio as possibilities, as well as nuclear
technology company Studsvik's  SVIK.ST  site outside Nykoping in
Sweden.
    "They are definitely on the list ... We are also looking at
the possibility of completely new sites for the long term,"
Laurent Leveugle, Fortum's vice president for new nuclear, told
Reuters.
    Leveugle said Fortum will continue to evaluate the
feasibility of small modular reactors (SMRs) and conventional
large-scale facilities as part of its review.
    The company believes that the green transition from fossil
fuels could double Nordic power demand to almost 800 terawatt
hours (TWh) a year by 2050, from less than 400 TWh in 2020.  
    A major advantage of nuclear power would be that it can
provide a base load that stabilises the grid and power prices,
it said, pointing out that wind and solar power varies with
daylight and weather conditions.
    Fortum is watching closely the rapid progress that suppliers
are making in SMR development, including Canadian utility
Ontario Power Generation's new Darlington site, which Leveugle
described as probably the most advanced globally.
    Fortum is unlikely to embark on a first-of-a-kind facility,
Leveugle added.
    Leveugle said a key lesson from the lengthy construction of
Finland's Olkiluoto 3 reactor, which took nearly 20 years to
finish and in which Fortum holds a 25% stake, is that design
must be ready before construction can begin.   
    Fortum is exploring the nuclear possibilities with partners
that include Britain's Rolls-Royce  RR.L , French group EDF,
Sweden's Karnfull Next and Finnish company Helen. 
    It has also initiated a pre-licensing dialogue with
Finland's nuclear safety authority STUK to obtain feedback on
new design features, it said.

 (Reporting by Anne Kauranen
Editing by Terje Solsvik
Editing by David Goodman)
 ((anne.kauranen@thomsonreuters.com; +358401895560;))