Fortum is a Finnish utility company. They have just launched a two-year feasibility study to review the prerequisites for constructing new commercial nuclear reactors in Finland and Sweden. Both small modular reactors (SMRs) and conventional big reactors will be included in the study. Fortum will examine commercial, technological, and societal, including political, legal and regulatory, conditions for the construction of new reactors.
The Fortum feasibility study will also consider the new build process. This includes progress of planning, siting and licensing. Fortum said that the intention of the working group is to engage the essential external stakeholders in active dialogue. The stakeholders include political decision makers, civil servants, and nuclear authorities in Finland and Sweden.
Fortum issued a statement that said, “With the current uncertainty in the energy market, ventures in the nuclear industry will most likely involve partnership constellations. Partnerships may be formed e.g. between 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. Thus, the feasibility study will also explore the potential for service business offerings for new projects in Europe and hydrogen for industrial applications.”
Simon-Eric Ollus is the Executive Vice President in the Generation Division at Fortum. He said, “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.”
Laurent Leveugle is leading the Fortum study. He said, “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, which are promising in terms of taking nuclear power forward to future generations.”
Fortum operates the Loviisa plant which contains two VVER-440 type pressurized. That plant was the first nuclear power plant in Finland and currently provides more than ten percent of the country’s electricity. Loviisa Unit 1 began operating in 1977. Unit 2 began operation in 1981. In March of this year, Fortum filed an application to operate both Loviisa’s Units 1 and 2 until the end of 2050. The current operating license for Unit 1 expires in 2027 and the Unit 2 license expires in 2030.
Fortum holds stakes in Units 1 and 2 of the Olkiluoto plant in Finland. They also hold stakes in Units 1, 2 and 3 at the Forsmark plant as well as Unit 3 of the Oskarshamn in Sweden.
Matti Kattainen is the Head of Nuclear Futures Agenda for Fortum. He said, “For us at Fortum, nuclear power is a central pillar of carbon-free electricity generation together with hydro and wind power. We just submitted an operating license application to continue production at Loviisa until 2050. Nuclear power's stabilizing effect also makes it possible to increase weather-dependent, renewable energy production. One of Fortum's key strategic targets is to strengthen and grow in CO2-free generation. In terms of nuclear power, the share of production of Olkiluoto unit three and the lifetime extension of the Loviisa nuclear power plant are part of our strategy implementation. Fortum is exploring opportunities to also grow in small nuclear power.”