Tuesday, 1 July 2025
Finnish energy company Fortum, which is 51.26% state-owned, launched a feasibility study in October 2022 to explore the commercial, technological, and societal prerequisites for new nuclear in the two Nordic countries. The study involved in-depth discussions with several technology vendors, potential partners and customers as well as societal stakeholders.
In March this year Fortum announced that it had selected two large reactor vendors plus one small modular reactor (SMR) vendor to continue discussions with after concluding its feasibility study. The company said it would continue to deepen the collaboration with the three – the two conventional reactor technology providers, EDF (EPR) and Westinghouse-Hyundai (AP1000), and the BWRX-300 SMR developer GE Vernova Hitachi Nuclear Energy.
Nicole Holmes, Chief Commercial Officer of GE Vernova Hitachi Nuclear Energy, said: “After diligently evaluating several aspects of SMR technologies over the past two years Fortum concluded that the BWRX-300 is a technology for potential deployment in Finland and Sweden. We have a long history supporting the nuclear industry in the Nordics and we look forward to working with Fortum as it continues to develop its capabilities for new nuclear.”
Fortum signed similar Early Work Agreements with EDF and Westinghouse and its partner Hyundai Engineering & Construction last month.
Background
Fortum operates the Loviisa plant – comprising two VVER-440 type pressurised water reactors – which was the first nuclear power plant in Finland and currently provides more than 10% of the country’s electricity. Loviisa unit 1 began commercial operation in 1977, with unit 2 following in 1981. In March, the company applied to operate both units 1 and 2 of the plant until the end of 2050. The current operating licences expire at the end of 2027 and 2030, respectively.
The utility also holds stakes in units 1 and 2 of the Olkiluoto plant in Finland, as well as in units 1-3 of the Forsmark plant and unit 3 of the Oskarshamn plant, both in Sweden.
Fortum President and CEO Markus Rauramo said in March that decarbonisation could lead to a doubling of electricity demand in the coming decades, adding: “In the next 5-10 years, new demand in the Nordics will be primarily met with new onshore wind and solar power, coupled with flexibility and storage solutions as well as lifetime extensions of existing nuclear power plants. To prepare for the growing needs of our customers, we are developing a ready-to-build renewables pipeline, exploring pumped hydro, and extending the lifetime of our Loviisa plant. New nuclear could provide new supply to the Nordics earliest in the second half of the 2030s, if market and regulatory conditions are right.”
The BWRX-300 is a 300 MW boiling water reactor which is slated for deployment across a number of countries, beginning with Canada where Ontario Power Generation and the Province of Ontario announced in May it was proceeding with a project for four of the SMRs at the Darlington site.
