Finland/Sweden – Fortum and Westinghouse Electric Company have signed a Memorandum of Understanding (MoU) to investigate the conditions for the development and deployment of new nuclear power plants in Finland and Sweden.
“At Fortum, our strategic priorities are to deliver reliable clean energy and drive decarbonisation in industries in the Nordics. We are excited to extend our cooperation and explore the potential and prerequisites for new nuclear in Finland and Sweden with Westinghouse Electric Company,” says Petra Lundström, Executive Vice President, Nuclear Generation at Fortum.
Nuclear Feasibility Study
The Nuclear Feasibility Study by Fortum, which was introduced in November 2022, is tied to this new MoU. In Finland and Sweden, Fortum investigates the commercial, technological, societal, political, legal, and regulatory circumstances for both small modular reactors (SMRs) and traditional big reactors during the course of the two-year study.
The study also looks into fresh commercial alliances and models. Along with the Westinghouse Electric Company, Fortum has agreements for collaboration with the Finnish Outokumpu and Helen, British Rolls-Royce SMR, French EDF, Swedish Kärnfull Next, and Korean KHNP.
Westinghouse is now working on creating an SMR reactor in addition to major nuclear power facilities, and the company anticipates that the first operational unit will be ready in 2033.
