Finland's Fortum explores options for long-term nuclear power

Fortum, a Finnish utility, said Monday that it would focus on renewable energy sources and nuclear life extension to meet the growing demand for electricity. It will also continue to explore long-term options such as new nuclear generation or pumped hydro.

Fortum CEO Markus Rauramo stated in a press release that "decarbonisation of societies and industries through electrification will significantly increase the power demand in Nordics by 2050, possibly even double it."

He added that the Nordics will meet this new demand by combining onshore solar and wind power with storage and flexibility solutions, and extending the life of existing nuclear reactors.

Fortum has agreed to build pumped hydropower plants in addition to the pipeline of renewable energy projects it already has.

Extend the life span

The CEO of Loviisa Nuclear Power Plant said.

The company completed a two-year feasibility study on new nuclear power Monday.

If the market and regulatory conditions were right, Rauramo stated that "new nuclear" could be a source of new energy for the Nordics as early as the second half 2030s.

The study concluded that new nuclear power is not economically feasible on a commercial basis based solely on the outlook for the power market.

Fortum stated that building new nuclear reactors will require a solid framework for risk sharing similar to the one currently being prepared by the

Swedish government

. (Reporting from Anne Kauranen and Nora Buli, edited by Louise Breusch Rasmussen and Bernadette Baum)

(source: Reuters)