Finland-based Fortum and US Westinghouse Electric Company have signed a Memorandum of Understanding (MOU) to explore the possible development and deployment of new nuclear in Finland and Sweden. However, any potential investment decisions will be made at a later stage.

The MOU is related to Fortum’s Nuclear Feasibility Study launched in November 2022. This is a two-year programme to investigate the commercial, technological, social, political, legal, and regulatory conditions for possible deployment of both small modular reactors (SMRs) and conventional large reactors in Finland and Sweden. The study also investigates new partnerships and business models.

In addition to Westinghouse, Fortum has signed cooperation agreements with Korea Hydro & Nuclear Power, UK-based Rolls-Royce SMR, France’s EDF, Sweden’s Kärnfull Next and Finland’s Outokumpu and Helen.

Westinghouse said the MOU was “to study the possibilities for the development and deployment of AP1000 and AP300 reactor projects in Finland and Sweden”. It established “a framework of collaboration for detailed technical and commercial discussions and explore cooperation on the next steps to implement Westinghouse reactor technologies in both countries”.

“At Fortum, our strategic priorities are to deliver reliable clean energy and drive decarbonisation in industries in the Nordics,” said Petra Lundström, Executive Vice President, Nuclear Generation at Fortum. We are excited to extend our cooperation and explore the potential and prerequisites for new nuclear in Finland and Sweden with Westinghouse Electric Company.”

David Durham, President of Westinghouse Energy Systems noted that Fortum “is an important customer for our fuels and services businesses supporting Fortum’s existing operating plants”.

Image: From left to right - Laurent Leveugle, Vice President, New Nuclear, Fortum; Petra Lundström, Executive Vice President, Nuclear Generation, Fortum; Elias Gedeon, Senior Vice President, Commercial Operations, Westinghouse; Roman Romanowski, Vice President, New Plant Market Development, Westinghouse (courtesy of Business Wire)

Date: Tuesday, 13 June 2023
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