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Fortum's NuCore Seeks State Aid for Up to 3,400 MW Swedish Nuclear Project

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Fortum-owned project company NuCore Energi has applied for Swedish state aid for developing a new nuclear power project of up to 3,400 megawatts in Oskarshamn, according to a press release Thursday.

Sweden's state aid framework provides support for new nuclear projects through a state loan, a two-way contract for difference and a risk-sharing mechanism, with detailed terms to be negotiated between the project company and the Swedish government.

However, any aid finalized between the company and the state would also require approval from the European Commission under the EU's state aid rules.

"The Swedish Government's nuclear power-related policies, and the introduction of a comprehensive risk-sharing model, provide a solid basis for enabling new nuclear in Sweden," NuCore Chief Executive Laurent Leveugle said.

The eventual size of the project, which currently ranges from 1,200 to 3,400 MW of capacity, would depend on factors including the technology selected, potential benefits from constructing multiple reactor units, expected growth in Swedish electricity demand, and the risk-sharing arrangement with the state, the company said.

The company noted that over time, more investors could join the project, including the Swedish state, with Fortum expected to reduce its stake in the company, eventually becoming a minority shareholder.

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