Fortum Focuses on Renewables and Nuclear Extensions Amid Rising Nordic Power Demand

Finnish utility Fortum announced on Monday its strategic focus on renewable energy sources and extending the lifespan of its existing nuclear facilities to meet the anticipated surge in electricity demand in the Nordic region. The company is also exploring new nuclear generation and pumped hydro as long-term options. Fortum's CEO, Markus Rauramo, stated that the electrification of industries and societies is projected to potentially double power demand in the Nordics by 2050. This increased demand is expected to be met in the short term by new onshore wind and solar power, along with flexibility and storage solutions, and by extending the operational life of existing nuclear plants. The company has completed a two-year study on the feasibility of new nuclear power, concluding that while new nuclear could contribute to the Nordic power supply by the second half of the 2030s, it is not currently economically viable without a risk-sharing framework similar to that being developed by the Swedish government.