Finland's Fortum explores Nordic nuclear power with Westinghouse

FILE PHOTO: Fortum logo is pictured on the biomass combined heat and power plant in Jelgava·Reuters
Reuters
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HELSINKI (Reuters) - Finland's Fortum will cooperate with Westinghouse Electric to explore the development of new nuclear power production in Finland and Sweden, the two companies said in a joint statement on Wednesday.

"Any potential investment decisions will be made at a later stage," Fortum said.

After the startup this year of the much-delayed Olkiluoto 3 reactor, nuclear power now accounts for some 40% of Finland's electricity production.

Westinghouse said it was currently developing a small modular reactor (SMR) which it estimates to be available from 2033 onwards.

Fortum last year launched a two-year nuclear study of SMRs as well as conventional large reactors in the two countries, and is also working with French EDF, Swedish Karnfull Next and Finnish Helen.

Fortum in March announced it was exploring opportunities jointly with Britain's Rolls-Royce to deploy small modular nuclear reactors (SMR) in Finland and in Sweden.

(Reporting by Essi Lehto, editing by Terje Solsvik)