Sweden on Shopping Spree for New Nuclear Power Plants

Sweden is breaking away from the EU’s Green Deal. The fact that the country’s new government intends to build more nuclear power plants is seen as a step backward by nuclear critics. After all, the country had already decided to phase out nuclear energy production 40 years ago. Yet nuclear power does not necessarily represent a regression, especially since it helps to avoid CO2 emissions just as renewable energies do.

The Swedish government expects electricity demand to double to around 300 terawatt hours (TWh) by 2040. One reason for this is the planned electrification of heavy industry and the transport sector, Sweden’s largest CO2 emitters. For Energy Minister Ebba Busch, this cannot be achieved through renewable energies alone, as their energy yield is too unpredictable. The new Swedish government’s plans therefore involve increasing the share of nuclear power from approximately 30% to 50% by 2030. Ebba Busch summed up the new strategy in an interview with Plusminus: “Sweden is on a shopping trip for new nuclear power plants.”

Finance Minister Elisabeth Svantesson summarized the new energy goals in parliament as follows: “We need more electricity production, we need clean electricity, and we need a stable energy system.” Instead of “100% renewable energy,” the motto is now “100% fossil-free electricity.” Even with the use of nuclear power, Sweden’s declared goal remains to achieve net-zero emissions by 2045. 60% of Swedes surveyed by the opinion research institute Novus also believe that nuclear power is a legitimate means to achieve this. Five years ago, only half of them were in favor of expanding nuclear energy. We also believe that in order to find an optimal solution, it is important to keep different approaches in mind.

In fact, a great deal is happening in nuclear energy research. There are molten salt reactors that are much safer and whose waste has a half-life of 300 years instead of 100,000 years. (as we reported)

The startup “Next-Gen Nordic Nuclear” is developing small modular nuclear reactors in a tiny side street in Gothenburg. These can be pre-produced and assembled on-site. This allows them to be used exactly where their energy is needed. Their waste heat can also be utilized, for example, for the development of e-fuels and hydrogen. Finally, the facilities of existing old nuclear power plants represent an ideal infrastructure for the construction of future nuclear fusion reactors—our hope for (almost) free energy.

Just like wind power and solar energy, nuclear energy also requires and consumes production-critical metals. While renewable energies rely primarily on indium, gallium, germanium, and rare earths, hafnium is required for the fuel rods of nuclear reactors. The price of this technology metal has recently risen sharply in China, while the old prices still apply in Europe—this will certainly adjust soon, so now is a good time to buy.