Fortum's NuCore Energi seeks Swedish state support for new nuclear project discussions

NuCore Energi, a project company owned by Fortum, has submitted a state aid application to the Swedish government. The application initiates discussions on the required framework and conditions for advancing a new nuclear power project in Oskarshamn municipality. This move follows Fortum's feasibility study on new nuclear power, concluded in March 2025, which explored the prerequisites for such projects in the Nordic region.

The application paves the way for detailed negotiations between NuCore Energi and the Swedish state regarding the terms of potential state support. Sweden's support framework for new nuclear power is designed to include state loans and a two-way contract for difference (CfD) with a risk-sharing mechanism. The specific terms are subject to agreement and require approval from the European Commission.

"The Swedish government’s nuclear power policies and the introduction of a comprehensive risk-sharing model provide a solid basis for enabling new nuclear in Sweden. New nuclear power would strengthen energy security and improve long-term stability for the Nordic power system," said Laurent Leveugle, CEO of NuCore Energi. The final scope of the project, potentially ranging from 1,200 to 3,400 MW, will depend on factors such as technology selection and electricity demand growth.

Fortum intends to eventually reduce its ownership stake in NuCore Energi to a minority position, as additional co-investors, including private entities and potentially the Swedish state, are expected to join. Securing access to and control of the Ävrö site in Oskarshamn is identified as a key condition for the project's progression.