Sweden has reversed course to expand nuclear power for the first time in about 40 years and selected the U.K.'s Rolls-Royce as its Small Modular Reactor (SMR) supplier.
According to Reuters, Sweden's state-owned power company Vattenfall said on the 15th (local time) that it chose Rolls-Royce over U.S. firm GE Vernova as its SMR supplier.
Earlier, in Aug. last year, Vattenfall had been reviewing a plan, through its subsidiary Vattenfall Värme Viderberg Kraft, to introduce either five GE Vernova BWRX-300 reactors or three Rolls-Royce SMRs.
Anna Borg, Vattenfall's chief executive officer (CEO), said at a press conference that "Sweden will build new nuclear power for the first time in about 40 years," adding that "selecting a U.K. company means Sweden is joining Europe's broader move to expand nuclear power."
Rolls-Royce said a single SMR from the company has the generation capacity to supply electricity to about 1 million households for more than 60 years.
The project will be led by Vattenfall Värme Viderberg Kraft, a dedicated nuclear development company 80% owned by Vattenfall and 20% by major Swedish conglomerates, and calls for building new reactors at the existing Ringhals nuclear site in southwestern Sweden.
Sweden had pursued a policy to phase out nuclear power following a 1980 referendum, but after the outbreak of the war in Ukraine in 2022, the current center-right government shifted to a policy of expanding nuclear power to bolster energy security and meet its carbon neutrality goal (net zero by 2045).
The Swedish government also unveiled large-scale support measures. They include loan guarantees of up to 440 billion kronor (about 71 trillion won), a 40-year power price guarantee, and support for nuclear waste management. Through this, the government plans to spur the addition of at least 5,000 MW of new nuclear capacity.
Sweden currently has six reactors in operation, supplying about one-third of total electricity. The largest power source is hydropower, which accounts for about half of the total.