Sweden's First New Nuclear Reactor Could Be Operational by Mid-2030s

Sweden's Minister for Energy and Industry, Ebba Busch, who also leads the Christian Democrats (KD), stated at a public hearing on September 3 that the country's first newly built nuclear reactor could be operational by the mid-2030s.

When asked when the new nuclear unit could be connected to the grid, Busch indicated "the mid-2030s." She also noted that the new nuclear project would not rely on direct state funding.

However, the Swedish government has previously prepared a support framework for new nuclear construction. The arrangements could involve financial support amounting to hundreds of billions of Swedish kronor, including loans and electricity price guarantees totaling approximately 400 billion Swedish kronor. Busch stated that this is indeed a substantial sum, but its nature is that of loans and price hedging arrangements targeting critical infrastructure.

Regarding the new nuclear project being advanced by Swedish state-owned utility Vattenfall in the Ringhals nuclear power plant area, the Swedish state will also become a significant owner of Videberg Kraft, the company responsible for advancing Vattenfall's project development at Ringhals.

When asked whether the Swedish government would build a new nuclear power plant on the Varo Peninsula, Busch responded affirmatively. She stated that the new nuclear project is a favorable investment for Sweden, helping to strengthen the country's energy security during periods of instability.