Helsinki Energy Group plans to invest heavily in small nuclear reactors

Helen, the city's energy utility, plans to invest between $1.16 billion and $5.78 billion in Small Modular Reactors in the next few years. This was revealed by the head of the newly-established nuclear division. Helsinki isn't?alone? in pursuing new nuclear generation. Countries from the United States and South Korea to companies like Meta are turning to SMRs for their rapid increase in power demand due to artificial intelligence and electrification.

SMRs are advanced nuclear reactors which can be assembled in a factory and then transported to another location for installation. The SMRs have a generating power of up to 300 Megawatts. This is about one-third of the capacity of traditional reactors.

Finland also expects an increase in its electricity demand. It also needs a more stable base load after a rapid increase in wind power production. This has given Finns some of the lowest average power prices in Europe, but it also caused high price volatility at peak consumption. Helen Nuclear Ltd. CEO PekkaTolonen explained that nuclear power is a good way to increase capacity and reduce CO2 emissions.

He told? that "Nuclear energy is the most promising option and the best among the current options for us to achieve an future without combustion." Helen is reviewing a half-dozen potential Western SMR providers, he said.

He said that the value of the investment planned would range from 1 to 5 billion euro. Helen would invest in the lower range of the range, if she only wanted to produce heat from nuclear energy. The upper end is the case if they want to combine heat and electricity production.

Helen, which has to meet the peaks in heat consumption during winter, believes that power consumption will double within a few short years, thanks to electrification, expansion of data centres, and clean tech including green hydrogen.

Tolonen stated that the company began a land-use planning process last month in Helsinki. They expect to select a site for their new facility by late 2027.

(source: Reuters)