|

Vestas and Fortum settle arbitration over Russian wind energy projects

Global, News

Danish wind turbine manufacturer Vestas and Nordic energy company Fortum have settled their arbitration dispute regarding wind energy projects in Russia. Both parties agreed to drop all past, present, and future claims, with the settlement terms remaining confidential. The dispute began in 2022 when Fortum initiated arbitration at the International Chamber of Commerce in Stockholm. Fortum sought more than $218 million (€200 million) in compensation from Vestas for payments made on wind projects in Russia…

|

Fortum reports daily cyberattack attempts on its power assets

Global, News

Finnish utility Fortum has revealed that its power assets face daily cyberattack attempts and less frequent surveillance activities, such as drone flyovers. According to CEO Markus Rauramo, disturbances in satellite connections were also noted earlier this year. Fortum, whose assets include hydropower, wind, solar, nuclear, and heat plants, has engaged Finnish authorities to investigate these incidents. The company has implemented precautionary measures, including strict access controls, security services, and emergency drills with local authorities. Fortum’s…

|

World Nuclear Performance 2024

Analysis, Features

In a world grappling with the urgency of climate goals and clean energy transitions, the World Nuclear Performance Report 2024, produced by the World Nuclear Association, presents a compelling narrative on the global nuclear industry’s role in reducing emissions and enhancing energy security. Through facts, case studies, and country-specific insights, the report highlights nuclear energy’s capacity to deliver dependable, carbon-free power and keep pace with rising global electricity demands. Nuclear’s Vital Statistics: Performance on a…

|

Westinghouse and Hyundai partner to explore nuclear power opportunities in Sweden and Finland

Global, News

Westinghouse Electric has partnered with Hyundai Engineering & Construction to pursue nuclear power plant (NPP) projects in Sweden and Finland. The collaboration will focus on deploying Westinghouse’s AP1000 reactor technology, with Westinghouse handling the design and technology development and Hyundai contributing its construction expertise. This partnership builds on a 2022 agreement between the companies to jointly explore global opportunities for AP1000 plants. The announcement follows Vattenfall’s plans to develop new nuclear reactors at Ringhals in…