The Nuclear Energy Agency (NEA) and the Swedish Government have announced a collaboration on a cost study of Sweden’s electricity and energy system. The study aims to explore the cost implications of various policy decisions and energy strategies under stringent carbon constraints, with the final report expected by the end of 2025.
The announcement was made at the Roadmaps to New Nuclear 2024 conference in Paris, where NEA director-general William D. Magwood IV expressed hope that the study would support Sweden’s energy policy discussions. Swedish Deputy Prime Minister and Minister for Energy, Ebba Busch, emphasized the importance of understanding the system benefits of nuclear power in Sweden’s transition to a stable, fossil-free energy supply.
Sweden has set a target of adding 2.5 GW of new nuclear capacity by 2035 and building ten new reactors by 2045, with an estimated cost of Skr 400 billion ($38 billion). In line with these goals, Vattenfall, Sweden’s largest electricity provider, has expressed support for the nuclear expansion model, highlighting the socioeconomic benefits of new nuclear power projects.
Additionally, Westinghouse Electric and Hyundai Engineering & Construction have partnered to explore nuclear power opportunities in Sweden. The majority of Sweden’s power generation is already from clean energy sources, with surplus electricity being exported to neighboring countries like Finland and Lithuania.
Sweden’s annual power consumption reached 124.2 terawatt-hours in 2022, and demand is expected to grow by over 1% annually by 2035. Globally, the NEA notes that tripling nuclear capacity by 2050 is crucial to meet net-zero targets.