Funding for new commercial nuclear power in Sweden by 2032

NewClearEnergy and LeadCold launch a collaboration aiming at, through new nuclear power in Sweden, contribute to addressing climate objectives in conjunction with the needs for reliable base-load electricity production.

On November 7th 2019, NewClearEnergy launched its electricity retail service, where private and commercial consumers are offered clean, fossil-free and safe nuclear electricity, and where part of the revenues are directed to the R&D effort conducted by LeadCold. The vision is to have new, commercial nuclear power in operation in Sweden by 2032.

This initiative is taken by the founders of NewClearEnergy and LeadCold, with support of an advisory board consisting of Swedish parliamentarians Laila Naraghi (social democrat) and Johan Forsell (moderate), senior political advisor at Uniper, Lina Håkansdotter, and Professor Janne Wallenius, internationally recognised nuclear power scientist.

The current system for power generation in Sweden ensures a stable base-load supply from hydro- and nuclear power, which is essential for enabling the introduction of intermittent renewables such as wind- and solar. The system is already 98% fossil free, to a large extent thanks to nuclear, which provides about 40% of the total electricity generation. When closing down ageing nuclear power stations in Sweden, a larger fraction of hydropower will be required to produced base-load power, reducing its capacity to balance the variation in production of wind power. In the same time, large scale new-build of nuclear power is associated with long lead-times, high investment risks and a projected cost of electricity that might not be competitive on the future Nordic electricity market.

To address these problems, LeadCold is intending to develop a version of its SEALER concept adapted to Swedish market conditions, relying on co-location of a larger number of smaller reactor units on existing nuclear sites. In this manner, factory produced reactors can be deployed in a staggered fashion, permitting to address quality problems at a lower cost, and hence to reduce the associated investment risk. Moreover, LeadCold aims at reducing the financial cost of construction by decreasing the time from order of a reactor unit to commercial operation down to 24 months.

In order to accomplish the engineering design and detailed safety analysis of this reactor, additional research and development is required. Obtaining funding for this R&D has been a challenge. Now, through the collaboration with NewClearEnergy, electricity consumers will be able to purchase clean nuclear electricity and in the same time contribute to the development of the next generation reactors to be deployed in Sweden and abroad. 1 öre per kWh of the electricity that NewClearEnergy is selling will be earmarked for the design and safety analysis of SEALER, with the aim of having the first Swedish commercial unit in operation by 2032.


© LeadCold Reactors, 2022