Sweden proposes to allocate $23 billion for the construction of nuclear power plants
In a significant move, the government of an unspecified year has presented a roadmap for increasing nuclear energy production in Sweden, marking a return to nuclear power after a 50-year hiatus. This ambitious plan aims to ramp up nuclear energy production and secure a reliable electricity supply for the society.
Energy Minister Ebba Busch outlined the importance of a secure electricity supply, stating that it is essential for the society. As part of this roadmap, three or five next-generation reactors will be built at the Ringhals plant in southwestern Sweden. The construction of these reactors will provide around 1,500 megawatts of power, equivalent to two classic reactors.
Currently, Sweden's six active reactors generate approximately 30 percent of its electricity needs. However, since the 1980s, Sweden has shut down six of its 12 ageing nuclear reactors. This decision to increase nuclear energy production comes after a long-standing effort to phase out nuclear power in Sweden.
In August of the unspecified year, Sweden announced the selection of modular nuclear reactors for its first nuclear power expansion in 50 years. Notably, no companies have yet applied for the financing of the 12-year construction of these newly developed nuclear reactors at the Ringhals plant.
To facilitate the construction of these reactors, the government is proposing a budget framework for companies to secure cheaper government loans. The expected lending for the construction of new reactors totals 220 billion kronor over 12 years.
Sweden's decision to increase nuclear energy production is not without precedent. In 1980, the country held a non-binding referendum to phase out nuclear power. However, the changing energy landscape and the need for a reliable electricity supply have led to this new direction.
The construction of these new reactors at the Ringhals plant will provide a significant increase in power generation, contributing to Sweden's energy needs and its goal of a secure and sustainable electricity supply. As the plans move forward, it will be interesting to see how companies respond to the government's call for applications and the progress of this ambitious nuclear energy revival in Sweden.
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