NuCore Energi Seeks Swedish State Support for New Nuclear Power Project

NuCore Energi, a subsidiary of Fortum, has formally applied for state aid from the Swedish government to support a new nuclear power project in the municipality of Oskarshamn. The application initiates discussions with the government regarding the framework and conditions for promoting the project, which could include both SMRs and large-scale reactors, with electrical output ranging from 1,200 MW to 3,400 MW.

Fortum emphasized that no investment decisions have been made for the project. The final scope will depend on factors such as technology selection, benefits of multi-unit construction, projected electricity demand in Sweden, and risk-sharing arrangements with the state. Fortum intends to gradually reduce its ownership in NuCore Energi, aiming to become a minority shareholder, with expectations for additional private and potentially state investors.

Key conditions for the project's progression include commitments from industrial customers to purchase electricity, long-term political support for nuclear power in Sweden, and NuCore Energi gaining access to the Ävrö land area in Oskarshamn, currently owned by Oskarshamn Kraftgrupp AB, in which Fortum holds a significant stake.

Laurent Leveugle, CEO of NuCore Energi, stated that Sweden's nuclear power policy and risk-sharing model provide a foundation for new nuclear development, which would enhance energy security, stabilize the Nordic electricity system, and support industrial growth in Sweden. Niklas Wykman, Minister of Financial Markets, noted that Fortum's establishment of a project company in Sweden indicates the effectiveness of the country's support model.

The Ministry of Finance confirmed that receiving the application allows for the commencement of the decision-making process for state support. This process involves negotiations between the government and NuCore Energi on the terms and scope of support, as well as ongoing dialogue with the European Commission to ensure compliance with EU state aid regulations.

This application follows a feasibility study launched by Fortum in October 2022 to assess the commercial, technological, and societal aspects of new nuclear power in Finland and Sweden. In March 2025, Fortum announced deepened collaborations with EDF (EPR), Westinghouse-Hyundai (AP1000), and GE-Hitachi (BWRX-300), formalizing these partnerships with Early Works Agreements in June 2025. These agreements cover early project planning, site adaptation, and licensing activities, including pre-licensing discussions with Nordic nuclear safety authorities.

Sweden's government adopted a pro-nuclear stance in October 2022 and unveiled a roadmap in November 2023 aiming for at least two large-scale reactor equivalents by 2035 and up to ten by 2045. A new state aid act, effective August 1, 2025, allows companies to apply for support through state loans, two-way contracts for difference, and risk-sharing mechanisms, subject to European Commission approval.

NuCore Energi's application is among several submitted for state support. The first application was received in December 2025 from Videberg Kraft AB, a Vattenfall AB project company, for approximately 1,500 MWe capacity at Ringhals. In June, Blykalla submitted two applications: one for a 330 MWe plant with six SEALER reactors in Norrsundet, Gävle, and another for up to 440 MWe with eight SEALER reactors at Untra in Tierp. Studsvik also applied in June for up to 1,400 MWe of SMR-based power in southern Sweden, with options in Valdemarsvik and Nyköping. Nordic Baseload Power submitted an application in mid-June for two large-scale reactors totaling about 2,500 MWe at the Barsebäck site.

Northeastern States Seek Central Aid for Power Grid Modernization

Power ministers from the Northeastern states have called for greater financial support from the Centre to upgrade the regional power grid and execute key projects aimed at improving electricity supply. This appeal was made during a meeting with Union Power Minister Manohar Lal Khattar in New Delhi.

The delegation, led by North Eastern Regional Power Committee (NERPC) chairman and Meghalaya power minister Metbah Lyngdoh, emphasized the need for funds for grid modernization. They also sought special assistance for projects already submitted under the Power System Development Fund (PSDF). Priority projects identified include Supervisory Control and Data Acquisition (SCADA) or Energy Management System (EMS) and Emergency Restoration System (ERS), for which central support is requested.

Ministers highlighted challenges in implementing power infrastructure projects due to the region's difficult terrain, which often necessitates long transmission lines to reach remote settlements. They stressed the need for additional substations in far-flung areas to ensure reliable power supply. Mizoram power minister F Rodingliana urged for a more transparent and effective mechanism for utilizing the 10 percent Gross Budgetary Support (GBS) allocated to the Northeast by 54 Union ministries, and sought a larger allocation specifically for the power sector.

Union Power Minister Khattar indicated he would discuss the funding requirements with the Union Finance Minister. However, he noted that the Centre might not cover the entire cost of all proposed projects, requiring state contributions. Khattar also urged states to accelerate smart meter installations and implement "check meters" for consumer verification, while emphasizing efforts to reduce transmission losses and promote commercialization in the power sector.

NTPC Plans Significant Nuclear Power Expansion by 2047

NTPC has outlined an ambitious growth roadmap, targeting 149 GW of installed power generation capacity by 2032 and 244 GW by 2037. This expansion is supported by a planned cumulative capital expenditure of approximately ₹16.86 lakh crore, allocated across thermal, renewable, hydro, storage, mining, and nuclear energy projects.

Nuclear energy is identified as a significant future growth driver for NTPC. The company aims to contribute around 30 GW of nuclear power capacity to India's target of 100 GW nuclear capacity by 2047. Currently, NTPC is progressing with the 2.8 GW Mahi Banswara nuclear project in Rajasthan and is evaluating further opportunities in multiple states.

The company's installed capacity has reached approximately 89 GW, with a project pipeline of nearly 35.7 GW. NTPC reported a consolidated profit after tax of ₹27,546 crore in FY26, marking a 15% increase from the previous year. The company's balance sheet remains robust, with an improved debt-equity ratio of 1.32 despite increased capital expenditure.