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Sweden offers $23 bn to finance
nuclear power construction / Photo: Bjorn LARSSON ROSVALL - TT News Agency/AFP/File
NYSE - LSE
Sweden offers $23 bn to finance nuclear power construction
Sweden's government said Friday it was ready to offer up to 220 billion kronor ($23.3 billion) in loans to utilities for the construction of new nuclear reactors as the Nordic country commits to developing more nuclear power.
The government in 2023 presented a roadmap to massively ramp up nuclear energy production in the country.
"We are facing a decisive moment for Sweden's energy. A secure supply of electricity is a fundamental function of society," Energy Minister Ebba Busch told a press conference.
In late August of this year, the country said it had selected modular nuclear reactors for its first nuclear power expansion in 50 years.
Three or five of the next-generation reactors would be built at the Ringhals plant in southwestern Sweden, providing around 1,500 megawatts -- the equivalent of two classic reactors.
The Scandinavian country voted in a non-binding 1980 referendum to phase out nuclear power, and since then has shut down six of its 12 ageing reactors.
On Friday, the government said it was proposing a budget framework for companies seeking government loans -- which would be cheaper than loans secured through private financial institutions -- to fund the construction of new nuclear power.
"The framework is based on expected lending for the construction of new reactors totalling 220 billion kronor over 12 years," the government said in a statement.
Sweden's six active reactors currently generate about 30 percent of its electricity needs.
(D.Lewis--TAG)
