Wedoany.com Report-Mar 24, Finnish utility Fortum (FORTUM.HE), said on Monday it was focusing on renewable energy and nuclear lifetime extensions to cover growing electricity demand, while continuing to explore new nuclear generation and pumped hydro as long-term options.

A view of Fortum's nuclear power plant in Loviisa, Finland, September 2, 2024.

"Decarbonisation of industries and societies through electrification is expected to significantly increase, even double, power demand in the Nordics towards 2050," Fortum CEO Markus Rauramo said in a statement.

This new demand in the Nordics in the next 5-10 years will be met with new onshore wind and solar power coupled with flexibility and storage solutions and running existing nuclear plants for longer, he added.

Fortum is exploring building pumped hydropower stations in addition to its existing pipeline of new renewables projects, while it agreed to extend the lifetime of its Loviisa nuclear power plant, the CEO said.

The company on Monday concluded a two-year study into the feasibility of new nuclear power.

"New nuclear could provide new supply to the Nordics earliest in the second half of the 2030s, if market and regulatory conditions are right," Rauramo said.

However, new nuclear is not is not economically viable on a merchant basis only based on the current power market outlook, the study found.

Fortum said building new nuclear reactors would require a solid risk sharing framework similar to the one being prepared by the Swedish government.