Preparations continue for deployment of BWRX-300 small reactors in Finland and Sweden

Fortum and GE Vernova Hitachi Nuclear Energy have signed an Early Works Agreement to prepare the ground for licensing and technical adaptation of BWRX-300 small modular reactors (SMRs) for potential deployment in Finland and Sweden. The first installations of these reactors could take place in the second half of the 2030s.

Finland’s state-majority-owned energy company Fortum launched a feasibility study in October 2022 to assess the commercial, technological and social prerequisites for building new nuclear power plants in the Nordic countries. Based on the study’s results, in March 2025 Fortum selected three technology partners for further cooperation: two suppliers of large reactors (EDF with its EPR pressurised water reactor and the Westinghouse-Hyundai consortium with its AP1000 reactor) and one supplier of small modular reactors (SMRs), GE Vernova Hitachi Nuclear Energy, with its BWRX-300 reactor.

“After two years of thorough assessment of SMR technologies, Fortum has concluded that the BWRX-300 is a suitable candidate for potential deployment in Finland and Sweden. We have a long history of supporting the nuclear industry in the Nordic region and look forward to further cooperation with Fortum,” said Nicole Holmes, Chief Commercial Officer at GE Vernova Hitachi Nuclear Energy.

Fortum and its current nuclear activities

Fortum operates the Loviisa nuclear power plant, which has two VVER-440 pressurised water reactors. The units were commissioned in 1977 and 1981 and currently supply more than 10 % of Finland’s electricity consumption. In March 2025, Fortum applied to extend their operating licences until 2050. The current operating licences expire at the end of 2027 and 2030, respectively.

In addition, Fortum owns stakes in the Olkiluoto nuclear power plant in Finland (units 1 and 2) and the Forsmark (units 1 to 3) and Oskarshamn (unit 3) nuclear power plants in Sweden.

Outlook for the future energy system in the Nordic region

According to Fortum CEO Markus Rauramo, electricity demand is expected to double over the coming decades as a result of decarbonisation. Over the next 5 to 10 years, this new demand is expected to be met primarily by wind and solar power plants, complemented by storage and flexible technologies.

Fortum is also expanding its renewable energy portfolio. It is considering building a pumped-storage hydropower plant and is seeking to extend the operating lives of its existing nuclear units. According to Rauramo, new nuclear power plants, including small modular reactors (SMRs), could realistically be deployed no earlier than the second half of the 2030s, subject to market and regulatory conditions.

BWRX-300: a small reactor with global ambitions

The BWRX-300 is a boiling water reactor with an installed capacity of 300 MWe, based on the proven design of large boiling water reactors (BWRs). Unlike those reactors, it is designed to be modular and significantly simplified.

The first construction of this reactor type is planned at the Darlington site in Canada, where Ontario Power Generation, in cooperation with the province of Ontario, announced the construction of four units.