Sweden is building its first new nuclear power plant in over four decades with the help of Rolls-Royce and the company’s Small Modular Reactors (SMRs). Videberg Kraft selected Rolls-Royce to deliver three SMRs to Sweden’s west coast.
Why Small Modular Reactors Make Sense
Mainly, companies are opting for small modular reactors because of the amount of time and money it takes to build a nuclear power plant. These advanced reactors do the same job as nuclear plants. The SMRs split uranium atoms to produce heat, turn water into steam, and spin turbines to create clean electricity.
What makes SMRs significant is how each piece of the reactor is pre-fabricated in a factory and then assembled on-site, which cuts down construction costs and other time-consuming steps.
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Powering the south
Sweden is a long country that stretches north to south, with most of the inexpensive hydropower on the northern end. This leaves the southern half with high and unpredictable electricity prices. The new plant is being built on a southern peninsula to help that region balance electricity costs for households and heavy industries. It will also be built next to an existing nuclear plant, which will allow it to share grid connections and nuclear expertise.
Rolls-Royce is becoming a major asset when it comes to small modular reactors. The company recently signed similar contracts to build SMRs in the UK and the Czech Republic. Tufan Erginbilgic, the CEO of Rolls-Royce, noted that this makes them the only company with multiple contracts to deliver SMRs in Europe.
“Rolls-Royce SMR has now been successful in every competitively tendered SMR selection process in Europe and it is now very well placed to become a market leader globally,” Erginbilgic said.
He added that winning this bid shows their technology works and proves their recent business strategy is paying off in a growing market.
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