Fortum's Energizing Future: Renewables and Nuclear Innovations

Fortum is concentrating on renewable energy and extending nuclear plant lifespans to meet rising electricity demands. CEO Markus Rauramo projects that power demand in the Nordics could double by 2050, driven by decarbonization efforts. The company explores new nuclear and pumped hydro projects as potential future solutions.

Finnish energy company Fortum announced its strategic focus on renewable energy initiatives and nuclear plant lifespan extensions to address increasing electricity demand.

CEO Markus Rauramo indicated that decarbonization efforts could potentially double the Nordic region's power needs by 2050. In response, Fortum plans to bolster its renewable projects, particularly wind and solar power, and enhance flexibility and storage capabilities.

In addition to extending the Loviisa nuclear plant's operational life, the firm is considering new nuclear and pumped hydro developments, although new nuclear projects depend on favorable market and regulatory conditions.

(With inputs from agencies.)