Fortum's Renewable Shift: Energizing the Nordic Future

Finnish utility Fortum is focusing on renewable energy expansion and nuclear power extension to meet rising electricity demand in the Nordics. CEO Markus Rauramo highlights the anticipated doubling of power demand by 2050. Fortum explores new nuclear and hydro solutions, amid economic and regulatory challenges.

Finnish utility Fortum announced its strategic focus on renewable energy and extending the life of nuclear power plants to address increasing electricity demands across the Nordics.

CEO Markus Rauramo underscored the expected surge in power demand, potentially doubling by 2050, driven by the decarbonisation of industries and societies through electrification. Fortum plans to meet this demand with new onshore wind and solar projects, enhanced by storage solutions, while extending the operation of existing nuclear plants.

The company is also exploring the construction of pumped hydropower stations alongside its pipeline of new renewable projects. A recent two-year study on new nuclear power's feasibility revealed market and regulatory challenges, indicating that new nuclear supply might only emerge after 2035.

(With inputs from agencies.)