New nuclear can play an important role in a resilient and competitive low-carbon Nordic power system, but an economically viable new-build project will require visibility on income, a solid financing framework and technology-neutral treatment in regulation, Fortum has said.

The company, which owns and operates the two-unit Loviisa nuclear station in Finland, said it will continue to develop new nuclear as a long-term option to meet projected customer demand growth and with view to replacing existing assets at the end of their lifetime.

It said that maintaining a balanced power mix brings benefits security of supply and stability for all customers and society.

But it warned there are risks to the deployment of new nuclear capacity, including those related to the long construction times, high capital requirements and the market price of electricity post commissioning.