Sweden is taking another major step in its return to nuclear power. On Friday, June 26, the government announced it will acquire a 60% stake in Videberg Kraft AB, the company set up to develop new reactors at the Ringhals nuclear site on the Värö Peninsula. The remaining ownership will be split between Vattenfall (20%) and Industrikraft (20%).
The move is part of Sweden’s broader plan to expand the country’s nuclear power supply, with a goal of adding the equivalent of two large reactors by 2035 and up to ten by 2045. The Ringhals project is expected to deliver around 1,500 MW of capacity using small modular reactors (SMRs) from either Rolls-Royce or GE Hitachi.
The owners of the previous nuclear reactors on the site are investing in upgrades and plan to extend the operating lifetime of Ringhals 3 and 4 from 60 to 80 years. These two units remain in commercial operation and are a cornerstone of Sweden’s nuclear fleet. The older units, Ringhals 1 and 2, were permanently shut down in 2020 and 2019, respectively, and are now in decommissioning.
Other nuclear projects are also moving forward, with projects backed by a government financing framework that could support the deployment of up to 5,000 MW of new nuclear capacity.
Construction hasn’t started yet, but today’s developments mark a big leap forward. The new ownership structure and the formal submission of the state aid package for EU approval are major milestones that bring the project closer to reality.
If everything stays on track, Sweden could see its first new reactors up and running in the early 2030s. That would deliver a significant boost to the country’s energy security and help power its ambitious fossil-free electricity targets.
