In a landmark decision for Scandinavia’s energy landscape, Vattenfall has selected GE Vernova and Rolls-Royce SMR as the final contenders to develop small modular nuclear reactors at the Ringhals power plant. This move is widely seen as a response to both national energy security demands and Sweden’s ambitious climate goals, which include net-zero greenhouse gas emissions and a complete phase-out of fossil fuels.

The Swedish government has thrown considerable weight behind the nuclear industry, framing it as essential for base-load power generation and grid stability as intermittent renewables like wind and solar expand. In late 2023, the parliament approved a state aid package designed to share financial risks associated with new nuclear projects, enabling utility companies to invest with greater confidence.

Vattenfall’s announcement must be understood within this policy context. The company is now poised to submit a formal application for government risk-sharing support, which will be instrumental in determining the final technology provider and the eventual scale of the Ringhals expansion.

What sets this project apart is its use of small modular reactor technology. Unlike conventional nuclear plants, SMRs offer reduced physical footprint, lower upfront capital requirements, and enhanced safety features. They are also better suited for serial manufacturing and assembly, which can drive down costs through repetition and learning-curve effects.

GE Vernova’s BWRX-300, a 300 MW generation III+ reactor, leverages design simplifications and passive safety systems developed from earlier GE Hitachi models. It is already under construction in Canada, which provides a valuable reference for licensing and execution. Similarly, Rolls-Royce SMR’s 470 MW unit has gained traction in the United Kingdom, where it is seen as a model for future nuclear deployments.

For Vattenfall, the two technologies represent not just different energy outputs, but different strategic pathways. The option of installing five BWRX-300 units offers granularity and redundancy, while the three-unit Rolls-Royce alternative provides higher output per module. Both options, however, are designed to use nuclear fuel types that align with Vattenfall’s established procurement channels—a crucial factor in maintaining supply chain security.

The Ringhals site itself is an ideal host for new SMRs. With existing transmission infrastructure, a skilled workforce, and a community familiar with nuclear operations, the peninsula south of Gothenburg offers what Vattenfall describes as “the best prerequisites for delivery within a reasonable timeframe and budget.” The company has also hinted that an additional 1,000 MW of SMR capacity could follow, making Ringhals a cornerstone of Sweden’s nuclear renaissance.

Beyond technical considerations, the project is being closely watched for its economic and geopolitical implications. By partnering with U.S. and British firms, Sweden is strengthening transatlantic ties in energy technology and diversifying its nuclear supply chain beyond European vendors. At the same time, the project is expected to create high-value jobs and stimulate local industry—a point emphasised by government officials.

Anna Borg, Vattenfall’s CEO, framed the decision as historic. “This isn’t just about replacing older units—it’s about transforming how we build and operate nuclear facilities in Sweden,” she said. “SMRs allow us to build smarter, with less risk and more flexibility.”

Currently, nuclear power provides 28.6% of Sweden’s electricity, generated from six reactors across three sites. The government aims to significantly increase this share, with a target equivalent to two new reactors by 2035 and a major expansion by 2045. This ambition is part of a broader strategy to ensure electricity supply keeps pace with growing demand from electrification of transport and industry.

The choice between GE Vernova and Rolls-Royce SMR will also influence Sweden’s alignment with international safety and regulatory standards. Both companies are engaged in active dialogues with regulators in their home countries and the European Union, which may facilitate smoother licensing processes in Sweden.

As Vattenfall proceeds toward a final investment decision, it will need to balance technological merits with commercial terms, regulatory feasibility, and public acceptance. The company has pledged to maintain an open dialogue with local communities and stakeholders throughout the process.

With this announcement, Sweden joins a growing list of countries betting on SMRs to complement renewables and accelerate the phase-out of fossil fuels. For policymakers, investors, and clean energy advocates, Vattenfall’s next steps will serve as a critical test case for the future of nuclear energy in Europe.

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