New Swedish Nuclear Power Law Criticized for Unclear Costs

The Riksdag has passed the law on how new nuclear power will be financed. But nothing is said about how high the price tag will be. It's like buying a pig, says Fredrik Olovsson (S).

» Published: May 21 2025 at 10:44

New Swedish Nuclear Power Law Criticized for Unclear Costs
Photo: Pontus Lundahl/TT

The new law was passed with 154 yes-votes against 151 no-votes.

The law sets the framework for how the state will participate and share the risks for new nuclear power through favorable loans to nuclear power companies. Without state support, it will not be profitable to build new reactors.

The decision will lay the foundation for extensive investments in nuclear power here in Sweden, says Tobias Andersson (SD), chairman of the industry committee.

Financial Markets Minister Niklas Wykman (M) welcomes that the model for financing is now clear.

The main part of this is about loans that will be paid back, says Wykman, regarding the opposition's criticism of the cost.

Unknown cost

The law says nothing about what the total cost of the new reactors will be. It will be shown first in budget proposals and after agreements with the companies have been negotiated. The EU Commission will also have its say.

How many billions will one, two, three or four reactors cost? Is there a limit for Tobias Andersson when he thinks it becomes too expensive? says Fredrik Olovsson, energy policy spokesperson for the Social Democrats.

The investigation that forms the basis for the law estimated that the cost of four reactors can land around 400 billion kronor, of which the state will provide loans of around 300 billion. The companies are also guaranteed a certain price for a long time. To finance the price guarantee, a tax is proposed for all electricity customers.

The investigation also takes into account that the cost of construction often escalates and set a ceiling for the loans at double - 600 billion.

However, there is no ceiling in the law.

"Wind and sun now"

The government's goal is to have two large-scale reactors in place by 2035. Several heavy remissinstanser have, however, criticized that the state's large investment in nuclear power can push aside other power sources, such as wind power. Those investments are needed in the short term, since it takes a long time to build new nuclear power.

If there is to be any meaning with nuclear power in the long run, we need wind and sun, otherwise the companies that will use the energy will have moved, says Rickard Nordin, energy policy spokesperson for the Center Party.

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By TTTranslated and adapted by Sweden Herald
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