Wykman: "Nuclear Power Costs are Manageable"

Minister for Financial Markets Niklas Wykman (The Moderate Party) is not unexpectedly toning down the criticism of the proposals for financing new nuclear power. The costs for the state and electricity consumers are manageable, he thinks. And the government is in a hurry.

» Published: December 17 2024

Wykman: "Nuclear Power Costs are Manageable"
Photo: Björn Larsson Rosvall/TT

There needs to be some sense and decency in this debate, he says at a press conference.

He does not think the support can be called a subsidy. It's about lending on favorable terms.

The money will come back, says Wykman, who is open to reviewing the proposal for the state to guarantee nuclear power plant owners 80 öre/kWh for 40 years.

Absolute, that's why we have this referral process, he says in response to a question about whether the amount can be changed.

But time is running out to change the proposal. A proposal is to be submitted in the spring and the law is to come into force in July, according to the government's plan.

Severe criticism

The proposal on how to finance nuclear power has received severe criticism from many referral bodies. The Energy Market Inspectorate rejects the proposal entirely, among others Svenska kraftnät, the National Institute of Economic Research, and even the basically nuclear power-positive Svenskt näringsliv has concerns – particularly because other electricity production may be pushed aside when such strong support is given to nuclear power.

Several are also calling for a deeper analysis of what the energy system and society need – not just locking themselves into nuclear power.

Do we have the time for that, then the answer is no, says Wykman.

About the referral responses in general, he says he had expected tougher criticism.

I'm still positively surprised by the referral responses.

Leaves the door open

He also leaves the door open for the state to become a part-owner in nuclear power, something that, among others, the LO thinks would be good. He does not rule out the possibility that other forms of energy may receive other forms of state support in the future.

But he dismisses the critics who fear that the enormous support for nuclear power will push aside other electricity production.

Incomprehensible, if we have the climate ambitions we have, he says, pointing to the large future electricity demand.

The financing program involves the expansion of four nuclear reactors, where the state is expected to lend 300 billion kronor, as well as a price guarantee of 80 öre/kWh for 40 years.

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By TTThis article has been altered and translated by Sweden Herald

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