“Europe, including Sweden, is highly interested in Asia, particularly in Korean nuclear power plant operators. Korea is in an optimal position to establish partnerships in Europe, starting with Northern Europe. Korea has opened up tremendous opportunities to provide its small modular reactor (SMR) capabilities to Europe.”
John Ahlberg, founder and chief strategy officer of the Swedish private SMR project developer Kärnfull Next, said this during a meeting with ChosunBiz at the Lotte Hotel in Sogong-dong, Seoul, on the 29th of last month. Ahlberg noted that he encouraged Korea's public enterprises and operators related to nuclear power to enter Europe, including Sweden, due to the expanding atmosphere for nuclear power in Europe, including Sweden.
Sweden is promoting a policy to expand nuclear power. In 2022, the right-wing coalition that came to power after eight years announced a 'nuclear roadmap' that includes the construction of SMRs by 2050. The Swedish government plans to secure 2.5 gigawatts (GW) of nuclear power capacity by 2035 and to build 10 nuclear power plants by 2045.
Sweden will jointly construct nuclear plants with state-owned and private corporations. Until now, the development, construction, and operation of Sweden's nuclear projects have been led by the state-owned power company Vattenfall. Vattenfall operates five of the six large nuclear power plants in Sweden and accounts for approximately 25% of power production. However, it has opened the door for private corporations to enter the nuclear power expansion. Ahlberg said, “To achieve the new nuclear power capacity that the Swedish government aims for by 2035, Vattenfall and Kärnfull Next will each plan to construct their own nuclear plants.”
Kärnfull Next is a startup established in 2022. It plays a role in project management for SMRs, including site acquisition, financing, permitting, and power purchase agreements. Ahlberg said, “Kärnfull Next provides projects as a developer and secures government support, and it needs to collaborate with the best in the industry, which is why Korean nuclear power corporations are very important. We aim to utilize Korea’s nuclear power capabilities, such as those possessed by Korea Hydro & Nuclear Power.”
Kärnfull Next has secured four sites thus far and is reviewing over 20 candidate sites. In August 2023, it selected the Nyköping area southwest of the capital Stockholm as its first candidate site. Last July, it secured the coastal area near Valdemarsvik, located about 160 kilometers southwest of Stockholm, as its second site. In addition, it has secured two more sites in the southern region of Sweden.
The strength of Kärnfull Next in securing SMR sites is significantly attributed to Kärnfull Energi, which Ahlberg founded in 2019. In Korea, Korea Electric Power Corporation has a monopoly on electricity sales, but in Sweden, the electricity retail market is liberalized, allowing private corporations like Kärnfull Energi to sell electricity to consumers. Kärnfull Energi is a power retailer that exclusively purchases nuclear-based electricity in the electricity market and sells it to consumers.
Ahlberg said, “Tens of thousands of Kärnfull Energi customers prefer nuclear power and are working to find locations to construct new nuclear plants in Sweden, considering their data, infrastructure, geology, weather, and other factors, and to secure those sites.”
Ahlberg has visited Seoul six times over the past year. Kärnfull Next has signed memorandums of understanding (MOU) related to SMRs with Samsung C&T, Hyundai Engineering, and KHNP. He stated, “I think Kärnfull Next would struggle without Korea's nuclear supply chain, and if I could freely choose, I would seize the opportunity to establish a foothold for SMRs in Europe through KEPCO and KHNP.” He also added, “As seen in the Innovative SMR (i-SMR), Korea has perfect technology, proven designs, flexibility, etc., and thus, its SMR development capability is reliable.”