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Big nuclear company not interested in new nuclear power

Vattenfall: We are not interested in new nuclear power lördag 2 maj kl 15Vattenfall’s new President and CEO, Magnus Hall, a former lobbyist for the nuclear power industry, says it is no longer possible to build new nuclear power stations in Sweden, unless the state pays.

“I believe that the risk taking is so large that private investors will not want to consider it, in my opinion,” Magnus Hall tells Swedish Radio News.

The business community in Sweden is no longer interested in building new nuclear power. At least not if it has to pay, thinks Magnus Hall. The ongoing nuclear projects in Finland and the UK have cracked all his calculations and the Vattenfall chief does not believe there is not sufficient profitability in new reactors without state support.

Magnus Hall, who was formerly chairman of Industrial Power, a lobby organization that wanted to build new nuclear power for electricity-intensive industries, has thus changed his position today.

“Yes, I have enough, actually, because I think it has become so clear that it is the state that dictates the terms for nuclear power. Therefore, the state also take responsibility for it, and it is also linked to the infrastructure of a country, says Hall to Swedish Radio News.

Last week, the Swedish state-owned energy company announced it will cut 1,000 jobs and close two of its reactors earlier than expected due to a fall in profits. Lower energy prices and lower production levels have affected Vattenfall’s results.

May 6, 2015 - Posted by | business and costs, Sweden

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