Finland’s Fortum turns to U.S. in bid to replace Russian nuclear fuel

https://www.reuters.com/business/energy/finlands-fortum-turns-us-bid-replace-russian-nuclear-fuel-2022-11-22/ HELSINKI, Nov 22 (Reuters) – Finnish power company Fortum (FORTUM.HE) on Tuesday said it was planning to begin buying nuclear fuel from U.S.-based Westinghouse Electric.

Fortum began looking to replace Russian fuel, which it has been using solely since 2008, last March as a response to Moscow’s war in Ukraine.

“The new and parallel fuel supplier will diversify our fuel strategy, improve security of supply and ensure reliable electricity production,” head of Loviisa power plant Sasu Valkamo said.

Fortum has applied for a licence to run its two plants in Finland until 2050, while the current fuel-supply agreements with TVEL, a subsidiary of Russian state-owned power company Rosatom, will run until 2027 and 2030, it said.

“A tendering process will be arranged for fuel supply for the new operating licence period,” the company said.

Fortum has also put its Russian assets up for sale.

November 22, 2022 - Posted by Christina Macpherson | Finland, Uranium