Sweden’s renewed drive to expand nuclear power is rooted in its determination to balance economic growth with ambitious climate goals, Deputy Prime Minister and Energy Minister Ebba Busch said during her visit to Singapore last week.
“We realised that we need to electrify, and we need to do that at a large scale,” Busch told reporters. “If you want to do that fossil-free, for many countries like Sweden, the answer will be new nuclear power.”
Her remarks reflect a growing political consensus in Sweden that nuclear energy—alongside renewables such as wind and hydropower—will be essential to achieving the nation’s carbon neutrality target. The shift marks a strategic recalibration from earlier decades, when Sweden planned to phase out nuclear power following the 1980 referendum.
Today, however, nuclear energy once again stands at the heart of Sweden’s energy transformation agenda.
Sweden’s energy system is already one of the cleanest in the world, powered primarily by hydropower, wind, and nuclear energy. The six operational nuclear reactors in the country currently generate about 30 per cent of Sweden’s electricity, offering a reliable backbone to its increasingly renewable grid.
As energy demand surges—driven by industrial electrification, digital infrastructure, and electric transport—Stockholm is moving to secure a stable, carbon-free energy base. That is where small modular reactors (SMRs) come into play.
SMRs represent a new generation of compact nuclear technology that promises enhanced safety, scalability, and cost-effectiveness. Unlike conventional reactors, they can be built faster, deployed flexibly, and integrated into existing grids or industrial zones.
In August, the Swedish government announced an ambitious plan to construct three to five SMRs at the Ringhals nuclear plant in southwestern Sweden. Once completed, these reactors are expected to generate around 1,500 megawatts of electricity—roughly equivalent to two full-scale conventional reactors.
Busch expressed confidence that SMRs will become a cornerstone of Sweden’s future energy landscape. “I think you will see Sweden emerge as somewhat of a hub around the Nordic and Baltic Sea regions for investments in nuclear,” she said. “I would like to see at least coordinated purchases of SMRs, pushing prices down, but also making it possible to collaborate on the know-hows.”
The Deputy Prime Minister’s comments underscore Sweden’s ambition to lead a broader Nordic-Baltic nuclear cooperation framework—linking nations with shared energy security and decarbonisation goals. The idea is to create a regional ecosystem that fosters joint investment, shared expertise, and technology transfer in nuclear innovation.
Analysts say this strategy could position Sweden not only as a clean energy leader but also as a supplier of advanced nuclear know-how across Northern Europe, helping neighbours such as Finland, Estonia, and Poland diversify away from fossil fuels.
Busch’s visit to Singapore coincided with a Sweden-Singapore Energy Forum held last Thursday (Oct 30), where top energy leaders from both nations discussed hydrogen, clean fuels, and next-generation technologies such as SMRs.
The two countries have been strengthening cooperation on clean energy innovation and regional connectivity, following a memorandum of understanding (MoU) on energy cooperation signed in November 2024.
Emphasising innovation’s role in accelerating the global energy transition, Busch said Sweden views Singapore as a key partner in technology-driven solutions. “We are small countries in terms of population, but both of us punch above our weight when it comes to innovation,” she said. “That is where the opportunities lie.”
Singapore, which still depends heavily on imported natural gas for power generation, has shown growing interest in nuclear technology research, though it has not committed to deployment. For the city-state, Sweden’s experience offers valuable insights into balancing energy security, affordability, and sustainability.
“Singapore is surrounded by countries it must collaborate with for energy trade,” said David Broadstock, a partner at the economic consultancy The Lantau Group. “By looking towards the experience in Europe—not just from Sweden—it will be possible for Singapore to learn much more about how that type of practice can be effective.”
Broadstock noted that while Sweden benefits from vast natural resources and grid interconnectivity with its neighbours, its embrace of next-generation nuclear technology offers important takeaways.
“The older technologies are very large in scale and they were prone to some security and risks that were exposed,” he explained. “But these new small modular reactors—they are much easier to place, much more secure, and there are fewer safety concerns to be thinking about.”
For Sweden, the nuclear revival marks a turning point in its long-term strategy to build a resilient, fossil-free economy powered by clean electricity. With SMRs expected to come online within the next decade, the country aims to ensure that its industries, transport systems, and growing population can thrive without compromising environmental goals.
