Friday, November 22, 2024

The purpose of the Memorandum of Understanding (MoU) signed by Finland’s Minister for Climate and Environment Kai Mykkänen and the UK’s Minister for Energy Security and Net Zero Lord Hunt of Kings Heath is to establish a bilateral framework for cooperation between the UK and Finland on nuclear energy projects, programmes, research and development and policy . The two parties intend to “establish a platform to facilitate bilateral opportunities for mutual cooperation in civil nuclear energy”.

Areas of cooperation include new nuclear power deployment, which emphasizes the importance of a technology-inclusive approach that includes traditional large-scale reactors as well as small modular reactors to provide secure baseload energy, and notes the potential of advanced modular reactors to meet future energy needs. The MoU also notes “the potential of advanced nuclear technology for electricity production as well as heat and hydrogen production as well as other non-power applications,” plus the fusion-related research activities of both participants. Recognizing the importance of regulatory exchange to enable the efficient deployment of SMRs and other advanced nuclear technologies, the Participants intend to “encourage further regulatory cooperation across jurisdictions where appropriate, as well as to support global regulatory alignment”.

The MoU also highlights cooperation on fuel supply diversification – noting that Finland plans uranium recycling and that the UK has “significant capabilities across the civil nuclear fuel cycle, with ambitions to develop advanced nuclear fuel capability in HALEU” – regulatory exchange, financing, nuclear waste management and disposal of spent fuel, nuclear safety and competence and talent development. The UK’s export credit agency, UK Export Finance, has “up to” GBP 4 billion ($5 billion) available to Finland-based projects purchasing goods and services in the UK, and “has signaled its interest in considering support for the deployment of UK SMRs in Finland,” states the memorandum of understanding. Finland’s export credit institution, Finnvera, can similarly finance certain British projects that purchase Finnish goods and services.

“Nuclear energy is the cornerstone of Finland’s clean energy system. The Finnish government welcomes the new projects. We need reliable partners like the UK to develop and deploy technologies such as small and advanced modular reactors. We are also developing new nuclear energy technologies, including reactors intended for heat production and diversification of the fuel supply to our power plants, says Mykkänen.

Hunt said Britain was committed to working closely with its allies to develop civil nuclear programs and increase shared energy security with low-carbon electricity. “By working with Finland and our other international partners, we can accelerate the development of cutting-edge nuclear technology – helping us achieve our global climate ambitions and deliver net zero,” he said.