Nuclear energy is being reevaluated all over the world, and Finland’s example proves it is a valuable investment.
The long delayed Olkiluoto 3 (OL3) nuclear reactor finally became operational last month in Eurajoki, Finland. According to Jukka Ruusunen, chief executive of the Finnish electricity grid, the power plant is already giving massive benefits to the country.
The Finnish government announced the construction of a third reactor at the Olkiluoto nuclear power plant back in 2005. In 2011, following the Fukushima nuclear disaster in Japan, the contracting company withdrew from the OL3 project, leaving many operations idle.
After years of delay, however, the reactor first produced electricity in March 2023, starting commercial production in April.
Despite the skyrocketing costs caused by the delays, which brought the project cost to €11 billion, the new plant is set to recover costs soon. Especially for the average Finnish citizen, the OL3 reactor is already giving much needed respite to their wallets.
Electricity prices in Finland dropped from €245.98 megawatt per hour to just €60.55, a whopping 75% reduction.
One of the main criticisms against nuclear power is its apparently uneconomical nature. Facing high starting costs, many wonder whether or not nuclear power is a valuable investment or not.
But the Finnish OL3, as well as many other new nuclear reactors being built in China, prove these claims wrong.
The future of nuclear power in Europe
The Finnish government, following the news, appears confident enough to confirm future use of nuclear power for the country’s energy transition.
Ruusunen confirmed that Finland plans on using wind power as the largest electricity source by 2027, with nuclear being a valid substitute.
Many other European countries, including France, Hungary and Sweden, are turning to nuclear power to fuel their clean energy transition. Poland recently secured $20 billion in US funding for research on small modular reactors.
Italy, the only country in the world that legally banned civil nuclear power, recently approved a bill to evaluate benefits for its resurgence.
Germany remains a hardcore detractor of nuclear power, having closed their three remaining reactors in April. The decision, however, worsened the already gripping energy crisis in Germany. The country is set towards economic stagnation due to the massive debt they were forced to incur last year to pay energy bills.
The nuclear debate in Europe is still fierce, with opponents decrying the danger of nuclear waste and advocates pointing out that waste-recycling plants (fourth generation reactors) already exist.
Outside Europe, China is set to be the world’s largest producer of nuclear power by mid-century, with 23 reactors under construction and 42 planned.
Europe risks falling behind in research and production, as the climate crisis looms upon the world. A crisis that can and must be avoided with nuclear power as well.
