Nuclear Power as a source of investment stability in an energy crisis

A harsh winter, wars and the global data center boom have posed consecutive challenges for European energy production. Which source of baseload power can be relied on for decades ahead, regardless of geopolitics or weather conditions?

In a world filled with uncertainty, energy self-sufficiency has become a cornerstone of everyday stability. This is reflected, for example, in the most recent Energy Attitudes Survey published by Finnish Energy (Energiateollisuus ry) in 2025. Energy self-sufficiency overtook prices as the most important energy and climate policy objective, highlighting the need—both among citizens and businesses—to stabilize the situation.

It is therefore no surprise that demand for nuclear power remains strong. Nuclear power provides continuously available baseload energy, strengthening Europe’s energy independence in a predictable and reliable manner.

Nuclear power is not vulnerable to weather or market fluctuations

A harsh winter demonstrated in the Nordic countries one of the fundamental challenges of renewable energy: weather conditions cannot be controlled. Prolonged cold and windless periods in January and February froze wind turbine blades in Finland, preventing production and driving spot electricity prices up for weeks.

At the same time, wars in Iran and Ukraine further aggravated the energy crisis. Damage to local energy infrastructure in Ukraine is expected to take an estimated three to four years to repair, and replenishing gas reserve stocks will not begin until peace is restored. Disruptions to oil transport routes in the Strait of Hormuz could also be felt in everyday life as early as the next heating season.

As dependence on fossil fuels must be reduced, nuclear power emerges as the only energy generation method that is largely immune to weather conditions and market volatility.

Will there be enough electricity for all new data centers?

The energy crisis inevitably raises the question of electricity availability. According to the Confederation of Finnish Industries, data centers’ electricity demand in Finland could grow from 285 megawatts to 1.5 gigawatts if the planned investments for 2025–2030 are realized. The data center boom clearly indicates that Europe’s electricity demand will not decrease in the coming decades.

The Nordic countries are an attractive location for data centers for many reasons. However, uncertainty in electricity production could slow investments if renewable energy is not supported by a reliable baseload. Data center customers do not accept service interruptions because the wind does not blow in Norway or the sun does not shine in Finland.

From the perspective of data centers and other energy-intensive investments, nuclear power is therefore an additional competitive advantage for the Nordics—on top of clean electricity, a cool climate, district heating infrastructure and societal stability. What other form of energy generation can promise supply security for the next 80 years once fossil fuels are excluded?

Investment certainty for new nuclear power planning

Across Europe, there are clear signs that words are turning into action, and new nuclear power is being planned even in countries without previous reactors. In Poland, a local operator has launched the licensing process for the country’s first nuclear power plant, and Sweco Norge has been selected to carry out the impact assessment for Norway’s first nuclear power plant.

In Sweden and Finland, the existing nuclear infrastructure is strong, and current plants will secure electricity supply for decades to come. Additional capacity is expected from small modular reactors (SMRs), which have proven particularly promising as a new nuclear implementation model in the Nordic district heating context.

Legislative changes are also underway. In Finland, for example, Parliament is currently reviewing the Government’s proposal for a new Nuclear Energy Act. The aim is to streamline licensing procedures and to better account for different implementation concepts and technology options, such as SMR reactors. These changes would further increase investment certainty.

What, then, is Sweco’s role in maintaining and expanding Nordic nuclear capacity? We have long-standing experience in nuclear power design across Europe and aim to be actively involved in the future evolution of nuclear energy. We support the advancement of nuclear projects for both private and public sector clients across national borders.

Sweco will be present at the Nordic Nuclear Forum in Stockholm on 26–27 May, at a joint Nordic stand. Come and say hello!