Finland and the UK have signed a memorandum of understanding (MOU) the objective of which is to establish a bilateral framework for collaboration on nuclear energy projects, programmes, research & development, and policies. The agreement was signed by Finland’s Minister of Climate & the Environment Kai Mykkänen and by UK Minister for Energy Security & Net Zero Lord Hunt.
The areas for collaboration are: new nuclear deployment; diversification of fuel supply; regulatory exchange; financing; new and emerging technologies; nuclear waste management & final disposal of used fuel; nuclear safety; and skills & talent development.
The participants “highlight that Finland is planning uranium recovery and the UK has significant capabilities across the entire civil nuclear fuel cycle, with ambitions to develop advanced nuclear fuel capabilities in HALEU” (high-assay low-enriched uranium).
“Nuclear energy is the cornerstone of Finland’s clean energy system. The Finnish Government welcomes the new projects,” said Mykkänen. “We need reliable partners like US for developing and deploying technologies such as small and advanced modular reactors. We are also developing new nuclear energy technologies, including reactors intended for heat production, and diversifying the fuel supply for our power plants.”
Lord Hunt said the UK is committed to working closely with its allies to develop our civil nuclear programmes. “Through collaborating with Finland and our other international partners, we can accelerate the development of cutting-edge nuclear technology – helping us hit our global climate ambitions and deliver net zero.”
According to the MOU, UK Export Finance (UKEF), the UK’s export credit agency, has made up to £4bn ($5bn) available for Finland-based projects that purchase goods and services from the UK. Also, Finland’s export credit agency, Finnvera, can finance UK-based projects that purchase Finnish goods and services.
Finland and the UK also recognise the potential for new and emerging nuclear technologies, such as small and advanced modular reactors in shaping the future of the nuclear energy sector and in providing innovative solutions to both domestic challenges and the global response to climate change. In addition, they recognise the potential of new nuclear technologies for electricity production as well as for heat and hydrogen production and for other non-power applications.
