This study explores the transformation of the Nordic electricity system until 2050, focusing on the Finnish-Swedish power system. The goal is to find the optimal balance between nuclear and renewable energy sources for a competitive and sustainable economy until 2050. Two demand growth scenarios (Carbon Neutrality and Power to X) and three nuclear-renewable energy share scenarios are considered. This study was conducted by Quantified Carbon at the request of Fortum Power and Heat to provide material for the Fortum Nuclear Feasibility Study and for the ongoing Nordic electricity system discussion.
We are leading a two-year non-profit research and promotion programme dedicated to the repowering of coal power plants by clean heat sources such as nuclear and geothermal energy. We were established by Staffan Qvist in 2016 and employ a team of experts based throughout Europe and around the world.
We have conducted investment optimization across various scenarios to offer valuable insights into establishing the most cost-effective fossil-free power system, paving the way for a fully decarbonized, sustainable, and competitive Swedish economy by 2050.
We are the primary team responsible for energy modeling at LKAB, a leading Swedish mining company, as they transition to a fossil-free steel manufacturing process. With targets that entail using upwards of 70 terawatt-hours (TWh) by 2050, LKAB is poised to become one of the global leaders in hydrogen production and utilization.