Finland and UK sign Memorandum of Understanding to promote new nuclear energy solutions

Finland and the United Kingdom will intensify their cooperation in a broad range of peaceful uses of nuclear energy. The countries have signed a Memorandum of Understanding (MoU) with the aim to establish structures for collaboration concerning nuclear energy projects, programmes, research and development, and policies.

The MoU was signed by the ministers responsible for energy security in Finland and the UK. The agreement was signed by Minister of Climate and the Environment Kai Mykkänen on behalf of Finland and by Minister for Energy Security and Net Zero Lord Hunt of Kings Heath on behalf of the UK.

The areas for collaboration are new nuclear deployment, diversification of fuel supply, regulatory exchange, financing, new and emerging technologies, nuclear waste management and final disposal of spent fuels, nuclear safety, and skills and talent development. 

“Nuclear energy is the cornerstone of Finland’s clean energy system. The Finnish Government welcomes the new projects. We need reliable partners like the United Kingdom 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,” said Minister Kai Mykkänen.

Minister for Energy Security and Net Zero, Lord Hunt said:
 
“The UK is committed to working closely with our allies to develop our civil nuclear programmes, boosting our shared energy security with low-carbon electricity to power our homes and businesses for decades".
 
“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, the UK’s export credit agency, has up to GBP four billion (approx. EUR 4.8 billion) available for Finland-based projects that purchase goods and services from the UK. Finland’s export credit agency, Finnvera, can finance UK-based projects that purchase Finnish goods and services.

According to the MoU, the parties recognise the potential for new and emerging nuclear technologies, such as SMRs and AMRs (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. 

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. Finland and the UK are also leaders in fusion-related research. Both countries see opportunities for future collaboration on research and development in civil nuclear energy across their industries, research institutes and institutions.

Inquiries:
Juho Korteniemi, Deputy Director General, Ministry of Economic Affairs and Employment, tel. +358 29 504 7054
Riku Huttunen, Director General, Ministry of Economic Affairs and Employment, tel. +358 50 43 6518
Lyydia Ylönen, Special Adviser to the Minister of Climate and the Environment, tel. +358 50 476 1341