Risk Implications of Small Modular Nuclear Reactor Implementations: the Case of the Nordics

Abstract: Climate change is no novelty – we witness its disastrous impact more and more by each day. Although we already started envisaging a future where the vitality of our societies is derived not from conventional fossil fuels, but from a sophisticated, clean, and steadfast energy source – the latest benchmarks tracked by leading global energy agencies show grim performance, thereby calling for an intervention. The exploration into Small Modular Nuclear Reactors (SMRs) could present a stable and likely journey towards this vision – offering a glimpse into a future where energy is not only abundant, but also conscientiously generated. SMRs are compact versions of traditional nuclear power plants, yet they bring additional advantages such as potential cost-effectiveness and adaptability to diverse locations and environments. These reactors promise to cater to our escalating energy demands while simultaneously upholding environmental integrity. However, as this research reveals, their implementation – particularly in Finland and Sweden – isn't without challenges. While SMRs offer potential benefits, the regulatory landscapes in both countries present formidable obstacles. Finland's regulatory body, known for its stringent oversight, ensures adherence to the highest safety standards. Yet, this rigor can sometimes be a double-edged sword – especially when navigating the dynamic realm of SMRs. In contrast, Sweden grapples with pronounced regulatory uncertainties and ambiguity, further complicated by historical public skepticism towards the nuclear sector. Safety perceptions in the nuclear industry often deviate towards feelings rather than quantifiable metrics. This underlines an ongoing debate: should we define an acceptable safety threshold or aim for absolute safety? Moreover, the intertwined nature of politics and large-scale nuclear projects necessitates well-considered, stable strategies to harness SMRs' potential. Focused on Finland and Sweden – countries with rich nuclear histories – this research offers a deep dive into the complex narrative of risks, opportunities, and strategic challenges surrounding SMRs in the Nordic context. It underscores the need for a nuanced approach that combines technological innovation with socio-political considerations.