Finansieringsmodeller och ekonomisk genomförbarhet för små modulära reaktorer : En jämförande studie av finansieringsmodeller i Sverige och Kanada

Sammanfattning

Small modular reactors (SMRs) have been put forward as a potential alternative in the transition away from fossil energy sources. Investments in both conventional nuclear power and SMRs have historically been characterized by significant uncertainties and risks, resulting in high costs of capital and difficulties in attracting private investment. This study examines which financing models are being discussed in Sweden and Canada to mitigate these risks, and how they affect the economic feasibility of SMR projects. The study is conducted as a qualitative comparative document study complemented by an expert interview. The Swedish financing model consists of a three-part support system: government loans, two-sided contracts for difference (CfD), and a risk-and-profit-sharing mechanism. The loan component primarily reduces the cost of capital during construction, while the CfD addresses market risk during the operational phase. Construction risk is only partially addressed and remains more exposed compared to a RAB model, where it is explicitly shared with electricity consumers. The Canadian model comprises several parallel instruments, including cost-sharing, loan guarantees, tax incentives, and public financing through the Canada Infrastructure Bank. The model is more flexible but less institutionally coherent. Both models address the same fundamental problem: private capital alone cannot bear the risks associated with new nuclear investment. Sweden approaches this through a centralized, legally regulated framework, while Canada relies on a portfolio of flexible instruments. A shared finding is that state involvement is not merely supportive but a prerequisite for making SMR investments financially viable.