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Amid Putin’s Gas Warfare, Sweden Makes Regulatory Push To Build New Nuclear Reactors – Stocks to Watch
  • Sun. Apr 28th, 2024

Amid Putin’s Gas Warfare, Sweden Makes Regulatory Push To Build New Nuclear Reactors

ByNavdeep Yadav

Jan 11, 2023
Amid Putin's Gas Warfare, Sweden Makes Regulatory Push To Build New Nuclear Reactors

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As Europe faces an energy crisis amid Vladimir Putin‘s war in Ukraine, Sweden is moving to bring legislation to allow the construction of more nuclear power stations in the country. 

What Happened: Sweden’s Prime Minister Ulf Kristersson, on Wednesday, announced that the new proposed legislation would allow new reactors to be constructed at additional locations to boost electricity production and bolster energy security.

“We have an obvious need for more electricity production in Sweden,” Kristersson told a news conference, reported Reuters. 

See Also: Watch: Nord Stream Pipeline Leaks Cause 1-Km Of Gas Bubbles In Baltic Sea; Germany, Denmark, Sweden Allege Sabotage

“What we are doing today is changing legislation to allow for the construction of more nuclear reactors at more places,” added Kristersson.

The legislation, which still needs to be passed by parliament, is likely to be in place in March next year.

PM Kristersson-led government has made expanding nuclear power generation a key goal for his tenure, seeking to reverse the country’s long-term policy of phasing out nuclear power reactors. The decommissioning of several reactors over the years has led to Sweden relying more heavily on renewable but sometimes less predictable energy.

Sweden’s energy mix consists mainly of nuclear, hydro and renewables – which is one of the reasons it has been less affected by the turmoil surrounding gas supplies in Europe. However, electricity prices have been high and volatile since Moscow invaded Ukraine.

Meanwhile, Europe is expected to see the warmest January in years, easing an energy crunch that has hammered the region for months.

Check out more of Benzinga’s Europe and Asia coverage by following this link.

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Image and article originally from www.benzinga.com. Read the original article here.