State-owned Vattenfall, through its majority-owned nuclear project company subsidiary the project company Videberg Kraft, is applying for state aid for an investment in new nuclear power on the Värö Peninsula on the West coast of Sweden. Videberg Kraft has been set up to build and operate nuclear reactors. The consortium Industrikraft has entered into an agreement with Vattenfall to acquire a 20 % stake in Videberg Kraft.
On 23 December, Videberg Kraft’s CEO Desirée Comstedt submitted an application to the Swedish government for financing and risk-sharing. This marks the next step towards new nuclear power on the Värö Peninsula.
The application is written in accordance with the framework for financing and risk sharing that is set out by the government’s Bill on Financing and Risk Sharing in New Nuclear Power – a bill that was adopted by the Swedish parliament (the Riksdag) in May 2025. The model encompasses provisions for state aid to companies seeking to invest in nuclear reactors.
The Industrikraft agreement with Vattenfall to formally acquire a 20 % stake in Videberg is expected to complete in January 2026, provided that the Swedish Inspectorate for Strategic Products approves the acquisition. The sole focus for Videberg Kraft will be to develop and own the reactors on the Värö Peninsula.
Once negotiations regarding the conditions that will apply to the project has been reached, the government may initiate the formal state aid process with the European Commission. The Commission recently approved the Polish application for financing of the construction and operation of Poland’s first commercial nuclear power plant, declaring it compatible with EU state aid rules.
Videberg Kraft is planning a project with either five BWRX-300 reactors from GE Vernova Hitachi or three reactors from Rolls-Royce SMR, to provide a total output of around 1500 MW. There is currently an intensive evaluation process of the two remaining suppliers, and a decision on the final supplier is planned for 2026.
