Finnish energy utility Helen Ltd, owned by the city of Helsinki, is preparing to invest between 1 billion and 5 billion euros in small nuclear reactors capacity in the coming years as it explores new options for stable and low-carbon power generation. The initiative reflects growing interest in small nuclear reactors (SMR) globally, as governments and companies search for reliable electricity sources to meet surging demand linked to artificial intelligence, electrification and industrial transformation. Countries such as the United States and South Korea, along with companies including Meta, are increasingly evaluating SMR technology to supply consistent energy as electricity needs accelerate.
Small nuclear reactors are advanced nuclear systems designed for factory assembly before being transported to their installation sites. Their modular approach allows for streamlined deployment compared with conventional plants. Each unit typically delivers power generation capacity of up to 300 megawatts, roughly one third of the output produced by traditional nuclear reactors. The technology is gaining attention in Finland as the country prepares for rising electricity consumption while also addressing the need for dependable base load generation. Finland’s expanding wind power capacity has delivered some of Europe’s lowest average electricity prices for consumers, yet the rapid growth in intermittent renewable energy has also contributed to significant price volatility during periods of peak demand.
For Helen, investing in small nuclear reactors represents a strategic pathway to expand electricity generation capacity while continuing to lower carbon emissions. The company recently shut down Finland’s last coal-fired power plant, marking a major step in its decarbonisation efforts. According to Helen Nuclear Ltd’s CEO Pekka Tolonen, nuclear energy offers a solution that can both stabilize supply and support further reductions in CO2 emissions. The utility is currently assessing approximately half a dozen potential Western SMR suppliers as it evaluates project feasibility and technological options. The final scale of investment will depend on the role the reactors play in the energy system. Spending would fall toward the lower end of the 1 billion to 5 billion euros range if the project focuses solely on nuclear heat production, while a combined heat and power model would place costs closer to the upper end of the investment estimate.
Helen expects electricity consumption across the capital region to increase significantly in the coming years. The company forecasts that demand could double as electrification accelerates and new industries expand, including data centres and clean technology sectors such as green hydrogen. In addition, the utility must manage substantial heat consumption spikes during extremely cold winter days in the Finnish capital. To advance its small nuclear reactors strategy, Helen initiated a land use planning process in Helsinki last month. The final site selection for the project is expected by late 2027.
