Fortum Launches Feasibility Study to Expand Pumped Hydro Storage in Sweden

Fortum Launches Feasibility Study to Expand Pumped Hydro Storage in Sweden

(IN BRIEF) Fortum has initiated a two-year feasibility study to explore the potential for new pumped hydro storage plants in Sweden, focusing on three specific regions: Lekstjärnen, Bastvålen, and Höljessjön. The study will assess the economic, technological, environmental, and regulatory factors required for these new plants. This move aligns with Fortum’s strategy to support clean energy and decarbonization while addressing the growing volatility in the power market caused by the increase in weather-dependent renewables. The company already operates three pumped hydro storage plants in Sweden and is evaluating the potential for expanding capacity. Future investments will depend on the study’s findings. Additionally, Fortum’s affiliate, Kemijoki Oy, is exploring pumped storage options in northern Finland.

(PRESS RELEASE) ESPOO, 12-Feb-2025 — /EuropaWire/ — Fortum has launched a two-year feasibility study to investigate the viability of new pumped hydro storage plants in Sweden. The study will examine key factors such as commercial, technological, environmental, and regulatory conditions for potential sites, ensuring that any new installations meet Fortum’s standards for economic feasibility and environmental sustainability while enhancing energy security for society.

The study will focus on three specific areas in Sweden: Lekstjärnen, adjacent to Fortum’s existing hydropower plant in Trängslet in Dalarna County, and two locations in Värmland County—Bastvålen and Höljessjön. Currently, Fortum operates three pumped storage plants in Sweden—Kymmen, Letten, and Eggsjön—collectively generating an installed capacity of 89.5 MW. The feasibility study will evaluate the potential for expanding pumped hydro storage capacity in these regions.

This initiative aligns with Fortum’s broader strategy to provide reliable, clean energy and support decarbonization efforts in Nordic industries. By contributing to the region’s energy transition, the company aims to strengthen the competitiveness of the Nordic energy market moving forward.

As the share of weather-dependent renewable energy sources increases, the volatility of the power market is expected to rise. In response, flexible energy solutions like pumped hydro storage will play an increasingly important role in managing electricity demand, stabilizing the grid, and accommodating fluctuations in supply and demand.

Mikael Lemström, EVP of Fortum Hydro, highlighted the value of pumped hydro storage, saying, “Pumped hydro storage provides crucial flexibility to the Nordic energy system, helping to maintain predictability for both households and industries. It can produce, store, and consume electricity in large quantities over extended periods, offering up to thousands of megawatts of capacity. With years of experience operating pumped hydro plants in Sweden, we have extensive expertise in this technology.”

Future investment decisions will be made after the study’s conclusions are reached. Additionally, in Finland, Fortum’s affiliate, Kemijoki Oy, is exploring the potential for pumped hydro storage in the northern part of the country.

Fortum

Fortum is a Nordic energy company. We generate and deliver reliable energy to our customers and the Nordic energy system while at the same time helping industries decarbonise their processes and grow. Our core operations comprise of efficient and best-in-class low-carbon power generation, customer services, and heating and cooling. Fortum’s power generation is already 99% from renewable or nuclear sources with one the lowest specific CO2-emissions in Europe. We are guided by our ambitious SBTi-validated emission reduction targets on our way towards net-zero by 2040. For our ~4,500 employees, we commit to be a safe and inspiring workplace. Fortum’s share is listed on Nasdaq Helsinki. fortum.com

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Fortum News Desk
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SOURCE: Fortum Corporation