Google's Deal Will Keep a 1977 Reactor Running to 2050.

• THE GRID

A nuclear plant built in 1977 just got a 22-year lifeline. The buyer? Google.

On September 9, the tech giant signed a power deal with Fortum, the Finnish utility. Google will buy up to half of the Loviisa nuclear plant's output. The deal runs to 2050.

This is Google's first nuclear PPA in Europe — and the first large-scale nuclear PPA in the Nordics. Ever.

And it comes with a big check. Google pledged €13 billion in data center spending across Finland. Four sites. Two years. Starting in 2027.

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Loviisa makes about 10% of Finland's power. It keeps roughly 580 people on the payroll. Without a €1 billion upgrade, the plant shuts down after 2030.

Google's deal changes that math. Fortum now has the cash flow to keep Loviisa running for two more decades.

But this goes past one old plant. Google and Fortum signed a letter of intent for new power too. New nuclear. More renewables. Battery storage. Google isn't just a buyer. It's the anchor tenant for a whole power system.

Finland gets about 40% of its power from nuclear. It has some of the cheapest rates in Europe. And cold air — ideal for cooling servers. Google has run data centers there for 15 years. The fit was clear.

But the scale of this deal caught my eye.

I've watched this pattern play out in the U.S. Microsoft signed a deal to restart Three Mile Island. Amazon led a $700 million funding round for X-energy's reactor work. Google provided early-stage capital to prepare sites for 1.8 gigawatts of nuclear capacity with Elementl Power.

Now the same move has crossed the Atlantic. A Soviet-built reactor in Finland is now a key part of Google's AI power plan.

That tells you how tight the global power market has gotten. New plants take years. Permits take years. A grid hook-up can take a decade. But a plant that's already running? That's power you can use now.

Any utility with an aging nuclear fleet should take note. There is a new kind of buyer — a tech giant with deep pockets and a 20-year time frame. Two years ago, that buyer didn't exist.

The old power map was simple. Utilities built plants. Ratepayers paid.

The new map is different. The buyer has more cash than the utility. And the buyer will cross an ocean to find watts.

Any power source, any age, any country. If it's running, a hyperscaler will show up with a checkbook.

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• VOLTAGE

€40 million. That's what the European Investment Bank just put into a startup most people have never heard of.

Last Tuesday, the EIB backed Steady Energy, a small Finnish company building a new kind of reactor. It's the bank's first-ever bet on SMR tech.

But this reactor isn't for data centers. It's not for the grid. It's for heat.

The LDR-50 is a 50-megawatt unit built for city heating systems. No turbines. No wires to the grid. Just hot water for homes and buildings.

Why does that matter? Over 40% of Europe's total energy use is heat. Most of it comes from burning gas and oil. Swapping a boiler for a small reactor could change that.

The EIB called this "the first in a pipeline of SMR investments." That's a sharp turn. For years, the bank stayed away from nuclear. It only funded safety work — like the cleanup at Chernobyl. Now it's backing new reactor designs with real money.

Finland's nuclear watchdog has reviewed the LDR-50 conceptual design and said it can be designed to meet safety rules — though the review is not yet sufficient for licensing. The EU wants SMRs online by the early 2030s. This loan puts real cash behind that goal.

But public markets aren't as bold. Last week, Holtec pulled its U.S. nuclear IPO. The Financial Times said it was due to "the market's sharp turn against the AI data centre economy." NuScale is down about 40% this year. Oklo has dropped roughly 48%.

Big banks and governments are writing checks. Retail traders are hitting sell.

Smart money is flowing into nuclear. Nervous money is flowing out. One of them is wrong.

• WIRED IN