The estimates were made in 2023 when the nuclear energy working group was tasked with making a comprehensive report.

The figures given by the experts suggested €73 million would be spent in the coming years on nuclear regulation and education and research programs. The costs would mostly be connected to personnel expenses, such as salaries for the necessary staff.

Additionally €54 million would be needed for the development of emergency response and technical capabilities.

Antti Tooming, deputy secretary-general at the Ministry of Climate and head of the nuclear energy working group, said the state still refers to these figures, although they will become more precise over time.

"Our calculations also showed that by the third or fourth year of starting the nuclear program, state revenues would significantly increase as real activities begin, such as hiring people. By the fourth year, it is already evident that potential tax revenues exceed the costs to the state," he said.

Once the nuclear power plant is operational, revenues should exceed costs by €19 million, the official said: "From the state's perspective, this is clearly a profitable project."

These revenue-cost estimates do not take into account any potential state support measures for nuclear energy.

In August, Kalev Kallemets, CEO of Fermi Energia, which is developing nuclear energy, said nuclear power should receive funding similar to wind farms.

The estimate for emergency response and technical capabilities – €54 million – is more conservative because it is not known which technologies will be used. Or who will build the plant.

While Fermi Energia is the only party currently interested, no agreement has been made that it will build the nuclear power station.

"Our current approach is not to make a definitive assessment at this stage, as the final decision on whether this specific technology will be used in Estonia will only be made in the construction permit application phase. At that stage, the technology will be assessed, and the exact location will also be determined. Based on that, more precise evaluations can be made. Therefore, it does not make sense to plan this in advance. As a state, we have maintained from the beginning that we are keeping this option open — not only considering Fermi Energia but allowing other private sector players to take initiative as well," Tooming explained.

There are also more costs associated with the plant that have not been disclosed, such as mitigating military threats or anything connected to state secrets. 

The working group's final report said revenues would likely exceed costs primarily due to payroll taxes from the project's growing workforce and the stimulation of regional economic activity through construction.

"In the operational phase of the nuclear power plant, after 11 years, state revenues would permanently exceed costs by at least €19 million. Even in a negative scenario, where state budget expenditures are twice as high as current forecasts and revenues are twice as low, revenues would still exceed costs by at least €5.5 million at the start of the operational phase," the report states.

Revenue will also be generated from the service sector around the plant such as catering, accommodation, and security, the working group said.

If the plant is built on state-owned land, there would also be the potential to generate revenue through land use fees.

In January, Fermi Energia submitted an application to the Ministry of Economic Affairs and Communications to initiate a national special plan for a 600-megawatt nuclear power plant.

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