Fennovoima

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Fennovoima Ltd
Fennovoima Oy
Private limited company
Industry nuclear power
Founded 2007
Headquarters Helsinki, Finland
Key people
Pekka Ottavainen (Chairman)
Juha Nurmi (CEO)
Owner Voimaosakeyhtiö SF
Website www.fennovoima.com

Fennovoima Ltd (Finnish: Fennovoima Oy)[1][2] is a Finnish nuclear power company established by a consortium of Finnish power and industrial companies.

The company does not own any nuclear capacities; however, it is preparing to build the 1200 MW Hanhikivi 1 nuclear power plant at Pyhäjoki.[3]

Shareholders[edit]

Finnish industry, trade and the energy companies in need of their own electricity production started the company in 2007. Originally Fennovoima was created as a partnership between Voimaosakeyhtiö SF, a cooperative producing electricity for its owners' needs at production cost in proportion to their ownership share (Mankala), with 66% and the German power company E.ON with 34%. After E.ON's withdrawal from Finland, Voimaosakeyhtiö SF briefly owned 100% of Fennovoima shares.[4][5][6] According to the agreement with Russian Rosatom, RAOS Voima Oy, a Finnish subsidiary of Rosatom, acquired a 34% stake which previously belonged to E.ON.[7] Although RAOS Voima was prepared to kae 49% in the project, Voimaosakeyhtiö SF commits to own more than half of the power plant and aims to increase the share of Finnish companies up to 66%.[8] As of 2014, Voimaosakeyhtiö SF has 44 shareholders.[8]

Power plant project[edit]

Government approval[edit]

On 21 April 2010, the Government of Finland decided to grant a permit (Decision-in-Principle) to Fennovoima for construction of a nuclear reactor.[9][10][11] The decision was approved by the Parliament on 1 July 2010.[12][13]

Plant supplier[edit]

The chosen plant model is Rosatom's pressurized water reactor AES-2006 which is the latest evolution of VVER plant designs. The other bidders for the project were Areva and Toshiba.

Fennovoima began direct negotiations with Rosatom in April 2013. On 21 December 2013, Fennovoima and Rosatom Overseas, a subsidiary of Rosatom, signed a plant supply contract. The plant should be commissioned by 2024.[14][15]

Investment decision[edit]

On 28 February 2014 Voimaosakeyhtiö SF made the final decision to participate in Fennovoima's nuclear power plant construction.[8] The final investment decision would be made in 2014.[15]

See also[edit]

References[edit]

  1. ^ "Fennovoima Oy". Business Information System. Helsinki: The National Board of Patents and Registration and the Tax Administration, Finland. Retrieved 5 October 2011. 
  2. ^ "Fennovoima Oy. Yhtiöjärjestys" [Fennovoima Ltd. Articles of Association] (PDF). Ydinvoimalaitoksen periaatepäätöshakemus (in Finnish). Helsinki: Fennovoima Oy. 1 December 2008. p. 22. Retrieved 5 October 2011. Yhtiön toiminimi on Fennovoima Oy, ruotsiksi Fennovoima Ab ja englanniksi Fennovoima Ltd. [The trade name of the company is Fennovoima Oy, in Swedish Fennovoima Ab, and in English Fennovoima Ltd.] 
  3. ^ "New nuclear reactor to be built at Pyhäjoki". YLE News (Helsinki: Yleisradio). 5 October 2011. Retrieved 5 October 2011. 
  4. ^ "EOn withdraws from Fennovoima". World Nuclear News. 24 October 2012. Retrieved 26 October 2012. 
  5. ^ "E.On pulling out of Fennovoima – Pyhäjoki nuclear project in jeopardy". Helsingin Sanomat. 24 October 2012. Retrieved 12 January 2014. 
  6. ^ "Voimaosakeyhtiö SF purchased E.ON's share in Fennovoima" (Press release). Fennovoima. 15 February 2012. Retrieved 12 January 2014. 
  7. ^ "Rosatom buys into Fennovoima". World Nuclear News. 28 March 2014. Retrieved 8 April 2014. 
  8. ^ a b c "Finnish firms commit to Fennovoima". World Nuclear News. 28 February 2014. Retrieved 8 April 2014. 
  9. ^ "Two out of three for Finland". World Nuclear News. 2010-04-21. Retrieved 2010-05-01. 
  10. ^ "Finnish government says yes to TVO and Fennovoima". Nuclear Engineering International (Global Trade Media). 2010-04-21. Retrieved 2010-05-01. 
  11. ^ "Finland approves nuclear power license to Fennovoima". World Construction Industry Network. 2010-05-07. Retrieved 2010-05-07. 
  12. ^ Kinnunen, Terhi (2010-07-01). "Finnish parliament agrees plans for two reactors". Reuters. Retrieved 2010-07-02. 
  13. ^ Kinnunen, Terhi (2011-10-05). "Finland names 1st nuclear site after Fukushima". Reuters. Retrieved 2011-10-05. 
  14. ^ "Finland's Fennovoima signs reactor deal with Rosatom". Reuters. 21 December 2013. Retrieved 12 January 2014. 
  15. ^ a b "Fennovoima and Rusatom Overseas signed plant supply contract" (Press release). Fennovoima. 2013-12-21. Retrieved 2014-01-12. 

External links[edit]