Teollisuuden Voima Oyj (TVO; sv, Industrins Kraft Abp, Industrial Power Corporation) is a

Finnish Finnish may refer to: * Something or someone from, or related to Finland * Culture of Finland * Finnish people or Finns, the primary ethnic group in Finland * Finnish language, the national language of the Finnish people * Finnish cuisine See also ...

nuclear power Nuclear power is the use of nuclear reactions to produce electricity. Nuclear power can be obtained from nuclear fission, nuclear decay and nuclear fusion reactions. Presently, the vast majority of electricity from nuclear power is produced b ...

company owned by a

consortium A consortium (plural: consortia) is an association of two or more individuals, companies, organizations or governments (or any combination of these entities) with the objective of participating in a common activity or pooling their resources ...

of power and industrial companies. The biggest shareholders are Pohjolan Voima and

Fortum Fortum Oyj is a Finnish state-owned energy company located in Espoo, Finland. In addition to Finland, it focuses on Germany and other countries in Central Europe, Great Britain, Russia and the Nordic region. Fortum operates power plants, inc ...

. The company operates

Olkiluoto Nuclear Power Plant The Olkiluoto Nuclear Power Plant ( fi, Olkiluodon ydinvoimalaitos, sv, Olkiluoto kärnkraftverk) is one of Finland's two nuclear power plants, the other being the two-unit VVER Loviisa Nuclear Power Plant. The plant is owned and operated by ...

, which consists of two BWRs (

boiling water reactor A boiling water reactor (BWR) is a type of light water nuclear reactor used for the generation of electrical power. It is a design different from a Soviet graphite-moderated RBMK. It is the second most common type of electricity-generating nu ...

s), an EPR (

European Pressurized Reactor The EPR is a third generation pressurised water reactor design. It has been designed and developed mainly by Framatome (part of Areva between 2001 and 2017) and Électricité de France (EDF) in France, and Siemens in Germany. In Europe this ...

) which reached first criticality in 2021, and one half of a coal-fired power plant along with a

wind farm A wind farm or wind park, also called a wind power station or wind power plant, is a group of wind turbines in the same location used to produce electricity. Wind farms vary in size from a small number of turbines to several hundred wind turb ...

. The third reactor at Olkiluoto was expected to be ready in 2009, but last estimate is 2021. TVO has filed compensation claim for delays, and

Areva Areva S.A. is a French multinational group specializing in nuclear power headquartered in Courbevoie, France. Before its 2016 corporate restructuring, Areva was majority-owned by the French state through the French Alternative Energies and Atom ...

Siemens Siemens AG ( ) is a German multinational conglomerate corporation and the largest industrial manufacturing company in Europe headquartered in Munich with branch offices abroad. The principal divisions of the corporation are ''Industry'', ''E ...

have counter-claimed against TVO. Arbitrators at the

International Chamber of Commerce The International Chamber of Commerce (ICC; French: ''Chambre de commerce internationale'') is the largest, most representative business organization in the world. Its over 45 million members in over 100 countries have interests spanning every sec ...

are considering the claims. On 21 April 2010, the Government of Finland decided to grant a permit for construction of fourth reactor at Olkiluoto. The decision was approved by the Parliament on 1 July 2010. In 2014 this permit expired, and was not renewed by the government. In January 2015 TVO announced plans to save around $17.7 million per year through 'efficiency-related structural changes' which are expected to cause up to 110 job cuts. The CEO of TVO, Jarmo Tanhua, explained the reasons as: An October 2016 story in the ''

Süddeutsche Zeitung The ''Süddeutsche Zeitung'' (; ), published in Munich, Bavaria, is one of the largest daily newspapers in Germany. The tone of SZ is mainly described as centre-left, liberal, social-liberal, progressive-liberal, and social-democrat. Hist ...

'' reports that TVO is calling on

to take financial responsibility for the completion of unit3 of the

, because its project partner, the French

Group, is being broken up by the French government.

References

External links

* {{Authority control Nuclear power companies of Finland