TVO filed today an application for a decision-in-principle concerning the construction of a new nuclear power plant unit at Olkiluoto
- Carbon-free electricity is needed. The company has an excellent location for the fourth unit at Olkiluoto and is well prepared to construct a new unit during the coming decade, states TVO's President and CEO, Mr Pertti Simola.
TVO's aim is to utilize in the Olkiluoto 4 venture the strong experience on operating, developing and constructing nuclear power acquired during more than 30 years.
- The existing infrastructure at Olkiluoto, including nuclear waste management and the basic organization, creates significant synergy benefits, emphasizes Mr Simola.
Olkiluoto 4 - base load production without emissions
A report recently published by the Finnish Energy Industries shows that several thousand megawatts of additional electricity production capacity will be needed in Finland by the year 2020. The licensing process of a nuclear power plant to be started now will take several years and is multi-phased. The application submitted today to the Council of State is the first step in a long process. The actual investment decision can be made first after the positive decision-in-principle has been received from the Council of State and Parliament.
- It is time to launch the preparations for the construction of additional capacity to Finland. With additional power capacity we can for our part mitigate the climate change, secure electricity supply for business and individual consumers and reduce significantly the dependence on electricity import, reasons Mr Simola.
A nuclear power investment based on modern technology in the 2010's
TVO applies for a decision-in principle for a nuclear power plant unit, which is either a boiling water or pressurized water type light water reactor like the nuclear power plant units already operating in Finland. The electric output of the Olkiluoto 4 will be, depending on the plant type, 1 000-1 800 MW. According to TVO's studies, there are several plant alternatives available representing modern technology and fulfilling the strict Finnish nuclear safety regulations. As a part of the decision-in-principle application process, TVO has today submitted to the Radiation and Nuclear Safety Authority feasibility studies on five power plant alternatives. The studies describe the essential technical and safety properties of the alternatives.
The production costs of the new unit are competitive compared with power plants utilizing other energy sources. The investment costs are estimated to be about 3-4 billion Euros depending on the size of the unit and the selected plant alternative.
The intention is to build the Olkiluoto 4 unit close to the existing units Olkiluoto 1 and 2 and its construction of the Olkiluoto 4 will take place in the 2010's and is planned to start operation at the end of the decade.
Nuclear power is widely supported by society
Nuclear power has increased its acceptance in Finland, and the majority of the Finns support its use and construction of additional capacity. The municipality of Eurajoki has expressed its support to the Olkiluoto 4 unit and the final disposal of the related spent nuclear fuel at Olkiluoto.
- TVO's shareholders have today in the company's General Meeting unanimously decided to submit to the Council of State an application for a decision-in-principle. The entire Finnish society will benefit of the electricity which we will produce, states Mr Simola.
The Environmental Impact Assessment Report submitted to the contact authority, Ministry of Employment and the Economy, on 14 February 2008 is attached to the application for a decision-in-principle. The Ministry has requested for statements on the Report by 21 April 2008, and TVO will take the viewpoints presented in the statements and in the contact authority's own statement into consideration in further preparations of the OL4 venture.
For further information, please, contact:
Mr Pertti Simola, President and CEO, tel. +358 9 6180 2500
Mrs Anneli Nikula, SVP, Communications, tel. +358 9 6180 2505
www.tvo.fi