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Home  /  RESPONSIBILITY  /  Profitable investment  /  Economic impact

ECONOMIC IMPACTS OF TVO

TVO uses in applicable parts in the reporting of economic responsibility the key indicators referred to in Global Reporting Initiative (GRI) Standards and reports some figures obtained from the financial statements process that are not included in the actual financial statements. We describe the economic impacts (M€) of TVO on the most important stakeholders by means of the Figure below. The numerical data presented in the Figure have been derived from TVO's profit and loss account and balance sheet. All impacts are not described in the legends.

The economic impacts (M€) of TVO are described by (Figure) below.

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Producing added value

Shareholders 316
TVO produces electricity to its shareholders according to the cost price principle. In 2017, the shareholders of TVO paid EUR 316 million for the electricity. TVO supplied 14,673 GWh of electricity, or about one sixth of the electricity consumed in Finland.

This electricity travels all across Finland via TVO's shareholders, because the owners of TVO's largest shareholder, Pohjolan Voima, and thus the recipients of the electricity, consist of a large number of Finnish companies as well as 132 municipalities through the energy companies they own.

About half of the electricity produced by TVO is used in industries by the industrial companies owned by TVO's shareholders in different localities. About half is consumed in households, agriculture and the service sector.

Distribution of added value

Suppliers and sub-suppliers 181
The annual outages employed about 1,320 external employees, ca. 1,107 of them Finnish. The contractors came from 22 different countries, in addition to Finland.

Long-term cooperation partners have included Securitas Oy that is in charge of security services, Rauman Hovi Oy that runs the staff catering services, and RTK-Palvelu Oy that provides housekeeping and sanitation services. The total number of their employees working in Olkiluoto is more than 300. All in all, TVO employed more than 700 persons in Olkiluoto on a regular basis through contractors and consulting firms.

Investments and investors 298
Investors
TVO's short and long-term debt totalled EUR 4,412 million at the end of the year. A total of EUR 200 million was borrowed in new loans, and the repayment of the loans amounted to EUR 259 million.

Investments
The good condition of the Olkiluoto nuclear power plant at all times in production and functional terms is ensured through alternating refueling and maintenance outages at the plant units. In the maintenance outage of 2017, major works included the replacement of the recirculation pumps and the associated frequency converters, the replacement of the neutron flux calibration system, and repair work on the nozzles of the reactor pressure vessel.

Investments in the OL3 project totalled EUR 225 million in 2017. The construction works have been completed at the plant unit in main parts. Installation of electrical, I&C and mechanical components is still ongoing. The hot functional test phase which will take several months started in December 2017.


Investments in R&D totalled EUR 27 million, with the majority spent on R&D related to nuclear waste management.

Personnel 49
At the end of the year, the number of TVO's employees was 806.

51 percent of the employees live in Rauma, 19 in Eurajoki and 14 in Pori.

TVO hired 110 new employees in 2017, and 8 persons retired.

The average number of personnel on the OL3 worksite was 2,400 at the end of the year. In addition, subcontractors involved in the project provide employment opportunities both in Finland and internationally.

TVO paid the Municipality of Eurajoki EUR 16 million in real estate tax.

In 2017, TVO paid EUR 49 million in the State Nuclear Waste Management Fund where funds are collected to cover the future costs of nuclear waste management.

The figures presented have been derived from TVO's profit and loss account, and balance sheet. All impacts are not described in the legends.


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