Yet Another Good Reason to Be Proud of Olkiluoto

Olkiluoto has been a cornerstone of Finnish electricity generation for decades. Today, our three nuclear power plant units produce more than a quarter of all electricity consumed in Finland.

For us at TVO, however, responsible electricity generation has always meant much more than producing electricity safely and reliably. Our responsibility also extends to the proper management of spent nuclear fuel and other waste generated by our operations.

Our guiding principle has been clear: the generation that benefits from electricity production must also take responsibility for its consequences. After all, it would not be right to leave the challenge of disposing of spent nuclear fuel to future generations. We have been working to put this principle into practice at Olkiluoto for more than four decades.

TVO began research into the final disposal of spent nuclear fuel in the late 1970s, and Finland launched a long-term final disposal programme in 1983. In 1995, together with the then Imatran Voima, the predecessor of today’s Fortum, we established Posiva Oy to take responsibility for planning and implementing the final disposal of spent nuclear fuel from both companies.

From the very beginning, we understood that this would not be a sprint, but a task spanning several generations. We have also taken a long-term approach to financing it. In Finland, nuclear power companies are responsible for covering the costs of their own nuclear waste management, with funds set aside in advance through the State Nuclear Waste Management Fund to meet future obligations. This approach has enabled us to ensure that we have the financial resources needed to fulfil our responsibilities all the way through.

Decades of dedication are paying off

On 22 October, we reached one of the most significant milestones in this decades-long journey when the Finnish Government granted Posiva an operating licence for its spent nuclear fuel encapsulation and final disposal facility. The decision followed the positive safety assessment and favourable statement issued by the Radiation and Nuclear Safety Authority (STUK) in August 2026.

This is the world's first operating licence for the geological disposal of spent nuclear fuel. The decision is historic not only for Posiva and its owners, Fortum and TVO, but also for the entire international nuclear energy industry. Posiva has paved the way: I see it in all my discussions with colleagues around the world. The interest in Posiva’s pioneering work has been nothing short of remarkable.

Behind this achievement lie an enormous amount of research, technological expertise and long-term collaboration. I would like to express my sincere gratitude and pride to Posiva’s personnel and to all the experts and partners who have helped make this possible over the decades.

The operating licence does not mean that final disposal operations will begin immediately. The final stages of commissioning, testing and inspections still lie ahead. Safety is our compass in everything we do.

Posiva’s achievement is an outstanding demonstration of the expertise and long-term commitment of Fortum and TVO. It also further strengthens Olkiluoto’s position as a truly unique nuclear energy hub, on the global scale, bringing together world-class electricity generation and the implementation of a responsible solution for the final disposal of spent nuclear fuel.

For us at TVO, above all, this achievement demonstrates that responsibility is more than a promise. It means sustained effort and a firm commitment to taking care of the consequences of the electricity we produce.

And that is yet another good reason to be proud of Olkiluoto!

Philippe Bordarier
President and CEO, Teollisuuden Voima Oyj
Chairman of the Board, Posiva Oy