REPORT OF THE
BOARD OF DIRECTORS
AND FINANCIAL
STATEMENTS
Contents
3 Main events in 2023
3 Operating environment
4 TVO as a company
4 Financial performance
4 Financing and liquidity
5 Share capital
5 Administrative principles
5 Administrative bodies
5 Regulatory environment
5 Risk management, major risks and
uncertainties
Risk management .................................................... 6
Risk management process ....................................... 6
Major risks and uncertainties ................................... 6
Risks related to OL3 ................................................. 6
implementation ........................................................ 7
.................................. 7
Financial and liquidity risks ........................................ 7
.....................................................7
-
.............................................. 8
8 Pending court cases and disputes
8 Electricity production
.................. 9
9 Annual outages
9 Olkiluoto 3
.......................................... 9
10 Nuclear fuel
10 Nuclear waste management
......................... 11
11 Research and development
11 Acquisitions of tangible and intangible
assets and shares
11 Responsibility
....................... 12
.......................................... 12
......................................
12
..................................................................... 13
.................................................... 13
Group personnel and training ..................................
14
EU Taxonomy reporting .......................................... 15
30 Subsidiaries and joint ventures
30
the end of the year
30 Prospects for the Future
30 Proposals to the Annual General Meeting
31 Financial statements 2023
....................................... 31
...............................
32
.............................
33
...................... 73
............... 87
.........................................
87
......................................................
88
.................................. 94
TVO’s Annual Report 2023
TVO’s Annual Report includes the Annual and Sustainability
Report, the Corporate Governance Statement, as well as
the Report of the Board of Directors and Financial Statements.
.
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Report of the Board of Directors of Teollisuuden Voima Oyj
Main events in 2023
The role of low-carbon energy, such as renew-
able energy and nuclear power, is crucial in the
mitigation of climate change. In 2023, the share
of nuclear power was about 41 per cent of all the
electricity produced in Finland. In 2023, Teollisuuden
Voima Oyj’s (TVO) Olkiluoto nuclear power plant
produced approximately 31 per cent of the elec
-
tricity consumed and produced in Finland, which
terms of electricity and helps to achieve the carbon
neutrality targets. Over the course of the company’s
history, which spans more than 50 years, Olkiluoto
has generated more than 580 terawatt hours (billion
kilowatt hours) of climate-friendly electricity.
In 2023, TVO’s electricity production amounted to
24.67 terawatt hours (TWh). The Olkiluoto 1 plant
unit (OL1) generated 7.4 (6.9) TWh of electricity
and had a load factor of 95.4 (89.1) per cent. The
Olkiluoto 2 plant unit (OL2) generated 6.9 (7.5) TWh
of electricity and had a load factor of 88.3 (96.8) per
cent. The combined load factor for the OL1 and OL2
plant units was 91.9 (93.0) per cent. During 2023,
the Olkiluoto 3 plant unit (OL3) generated 10.4 (1.9)
TWh of electricity and had a load factor of 75.2
(16.9) per cent. The Group’s turnover was EUR 876
(358) million.
A failed rotor was replaced at OL2 in August 2023,
the replacement outage for which lasted 17 days.
Electricity generation at OL3 continued without inter
-
ruption from the provisional takeover of the plant unit
in April 2023 and the start of commercial operation
in May 2023 until mid-November. In late November,
production was interrupted on two occasions. The
unplanned production interruptions were caused by
turbine trips; one was due to an instrument defect in
the protection system, while the other resulted from
the fault ride-through test.
For the time being, the grid operator Fingrid Oyj has
limited OL3’s production to a maximum of 1,570
MW. Furthermore, output at all three Olkiluoto
plant units has been reduced in situations where
electricity generation has been high in the Nordic
countries.
TVO started preparations for an environmental
impact assessment (EIA) procedure concerning the
possible service life extension and potential power
uprating of OL1 and OL2. At the moment, the plant
units are licensed until 2038.
The processing of Posiva’s operating licence has
progressed at the Radiation and Nuclear Safety
Authority (STUK), and Posiva submitted responses to
the requests for additional information. In September
2023, the Radiation and Nuclear Safety Authority
reported that the safety assessment and statement
disposal facility for spent nuclear fuel will not be
completed in 2023. Work with the installation and
commissioning of systems at the encapsulation plant
tunnel, investigations relating to verifying the suita
-
fuel is to start at Olkiluoto in the mid-2020s.
At the end of the year, the total number of personnel in
the Group was 1,045 (1,007). The number of personnel
working for Posiva and its subsidiary Posiva Solutions
Oy was 89 (90). A total of 69 (95) new staff members
were recruited at the TVO Group during 2023.
Operating environment
The Finnish Government led by Petteri Orpo that
nuclear power capacity in Finland. Orpo’s govern
-
ment is promising to approve all applications for deci-
sions-in-principle for nuclear power plants that meet
Energy Act in order to allow projects to proceed
-
ness as an investment target. The work started by
the Ministry of Economic Affairs and Employment
(MEAE) that aims at a comprehensive reform of the
Nuclear Energy Act continued during 2023.
The renewal of the EU’s electricity market rules is
in the trilogue negotiation stage. According to the
compromise achieved between the Member States,
governments will be allowed to use Contracts for
Difference (CfD) towards new nuclear power invest
-
ments as well as for the service life extension and
power uprating of nuclear reactors. The European
Parliament, however, would not allow the use of
-
sion on the matter is expected in early 2024.
on the Net-Zero Industry Act (NZIA) which aims
at increasing the production capacity required for
Europe’s green transition. In the Parliament’s position,
list of technological solutions receiving support. The
trilogue negotiations may begin once the Member
The European Commission has decided to establish
an industry alliance around SMR technology (small
modular reactor). Industry alliances bring together
public and private actors, governments, researchers
and civil society. Their aim is to help the EU achieve
its key goals, such as those related to the mitigation
of climate change.
The European Commission will publish a commu
-
niqué on the emission reduction targets for 2040
regarding the target and the actions taken in order to
achieve it will be issued during the term of the next
Commission.
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
In Finnish Energy’s “Energy Attitudes” survey, which
is carried out each year, the overall support for
nuclear power in November 2023 was 82%, with
54% of Finns wanting to increase the amount of
nuclear power and 28% considering that the current
amount is appropriate.
The United Nations’ COP28 climate summit was
held in Dubai in the United Arab Emirates at the end
of 2023. The summit’s resolution calls for discon
-
tinuing the use of fossil fuels and replacing them
with zero-emission or low-emission energy sources.
The resolution aims at global climate neutrality by
2050 and lists technologies, such as nuclear power,
whose production must be accelerated. This is the
mentioned as one solution for the climate crisis in a
COP resolution.
22 countries, Finland included, declared within the
context of the COP conference that they will be
tripling the production of nuclear energy by 2050
in order to achieve climate neutrality. The Net Zero
Nuclear Industry Pledge states that the IAEA plays a
key role in its member states including nuclear power
in their national energy plans and that it is important
TVO as a company
TVO is a non-listed public limited liability company
owned by Finnish industrial and energy companies.
According to TVO’s Articles of Association, its line
of business is the construction and procurement of
power plants and power transmission equipment
as well as the production, supply, and transmission
of electricity primarily to its shareholders under the
TVO operates on a cost-price principle (Mankala prin
-
ciple). The shareholders are charged incurred costs
in the price of electricity and thus, in principle, the
circumstances dictate otherwise. According to the
Articles of Association, the shareholders pay variable
costs based on the volumes of energy supplied and
-
less of whether they have used their share of the
output or not. Because of this operating principle, key
Cost-price principle in the notes to
).
like TVO, operate according to the Mankala principle.
The electricity generated by TVO serves the needs
of Finnish industrial and energy companies, some of
which were owned by a total of 131 Finnish munic
-
ipalities in 2023. TVO generates approximately one
third of the electricity consumed in Finland.
All of TVO’s operations are based on a strong safety
culture and ensuring the safety of production. TVO’s
activity-based management system covers the
production operations at the Olkiluoto nuclear power
plant, maintenance and development of production
capacity, construction of additional production
capacity and the related steering and resourcing func
-
tions. The system meets the requirements of interna-
tional standards related to quality management, the
environment and health and safety, and it has been
The general part of the activity-based management
system also acts as the licensee’s quality manage
-
ment system that has been approved by STUK. The
implementation, functionality and effectiveness of
the activity-based management system is regularly
tracked through internal audits and management
reviews.
TVO’s corporate governance system is described in
a separate report. TVO’s principles for sustainable
business are described in the TVO Group’s Code of
Sustainability).
The objectives of TVO’s strategy include a strong
production assets, competitive and predictable price
of electricity and the responsible maximisation of
shareholder value. The strategy aims to ensure the
long-term operation of the plant units, achieving
availability according to the set goals and achieving
a competitive average generation cost for electricity
produced by TVO. The safety culture is maintained at
a high level and safety is systematically upheld and
developed further at all stages of the nuclear power
life cycle.
Financial performance
The Group’s turnover in 2023 was EUR 876 (358)
million. The higher turnover compared to the previous
year is due to OL3’s electricity production.
The amount of electricity delivered to shareholders
was 24,634 GWh (16,316 GWh). The higher delivery
volume compared to the previous year is due to
OL3’s electricity production.
affected in particular by the costs charged from
shareholders, which were higher than the incurred
loss is also affected by the treatment of interest on
equity shareholder loans in accordance with the
IAS32 standard, which states that interest paid is
Updated cost estimates based on a new technical
plan and schedule for nuclear waste management
and changes to the provision regarding the nuclear
waste management obligation had an effect on the
Nuclear
waste management).
Financing and liquidity
TVO’s liabilities (non-current and current) at the end
of the year, excluding the loan from the Finnish State
Nuclear Waste Management Fund re-lent to share
-
holders, amounted to EUR 5,539 (5,727) million,
of which EUR 929 (929) million were subordinated
shareholder loans. TVO raised a total of EUR 1,174
(1,050) million in new non-current liabilities during
2023. No subordinated shareholder loans were
raised during the period in review (no subordinated
shareholder loans were raised). Repayments of
non-current liabilities amounted to EUR 1,352 (458)
million during the year.
TVO has a revolving credit facility of EUR 1,000
million, which was extended until 2026 during the
period in review. The shareholder loan commitment
needs of the OL3 project, matured at the end of
2023, and the loan pursuant to the commitment was
not raised.
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
In May 2023, TVO issued a bond of EUR 600
million and announced a tender offer for its bond
maturing in May 2024, of which EUR 208 million was
repurchased.
In late June 2023, TVO established a Green Bond
Framework that is based on TVO’s environmentally
friendly electricity generation at its three nuclear
power plant units at Olkiluoto and on responsible
nuclear waste management. Danske Bank acted as
an adviser on the establishment of the Green Bond
Framework. ISS ESG, a service provider specialising
in assessments for green funding, provided an inde
-
pendent assessment according to which the frame-
work is aligned with the Green Bond Principles. ISS
ESG further assessed that the framework is aligned
with the EU taxonomy.
In August 2023, TVO took out Private Placement
loans totalling SEK 2,300 million. At the same time,
TVO bought back a total of SEK 900 million in SEK
denominated loans maturing in February 2024.
In December 2023, TVO issued EUR 280 million in
directed Green Notes (US Private Placement). The
years (EUR 105 million), 12 years (EUR 85 million)
and 15 years (EUR 90 million).
TVO uses its right to borrow funds back from the
Finnish State Nuclear Waste Management Fund
within the provisions of the Nuclear Energy Act. On
31 December 2023, the amount of the loan was
EUR 728 (651) million, and it has been re-lent to the
Company’s shareholders. On 31 March 2023, the
loan from the Finnish State Nuclear Waste Manage
-
ment Fund increased by EUR 77 million (31 March
In April 2023, S&P Global Ratings (S&P) upgraded
its long-term credit rating from BB+ to BBB- and
Service (Moody’s) provided a long-term credit rating
of Baa3 in May 2023 and estimated TVO’s outlook
as stable. TVO also has a long-term credit rating of
BBB- from Fitch Ratings (Fitch) with a stable outlook.
In March 2023, Japan Credit Rating Agency (JCR)
previous level of A+ and changed the outlook from
negative to stable.
-
ised in the balance sheet up to 30 April 2023.
Share capital
TVO’s share capital on 31 December 2023 was EUR
600 (600) million.
The Company has 1,360,000,000 (1,360,000,000)
shares, of which 680,000,000 belong to the A series
and 680,000,000 to the B series. The A series shares
entitle to electricity generated at OL1 and OL2 and
the B series shares to electricity generated at OL3.
Administrative principles
Because TVO is a non-listed public company
applying the cost-price principle, it observes the
Corporate Governance Code for listed companies
where applicable. TVO is not obligated to observe
the Corporate Governance Code nor, therefore, its
Comply or Explain principle. According to Chapter 7,
the issuer of a security subject to public trading
must provide a corporate governance statement in
its annual report or in a separate report. TVO has
provided a separate Corporate Governance State
-
ment, which is published on the Company’s website
() at the same time
as this Report of the Board of Directors.
Administrative bodies
TVO’s administrative bodies and their opera-
tions in 2023 have been described in a separate
Corporate Governance Statement which can be
found on the Company’s website at
.
Regulatory environment
The basic principle of nuclear energy legislation is
that the use of nuclear energy must be in line with
the overall good of society. The key regulations
governing the use of nuclear energy, the monitoring
of its use and nuclear safety are included in the
Nuclear Energy Act and the Nuclear Energy Decree,
as well as in subordinate regulations issued based
on them, such as the Regulatory Guides on nuclear
safety (YVL Guides) and regulations by STUK. In
addition to these, regulations applied to the use of
nuclear energy are included e.g. in the Radiation Act.
The work started by MEAE that aims at a compre
-
hensive reform of the Nuclear Energy Act continued
during 2023. The objective is that the production of
nuclear energy will continue to be in line with the
-
able. The draft legislation is supposed to enter the
consultation phase in the spring of 2025, followed
by a government proposal to the Parliament in early
2026, after which the new Nuclear Energy Act would
enter into force in 2028. TVO has participated in the
preparatory work of different working groups.
During 2023, the updated YVL Guide B.8 was
Guide (YVL E.6) will be introduced at the OL1, OL2
and OL3 plant units in the near future.
STUK’s preparations for the reform of nuclear safety
regulations and guidelines, initiated in 2021, have
also continued during 2023. The aim is to lay down
the foundation and direction for the reform of regula
-
tions and guidelines, including the new YVL Guides.
TVO has participated in the preparatory work of
STUK’s working groups.
The Nuclear Liability Act concerns the liability the
operator of a nuclear facility has in the event of
nuclear damage; according to the Act, the liability
of a facility’s operator for nuclear damage occurring
outside of Finland is EUR 1,200 million for nuclear
facilities used in energy production. For nuclear
damage in Finland, the operator’s liability is unlimited.
For nuclear facilities used for purposes other than
energy production and for the transport of nuclear
materials, the liability is EUR 80–250 million.
The use of nuclear energy is subject to a licence.
Applications for a decision-in-principle, construction
licence and operating licence, as well as a licence for
the decommissioning of a nuclear facility, are made
to the Finnish Government STUK is responsible for
monitoring the safety of the use of nuclear energy,
and it also supervises security and emergency
arrangements and nuclear material safeguards.
Risk management, major risks and
uncertainties
RISK MANAGEMENT
The objective of risk management is to support the
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
implementation of TVO’s strategy and business
targets as well as to ensure that TVO’s operational
prerequisites are maintained. Risk management is
carried out comprehensively in line with the strategic
objectives set by the Board of Directors, Group-level
policies and good governance.
Risk management is supervised by the Company’s
Group’s risk management policy. The Board of
that the company’s risk management is in line with
the TVO Group’s risk management policy. The Presi
-
dent and CEO, supported by the Management Group,
is responsible for risk management in accordance
with TVO’s targets and strategy. A Risk Management
Group operates under the Management Group and is
in charge of ensuring adequate risk treatment in the
management measures.
-
cation, analysis and treatment of risks connected to
its operations, as well as for the follow-up of meas
-
strategic and operational planning and follow-up, and
also as part of project management.
RISK MANAGEMENT PROCESS
TVO has a Group-wide risk management process,
used to ensure that risks facing the Company’s
is treated according to its severity. The objective of
the risk management process is to manage risks to
an appropriate level set by the risk-bearing capacity.
Risks can be managed by reducing, avoiding, sharing
or moving them or by accepting the realisation of the
risk. The acknowledged risks are gathered to compa
-
ny-level risk registers, where all the risks and their
risk’s consequence and likelihood. The Company’s
Group, Audit and Finance Committee and the Board of
Directors in accordance with the annual management
programme. Other risks are reported to the necessary
parties according to the risk management process.
The comprehensive development of risk manage
-
ment is evaluated annually with a risk management
level evaluation, the results of which are used to set
the goals for the development of risk management.
Risk management level evaluation is performed in
accordance with a model based on risk management
maturity levels.
In 2023, the role of risk management in the process of
management and operational planning was reinforced
further. Risk management is part of the Group’s
strategy, and it is continuously being developed in
order to support meeting the Group’s objectives at the
approved risk level. In 2023, the role of risk manage
-
ment in operations was strengthened through new
trainings and continuous communication. In terms
of communication, the key themes were continuity
management and risk-bearing capacity. Work was
also continued in order to emphasise the importance
of risk management within operating processes.
MAJOR RISKS AND UNCERTAINTIES
Risks related to safety and electricity production are
reduced by keeping the plant units in good condition.
service life management of the plant units and high-
quality planning and implementation of the annual
outages.
Uranium, which is the fuel used for electricity
production, is procured from global markets. Risks
connected with nuclear fuel have been reduced by
procuring the fuel from a variety of suppliers and by
signing long-term contracts.
In the OL3 project, risk management was primarily a
question of overseeing and guiding the work of the
Plant Supplier according to the terms of the turnkey
contract and the settlement agreement, as well as
enhancing TVO’s own preparedness. Following the
start of regular electricity production at OL3 in April
2023, the focus of risk management shifted from
to managing the warranty period.
Insurance has been taken out in order to prepare for
indemnity and property risks. The aim is to manage
insurance in a manner where their scope, coverage
and cost are at an appropriate level. TVO is a
member of European mutual associations for nuclear
insurance. Statutory liability is in force for nuclear
liability.
No major risks or uncertainties can be foreseen as
regards electricity production at OL1 and OL2. The
risks and uncertainties related to OL3’s electricity
production are explained in more detail under “Prof
-
it-yielding capacity of OL3” below.
Financial risk management and fuel price risks are
Financial risk management.
RISKS RELATED TO OL3
Management of warranty period
Regular electricity production, which started after the
conclusion of the test operation programme in April
2023, and commercial operation, which started in
May 2023, transferred the responsibility for OL3 to
TVO. The Plant Supplier retains the responsibilities
according to the Plant Contract for warranty periods
to be done later at the Plant Supplier’s expense.
During 2023, several risk management measures
have been taken in relation to the warranty period
warranty period and ensure that the prerequisites
for the warranty period under the Plant Contract are
met. TVO is closely monitoring compliance with the
conditions set in the Settlement Agreement signed
in March 2018 and supplemented in June 2021 and
the progress of the OL3 warranty period and ascer
-
taining that actions are taken in accordance with the
and technical resources.
Even though there have been few interruptions to
electricity generation at OL3 following the conclusion
of the test operation programme, there are uncer
-
tainties related to the availability of OL3 during the
events. These uncertainties are managed by means of
systematic maintenance and monitoring of the plant
unit. If OL3 fails to achieve the planned load factor
or operating cost structure, the Finnish national grid
limits its power level or costs incurred by TVO due to
full power, there is a risk of production costs exceeding
the target. This risk has been examined with the help
capacity. The risk has also been examined from the
point of view of the adequacy of Fingrid Oyj’s grid load
limitation and the resulting costs to TVO.
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
TVO is implementing several risk management
capacity. Examples of these include careful prepara
-
that affect availability and utilising experience from
the sister plants at Flamanville and Taishan in prepa
-
ration for OL3’s annual outage.
MAJOR PLANT MODIFICATIONS AND THEIR
IMPLEMENTATION
Increases in production costs and degradation of
-
and assign responsibility for the requirements related
to nuclear safety and meeting them between the
project parties in advance in order to avoid unex
-
pected costs during the project.
In a risk review, cost increases in projects are seen
to be due either to shortcomings in preparation and
technical problems, challenges in the execution of the
and management.
As risk management measures, TVO has in 2023
continued to prioritise projects and measures that are
most vital in view of the schedule and costs in order
to secure adequate resourcing for them. TVO is also
continuing to secure the preparedness and interests
of project suppliers while considering the uncertain
-
ties of the geopolitical situation.
THE ORGANISATION’S CAPABILITIES
An organisation’s competence and ability to func-
tion as a licensee may be degraded as a result of
dysfunctional management, unsuccessful reaction to
changes in the operating environment or a negative
atmosphere in the work community. In addition to an
increase in immediate costs, this may also lead to an
increased likelihood of other risks being realised.
In order to maintain its capability to function as a
licensee, TVO prepared for the operating phase of
OL3 and future retirements by recruiting 64 new
persons in 2023 and by maintaining comprehensive
supplier networks. TVO’s sick leave percentage was
2.8 and the outgoing turnover rate was 3.9 per cent.
To support supervisors’ leadership skills at TVO and
Posiva, separate training focused on safety leader
-
ship has been organised.
Furthermore, results from a competence survey
implemented earlier will be utilised in personnel plan
-
ning. TVO has taken measures to develop the work
community culture and to reinforce the safety culture.
TVO conducts a personnel survey every one and a
half years, and the next survey is to be conducted in
autumn 2024.
FINANCIAL AND LIQUIDITY RISKS
means of long-term credit commitments and liquid
issuing a new long-term bond as well as Private Place
-
ment credit notes. Market risks have been reduced
with the use of interest rate and currency derivatives.
denominated in foreign currencies will be hedged to
the euro until the maturity date by using derivatives.
Financing costs are impacted by the changes in
TVO’s credit rating and outlook as well as market
changes to interest rates and corporate loan margins.
current level. This risk has been analysed through
various scenarios based on the changes in the
average interest rate and margin of TVO’s loan port
-
folio. If the risk is realised, the consequences include
production costs.
in various ways. In addition to the international capital
Financing is used to secure TVO’s liquidity under all
circumstances. For this purpose, the Company main
-
revolving credit facilities and liquid assets. It is TVO’s
basic principle to acquire about three quarters of its
one quarter from its shareholders. TVO aims to main
-
is arranged for the Company, not for separate projects.
The trust of shareholders, banks and investors in
TVO’s operations has remained strong also in 2023.
-
during the year, such as the issue of a new public
bond and the Private Placement credit notes.
INCREASE IN THE COST OF FINAL DISPOSAL OF
SPENT NUCLEAR FUEL
(EKA) is not implemented according to plan, project
costs rise or the completion of the project is delayed,
waste management liability for spent fuel.
In September 2023, the Radiation and Nuclear Safety
Authority reported that the safety assessment and
statement on the operating licence application for the
disposal facility for spent nuclear fuel will be post
-
poned until 2024. This will delay the processing of
the operating licence application by the Government
for spent nuclear fuel.
As risk management measures in 2023, industri
-
continued, contracts for the production components
-
sation of the production stage was planned.
RISKS RELATED TO SOCIAL RESPONSIBILITY AND
PERSONNEL MATTERS, THE RESPECT OF HUMAN
RIGHTS AND THE PREVENTION OF CORRUPTION
AND BRIBERY
Risks related to social responsibility and personnel
matters, the respect of human rights and the
prevention of corruption and bribery are a part of the
assessment of sustainability risks. In relation to the
detected during 2023. The possible risks detected in
these areas are addressed according to the Compa
-
ny’s ordinary risk management process.
Continuous risk management in these matters is
executed according to the TVO Group’s Code of
Conduct. The internal auditor supervises, for their
part, the implementation of the Code of Conduct
in the Company’s operations. The TVO Group has
a whistleblower channel in place, through which
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
incidents perceived to be against the
Code of Conduct can be reported even
completely anonymously. For projects
and investments, the possible risks are
evaluated where necessary. In addition,
these matters are evaluated according
to a separate process during supplier
evaluations. TVO’s principles for ethical
business and its results are described in
more detail in the chapter Sustainability.
Pending court cases and
disputes
TVO is party to an arbitration procedure
related to the condenser replacement
at OL1 and OL2 that was carried out in
2017 and 2018. The counterparty to
the arbitration is Balcke-Dürr GmbH.
TVO considers the claims presented by
the counterparty in the arbitration to be
unfounded and demands that they be
rejected and that TVO’s legal expenses
be compensated for.
had no other pending court cases or
disputes.
Electricity production
In 2023, the total electricity production
for OL1, OL2 and OL3 amounted to
24,671 (16,351) gigawatt hours.
The plant units operated safely. Regular
electricity production for OL3 started,
Taulukko 1
Pvm
OL1
1.1.2023
897,2
2.1.2023
897,1
3.1.2023
897,4
4.1.2023
896,9
5.1.2023
897,0
6.1.2023
897,0
7.1.2023
897,1
8.1.2023
897,2
9.1.2023
897,2
10.1.2023
897,3
11.1.2023
897,4
12.1.2023
897,3
Pvm
January
1. Annual outage
1
OL1 Production
Average output
MW
1,000
750
500
250
0
February
March
April
May
June
July
August
September
October
November
December
1
Taulukko 1
Pvm
OL2
1.1.2023
892,4
2.1.2023
892,5
3.1.2023
892,5
4.1.2023
892,5
5.1.2023
892,5
6.1.2023
892,4
7.1.2023
892,6
8.1.2023
892,6
9.1.2023
892,5
10.1.2023
892,7
11.1.2023
892,7
12.1.2023
892,4
Pvm
1. Cold shutdown for repair of
the main steam valve
2. Annual outage
3. Cold shutdown, a failed
rotor replacement
1
OL2 Production
Average output
MW
1,000
750
500
250
0
January
February
March
April
May
June
July
August
September
October
November
December
2
3
1
Taulukko 1
Pvm
OL3
1.1.2023
2.1.2023
3.1.2023
4.1.2023
5.1.2023
6.1.2023
7.1.2023
8.1.2023
9.1.2023
10.1.2023
11.1.2023
12.1.2023
Pvm
OL3 Production
Average output
MW
1,700
1,275
850
425
0
January
February
March
April
May
June
July
August
September
October
November
December
1. Maintenance outage for inspections of
feedwater pumps and repairs of impellers
2. Inspection and maintenance outage related
to the pressurizer safety relief valves safety
valve units (PSRV)
3. Warranty test
4. Repairing of the failed temperature
measurement in the generator cooling
system
5. The fault ride-through test
1
2
3
4
5
1
Maintenance outage
for inspections of
feedwater pumps
and repairs of
impellers
Inspection and maintenance
outage related to the
pressurizer safety relief
valves safety valve units
(PSRV Warranty test
Repairing of the failed temperature measure
-
ment in the generator cooling system
The fault ride-
through test
Annual outage
Cold shutdown for repair
of the main steam valve
Cold shutdown, a failed rotor
replacementAnnual outage
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takeover of the plant unit for the warranty period in
April 2023. The net production for OL1 was 7,428
(6,932) GWh and the load factor was 95.4 (89.1) per
cent. The net production for OL2 was 6,871 (7,532)
GWh and the load factor was 88.3 (96.8) per cent.
The total load factor for OL1 and OL2 was 91.9
(93.0) per cent.
The net production for OL3 was 10,372 (1,887) GWh
and the load factor was 75.2 (16.9) per cent. The net
after a full year of electricity production.
SIGNIFICANT PLANT EVENTS AT OL1 AND OL2
In August 2023, the authority supervising the
environmental permit issued a comment and inves
-
tigation request regarding a malfunction at OL1’s
and OL2’s debris handling building. Solid material
is extracted from the cooling water at the debris
at the building which were completed in June 2023.
The actions aiming at improving the debris handling
building will continue in 2024, and debris is handled
using temporary arrangements in the meantime.
An unplanned reactor scram occurred at OL2 in
connection with plant unit ramp-up following the
annual outage in May 2023; it was caused by a leak
observed in the condenser. The plant’s safety func
-
tions operated as planned during the situation. The
event did not affect nuclear safety.
A leak was observed in OL2’s water cooled generator in
August 2023, at which time electricity generation was
stopped at the plant unit. The production outage lasted
for 17 days. The failed rotor was replaced and OL2 was
resynchronised with the national grid in September
2023. The event did not affect nuclear safety.
higher on the International Nuclear Event Scale (INES
scale) occurred at OL1 and OL2 in 2023.
Annual outages
The Olkiluoto nuclear power plant is continuously
kept in good condition in terms of production and
functionality through alternating refuelling and
service outages at the plant units.
The 2023 annual outages for the OL1 and OL2 plant
units started on 16 April with a refuelling outage
for the OL1 plant unit. In addition to the refuelling,
various annual preventive maintenance tasks, inspec
-
tions and a modernisation of the turbine hall crane
as well as repairs and tests were performed at OL1.
OL1 resumed electricity production on 26 April 2023.
OL2 underwent a service outage that started on 1
May and ended on 19 May. In addition to the refuel
-
ling, major tasks during the service outage included
turbine I&C renovation, replacement of the contain
-
reactor water level measurement and the replace
-
ment of the off-gas venting system emergency fans.
The annual outages for 2023 were successfully
implemented in adherence to administrative plans
and procedures and pursuant to the Technical
accidents occurred during the annual outages.
In addition to TVO’s in-house personnel, approxi
-
mately 790 subcontractor employees participated in
the annual outage work. Approximately 170 special
-
ists arrived from abroad for the annual outages.
Olkiluoto 3
from a consortium (Plant Supplier) formed by Areva
GmbH, Areva NP SAS and Siemens AG. As stipulated
in the Plant Contract, the consortium companies have
joint and several liability for the contractual obligations.
Test operation for OL3 concluded in April 2023, when
regular electricity production at the plant unit started.
plant unit for the warranty period by submitting the
will take place after the conclusion of the two-year
warranty period. Even after this, the Plant Supplier’s
liabilities under the warranty will remain in force up
to a maximum of eight (8) years to a certain extent.
Commercial operation for OL3 started in May 2023;
among other things, this meant that the capitalisation
of project costs was stopped and amortisation was
started. The charging of shareholders for the variable
was also started on 1 May 2023. The shareholders’
right to electricity generated by OL3 and their
liability for the annual costs incurred from electricity
generation are determined in accordance with TVO’s
Articles of Association.
A Global Settlement Agreement (GSA) was signed in
March 2018 and amended in June 2021 concerning
the completion of the OL3 project and related
disputes. During 2023, the fund established in
accordance with the GSA and funded by the Areva
companies has been used to cover costs incurred to
the Areva companies for the completion of the OL3
project in accordance with the GSA.
in delay compensation agreed upon in 2018 was set
companies under the Plant Contract in May 2023.
Long-term receivables include the additional delay
compensation of EUR 56.7 million to TVO, agreed
takeover of OL3 in April 2025 at the earliest.
Total investment in OL3 was approximately EUR
5.8 billion. EUR 250.0 million was transferred from
the OL3 investment to operating-time fuel (current
assets) when the OL3 plant unit entered commercial
operation.
All realised costs of the OL3 project that can be
recognised in the cost of the asset, including
plant and equipment in the Group balance sheet up
to 30 April 2023. The capitalisation of costs was
discontinued at the start of OL3’s commercial oper
-
ation, which affects the comparability of the Group’s
income statement and balance sheet.
changes can be seen under turnover, materials and
services, depreciation and impairment charges,
can be seen under property, plant and equipment,
inventories and trade and other receivables as well as
deferred income.
SIGNIFICANT EVENTS AT OL3
During 2020–2023, several signal failures were
-
urements at OL3, which resulted in more extensive
inspections being performed. In February 2023, it
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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was observed that some of the QDC connectors for
temperature measurements were missing either one
or both of the required seals. Shortcomings in seals
were observed in 29 of the 108 QDC connectors that
were inspected. Since the event involved
shortcomings in instructions and the occurrence of
the defect at several locations, the event was esti
-
mated to be at level 1 on the INES scale. According
with an impact on safety. An extended inspection
for safety has been drawn up as a result of this event,
and it will be completed in its entirety by June 2024.
A warranty test measuring different power levels
was started at OL3 in May 2023. During the
warranty test, measurements were performed at
power levels of 100 per cent, 90 per cent and 50 per
cent. The measurements for the test were success
-
fully performed at different power levels, and they
were concluded in June 2023. The analysis of the
results calculated on the basis of these measure
-
ments has been completed as regards the plant’s
net electrical power and average net electricity
investigations and certain technical measures were
performed at the plant, and a new test at the 100%
power level was performed in December 2023.
At OL3, a deviation occurred from the minimum
in June 2023 when a substitute was not obtained
on time for the night shift. The deviation from
less than two hours until a substitute arrived on
(TechSpecs). Immediately after the event occurred,
TVO initiated actions in order to prevent similar
events. The shortcomings in ways of working that
were revealed during the event are analysed in more
detail in a separate root cause analysis. The event did
not directly affect nuclear safety. According to the
as 1. Even though the basic rating for the event was
0, TVO decided to uprate the class by one due to
factors involving safety culture. TVO submitted an
operational event report concerning the matter to
STUK for approval in August 2023.
Electricity production at OL3 was interrupted for
slightly more than two days in November 2023 due
to a defect observed at the turbine island. During
the fault situation, the plant operated as planned.
The cause of the defect was revealed to be a failed
temperature measurement in the generator cooling
system.
In November 2023, electricity production at OL3
was interrupted for slightly more than 24 hours as a
result of the fault ride-through test. The fault ride-
through test implemented in collaboration with the
grid operator Fingrid involved causing an intentional
grid fault, due to which the plant unit’s protection
functions started and production was automatically
interrupted. The aim of the test was for the grid fault
to not interrupt electricity production at OL3.
Nuclear fuel
In 2023, nuclear fuel purchases amounted to EUR 70
(61) million and the amount consumed to EUR 111
(70) million.
The nuclear fuel and uranium stock carrying value
on 31 December 2023 was EUR 476 (262) million.
Approximately EUR 250 million was transferred from
the OL3 investment to the value of the nuclear fuel
and uranium stock when OL3 entered commercial
operation.
Nuclear waste management
Under the Finnish Nuclear Energy Act, the Company
is responsible for the measures related to nuclear
waste management and the related costs.
show a provision related to nuclear waste manage
-
ment liability of EUR 1,289 (1,294) million, calculated
according to the international IFRS accounting
principles. TVO’s share in the Finnish State Nuclear
Waste Management Fund, EUR 1,035 (1,000) million,
is presented under assets in accordance with the
IFRIC 5 interpretation. The total cost estimate based
on a new nuclear waste management technical plan
and schedule has been updated in June 2022.
In order to cover the future costs of nuclear waste
management, the Company makes contributions to
the Finnish State Nuclear Waste Management Fund
in accordance with the Finnish Nuclear Energy Act.
In December 2023, the MEAE set TVO’s liability for
nuclear waste management at EUR 1,918 (1,840)
million for the end of 2023 and the Company’s funding
target in the Finnish State Nuclear Waste Manage
-
ment Fund for 2024 at EUR 1,525 (1,458) million.
In March 2023, the Finnish State Nuclear Waste
management fee for 2022 at EUR 39 million, which
TVO paid on 31 March 2023. In order to supplement
the statutory protected portion, TVO provided the
Nuclear Waste Management Fund with a cash
security of approximately EUR 44 million. The nuclear
March 2024.
In 2023, the investment activities of the Finnish State
Nuclear Waste Management Fund were positive;
from 2023 will be allocated in order to cover the
exceeding that portion will reduce TVO’s nuclear
waste management fee for 2023. In this case, the
cash security for the protected portion that was
submitted to the Fund in 2023 will be returned to
TVO in March 2024.
In June 2023, the MEAE issued a preliminary decision
radioactive waste generated in connection with or as
a result of the operation of Posiva Oy’s encapsulation
plant and disposal facility. According to the decision,
waste may be placed in TVO’s disposal facility for
low and intermediate level waste at Olkiluoto (VLJ
repository). This does not require an amendment
of the terms of the operating licence according to
Section 25 of the Nuclear Energy Act.
In September 2023, STUK issued its decision on the
periodic safety assessment of the VLJ repository.
The decision stated that the level of safety in the VLJ
repository is good in terms of both operational safety
and long-term safety. Furthermore, STUK stated
that TVO has the necessary practices and resources
in place for continuing the operation of the VLJ
repository.
Approximately 8,600 (8,400) m
3
of low and inter-
mediate level operating waste has been generated
during the operation of OL1 and OL2. The waste will
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
be placed in the repository for low and intermediate
level waste (VLJ repository) at Olkiluoto.
Correspondingly, 1,695 (1,661) tonnes of spent
nuclear fuel has been generated by the end of the year,
of which 34 (32) tonnes in 2023. The spent nuclear
fuel is stored in the fuel pools of the plant units and in
the interim storage for spent nuclear fuel at Olkiluoto.
FINAL DISPOSAL OF SPENT NUCLEAR FUEL
spent nuclear fuel generated at the nuclear power
plants of its owners, TVO at Olkiluoto and Fortum
Power and Heat Oy (Fortum) in Loviisa.
building phase of the encapsulation plant and the
disposal of spent nuclear fuel. The currently ongoing
EKA project entails the implementation of the
tunnels and other additional facilities required for
the disposal facility, the installation of the systems
licence process, and setting up the supply chains
necessary for production operations.
The processing of Posiva’s operating licence
progressed at STUK, and Posiva is submitting
responses to the requests for additional information.
In September 2023, STUK reported that the safety
assessment and statement on the operating licence
application for the disposal facility for spent nuclear
fuel will not be completed in 2023. Work with the
installation and commissioning of systems at the
encapsulation plant progressed as planned. In 2023,
a personnel lift was commissioned between the lifting
equipment building and the underground facilities.
relating to verifying the suitability of the tunnel and
Due to delays in the delivery of certain systems,
disposal using non-irradiated dummy fuel elements),
was postponed until late 2024. The joint functional
test was previously scheduled for late 2023.
Posiva’s owners submitted the annual report for
nuclear waste management in 2022 to the Ministry
of Economic Affairs and Employment at the end of
March 2023.
Research and development activities
A key target of TVO’s research and development (R&D)
activities is to ensure the viability of the current business
functions and to create new business opportunities. The
key focus areas include nuclear power plant operation
disposal of nuclear waste and spent nuclear fuel and
creating new business opportunities for the TVO Group.
The total R&D expenses were EUR 14 (10) million,
of which most were used for R&D related to nuclear
waste management.
of Finnish public research programmes on nuclear
power plant safety and nuclear waste management.
research programmes by the Finnish State Nuclear
Waste Management Fund amounted to a total of
EUR 6 (5) million.
Acquisitions of tangible and intangible
assets and shares
Investments in 2023 amounted to EUR 461 (312)
million.
The parent company’s investments amounted to EUR
449 (339) million. EUR 370 (276) million was allocated
to the OL3 project. EUR 79 (63) million was allocated
to OL1, OL2, the operating period of OL3 (during
2023) and the general infrastructure of the area.
Hitachi Energy and TVO signed a turnkey contract in
the summer of 2021 about delivering one of Europe’s
largest battery energy storage systems to Olkiluoto.
The 90-megawatt system will support the entire
energy network in a potential production disturbance
of the OL3 plant unit, thus minimising the effect of
grid load limitation. The battery energy storage
acceptance was postponed to 2024.
Carbon credits worth EUR 0.1 (0.1) million have been
relinquished to the Energy Authority. In 2023, carbon
credits worth EUR 0.1 (0.1) million were acquired.
The carbon credits acquired covered the Company’s
Sustainability
Sustainability is one of TVO’s values. The TVO Group
-
ment, people and the economy through a materiality
Safe, climate-friendly and stable electricity production
competence
3. Transparent and ethical business
Responsibility in the supply chains and partnerships
5. Creation of added economic value
6. The development and support of employees’
competence
7. Fair and healthy work community
8. Biodiversity and sustainable land use
9. Minimising releases into the air, water and soil
The TVO Group and its entire personnel are committed
Safety).
The Group-level policies, approved by the Manage
-
ment Group, outline key objectives related to respon-
»
Nuclear safety and quality policy
»
Sustainability policy
»
Production policy
»
Corporate safety and security policy.
The principles of sustainable business are described
in the TVO Group’s Code of Conduct, which is
approved by the Company’s Board of Directors and
applies to the entire personnel as well as all partners
and subcontractors. The Code of Conduct includes
separate parts for the Group personnel as well as
partners and subcontractors. The TVO Group’s Code
of Conduct complies with the OECD Guidelines
for Multinational Enterprises. TVO considers any
non-compliance with its Code of Conduct unaccept
-
able. The Code of Conduct is published on TVO’s
website at .
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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Through its actions, the TVO Group is committed to
advancing the following sustainable development
TVO has an ESG risk assessment implemented
by Sustainanalytics. In the assessment, TVO has
a risk level of 20.5, which is at the lower end of
Sustainanalytics’ Medium Risk category (20–30,
Medium ESG risk).
NUCLEAR PROFESSIONALISM
The development of management principles and
working policies in a nuclear power plant has been
is, expectations for working at a nuclear facility, and
taking action in order to reinforce these expectations.
The expectations for a nuclear professional are part
of TVO’s activity-based management system.
Nuclear professionalism and leadership are system
-
atically developed at the TVO Group. The Nuclear
Professionalism Group is tasked with developing
nuclear professionalism and thinking of ways in
which human factors could be considered in the
everyday work even better. The group’s long-term
plan takes into account the areas for improvement
and leverages the entire organisation to work
towards them. In 2023, for example, the organisation
had extensive discussions on safety culture based
on World Nuclear Association of Nuclear Operator’s
(WANO) educational narrative concerning safety
culture. Nuclear professionalism is also developed in
connection with regular plant walkdowns.
Development of leadership is also performed
systematically. Annually, areas for improvement are
self-assessments and the needs of the organisation.
Development in 2023 was related to the leadership
of cross-organisational processes and harmonising
practices across the three plant units.
are broken down in the Sustainability Roadmap for
2030 that is available as part of TVO’s Annual and
Sustainability Report.
TVO reports on its corporate responsibility in
accordance with the Global Reporting Initiative (GRI)
standards. TVO’s Annual and Sustainability Report
2023 is published on the Company’s website at
. The information
in the sustainability report has been subjected to a
limited audit by an external party. The information
in the Environmental Report, which is published
TVO is preparing for reporting pursuant to the CSRD
standard from 2024 onwards. According to the
double materiality analysis, the sustainability topics
SUSTAINABILITY OBJECTIVES AND RESULTS
The objectives for sustainability are based on
continuous improvement of operations. The
objectives are used to monitor the implementation
broader sustainability objectives for the TVO Group
Reputation index >75 84
category
A+ A
Reports suspecting violations of
the Company’s Code of Conduct
0 3
Sick leaves, % Less than 3% 2.8%
Occupational accident
frequency
3.5 3.9
Collective radiation dose,
manmSv
648.5 597.7
Environmental damage, pcs 0 0
Unplanned energy unavailability
(OL1 and OL2), %
<0.4 2.9
trips (OL1 and OL2), pcs
0 1
Reputation index: The TVO Group stakeholder survey, average
of respondent groups 0–100; under 50=Weak, 50–62=Moderate,
62–70=Good, over 70=Excellent. The survey is conducted and
the results are reported every two years. The next survey will be
conducted in 2025.
Personnel survey: The personnel survey was conducted in the
beginning of 2023. The survey is conducted every 18 months. The
evaluation scale from highest to lowest result is AAA–C, where A is
satisfactory.
Occupational accident frequency: per million working hours. The
indicator is Group-level, including Posiva and TVO’s and Posiva’s
subcontractors.
Collective radiation dose: World Association of Nuclear Operators
Environmental incidents:
Unplanned energy unavailability factor: % of total production.
RESULTS OF ETHICAL BUSINESS
TVO does not tolerate any kind of corruption, bribery
or extortion. The TVO Group’s Code of Conduct
approved by the Board of Directors requires to
refrain from transactions and retreat from situations
of the Company and the individual. The Company
maintains a register on the engagements of speci
-
regarding hospitality practices, related party trans
-
actions and the processing of insider information
as well as compliance principles and procedure
accepted by the Board of Directors. Detailed instruc
-
tions are available regarding the approval procedure
of TVO’s commitments (procurement agreements,
orders, invoices, etc.).
TVO respects the human rights of all people affected
by the Company’s operations and expects the same
from all companies acting in its supply and subcon
-
tracting chains. TVO aims to guarantee good, safe
working conditions for everyone. In accordance with
its Code of Conduct, TVO will not tolerate discrimi
-
nation or harassment based on age, gender, ethnic
background, religion, life philosophy, opinion or other
personal characteristic. TVO observes an equality
and equal opportunity plan.
All personnel, partner and subcontractor activities
at Olkiluoto are supervised by TVO. TVO only
purchases products and services from evaluated
and approved suppliers. All products and services
acquired must meet the requirements for safety,
quality and the environment as well as the principles
of sustainable business described in the Code of
Conduct. TVO’s supplier evaluation also includes
Supplier evaluations are used to ensure that suppliers
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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pay appropriate attention to environmental issues,
the well-being of personnel and quality management.
During 2023, 140 suppliers were reviewed by using
various methods.
The TVO Group has in place a whistleblowing
channel for reporting any Code of Conduct violations
and suspicions of the misuse of insider information,
which can also be used anonymously. All reports of
possible Code of Conduct violations are processed
by TVO’s Internal Audit in a manner that guarantees
under all conditions the rights and privacy of the
person making the report and the person suspected
of a possible Code of Conduct violation or misuse of
insider information.
During 2023, Internal Audit investigated three
reports of possible violations of the TVO Group’s
Code of Conduct. These reports have been investi
-
gated and the necessary actions have been taken.
The reports are included in Internal Audit’s reports to
the Audit and Finance Committee and the Board of
Directors.
SAFETY
The safe operation of the Olkiluoto nuclear power
plant relies on competent and responsible personnel,
high-quality plant technology, the principle of contin
-
uous improvement and independent internal and
external supervision. TVO’s activity-based manage
-
ment system meets the requirements of the ISO
9001 standard. In order to ensure safe operations,
TVO systematically assesses the level of its safety
and safety culture, and all of TVO’s employees are
committed to a strong safety culture.
TVO regularly assesses the state of overall safety in
terms of production, nuclear safety, security and service
life management as well as leadership, the organisation
and personnel. The overall level of safety is good.
The state of the safety culture is regularly assessed
according to the IAEA’s procedure. TVO’s safety
culture is estimated to be at a level where the stra
-
tegic importance of safety has been recognised and
proactive practices are employed. TVO aims to reach
the highest possible level of safety culture. TVO has
continued to employ various measures to maintain
and develop the safety culture.
TVO regularly assesses and develops the operation
of its plant units with the help of internationally used
safety indicators. The results for the safety indicators
collective radiation dose, unplanned energy unavail
-
described in the table “Sustainability objectives and
Sustainability).
The Olkiluoto nuclear power plant units, OL1, OL2
and OL3, operated safely throughout the year.
accordance with the INES scale. In 2023, 10 events
rated as INES level 0 (no nuclear or radiation safety
(anomaly, exceptional incident with safety effects)
took place at the Olkiluoto plant. TVO analyses
and investigates all events that may have affected
events of public interest on its website.
The occupational health and safety operations are
and safety system (OHS system). The system also
covers TVO’s share of the OL3 construction phase.
In 2023, the TVO Group’s vital industrial safety princi
-
Safety is your responsibility
Identify hazards and manage risks
3. Take care of your wellbeing
Safe movement and transportation
5. Wear required personal protective equipment.
The TVO Group’s goal for accident frequency in 2023
was 3.5 (accidents per one million work-hours). The
goal was not achieved for accident frequency, as
the accident frequency at Olkiluoto in 2023 was 3.8.
The accident frequency considers TVO’s personnel,
Posiva’s personnel and all subcontractors working at
Olkiluoto, with the exception of the OL3 worksite until
May 2023, which was reported by the Areva–Siemens
plant supplier consortium. No lost time occupational
accidents occurred during the annual outages.
in more detail in the Annual and Sustainability Report
.
THE ENVIRONMENT
TVO is committed to observing the principles
of sustainable development, and environmental
responsibility is a part of the Company’s manage
-
-
mental management systems meet the requirements
of the international ISO 14001 standard and the
improvement and raising the level of environmental
protection.
TVO recognises the environmental and energy
aspects of its operations and works to minimise
their negative impacts at all stages of the electricity
production chain. Environmental risks have also been
impact on operations were detected. Through risk
management, the Company aims to foresee possible
divergent situations and to mitigate their negative
consequences on the environment. TVO constantly
monitors the environmental impacts of its operations.
Olkiluoto nuclear power plant are the production of
climate-friendly electricity and the local warming
of the sea water near the plant. The cooling water
temperature remained within the limits required by
the environmental permit.
As in previous years, the environmental load caused
by the Olkiluoto nuclear power plant was minor in
2023. The environmental authorities are informed of
»
OL2 screening recovery plant, and of the completion of
Reports of potential violations of the Code of
Conduct
Reports related to the Code of
Conduct (corruption, bribery,
extortion) 0 0
Reports related to the Code of
0 0
Reports related to the Code of
Conduct (inappropriate behaviour)
2 2
Others (matters not in the scope of
the Code of Conduct)
1 1
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»
abnormal conditions occurring in the operation of the
wastewater treatment plant in the spring of 2023 and
»
the higher than planned consumption of hydrazine at
OL3 and the one-off discharge into sea in December
2023.
The impacts on water systems of the debris handling
bypasses have been monitored according to a plan
approved by the authority, and the results will be
reported during spring 2024. Radioactive releases
into the air and water were clearly below the annual
regulatory limits.
Operations were developed in accordance with the
requirements of the environmental permits and the
environmental management system. According to
the principle of continuous improvement, goals are
set for operations in the Environment and Energy
in the Environment Group consisting of experts
2017–2025, the savings target is 150 GWh.
This target was already achieved in 2019, so an
additional savings target of 500 MWh was set for
2022–2023.
The Olkiluoto water management project for securing
the supply of raw water and building a transfer
sewer for wastewater was completed during 2023.
Going forward, municipal wastewater from Olkiluoto
will be routed via the transfer sewer to the Rauma
wastewater treatment plant for processing. The
processing of wastewater in a larger unit allows for
caused on the water systems. Expansion work for the
regional heating network continued.
On 10 October 2023, the Regional State Administra
-
tive Agency for Southern Finland granted an environ-
mental permit for the construction of a near-surface
TVO started preparations for an environmental
impact assessment (EIA) procedure concerning the
possible service life extension and power uprating of
the OL1 and OL2 plant units.
to the environment and the results from the Envi
-
reported in more detail in the Environmental Report
that is published separately. The information is
GROUP PERSONNEL AND TRAINING
The TVO Group’s Code of Conduct and policies lay
down the principles of personnel policy. The objective
of the TVO Group is to provide a fair and healthy
work community that promotes equality and does not
condone any form of discrimination.
At the end of the year, the total number of personnel in
the Group was 1,045 (1,007) and the average during
the year was 1,057 (1,031) persons. At the end of the
year, the total number of personnel at TVO was 1,043
(1,005) and the average during the year was 1,055
(1,029) persons. At the end of the year, the total number
of permanent personnel at TVO was 1,009 (984).
TVO recruited 64 (87) new employees. During
the year, 39 (66) permanent employees left TVO,
including 7 (16) who retired. TVO’s sick leave
percentage was 2.8 (3.8).
The collective labour agreements for various
personnel groups in the energy industry are in force
in accordance with agreements between the central
organisations until early 2025. 100 per cent of
TVO’s personnel (senior management excluded) are
working under collective labour agreements.
The Group carries out a personnel survey approxi
-
mately every 18 months. The results of the survey,
performed by Eezy Spirit Oy, were received in
February 2023. The response rate was 94 per cent,
and the People Power index representing the overall
improved from the previous survey, even though the
rating remained in category A (satisfactory). The next
personnel survey will be conducted in late 2024.
Personnel performance, workload and coping at
work are monitored through navigation discussions
arranged three times a year. Personnel admission
and exit interviews are held at all levels of the Group.
Supervisors are instructed in the general and profes
-
sional induction training of new employees before
new recruits begin their work. Summaries are drawn
of both admission interviews of new employees and
exit interviews of personnel leaving the Group, and
the results are utilised in developing operations.
The Group’s management and operational culture
is developed with the help of the Better Workplace
Programme. The goals of the programme include
good preconditions for operations by developing
matters related to the work of each individual, the
immediate work community and the entire Group.
The progress of the programme is monitored on a
regular basis, and the effectiveness is measured
with, e.g., regular personnel surveys. In 2023, the
goals of the programme have included increasing
transparency in decision-making by, among other
things, describing the key decision-making forums;
the involvement of personnel in the strategy process
has also been continued. Other goals have included
communicating on the Group’s various development
projects and brainstorming common rules and
The focus of occupational health care has continued
to be on preventative occupational health care, which
supports the employees’ health and ability to work and
function, as well as their maintenance and development.
The matters concerning personnel in 2023 and the
detail in the Annual and Sustainability Report.
An annual training programme is implemented
in the TVO Group as a tool for personnel devel
-
opment and the planning of training. The annual
training programme includes trainings organised
by the Group which are planned to be implemented
during the next calendar year. The annual training
programme is drawn up to correspond with the
strategic focus areas and goals for operations deter
-
mined by the Group’s management.
As in previous years, basic training, supplementary
training and continuing training for the Group’s
personnel were arranged according to the annual
training programme. The personnel received a total of
10,511 (11,680) days of training, equalling on average
9.9 (11.6) days per TVO employee (incl. TVONS).
Persons managing tasks that directly or indirectly
impact the safety of a nuclear facility are required
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
requirements and nuclear power technology and the
-
sible tasks within their task area.
In 2023, operators of OL1, OL2 and OL3 participated
in operations training days and advanced simulator
courses in the spring and autumn as required by their
refresher training programme.
The Nuclear Professional Leader (NPL) training
programme launched in 2021 for the further devel
-
opment of supervisor skills was continued. The aim
of the training programme is to prepare supervisors
for their tasks within the nuclear industry in more
comprehensive ways than before.
Cooperation with educational institutions was
deepened with several actors. The goal is to create
even closer ties between the Company and students
and to offer students diverse thesis opportunities and
trainee positions.
The TVO Group participated in the implementation
of a national nuclear safety and waste management
training course (YJK) together with other major actors
in the industry. The Group also implemented the
Nordic Nuclear Trainee programme together with
Swedish nuclear power plants and Fortum’s nuclear
power plants in Loviisa. The purpose of the training
is to raise the students’ interest towards the nuclear
industry as an employer and to help them see the
opportunities nuclear power can offer in the future.
The matters concerning competence management
reported in more detail in the Annual and Sustaina
-
bility Report.
EU TAXONOMY REPORTING
its delegated acts formulate a robust and science-
based framework for companies and investors that
provides environmental criteria for determining which
-
mentally sustainable in the EU. The aim is to make
it easier and more uniform to identify sustainable
investment targets and direct investments to these
»
climate change mitigation;
»
climate change adaptation;
»
the sustainable use and protection of water and marine
resources;
»
the transition to a circular economy;
»
pollution prevention and control;
»
the protection and restoration of biodiversity and
ecosystems.
To qualify as environmentally sustainable, compa-
nies need to ensure that their economic activities
substantially contribute to one of the environmental
harm to any of the other (technical screening criteria).
To be aligned, companies also need to run their
operations in according to a set of minimum social
safeguards aimed to ensure companies follow the
most important human rights related principles.
The technical screening criteria are available for
protection of water and marine resources, transition
to a circular economy, pollution prevention and
control and the protection and restoration of biodi
-
screening criteria for certain activities related to
nuclear energy production and energy production
from natural gas. Nuclear energy and activities
related to nuclear energy are low-carbon activities
that can substantially contribute to climate change
mitigation. Nuclear energy generation has near to
zero greenhouse gas emissions in the energy gener
-
ation phase
1
. In the EU Taxonomy, nuclear energy
transitional activities. Nuclear energy facilitates
the deployment of renewable energy sources and
does not hamper the development of low carbon
alternatives.
2023, the reporting requirements are governed by the
and the reporting requirements set in the corporate
starting 01.01.2024 and onwards. Companies
need to disclose information on how and to what
extent their activities associate with economic activi
-
ties that qualify as environmentally sustainable. TVO
activities related to the production of nuclear energy.
TVO is therefore required to publish information on
KPIs related to their eligible and aligned activities.
1)
and the Final Report of the Technical Expert Group on
Sustainable Finance from March 2020
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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TVO’s EU Taxonomy disclosure was prepared in
accordance with the EU Taxonomy Regulation
screening criteria in the consolidated Climate Dele
-
gated Act of 1 January 2024 (Commission Delegated
requirements in the consolidated Disclosures Dele
-
gated Act of 1 January 2024 (Commission Delegated
screening criteria for the remaining environmental
objectives was also reviewed to assess eligibility, but
were found relevant for TVO’s operations.
The TVO Group reports the proportion of the Taxon-
omy-eligible, non-eligible and Taxonomy-aligned
economic activities in relation to the following key
capital expenditure KPI and the operating expendi
-
ture KPI. The KPI information is presented in tabular
forms using the mandatory templates.
The EU Taxonomy KPIs are calculated from data
the same data and accounting principles as the TVO
in Notes to the Consolidated Financial Statements).
The Consolidated Financial Statements of the TVO
Group have been prepared in accordance with
International Financial Reporting Standards (IFRS)
which have been approved in the European Union.
accordance with the IAS and International Financial
Reporting Standards and SIC and IFRIC interpreta
-
tions effective on 31 December 2023. In the Finnish
Accounting Act and regulations issued by virtue of
it, “IFRS” refers to the standards and interpretations
which have been endorsed by the EU in accordance
Financial Statements 2023 and ensured that no
set out in the Disclosures Delegated Act.
The turnover KPI is based on the TVO Group’s
turnover in the Consolidated Financial Statements.
The taxonomy-aligned turnover consists of the sales
of electricity to shareholders. Non-taxonomy-aligned
subsidiary TVO Nuclear Services Oy’s turnover.
The CapEx KPI is based on additions made to
property, plant and equipment, intangible assets and
right-of-use assets. More detailed information on
The OpEx KPI is based on direct non-capitalised
costs which are necessary to ensure the continued
and effective functioning of property, plant and
equipment. These expenses include costs related to
research and development, repairs and maintenance
and nuclear waste management, as well as all other
costs which are related to day-to-day servicing
and maintenance of property, plant and equipment
and which are necessary to ensure continued and
effective activities by the Company or outsourced to
a third party. The OpEx numerator includes mainte
-
nance costs and nuclear waste management costs.
Green Bond Framework
TVO established a Green Bond Framework in
summer 2023 to integrate sustainability into its
the Green Bond Framework was done in December
2023 when TVO issued a green private placement of
EUR 280 million of Green Notes. The funds obtained
from the issue have been 100% allocated to EU
OL3 EPR Nuclear Power Plant construction Capital
Expenditure. Allocation of the funds comply with the
Green Bond Framework of TVO, based on environ
-
mentally friendly electricity production at the TVO’s
three nuclear power plant units in Olkiluoto, as well
as on the responsible arrangement of nuclear waste
management.
The TVO Group examined its business operations
associated with the Olkiluoto nuclear power plant
units, OL1, OL2 and OL3, for Taxonomy eligibility.
The relevant and taxonomy-eligible economic activi
-
»
The electricity production in OL1, OL2 and OL3.
»
including investments.
»
including investments.
Nuclear and fossil gas related activities as required by
2
1. The undertaking carries out, funds or has exposures to research, development, demonstration and
deployment of innovative electricity generation facilities that produce energy from nuclear processes
with minimal waste from the fuel cycle. NO
2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear
installations to produce electricity or process heat, including for the purposes of district heating or industrial
processes such as hydrogen production, as well as their safety upgrades, using best available technologies. YES
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations
that produce electricity or process heat, including for the purposes of district heating or industrial
processes such as hydrogen production from nuclear energy, as well as their safety upgrades. YES
4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation
facilities that produce electricity using fossil gaseous fuels. NO
5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of
NO
6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of
NO
2)
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
correspond to the economic activities in the consoli
-
dated Climate Delegated Act (Commission Delegated
done by comparing the operations and activities to
the descriptions of the economic activities listed in
the Annex I and Annex II in the Climate Delegated
and to the related NACE codes. All of the TVO
Group’s nuclear-related operations fall under the
climate change mitigation objective.
The TVO Group’s most relevant Taxonomy-eligible
electricity production at OL3 and the electricity
and OL2. The operations at OL3 fall under Taxonomy
nuclear power plants, for the generation of electricity
or heat, including for hydrogen production, using
best-available technologies, while operations at OL1
generation from nuclear energy in existing installa
-
Taxonomy regulation Article 10 (2)
3
.
3)
The TVO Group assessed how the activities at OL1,
OL2 and OL3 comply with the relevant technical
screening criteria for contributing substantially to the
climate change mitigation objective and avoiding harm
to the other environmental objectives (DNSH). The
screening criteria for nuclear and gas activities include
a considerable amount of legal compliance both at
the operational and national level, and operational
compliance with certain guidelines and standards.
Operational compliance was determined by checking
that all relevant documentation was available and
included the required information. Member State
compliance was checked in dialogue with the Ministry
of Economic Affairs and Employment. The assessment
procedure and results of compliance with the substan
-
tial contribution criteria are presented in Table 2 and
of compliance with the DNSH criteria in Table 3.
Based on the alignment assessments and KPI alloca
-
tion, 99.6% of the TVO Group’s consolidated turn-
over is taxonomy-aligned and 100% of the taxono-
my-relevant CapEx and OpEx is taxonomy-aligned.
The operations at OL1 and OL2 constitute 40.3%
percent of the aligned turnover, 15.0% percent of
aligned CapEx and 70.1% percent of the aligned
OpEx. Operations at OL3 constitute 59.3% percent of
turnover, 85.0% percent of the CapEx and 29.9% of
development of OL3. Commercial electricity produc
-
tion started at OL3 and affected to turnover, Capex
and OpEx KPI’s. During the OL3 project, all realised
that can be recognised in the cost of the asset have
been entered as property, plant and equipment in
the Group’s balance sheet. The capitalisation of costs
was discontinued at the start of OL3’s commercial
operation, which affects the comparability of the
Group’s income statement and balance sheet.
In the table below, are the proportions of aligned and
non-eligible activities of the TVO Group’s turnover,
31 December 2023. Detailed information on the KPIs
Key performance indica
-
tors. The OpEx numerator includes maintenance
costs and nuclear waste management costs. All
Turnover EUR 876,204 99,6% 0,4%
Operating expenditure EUR 177,234 100% 0,0%
Capital expenditure EUR 460,614 100% 0,0%
activities are related to the climate change mitigation
objective, and there is no eligible but not aligned
activities recorded within the activities 4.27 and
4.28. All applicable CapEx and OpEx for calculations
are taxonomy-aligned, for turnover the non-eligible
proportion is 0.4 percent.
Regarding the minimum safeguards, TVO is
committed to respecting internationally recognised
human rights and principles and rights at work, in
particular the International Bill of Human Rights
and the UN Guiding Principles on Business and
Human Rights, in addition to the OECD Guidelines
for Multinational Enterprises and the fundamental
ILO Principles and Rights at Work. TVO ensures its
compliance with the minimum social safeguards as
required in Article 18 of the Taxonomy Regulation
through company policies and compliance with
national labour legislation. TVO’s principles for ethical
business and its results are described in more detail
in the chapter Sustainability.
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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Climate change adaptation
described in the chapter Risk management, major risks and uncertainties
low sea water levels and other meteorological variables. The relevant legislation, the Nuclear Energy Act and the Radiation and Nuclear Safety Authority in Finland (STUK) regulatory guides, also ensure compliance with Article 6(b), Article
Sustainable use and protection of water
and marine resources
Environmental impacts of TVO’s activities on water quality and temperature are monitored as required by the environmental permit, is part of the environmental management system (EMAS, ISO 14001) and ensures compliance with
relevant regulations and guidelines constituting the criteria. TVO also monitors other aspects of environmental impacts of operations related to water use and impact. Details on how TVO manages environmental impacts can be found in
the Annual and Sustainability Report.
Transition to a circular economy TVO has plans in place to manage radioactive and non-radioactive waste as part of waste management procedures and the environmental management system (EMAS, ISO 14001). Environmental impact assessments (EIA) are in place
Pollution prevention and control
relevant chemical legislation and effects are monitored.
Protection and restoration of biodiversity
and ecosystems
Environmental Impact Assessments for all sites are in place and address impacts on biodiversity. All environmental impacts are monitored through the environmental management system (EMAS, ISO 14001).
Description of how alignment with substantial contribution criteria was ensured. The assessment description is common for both activities as the requirements are almost identical.
CapEx OpEx
4.27
Construction and safe operation of
new nuclear power plants, for the
generation of electricity or heat, in-
cluding for hydrogen production, us-
ing best-available technologies
Construction and safe operation of new nuclear installations for which the construc-
tion permit has been issued by 2045 by Member States’ competent authorities, in
accordance with applicable national law, to produce electricity or process heat, in
-
cluding for the purposes of district heating or industrial processes such as hydrogen
production (new nuclear installations), as well as their safety upgrades.
TVO recognises the activity relates to operations at Olkiluoto 3.
Legal compliance on national level was checked in dialogue with the Finnish Ministry of Economic
Affairs and Employment.
Legal compliance on operational level was determined by checking that all relevant documentation
was available and included the required information.
-
aged by Posiva Oy. Information on radioactive waste management and disposal can be found in
Lifecycle GHG emissions were calculated for all plants collectively with a GWP-total without down-
stream infra 9.1 g CO
2
2
100 g CO
2
2
to OL3 test phase and are estimated to decrease in future years.
4.28 Electricity generation from nuclear
energy in existing installations
authorised by Member States’ competent authorities by 2040 in accordance with
applicable national law, of the service time of safe operation of nuclear installations
that produce electricity or heat from nuclear energy (‘nuclear power plants’).
TVO recognises that the activity relates to operations at Olkiluoto 1 and Olkiluoto 2.
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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Key performance indicatorsTVO’s Taxonomy-aligned turnover 2023
Water
Water
EUR
1,000 %
Y; N;
Y; N;
Y; N;
Y; N;
Y; N;
Y; N;
% E T
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Construction and safe operation of new
nuclear power plants, for the generation
of electricity or heat, including for
hydrogen production, using best-available
technologies
CCM 4.27
CCA 4.27 519,393 59.3% Y N Y Y Y Y Y Y Y 2% T
Electricity generation from nuclear energy
in existing installations
CCM 4.28
CCA 4.28 353,476 40.3% Y N Y Y Y Y Y Y Y 97% T
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1) 872,868 99.6% 99.6% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 99%
Of which enabling 0 0.0% 0.0% 0.0% 0.0% 0.0 % 0.0% 0.0% Y Y Y Y Y Y Y 0%
Of which transitional 872,868 99.6% 99.6% Y Y Y Y Y Y Y 99% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL;
EL;
EL;
EL;
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
(not-Taxonomy-aligned activities) (A.2) 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0%
A. Turnover of Taxonomy-eligible activities
(A.1 + A.2) 872,868 99.6 99.6% 0.0% 0.0% 0.0% 0.0% 0.0% 99%
Turnover of Taxonomy-non-eligible
activities 3,336 0.4%
TOTAL 876,204 100.0%
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TVO’s Taxonomy-aligned CapEx 2023
CapEx
Water
Water
EUR
1,000 %
Y; N;
Y; N;
Y; N;
Y; N;
Y; N;
Y; N;
% E T
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Construction and safe operation of new
nuclear power plants, for the generation
of electricity or heat, including for
hydrogen production, using best-available
technologies
CCM 4.27
CCA 4.27 391,557 85.0% Y N Y Y Y Y Y Y Y 78% T
Electricity generation from nuclear energy
in existing installations
CCM 4.28
CCA 4.28 69,058 15.0% Y N Y Y Y Y Y Y Y 22% T
CapEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1) 460,614 100.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 100%
Of which enabling 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 0%
Of which transitional 460,614 100.0% 100.0% Y Y Y Y Y Y Y 100% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL
CapEx of Taxonomy-eligible but not
environmentally sustainable activities
(not-Taxonomy-aligned activities) (A.2) 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0%
CapEx of Taxonomy-eligible activities
(A.1 + A.2) 460,614 100.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100%
CapEx of Taxonomy-non-eligible activities 0 0.0%
TOTAL 460,614 100.0%
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TVO’s Taxonomy-aligned OpEx in 2023
OpEx
Water
Water
EUR
1,000 %
Y; N;
Y; N;
Y; N;
Y; N;
Y; N;
Y; N;
% E T
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Construction and safe operation of new
nuclear power plants, for the generation
of electricity or heat, including for
hydrogen production, using best-available
technologies
CCM 4.27
CCA 4.27 52,970 29.9% Y N Y Y Y Y Y Y Y 0% T
Electricity generation from nuclear energy
in existing installations
CCM 4.28
CCA 4.28 124,263 70.1% Y N Y Y Y Y Y Y Y 100% T
OpEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1) 177,234 100.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 100%
Of which enabling 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 0%
Of which transitional 177,234 100.0% 100.0% Y Y Y Y Y Y Y 100% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL
OpEx of Taxonomy-eligible but not
environmentally sustainable activities
(not-Taxonomy-aligned activities) (A.2) 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0%
OpEx of Taxonomy-eligible activities
(A.1 + A.2) 177,234 100.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100%
OpEx of Taxonomy-non-eligible activities 0 0.0%
TOTAL 177,234 100.0%
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1. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.26 of Annexes I and II to
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.27 of Annexes I and II to
the applicable KPI
519,393 59.3% 519,393 59.3% 0 0.0%
3. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.28 of Annexes I and II to
the applicable KPI
353,476 40.3% 353,476 40.3% 0 0.0%
4. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.29 of Annexes I and II to
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.30 of Annexes I and II to
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
6. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.31 of Annexes I and II to
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-aligned
economic activities not referred to in rows 1 to 6 above in
the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
8.
Total applicable KPI
1. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.26 of Annexes I and II to
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.27 of Annexes I and II to
the applicable KPI
391,557 85.0% 391,557 85.0% 0 0.0%
3. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.28 of Annexes I and II to
the applicable KPI
69,058 15.0% 69,058 15.0% 0 0.0%
4. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.29 of Annexes I and II to
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.30 of Annexes I and II to
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
6. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.31 of Annexes I and II to
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-aligned
economic activities not referred to in rows 1 to 6 above in
the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
8.
Total applicable KPI
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
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1. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.26 of Annexes I and II to
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.27 of Annexes I and II to
the applicable KPI
52,970 29.9% 52,970 29.9% 0 0.0%
3. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.28 of Annexes I and II to
the applicable KPI
124,263 70.1% 124,263 70.1% 0 0.0%
4. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.29 of Annexes I and II to
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.30 of Annexes I and II to
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
6. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.31 of Annexes I and II to
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-aligned
economic activities not referred to in rows 1 to 6 above in
the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
8.
Total applicable KPI
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
23
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
1. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.26 of Annexes I and II to
applicable KPI
0 0.0% 0 0.0% 0 0%
2. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.27 of Annexes I and II to
applicable KPI
519,393 59.5% 519,393 59.5% 0 0%
3. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.28 of Annexes I and II to
applicable KPI
353,476 40.5% 353,476 40.5% 0 0%
4. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.29 of Annexes I and II to
applicable KPI
0 0.0% 0 0.0% 0 0%
5. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.30 of Annexes I and II to
applicable KPI
0 0.0% 0 0.0% 0 0%
6. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.31 of Annexes I and II to
applicable KPI
0 0.0% 0 0.0% 0 0%
7. Amount and proportion of other taxonomy-aligned
economic activities not referred to in rows 1 to 6 above in
the numerator of the applicable KPI
0 0.0% 0 0.0% 0 0%
8. Total amount and proportion of taxonomy-aligned
economic activities in the numerator of the applicable
KPI
1. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.26 of Annexes I and II to
applicable KPI
0 0.0% 0 0.0% 0 0%
2. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.27 of Annexes I and II to
applicable KPI
391,557 85.0% 391,557 85.0% 0 0%
3. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.28 of Annexes I and II to
applicable KPI
69,058 15.0% 69,058 15.0% 0 0%
4. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.29 of Annexes I and II to
applicable KPI
0 0.0% 0 0.0% 0 0%
5. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.30 of Annexes I and II to
applicable KPI
0 0.0% 0 0.0% 0 0%
6. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.31 of Annexes I and II to
applicable KPI
0 0.0% 0 0.0% 0 0%
7. Amount and proportion of other taxonomy-aligned
economic activities not referred to in rows 1 to 6 above in
the numerator of the applicable KPI
0 0.0% 0 0.0% 0 0%
8. Total amount and proportion of taxonomy-aligned
economic activities in the numerator of the applicable
KPI
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
24
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
1. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.26 of Annexes I and II to
applicable KPI
0 0.0% 0 0.0% 0 0%
2. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.27 of Annexes I and II to
applicable KPI
52,970 29.9% 52,970 29.9% 0 0%
3. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.28 of Annexes I and II to
applicable KPI
124,263 70.1% 124,263 70.1% 0 0%
4. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.29 of Annexes I and II to
applicable KPI
0 0.0% 0 0.0% 0 0%
5. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.30 of Annexes I and II to
applicable KPI
0 0.0% 0 0.0% 0 0%
6. Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.31 of Annexes I and II to
applicable KPI
0 0.0% 0 0.0% 0 0%
7. Amount and proportion of other taxonomy-aligned
economic activities not referred to in rows 1 to 6 above in
the numerator of the applicable KPI
0 0.0% 0 0.0% 0 0%
8. Total amount and proportion of taxonomy-aligned
economic activities in the numerator of the applicable
KPI
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
25
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
1. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.26 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.27 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
3. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.28 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
4. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.29 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.30 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
6. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.31 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-eligible but
not taxonomy-aligned economic activities not referred to
in rows 1 to 6 above in the denominator of the applicable
KPI
0 0.0% 0 0.0% 0 0.0%
8. Total amount and proportion of taxonomy eligible
but not taxonomy-aligned economic activities in the
denominator of the applicable KPI
1. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.26 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.27 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
3. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.28 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
4. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.29 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.30 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
6. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.31 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-eligible but
not taxonomy-aligned economic activities not referred to
in rows 1 to 6 above in the denominator of the applicable
KPI
0 0.0% 0 0.0% 0 0.0%
8. Total amount and proportion of taxonomy eligible
but not taxonomy-aligned economic activities in the
denominator of the applicable KPI
The amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities.
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
26
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
1. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.26 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.27 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
3. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.28 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
4. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.29 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.30 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
6. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
Section 4.31 of Annexes I and II to Delegated Regulation
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-eligible but
not taxonomy-aligned economic activities not referred to
in rows 1 to 6 above in the denominator of the applicable
KPI
0 0.0% 0 0.0% 0 0.0%
8. Total amount and proportion of taxonomy eligible
but not taxonomy-aligned economic activities in the
denominator of the applicable KPI
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
27
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
1. Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
2. Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
3. Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
4. Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
5. Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
6. Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
7. Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6
above in the denominator of the applicable KPI
3,336 0.4%
8. Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the
applicable KPI
1. Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
2. Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
3. Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
4. Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
5. Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
6. Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
7. Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6
above in the denominator of the applicable KPI
0 0.0%
8. Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the
applicable KPI
Taxonomy non-eligible economic activities.
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
28
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
1. Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
2. Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
3. Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
4. Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
5. Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
6. Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
7. Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6
above in the denominator of the applicable KPI
0 0.0%
8. Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the
applicable KPI
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
29
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
obligations related to the grid protection system to
TVO. In the decision, the Energy Authority requires
-
mation a presentation of the principles based on
which the costs of the protection system will be
covered. So far, TVO has covered the majority of the
costs.
Prospects for the future
-
tion is anticipated to continue steadily across all three
plant units. Nuclear fuel availability is guaranteed by
long-term agreements.
will begin on 2 March and is planned to end on 8
April 2024. Preparations are also made for a service
outage at OL1 and a refuelling outage at OL2.
conditions of the Settlement Agreement signed with
OL3’s Plant Supplier. This agreement signed in March
2018 and amended in June 2021 contains conditions
which continue until the end of the warranty periods.
Posiva will resume the implementation of the EKA
Proposals to the Annual General Meeting
Teollisuuden Voima Oyj’s distributable equity as of 31
December, 2023 amounted to EUR 20,938,560.00.
The Board of Directors proposes to the Annual
General Meeting that no dividend shall be paid.
Subsidiaries and joint ventures
TVO Nuclear Services Oy (TVONS) is a wholy-owned
subsidiary of TVO. TVONS provides its customers
with services and expertise related to high-level
nuclear safety, cost-effective operations and nuclear
waste management and building new nuclear power
plants. The specialised expertise and networks of
TVO’s personnel are at the disposal of TVONS’
customers.
Posiva Oy, jointly owned by TVO and Fortum, is
disposal of spent nuclear fuel from its shareholders’
Olkiluoto and Loviisa nuclear power plants. Posiva
Solutions Oy (PSOY) is a wholly-owned subsidiary of
Posiva. As stated in its Articles of Association, PSOY
provides nuclear waste management consultancy
services as well as related planning and research and
development activities.
year
An environmental impact assessment programme
(EIA programme) concerning the possible service life
extension and power uprating of the OL1 and OL2
was submitted to the Ministry of Economic Affairs
and Employment (MEAE), which acts as the coordi
-
nating authority, on 5 January 2024.
The Energy Agency has issued a decision on the
protection of the grid connected to the full power
production of OL3 on January 12, 2024. The decision
system of the transmission system operator and
under the responsibility of the national grid company
Fingrid Oyj. In its decision, the Energy Agency
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
30
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Turnover 876 358 299 275 254
164 -48 -20 0 87
Research expenses 14 10 12 12 15
Depreciation 179 47 44 45 45
Investments
1)
461 312 578 56 369
Equity 2,252 2,218 2,063 2,043 1,819
Subordinated shareholder loans (hybrid equity) (included in the former)
3) 5)
929 929 929 929 679
Non-current and current interest-bearing liabilities (excluding loan from VYR)
2)
4,676 4,831 4,337 4,281 4,370
Loan from VYR
2)
728 651 711 716 591
Provision related to nuclear waste management 1,289 1,294 1,368 1,030 1,041
Balance sheet total 9,229 9,171 8,662 8,181 7,942
Equity ratio, %
4)
31.2 30.7 31.3 31.7 28.8
Average number of personnel 1,057 1,031 1,004 984 943
1)
2)
3)
3)
balance sheet total - provision related to nuclear waste management - loan from the Finnish State Nuclear Waste
Management Fund
5)
included in equity according to IFRS standards.
164 -48 -20 0 87
The impact of the nuclear waste management obligation
1)
-13 36 17 6 -80
Other IFRS adjustments -33 0 0 0 -1
The impact of joint ventures 0 2 -1 3 -1
118 -10 -4 9 5
118 -10 -4 9 5
1)
TVO’s share in the Finnish State Nuclear Waste Management Fund (VYR) 1,458 1,436 1,451 1,479 1,514
TVO’s funding target obligation to
the Finnish State Nuclear Waste Management Fund 1,525 1,458 1,436 1,451 1,471
The carrying value of TVO’s share in
the Finnish State Nuclear Waste Management Fund (non-current assets)
1,035 1,000 1,010 1,030 1,041
See note 24 Assets and provisions related to the nuclear waste management obligation.
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
31
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Turnover 873 353 294 271 251
118 -10 -4 8 5
Fuel costs 111 70 61 64 65
Nuclear waste management costs 106 100 41 28 -5
266 37 38 34 39
Investments
1)
449 339 220 52 278
Equity 864 864 861 861 857
Appropriations 299 181 193 197 193
Non-current and current interest-bearing liabilities (excluding loan from
VYR and loans from equity holders of the company)
2)
4,610 4,798 4,277 4,180 4,282
Loans from equity holders of the company
3)
929 929 929 929 679
Loan from VYR
2)
728 651 711 716 591
Balance sheet total 7,714 7,602 7,156 6,995 6,724
Equity ratio, %
4)
30,0 28,4 30,8 31,7 28,2
Average number of personnel 1,055 1,029 1,002 983 942
1)
2)
3)
4)
balance sheet total - loan from the Finnish State Nuclear Waste Management Fund
Olkiluoto 1 7,417 6,918 7,393 7,299 7,531
Olkiluoto 2 6,855 7,522 7,021 7,264 7,198
Olkiluoto 3 10,361 1,876 0 0 0
Total Olkiluoto 24,633 16,316 14,414 14,563 14,729
Meri-Pori 0 0 0 82 182
Total
Olkiluoto 1 95.4 89.1 95.1 93.7 96.9
Olkiluoto 2 88.3 96.8 90.4 93.3 92.7
Olkiluoto 3 75.2 17 - - -
Total capacity factor
30.8 19.9 16.8 18.1 17.3
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
32
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Consolidated income statement
EUR 1,000 | Note | 1 Jan-31 Dec 2023 | 1 Jan-31 Dec 2022 |
Turnover | 3,4 | ||
Work performed for own purpose | 5 | ||
Other income | 6 | ||
Materials and services | 7 | - | - |
Personnel expenses | 8 | - | - |
Depreciation and impairment charges | 4,9 | - | - |
Other expenses | 10 | - | - |
| |||
Finance income | 11 | ||
Finance expenses | 11 | - | - |
| - | - | |
| |||
| - | ||
Income taxes | 12 | - | - |
| - | ||
| | |||
| Equity holders of the company | - |
| Consolidated statement of comprehensive income | |||
EUR 1,000 | Note | 1 Jan-31 Dec 2023 | 1 Jan-31 Dec 2022 |
| - | ||
| Other comprehensive items | |||
| | |||
| | 11 | - | |
| - | ||
| |||
| | |||
| Equity holders of the company | |||
TVO Group
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
33
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Consolidated balance sheet
EUR 1,000 | Note | 31 Dec 2023 | 31 Dec 2022 |
| | |||
| | |||
| Property, plant and equipment | 13 | ||
Intangible assets | 14 | ||
Loans and other receivables | 17 | ||
| 15 | ||
Investments in shares | 18 | ||
| 20 | ||
Share in the Finnish State Nuclear Waste Management Fund | 24 | ||
| |||
| | |||
| Inventories | 19 | ||
Trade and other receivables | 3,17 | ||
| 20 | ||
Cash and cash equivalents | |||
| |||
| |||
| | |||
| | |||
| Share capital | 21 | ||
Share premium reserve and statutory reserve | 21 | ||
Fair value and other reserves | 21 | ||
Subordinated shareholder loans (hybrid equity) | 21 | ||
Retained earnings | 21 | ||
|
EUR 1,000 | Note | 31 Dec 2023 | 31 Dec 2022 |
| | |||
| | |||
| Provision related to nuclear waste management | 24 | ||
Loan from the Finnish State Nuclear Waste Management Fund | 22 | ||
Bonds | 22 | ||
| 22 | ||
| 20,22 | ||
| |||
| | |||
| | 22 | ||
| 20,22 | ||
Advance payments received | 3,23 | ||
Trade payables | 23 | ||
Other current liabilities | 23 | ||
| |||
| |||
|
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
34
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| Consolidated statement of changes in total equity | ||||||||
| Share premium reserve | Fair value and | Subordinated shareholder | | |||||
EUR 1,000 | Note | Share capital | and statutory reserve | other reserves | loans (hybrid equity) | Retained earnings | holders of the company | Total equity |
| ||||||||
| ||||||||
| | ||||||||
| | - | - | - | |||||
Interest paid of subordinated shareholder loans (hybrid equity) | - | - | - | |||||
| 21 | |||||||
| Share premium reserve | Fair value and | Subordinated shareholder | | |||||
EUR 1,000 | Note | Share capital | and statutory reserve | other reserves | loans (hybrid equity) | Retained earnings | holders of the company | Total equity |
12022 | ||||||||
| - | - | - | |||||
| | ||||||||
| | ||||||||
Interest paid of subordinated shareholder loans (hybrid equity) | - | - | - | |||||
312022 | 21 | |||||||
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
35
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 | Note | 2023 | 2022 |
| | |||
| | - | ||
| | |||
| Taxes | |||
Finance income and expenses | |||
Depreciation and impairment charges | |||
| - | - | |
| | - | - | |
| |||
| | |||
| Increase (-) or decrease (+) in non-interest-bearing receivables | - | ||
Increase (-) or decrease (+) in inventories | |||
Increase (+) or decrease (-) in short-term non-interest-bearing liabilities | |||
| - | - | |
Dividend received | |||
Interest received | |||
Taxes paid | - | - | |
| |||
| | |||
| Acquisition of property, plant and equipment | - | - | |
Acquisition of intangible assets | - | - | |
Proceeds from sale of shares | |||
Loan receivables granted | - | - | |
Repayments of loans granted | |||
| - | - |
EUR 1,000 | Note | 2023 | 2022 |
| | |||
| Withdrawals of long-term loans | |||
Repayment of long-term loans | - | - | |
Principal elements of lease payments | - | - | |
Interest paid of subordinated shareholder loans (hybrid equity) | - | - | |
| |||
| - | - | |
| - | ||
| - | ||
Cash and cash equivalents 1 Jan | |||
| 18 |
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
36
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
37
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
51
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
52
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
53
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
55
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
56
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
57
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
2022
EUR 1,000 Gross amounts
2023
EUR 1,000 Gross amounts
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2023
59
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
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63
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
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REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
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REPORT OF THE BOARD OF DIRECTORS KEY FIGURES GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
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Income statement
EUR 1,000 Note 1 Jan-31 Dec 2023 1 Jan-31 Dec 2022
Turnover 2 872,868 353,479
Work performed for own purpose 3 7,143 21,310
Other income 4 14,685 17,047
Materials and services 5 -264,408 -183,929
Personnel expenses 6 -84,256 -80,139
Depreciation and impairment charges 7 -169,356 -40,690
Other expenses 8 -162,515 -101,203
214,161 -14,125
Financial income and expenses 9 -96,168 3,823
117,993 -10,302
Appropriations 10 -117,993 12,511
0 2,209
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Balance sheet
EUR 1,000 Note 31 Dec 2023 31 Dec 2022
Intangible assets
11 2,515 2,476
Tangible assets 11 6,036,939 6,007,324
Investments
Holdings in group companies
12 8 8
Holdings in joint ventures 12 1,011 1,011
Other shares 12 3,976 4,219
Other receivables 12 784,735 789,730 710,964 716,202
6,829,184 6,726,002
Inventories
13 486,932 272,283
Current receivables 14 110,594 250,876
Cash and cash equivalents 287,017 352,359
884,543 875,518
7,713,727 7,601,520
EUR 1,000 Note 31 Dec 2023 31 Dec 2022
Share capital
15 600,365 600,365
Share premium reserve 15 232,435 232,435
Statutory reserve 15 9,948 9,948
Retained earnings (loss) 15,16 20,939 18,730
15,16 0 2,209
863,687 863,687
299,423 181,207
Non-current liabilities
17,18 4,234,587 4,541,483
Shareholders' loans 17 929,300 929,300
Loan from
the Finnish State Nuclear Waste Management Fund
17 727,500 651,339
Current liabilities 19 659,230 434,504
6,550,617 6,556,626
7,713,727 7,601,520
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EUR 1,000 2023 2022
214,161 -14,125
1)
169,380 40,690
Changes in working capital
2)
94,675 61,608
-94,142 -4,337
Dividend received 0 2,209
Interest received 17,040 6,277
401,114 92,322
Acquisition of non-current assets
-281,135 -433,656
Proceeds from sale of shares 220 0
Loan receivables granted -73,772 -15,831
Repayments of loans granted 0 75,837
-354,687 -373,650
Withdrawals of long-term loans
1,250,408 1,050,000
Repayment of long-term loans -1,352,229 -517,415
Increase (+) or decrease (-) in short-term interest-bearing liabilities 89,020 62,740
Repayment of short-term interest-bearing liabilities -99,160 -134,190
Group contribution received 192 418
-111,769 461,553
EUR 1,000 2023 2022
-65,342 180,225
Cash and cash equivalents 1 Jan 352,359 172,134
31 287,017 352,359
1)
Depreciation and write-downs
169,356 40,690
Gain (-) or loss (+) from divestment of non-current assets 24 0
169,380 40,690
2)
Changes in working capital
Increase (-) or decrease (+) in inventories
35,319 2,137
Increase (-) or decrease (+) in non-interest-bearing receivables -34,582 27,535
Increase (+) or decrease (-) in short-term non-interest-bearing liabilities 93,938 31,936
94,675 61,608
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1 Accounting principles
VALUATION PRINCIPLES
Non-current assets and their depreciation
Non-current assets have been capitalised in the
direct acquisition cost less grants received, accu
-
mulated depreciation and impairment charges, and
compensation, if any. Depreciation according to plan
is calcu-lated on a straight-line basis according to the
estimated useful economic lives.
The depreciation periods are as follows:
»
OL1, OL2 and OL3 nuclear power plant units:
-
Basic investment OL1 and OL2 61 years
-
Plant investment OL3 10–60 years
-
Investments made according to
the modernisation programme 16–35 years
-
Automation investments
associated with the modernisation 15 years
-
Additional investments 10 years
»
Buildings and structures 10–40 years
»
TVO’s share in the Olkiluoto
gas turbine power plant 30 years.
Valuation of inventories
Materials and supplies have been valued at direct
acquisition cost, nuclear fuel according to calculated
fuel consumption, and supply stocks at average
acquisition cost. If the replacement value of inven
-
tories on 31 December is lower than the original
acquisition cost, the difference will not be entered
in the books as an expense because the Company
operates at cost-price.
CO
2
emission rights
Carbon dioxide (CO
2
) emission rights are included in
the intangible assets. Emission rights are recognised
at historical cost. The current liability for returning
emission rights is recognised at the carrying value
of possessed emission rights. If there is a shortfall,
a current liability is recognised to cover the acqui
-
sition of the missing emission rights. This current
liability is valued at the current market value of the
emission rights at the balance sheet date. The cost
of the emission rights is recognised in the in-come
statement under costs of materials and services. The
gains from the sales of emission rights are refunded
to the equity holders of the Company.
Research and development costs
Research and development costs associated with
production activity are entered as annual costs for
the year in which they were incurred.
Items denominated in foreign currency
Transactions in foreign currency have been entered at
the relevant exchange rate or at the transaction rate for
purchase and sale of foreign currency. On the balance
sheet date, exchange rate differences on foreign
currency accounts have been entered in the income
Money market instruments
Money market instruments comprise shares in short-
They are valued in the balance sheet at their original
-
The Company applies hedge accounting. Derivative
the balance sheet. Their nominal values and fair
values are presented in the Notes to the Financial
Statements.
managed with interest rate swaps. Interest costs
of these instruments have been entered on accrual
income and expenses.
Payments of foreign currency denominated inven
-
tory acquisitions have been hedged with currency
de-rivatives. The realised exchange rate differences
to adjust the acquisition cost of inventories. Cross
currency swaps have been used to hedge foreign
currency denominated long-term loans.
ITEMS RELATED TO NUCLEAR WASTE
MANAGEMENT LIABILITY
The nuclear waste management obligation is
provided for in the Nuclear Energy Act. The obligation
covers all future costs from nuclear waste handling,
including the decommissioning of nuclear power
fuel, and the risk margin, decommissioning being
assumed to start at the end of the year in question.
The Ministry of Economic Affairs and Employment
liability for nuclear waste management for the current
year and the target reserve for the next year.
The company liable for nuclear waste management
shall pay its contribution to the Finnish State Nuclear
Waste Management Fund, so that the company’s
share in the Fund on 31 March is equal to the
calendar year in question.
According to the Nuclear Energy Act Section 52 c,
which entered into force on 1 May 2021, a three
percent protected portion shall be added to the Fund
target of the calendar year for a party with a nuclear
waste management obligation. The protected portion
in the Nuclear Energy Act Section 42 and the Fund’s
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must supplement the shares in the Fund by paying more nuclear waste management fee for the part that the
party with a nuclear waste management obligation in the nuclear waste management fee for the part that the
In addition, a party with a nuclear waste management obligation shall supply the Finnish State Nuclear Waste
day of March, the total amount of the collateral security corresponds with the protected portion for the part
by the party with a nuclear waste management obligation, which is not needed to cover the protected portion
business day of April in the same calendar year.
The annual contribution to the Finnish State Nuclear Waste Management Fund and costs from nuclear
waste management and services are entered as annual expenses. The nuclear waste management fee is
based on the Company’s proposal. If the nuclear waste management fee set by the Finnish State Nuclear
Waste Management Fund differs from the amount proposed by the Company, the difference is entered in the
The nuclear waste management liability and TVO’s funding target obligation to the Finnish State Nuclear
Waste Management Fund are presented in the Notes to the Financial Statements.
The Company must supply the Ministry with guarantees to cover for the difference between the legal nuclear
waste management liability and the Company´s share in the Finnish State Nuclear Waste Management Fund,
as well as for unforeseen expenses in nuclear waste management. Guarantees are presented in the Notes to
the Financial Statements.
The amendment to the Nuclear Energy Act concerning the investment activities of the Finnish State Nuclear
Waste Management Fund entered into force on 1 January 2022. With the amendment, the amount of
relending available to a party with a nuclear waste management obligation was limited to 60 percent, and the
investment activities were expanded to also include other asset classes than Finnish government bonds. TVO
uses the right to borrow funds back, and lends them further to its shareholders.
EUR 1,000 2023 2022
Olkiluoto 1 and Olkiluoto 2 370,163 346,820
Olkiluoto 3 502,705 6,659
872,868 353,479
Olkiluoto 1
7,417 6,918
Olkiluoto 2 6,855 7,522
Olkiluoto 3 10,361 1,876
24,634 16,316
EUR 1,000 2023 2022
Personnel expenses related to OL3 7,143 21,310
4 Other income
EUR 1,000 2023 2022
Rental income 1,108 1,144
Sales of services 12,873 14,543
Other income 704 1,360
14,685 17,047
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EUR 1,000 2023 2022
Purchases, accrual basis
Nuclear fuel 70,015 60,845
Materials and supplies 7,613 6,084
Increase (-) or decrease (+) in inventories 40,472 6,948
118,100 73,877
CO
2
emission rights 100 110
Nuclear waste management
Contribution to the Finnish State Nuclear Waste Management Fund
1)
27,746 40,849
Nuclear waste management services 78,232 59,554
105,978 100,403
External services 40,230 9,539
264,408 183,929
Consumption
Nuclear fuel
111,464 69,672
Materials and supplies 6,636 4,205
118,100 73,877
1)
2023 2022
857 834
Manual workers 198 195
1,055 1,029
2023 2022
854 816
Manual workers 189 189
1,043 1,005
Personnel expenses
EUR 1,000 2023 2022
Wages and salaries 70,787 67,247
Pension expenses 11,030 10,645
Other compulsory personnel expenses 2,439 2,247
84,256 80,139
Key management compensations are presented in Note 26 in the TVO Group consolidated
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EUR 1,000 2023 2022
Depreciation according to plan
Other capitalised long-term expenses
487 410
Buildings and construction 18,218 4,493
Machinery and equipment 149,241 35,377
Other tangible assets 1,410 410
169,356 40,690
8 Other expenses
EUR 1,000 2023 2022
Maintenance services 29,244 21,365
Regional maintenance and services 12,197 9,651
Research services 3,490 2,338
Other external services 54,160 26,283
Real estate tax 14,483 6,489
Rents 3,621 2,043
ICT expenses 7,425 6,206
Personnel related expenses 4,943 4,216
Corporate communication expenses 967 862
Other expenses 31,985 21,750
162,515 101,203
PricewaterhouseCoopers Oy (EUR 1,000) 2023 2022
Auditing 191 231
Tax services 12 13
Other services 51 65
254 309
EUR 1,000 2023 2022
From joint ventures
0 2,209
0 2,209
From joint ventures
97 13
From others 24,560 3,377
24,657 3,390
From others
13,532 2,652
13,532 2,652
38,189 8,251
To the Finnish State Nuclear Waste Management Fund
24,560 3,377
To others 151,307 103,628
Capitalised interest costs -41,510 -102,577
134,357 4,428
-96,168 3,823
Financial income and expenses include exchange rate gains (+) and losses (-) (net) 9,475 505
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10 Appropriations
EUR 1,000 2023 2022
Group contribution 223 393
The difference between depreciation according to plan and tax depreciation, increase (-) or
decrease (+)
-118,216 12,118
-117,993 12,511
EUR 1,000
expenses
Intangible
rights
Other capitalised
long-term expenses
Advance
payments Total
Acquisition cost
1 Jan 2023 54,011 129 26,656 352 81,148
Increase 0 100 413 64 577
Decrease 0 -115 0 0 -115
Transfer between categories 0 0 312 -248 64
Acquisition cost 31 Dec 2023 54,011 114 27,381 168 81,674
Accumulated depreciation according to plan 1 Jan 54,011 0 24,661 0 78,672
Accumulated depreciation from deduction 0 0 0 0 0
Depreciation according to plan 0 0 487 0 487
312023 0 114 2,233 168 2,515
Accumulated depreciation difference 1 Jan 0 0 1,298 0 1,298
Change in depreciation difference 0 0 -102 0 -102
Accumulated depreciation difference 31 Dec 0 0 1,196 0 1,196
Undepreciated acquisition cost in taxation 31 Dec 2023 0 114 1,037 168 1,319
EUR 1,000
Land
and water
areas
Building and
Machinery
and
equipment
Other
tangible
assets
progress and
avance payments Total
Acquisition cost
1 Jan 2023 12,075 295,655 1,412,923 54,524 5,492,841 7,268,018
Increase 0 727 29,792 1,280 416,719 448,518
Decrease 0 -2,628 -7,898 0 -249,968 -260,494
Transfer between categories 0 1,211,213 4,280,635 76,474 -5,568,386 -64
Acquisition cost 31 Dec 2023 12,075 1,504,967 5,715,452 132,278 91,206 7,455,978
Accumulated depreciation according to plan 1 Jan 0 232,181 979,400 49,115 0 1,260,696
Accumulated depreciation from deduction 0 -2,628 -7,898 0 0 -10,526
Depreciation according to plan 0 18,218 149,241 1,410 0 168,869
312023 12,075 1,257,196 4,594,709 81,753 91,206 6,036,939
Accumulated depreciation difference 1 Jan 0 208 177,461 2,240 0 179,909
Change in depreciation difference 0 28,801 86,743 2,774 0 118,318
Accumulated depreciation difference 31 Dec 0 29,009 264,204 5,014 0 298,227
Undepreciated acquisition cost in taxation 31 Dec 2023 12,075 1,228,187 4,330,505 76,739 91,206 5,738,712
Share of machinery and equipment from book value
31 Dec 2023 4,042,226
Share of machinery and equipment from book value
31 Dec 2022 413,503
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EUR 1,000
Holdings
in group
companies
Holdings
in joint
ventures
Other stocks
and shares
Loan
receivables,
joint
ventures
Loan
receivables,
others
Long-term
receivables Total
Acquisition cost 1 Jan 2023 8 1,011 4,219 2,390 651,844 56,730 716,202
Increase 0 0 0 0 76,161 0 76,161
Decrease 0 0 -243 -2,390 0 0 -2,633
Acquisition cost 31 Dec 2023 8 1,011 3,976 0 728,005 56,730 789,730
312023 8 1,011 3,976 0 728,005 56,730 789,730
727,500 727,500
Group companies Group share, %
TVO Nuclear Services Oy, Eurajoki 100
Joint ventures Holding of the parent company, %
Posiva Oy, Eurajoki, A series 60
Posiva Oy, Eurajoki, B series 74
EUR 1,000 2023 2022
Replacement cost
564,859 159,407
Book value 183,183 92,740
381,676 66,667
Raw uranium and natural uranium 183,183 92,740
Nuclear fuel 293,197 169,684
Supplies 10,552 9,859
486,932 272,283
EUR 1,000
expenses
Other
capitalised
long-term
expenses
Buildings and
Machinery
and
equipment
Other
tangible
assets
in progress Total
Acquisition cost
1 Jan 2023
*)
11,046 1,167 27,122 95,394 2,402 1,768,295 1,905,426
Increase 0 0 0 0 0 41,344 41,344
Transfer between categories 0 0 403,395 1,386,333 19,911 -1,809,639 0
Acquisition cost 31 Dec 2023 11,046 1,167 430,517 1,481,727 22,313 0 1,946,770
Accumulated depreciation according
to plan
1 Jan 11,046 948 22,018 77,444 1,950 0 113,406
Depreciation according to plan 0 12 4,811 36,475 264 0 41,562
312023 0 207 403,688 1,367,808 20,099 0 1,791,802
Accumulated depreciation difference
1 Jan 0 219 5,104 17,950 452 0 23,725
Change in depreciation difference 0 -12 35,529 72,343 1,727 0 109,587
Accumulated depreciation difference
31 Dec 0 207 40,632 90,293 2,179 0 133,311
Undepreciated acquisition cost in
taxation
31 Dec 2023 0 0 363,055 1,277,515 17,920 0 1,658,490
*)
An adjustment of -23.2 million euros has been made to the 1 Jan 2023 acquisition cost of Construction in progress.
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EUR 1,000 2023 2022
Prepayments and accrued income
927 1,487
927 1,487
Interest receivables
0 2
Prepayments and accrued income 3,580 3,816
3,580 3,818
Trade receivables
18,784 9,780
Other receivables 45,433 207,059
64,217 216,839
Accrued interest costs
38,768 20,535
Accrued insurance costs 1,919 2,511
Collateral received 0 4,690
Other prepayments and accrued income 1,183 996
41,870 28,732
110,594 250,876
EUR 1,000 2023 2022
Share capital 1 Jan 600,365 600,365
Share capital 31 Dec 600,365 600,365
Share premium reserve 1 Jan 232,435 232,435
Share premium reserve 31 Dec 232,435 232,435
Statutory reserve 1 Jan 9,948 9,948
Statutory reserve 31 Dec 9,948 9,948
1 Jan 20,939 18,730
31 Dec 20,939 18,730
0 2,209
863,687 863,687
EUR 1,000 2023 2022
Retained earnings 20,939 18,730
0 2,209
20,939 20,939
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EUR 1,000 2023 2022
Bonds 3,457,247 3,307,900
490,130 1,216,233
US Private Placements loans 280,000 0
Other loans 7,210 17,350
4,234,587 4,541,483
Shareholders' loans
1)
929,300 929,300
Loan from the Finnish State Nuclear Waste Management Fund
2)
727,500 651,339
5,891,387 6,122,122
1)
Subordinated loans
2)
Lent further to the shareholders.
Currency
Capital
2023
EUR 1,000
2023
Capital
2022
EUR 1,000
2022
Maturity
date
EUR 205,665 205,665 13.1.2023
EUR 20,000 20,000 20,000 20,000 8.5.2024
EUR 191,848 191,848 400,000 400,000 8.5.2024
EUR 500,000 500,000 500,000 500,000 4.2.2025
EUR 650,000 650,000 650,000 650,000 9.3.2026
EUR 600,000 600,000 600,000 600,000 31.3.2027
EUR 75,000 75,000 75,000 75,000 14.12.2027
EUR 600,000 600,000 600,000 600,000 23.6.2028
EUR 23,000 23,000 23,000 23,000 3.5.2030
EUR 600,000 600,000 1.6.2030
EUR 45,000 45,000 45,000 45,000 31.3.2032
EUR 150,000 150,000 150,000 150,000 13.9.2032
EUR 20,000 20,000 20,000 20,000 8.11.2032
EUR 315,000 30,732 500,000 48,781 15.2.2024
EUR 135,000 13,171 850,000 82,927 15.2.2024
SEK 500,000 46,624 500,000 46,624 29.10.2024
SEK 500,000 46,568 500,000 46,568 29.10.2024
SEK 1,000,000 84,459 23.1.2029
SEK 1,300,000 109,788 23.1.2029
3,806,190 3,513,565
Current portion of long-term bonds 348,943 205,665
3,457,247 3,307,900
BONDS
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Currency
Capital
2023
EUR 1,000
2023
Capital
2022
EUR 1,000
2022
Maturity
date
EUR 105,000 105,000 15.12.2033
EUR 85,000 85,000 15.12.2035
EUR 90,000 90,000 15.12.2038
280,000 280,000
Collateral received 7,210 7,210 17,350 17,350 30.11.2030
287,210 287,210 17,350
EUR 1,000 2023 2022
1,569,457 1,217,168
EUR 1,000 2023 2022
Accruals
0 1
0 1
Accruals
6,694 3,031
6,694 3,031
Advances received
68,063 23,064
Trade payables 22,779 17,819
90,842 40,883
Bonds
348,943 205,665
26,104 50,608
375,047 256,273
Finnish State Nuclear Waste Management Fund
29,100 40,227
Accrued interests 74,346 50,316
Accrued personnel expenses 24,093 22,742
Accruals related to CO
2
emission rights 114 129
Other accruals and deferred income and other liabilities 58,994 20,902
186,647 134,316
659,230 434,504
OTHER LOANS
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EUR 1,000 2023 2022
Leasing liabilities falling due in less than a year 3,899 2,814
Leasing liabilities falling due later 44,515 47,462
48,414 50,276
EUR 1,000 2023 2022
Bank guarantees 550 550
EUR 1,000 2023 2022
Liability for nuclear waste management according to the Nuclear Energy Act
1)
1,918,200 1,839,600
TVO’s funding target obligation 2024 (2023) to the Finnish State Nuclear Waste
Management Fund
1,525,100 1,457,900
Collateral for nuclear waste management liabilities 557,740 534,990
Pledged promissory notes to the Finnish State Nuclear Waste Management Fund 727,500 651,339
1)
the Ministry of Employment and the Economy at the end of the year.
20 Commitments
TVO has the right to redeem the lease object for EUR 42.7 million in 2025.
PENDING COURT CASES AND DISPUTES
See note 25
EUR 1,000 2023 2022
Interest rate swaps (nominal value)
2,275,000 2,185,000
Fair value 132,378 191,156
Forward foreign exchange contracts (nominal value)
60,109 44,127
Fair value 6,590 11,482
Cross-currency swaps (nominal value)
331,337 224,873
Fair value 6,623 13,576
Risk management principles, principles for the recognition of derivatives as well as details of derivatives are
the hedged risk and hedging instrument will perfectly match with each other. In documents regarding these
hedging relationships, the hedged risks and hedging instruments are extensively described and the effective
-
ness between them is demonstrated.
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Number
2023
Number
2022
EUR 1,000
2023
EUR 1,000
2022
12
1
Jan 680,000,000 680,000,000 115,600 115,600
Change 0 0 0 0
31
Dec 680,000,000 680,000,000 115,600 115,600
3
1
Jan 680,000,000 680,000,000 484,765 484,765
Change 0 0 0 0
31
Dec 680,000,000 680,000,000 484,765 484,765
1,360,000,000 1,360,000,000 600,365 600,365
According to the Articles of Association, TVO delivers electricity to its shareholders on the so-called Mankala
principle, i.e. it delivers the electricity produced or procured to its shareholders in proportion to their share
-
divided into series of shares. The balance sheet, which will be presented to the Shareholders’ Meeting, speci
-
t CO
2
2023
EUR 1,000 t CO
2
2022
EUR 1,000
Total annual emissions from production facilities 1,528 1,449
Possessed emission rights 1,615 1,604
Emission rights bought
1)
1,450 100 1,300 110
1)
The purchases of the emission rights are included in materials and services. The emission rights that company possesses on 31 December
are included in intangible rights on the balance sheet and emission right reductions.
23 CO
2
emission rights
TVO’s CO
2
emissions are generated by the releases of the reserve boilers and the emergency diesel gener-
ators. In principle TVO has, on December 31, emission rights at least the same amount as the actual annual
emissions are. If the actual emissions exceed the amount of the emission rights that company possesses, the
company has booked the expense for exceeding emission rights at the market value on December 31.
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Proposals to the Annual General Meeting
Teollisuuden Voima Oyj’s distributable equity as of 31
December, 2023 amounted to EUR 20,938,560.00.
The Board of Directors proposes to the Annual
General Meeting that no dividend shall be paid.
Petra Lundström
Esa Kaikkonen
Anders Renvall
Jarmo Tanhua
CEO
Kaarlo Höysniemi
Tapio Korpeinen
Tiina Tuomela
Ilkka Tykkyläinen
Hannu Jokinen
Timo Rajala
Rami Vuola
Helsinki, February 26, 2024
The auditor’s note
Our auditor’s report has been issued today.
Helsinki, February 26, 2024
PricewaterhouseCoopers Oy
Authorised Public Accountants
Niina Vilske
Authorised Public Accountant
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Auditor’s Report (Translation of the Finnish Original)
To the Annual General Meeting of Teollisuuden Voima Oyj
OPINION
In our opinion
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with statutory requirements.
Our opinion is consistent with the additional report to the Audit Committee.
What we have audited
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the consolidated balance sheet, income statement, statement of comprehensive income, statement of changes in
information
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BASIS FOR OPINION
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good
ments section of our report.
opinion.
Independence
We are independent of the parent company and of the group companies in accordance with the ethical
responsibilities in accordance with these requirements.
and to the group companies are in accordance with the applicable law and regulations in Finland and we have
OUR AUDIT APPROACH
Overview
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Overall group materiality is
€ 25 million
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of the parent company Teollisuuden Voima Oyj.
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Completion of Olkiluoto 3 EPR plant unit
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Assets and provisions related to the nuclear waste management
obligation
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As part of designing our audit, we determined materiality and assessed the risks of material misstatement in
future events that are inherently uncertain.
Materiality
arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including
together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing
a whole.
Overall group materiality
How we determined it
Rationale for the materiality benchmark applied
0.3 % of balance sheet total
We chose balance sheet total as the benchmark
because the company’s operations are very capital
intensive and because, in our view, this is the
benchmark against which the performance of the
Group is commonly measured by users.
How we tailored our group audit scope
We tailored the scope of our audit, taking into account the structure of the group, the accounting processes
and controls, and the industry in which the group operates.
parent company Teollisuuden Voima Oyj.
KEY AUDIT MATTERS
opinion on these matters.
As in all of our audits, we also addressed the risk of management override of internal controls, including
among other matters consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
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COMPLETION OF OLKILUOTO 3 EPR PLANT UNIT
costs ended and depreciation began on 1 May 2023.
Acquisition costs have been allocated to appropriate items in Property, plant and equipment and
borrowing costs capitalised during the construction phase have been allocated to items in Property, plant
and equipment in proportion to either the economic value or the acquisition cost.
We reviewed the management’s procedures, records and other documentation related to the progress moni
costs capitalised as the investment meet the recognition criteria.
accordance with the accounting principles applied, and the capitalisation was performed consistently under
We tested the principles of how the acquisition costs have been allocated to items in Property, plant and
equipment with different estimated useful lives. Ïn addition we tested how the general costs and borrowing
costs have been allocated to each item in Property, plant and equipment.
We assessed the timing when depreciation of the asset began. We tested how the management assessed the
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ASSETS AND PROVISIONS RELATED TO THE NUCLEAR WASTE MANAGEMENT OBLIGATION
The fair value of the nuclear waste management provision has been determined by discounting the
and the high level of management judgement used in the calculations such as technical plans, time
factor, cost estimates and discount rate.
We assessed the company’s accounting policies for compliance with International Financial Reporting
the time.
We tested the mathematical accuracy of the calculations and whether the calculations are technically prepared
in line with the same principles from one accounting period to another and consistently for all the plant units.
determined.
We also assessed the adequacy of the disclosures presented in the accounting policies and notes of the
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RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE MANAGING DIRECTOR FOR THE
FINANCIAL STATEMENTS
Board of Directors and the Managing Director are also responsible for such internal control as they determine
whether due to fraud or error.
for assessing the parent company’s and the group’s ability to continue as a going concern, disclosing, as
statements are prepared using the going concern basis of accounting unless there is an intention to liquidate
the parent company or the group or to cease operations, or there is no realistic alternative but to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could
statements.
»
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
group’s internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
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Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going concern basis of
on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
parent company or the group to cease to continue as a going concern.
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fair view.
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and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
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APPOINTMENT
Teollisuuden Voima Oyj became a public interest entity in June 2009. We have been the auditors of Teol
lisuuden Voima Oyj all that time it has been a public interest entity.
OTHER INFORMATION
The Board of Directors and the Managing Director are responsible for the other information. The other infor
auditor’s report thereon.
or our knowledge obtained in the audit, or otherwise appears to be materially misstated. With respect to the
report of the Board of Directors, our responsibility also includes considering whether the report of the Board of
Directors has been prepared in accordance with the applicable laws and regulations.
In our opinion
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the report of the Board of Directors has been prepared in accordance with the applicable laws and regulations.
If, based on the work we have performed, we conclude that there is a material misstatement of the other
information, we are required to report that fact. We have nothing to report in this regard.
OTHER STATEMENTS
should be adopted. The proposal by the Board of Directors regarding the result of the accounting period
is in compliance with the Companies Act. We support that the members of the Board of Directors and the
Managing Director of the parent company should be discharged from liability for the period audited by us.
Helsinki 26 February 2024
PricewaterhouseCoopers Oy
Authorised Public Accountants
Niina Vilske
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Financial information in 2024
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ESEF-report
T eollisuuden V oima Oyj
Finland
Public Limited Company
Finland
T öölönkatu 4, 00100 Helsinki
Olkiluoto, 27160 EURAJOKI
Production of electricity with nuclear power
T eollisuuden V oima Oyj
T eollisuuden V oima Oyj
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