Teollisuuden Voima Oyj's Interim Report January–March 2019
18.4.2019
Teollisuuden Voima’s (TVO) electricity generation at Olkiluoto 1 and Olkiluoto 2 plant units continued safely and reliably through the first quarter of 2019. The Finnish Government granted an operating licence to OL3 EPR plant unit on 7 March 2019. The installation of the electrical systems, the instrumentation and control system (I&C), and mechanical systems are continued in the site as the plant unit is prepared for the loading of nuclear fuel. The preparations of Posiva’s final disposal facility proceeded according to plan.
Operating Environment
During the beginning of the year, European Parliament continued discussions on the platform on sustainable investment. The vote on the EU sustainability taxonomy proposal took place in March. Unlike the European Commission’s proposal, European Parliament’s decision does not include a statement on climate and carbon neutral energy, but it emphasizes renewable energy instead. The discussion on the European Commission’s proposal in the European Council is in initial phase.
European Parliament discussed European Union’s preliminary climate strategy for 2050 in March. In its non-binding declaration European Parliament demands increasing of EU’s emission reduction goal to 55% by 2030. In addition, European Parliament presumes that EU will be carbon neutral by 2050. European Parliament also demanded European Commission to make an introduction of a bill related to the climate strategy in between 2022–2024.
Most of the amendments of the Business Income Tax Act, which were realised to implement the requirements of the EU Directive preventing aggressive international tax planning, entered into force on 1 January 2019. The Act applies to all companies regulated by the Business Income Tax Act, including energy companies operating according to the Mankala principle. The Ministry of Finance will continue the preparation of an “infrastructure exception” for the Act in accordance with a statement from Parliament.
Financial Performance
TVO operates on a cost-price principle (Mankala principle). TVO's goal is not to make profit or pay dividends. The shareholders are charged incurred costs on the price of electricity and thus in principle the profit/loss for the period under review is zero, unless specific circumstances dictate otherwise. The shareholders pay variable costs based on the volumes of energy supplied and fixed costs in proportion to their ownership, regardless of whether they have made any use of their share of the output or not. Because of the Company's operating principle, key indicators based on financial performance will not be presented.
The consolidated turnover for the period under review January 1–March 31, 2019 was EUR 87.1 (January 1–March 31, 2018: EUR 89.1) million. The amount of electricity delivered to shareholders was 3,968.6 (4,095.9) GWh. The slight decrease in delivered electricity to shareholders is due to lower amount of delivery of Meri-Pori coal-fired power plant compared to last year.
The consolidated profit/loss was EUR 2.0 (5.0) million.
Financing and Liquidity
TVO's financial situation has developed as planned.
TVO's liabilities (non-current and current) at the end of the period in review, excluding the loan from the Finnish State Nuclear Waste Management Fund relent to shareholders, totalled EUR 4,731.7 (December 31, 2018: 4,749.8 ) million, of which EUR 679.3 (679.3) million were subordinated shareholder loans. During the period under review, new non-current liabilities were raised EUR 100.0 (0.0) million and repayments were made EUR 293.5 (0.0) million.
The Company has EUR 1,300 million syndicated revolving credit facility in total which consists of two tranches. EUR 1,000 million matures in 2023 and EUR 300 million matures in 2021. During the period under review, the maturity of EUR 300 million tranche was extended to 2022.
The OL3 EPR project's share of financing costs has been capitalized in the balance sheet.
TVO uses its right to borrow funds back from the Finnish State Nuclear Waste Management Fund within the framework of legal regulations. On March 31, 2019 the amount of the loan was EUR 591.4 (December 31, 2018: 666.2) million and it has been relent to the Company's A-series shareholders. On March 29, 2019, the loan from the Finnish State Nuclear Waste Management Fund was decreased by EUR 74.8 (March 31, 2018 increased by 10.7) million.
Nuclear Power
Olkiluoto 1 and Olkiluoto 2
The electricity production of the Olkiluoto power plant units Olkiluoto 1 (OL1) and Olkiluoto 2 (OL2) during the period under review was 3,838 (3,829) GWh. The total load factor was 100.0 (100.0) %.
The plant units operated safely and reliably during the period under review. OL1’s net production was 1,914 (1,902) GWh and the load factor 99.9 (100.0) %. OL2’s net production was 1,924 (1,928) GWh and the load factor 100.0 (100.0) %.
Olkiluoto 1
Average electrical power MW
April 1, 2018–March 31, 2019
Operating Environment
During the beginning of the year, European Parliament continued discussions on the platform on sustainable investment. The vote on the EU sustainability taxonomy proposal took place in March. Unlike the European Commission’s proposal, European Parliament’s decision does not include a statement on climate and carbon neutral energy, but it emphasizes renewable energy instead. The discussion on the European Commission’s proposal in the European Council is in initial phase.
European Parliament discussed European Union’s preliminary climate strategy for 2050 in March. In its non-binding declaration European Parliament demands increasing of EU’s emission reduction goal to 55% by 2030. In addition, European Parliament presumes that EU will be carbon neutral by 2050. European Parliament also demanded European Commission to make an introduction of a bill related to the climate strategy in between 2022–2024.
Most of the amendments of the Business Income Tax Act, which were realised to implement the requirements of the EU Directive preventing aggressive international tax planning, entered into force on 1 January 2019. The Act applies to all companies regulated by the Business Income Tax Act, including energy companies operating according to the Mankala principle. The Ministry of Finance will continue the preparation of an “infrastructure exception” for the Act in accordance with a statement from Parliament.
Financial Performance
TVO operates on a cost-price principle (Mankala principle). TVO's goal is not to make profit or pay dividends. The shareholders are charged incurred costs on the price of electricity and thus in principle the profit/loss for the period under review is zero, unless specific circumstances dictate otherwise. The shareholders pay variable costs based on the volumes of energy supplied and fixed costs in proportion to their ownership, regardless of whether they have made any use of their share of the output or not. Because of the Company's operating principle, key indicators based on financial performance will not be presented.
The consolidated turnover for the period under review January 1–March 31, 2019 was EUR 87.1 (January 1–March 31, 2018: EUR 89.1) million. The amount of electricity delivered to shareholders was 3,968.6 (4,095.9) GWh. The slight decrease in delivered electricity to shareholders is due to lower amount of delivery of Meri-Pori coal-fired power plant compared to last year.
The consolidated profit/loss was EUR 2.0 (5.0) million.
Financing and Liquidity
TVO's financial situation has developed as planned.
TVO's liabilities (non-current and current) at the end of the period in review, excluding the loan from the Finnish State Nuclear Waste Management Fund relent to shareholders, totalled EUR 4,731.7 (December 31, 2018: 4,749.8 ) million, of which EUR 679.3 (679.3) million were subordinated shareholder loans. During the period under review, new non-current liabilities were raised EUR 100.0 (0.0) million and repayments were made EUR 293.5 (0.0) million.
The Company has EUR 1,300 million syndicated revolving credit facility in total which consists of two tranches. EUR 1,000 million matures in 2023 and EUR 300 million matures in 2021. During the period under review, the maturity of EUR 300 million tranche was extended to 2022.
The OL3 EPR project's share of financing costs has been capitalized in the balance sheet.
TVO uses its right to borrow funds back from the Finnish State Nuclear Waste Management Fund within the framework of legal regulations. On March 31, 2019 the amount of the loan was EUR 591.4 (December 31, 2018: 666.2) million and it has been relent to the Company's A-series shareholders. On March 29, 2019, the loan from the Finnish State Nuclear Waste Management Fund was decreased by EUR 74.8 (March 31, 2018 increased by 10.7) million.
Nuclear Power
Olkiluoto 1 and Olkiluoto 2
The electricity production of the Olkiluoto power plant units Olkiluoto 1 (OL1) and Olkiluoto 2 (OL2) during the period under review was 3,838 (3,829) GWh. The total load factor was 100.0 (100.0) %.
The plant units operated safely and reliably during the period under review. OL1’s net production was 1,914 (1,902) GWh and the load factor 99.9 (100.0) %. OL2’s net production was 1,924 (1,928) GWh and the load factor 100.0 (100.0) %.
Olkiluoto 1
Average electrical power MW
April 1, 2018–March 31, 2019
Olkiluoto 2
Average electrical power MW
April 1, 2018–March 31, 2019
Average electrical power MW
April 1, 2018–March 31, 2019
Olkiluoto 3 EPR
Olkiluoto 3 EPR (OL3 EPR), currently under construction, was procured as a fixed-price turnkey project from a consortium (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.
According to the schedule provided by Plant Supplier in November 2018, nuclear fuel was planned to be loaded into the reactor in June 2019, the first connection to the grid was planned to take place in October 2019, and the start of regular electricity production of the OL3 EPR nuclear power plant unit was planned to take place in January 2020.
According to a stock exchange release published by TVO after the period under review on 10 April 2019, the Plant Supplier will update the schedule of OL3 EPR project and deliver a new schedule to TVO by the end of June. Based on the information provided by the Plant Supplier the fuel will not be loaded to the reactor at least before the end of August.
Most of the construction works for the plant unit have been completed. The installation of the electrical systems, the instrumentation and control system (I&C), and mechanical systems is still in progress. The hot functional testing (HFT) was completed in May 2018. In HFT, the nuclear and turbine island operated for the first time together as an entity without nuclear fuel. During HFT, it was noticed that the pressurizer surge line vibrates. Vibration will be eliminated by modifying surge line's supporting structures.
Training of the operating personnel has progressed and operator licences were granted by Radiation and Nuclear Safety Authority (STUK) in the end of 2018.
On 25 February 2019 Radiation and Nuclear Safety Authority (STUK) gave its statement on operating licence application of Olkiluoto 3 EPR plant unit. STUK did not see any obstacles to grant the licence as applied until the end of 2038. STUK reviewed, accordingly with the Nuclear Energy Act, OL3 EPR plant unit's safety, and also operation of the TVO Group as entity, such as resources, know-how and nuclear waste management. The Finnish Government granted the operating licence to the plant unit on 7 March 2019.
The workforce at the site at the end of the period under review was about 2,000 persons. Occupational safety at the site remained at a good level.
All realized costs of the OL3 EPR project that can be recognized in the cost of the asset have been entered as property, plant and equipment in the Group balance sheet.
Nuclear Fuel
During the period under review, nuclear fuel purchases amounted to EUR 22.2 (28.0) million and the amount consumed to EUR 14.8 (15.3) million.
The nuclear fuel and uranium stock carrying value on March 31, 2019 was EUR 260.2 (December 31, 2018: 252.8) million.
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.
The liabilities in the consolidated financial statement show a provision related to nuclear waste management liability of EUR 956.6 (December 31, 2018: 952.0) million, calculated according to the international IFRS accounting principles. A corresponding amount, under assets, represents the Company’s share in the Finnish State Nuclear Waste Management Fund.
In order to cover the costs of nuclear waste management, TVO makes contributions to the Finnish State Nuclear Waste Management Fund accordingly with the Finnish Nuclear Energy Act. In November 2018, MEAE set TVO's liability for nuclear waste management at EUR 1,505.8 (1,481.6) million to the end of 2018 and the Company's funding target in the Finnish State Nuclear Waste management Fund for 2019 at EUR 1,505.8 (1,470.8) million.
In March 2019, the Finnish State Nuclear Management Fund confirmed TVO’s nuclear waste management fee for 2018 at EUR 26.7 (33.6) million, which was paid into the Fund on March 29, 2019 (March 31, 2018). The nuclear waste management fee for 2019 will be confirmed in March 2020.
Final Disposal of Spent Nuclear Fuel
Posiva Oy is responsible for the final disposal of spent nuclear fuel generated at the power plants of its owners, TVO (Olkiluoto NPP) and Fortum (Loviisa NPP).
The preparatory stage of the construction and building services engineering work for the encapsulation plant has progressed as planned with the contractor. Decisions on the suppliers of the main equipment for the encapsulation plant have mostly been made, and the design of the plant’s equipment is progressing.
Excavation work of ONKALO has continued with the first safety-classified central tunnel. The aim is to complete the scope of the excavation work on the two first safety-classified central tunnels that is included in the current excavation contract during 2019. The raise boring of the canister shaft has been completed. The installation work of the Full-scale In-situ System Test (FISST) for final disposal, which started in 2018, continues in ONKALO. The aim of the FISST test is to demonstrate that Posiva’s safe disposal concept can be implemented according to plan. The test will be monitored for several years.
Posiva’s owners provided the nuclear waste management Annual Report for 2018 to the Ministry of Economic Affairs and Employment in late March.
Coal Power
Meri-Pori
TVO has a 45 percent holding in the Meri-Pori coal-fired power plant owned and operated by Fortum Power and Heat Oy. Fortum received TVO's share of Meri-Pori's power capacity in the beginning of 2019 and TVO will renounce its share of Meri-Pori's capacity in the beginning of July 2020.
The amount of electricity produced by TVO’s share at the Meri-Pori coal-fired power plant on January 1–March 31, 2019 was 130.7 (273.1) GWh requiring 47.4 (98.8) thousand tons of coal and 108.1 (222.1) thousand tons of carbon dioxide emission rights.
TVO’s share of Meri-Pori’s production
Average electrical power MW
April 1, 2018–March 31, 2019
Olkiluoto 3 EPR (OL3 EPR), currently under construction, was procured as a fixed-price turnkey project from a consortium (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.
According to the schedule provided by Plant Supplier in November 2018, nuclear fuel was planned to be loaded into the reactor in June 2019, the first connection to the grid was planned to take place in October 2019, and the start of regular electricity production of the OL3 EPR nuclear power plant unit was planned to take place in January 2020.
According to a stock exchange release published by TVO after the period under review on 10 April 2019, the Plant Supplier will update the schedule of OL3 EPR project and deliver a new schedule to TVO by the end of June. Based on the information provided by the Plant Supplier the fuel will not be loaded to the reactor at least before the end of August.
Most of the construction works for the plant unit have been completed. The installation of the electrical systems, the instrumentation and control system (I&C), and mechanical systems is still in progress. The hot functional testing (HFT) was completed in May 2018. In HFT, the nuclear and turbine island operated for the first time together as an entity without nuclear fuel. During HFT, it was noticed that the pressurizer surge line vibrates. Vibration will be eliminated by modifying surge line's supporting structures.
Training of the operating personnel has progressed and operator licences were granted by Radiation and Nuclear Safety Authority (STUK) in the end of 2018.
On 25 February 2019 Radiation and Nuclear Safety Authority (STUK) gave its statement on operating licence application of Olkiluoto 3 EPR plant unit. STUK did not see any obstacles to grant the licence as applied until the end of 2038. STUK reviewed, accordingly with the Nuclear Energy Act, OL3 EPR plant unit's safety, and also operation of the TVO Group as entity, such as resources, know-how and nuclear waste management. The Finnish Government granted the operating licence to the plant unit on 7 March 2019.
The workforce at the site at the end of the period under review was about 2,000 persons. Occupational safety at the site remained at a good level.
All realized costs of the OL3 EPR project that can be recognized in the cost of the asset have been entered as property, plant and equipment in the Group balance sheet.
Nuclear Fuel
During the period under review, nuclear fuel purchases amounted to EUR 22.2 (28.0) million and the amount consumed to EUR 14.8 (15.3) million.
The nuclear fuel and uranium stock carrying value on March 31, 2019 was EUR 260.2 (December 31, 2018: 252.8) million.
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.
The liabilities in the consolidated financial statement show a provision related to nuclear waste management liability of EUR 956.6 (December 31, 2018: 952.0) million, calculated according to the international IFRS accounting principles. A corresponding amount, under assets, represents the Company’s share in the Finnish State Nuclear Waste Management Fund.
In order to cover the costs of nuclear waste management, TVO makes contributions to the Finnish State Nuclear Waste Management Fund accordingly with the Finnish Nuclear Energy Act. In November 2018, MEAE set TVO's liability for nuclear waste management at EUR 1,505.8 (1,481.6) million to the end of 2018 and the Company's funding target in the Finnish State Nuclear Waste management Fund for 2019 at EUR 1,505.8 (1,470.8) million.
In March 2019, the Finnish State Nuclear Management Fund confirmed TVO’s nuclear waste management fee for 2018 at EUR 26.7 (33.6) million, which was paid into the Fund on March 29, 2019 (March 31, 2018). The nuclear waste management fee for 2019 will be confirmed in March 2020.
Final Disposal of Spent Nuclear Fuel
Posiva Oy is responsible for the final disposal of spent nuclear fuel generated at the power plants of its owners, TVO (Olkiluoto NPP) and Fortum (Loviisa NPP).
The preparatory stage of the construction and building services engineering work for the encapsulation plant has progressed as planned with the contractor. Decisions on the suppliers of the main equipment for the encapsulation plant have mostly been made, and the design of the plant’s equipment is progressing.
Excavation work of ONKALO has continued with the first safety-classified central tunnel. The aim is to complete the scope of the excavation work on the two first safety-classified central tunnels that is included in the current excavation contract during 2019. The raise boring of the canister shaft has been completed. The installation work of the Full-scale In-situ System Test (FISST) for final disposal, which started in 2018, continues in ONKALO. The aim of the FISST test is to demonstrate that Posiva’s safe disposal concept can be implemented according to plan. The test will be monitored for several years.
Posiva’s owners provided the nuclear waste management Annual Report for 2018 to the Ministry of Economic Affairs and Employment in late March.
Coal Power
Meri-Pori
TVO has a 45 percent holding in the Meri-Pori coal-fired power plant owned and operated by Fortum Power and Heat Oy. Fortum received TVO's share of Meri-Pori's power capacity in the beginning of 2019 and TVO will renounce its share of Meri-Pori's capacity in the beginning of July 2020.
The amount of electricity produced by TVO’s share at the Meri-Pori coal-fired power plant on January 1–March 31, 2019 was 130.7 (273.1) GWh requiring 47.4 (98.8) thousand tons of coal and 108.1 (222.1) thousand tons of carbon dioxide emission rights.
TVO’s share of Meri-Pori’s production
Average electrical power MW
April 1, 2018–March 31, 2019
Acquisitions of Tangible and Intangible Assets and Shares
Investments during the period under review were EUR 65.8 (103.4) million. Investments of the parent company were EUR 63.2 (103.0) million, of which EUR 52.2 (91.4) million were allocated to the OL3 project.
During the period under review, emission rights were acquired worth EUR 2.4 (2.3) million. The Company's need for carbon dioxide emission rights for the period under review are covered by acquired emission rights.
Pending Court Cases and Disputes
There were no pending court cases or disputes in the end of period under review.
Personnel
The total number of personnel in the Group at the end of the period under review was 902 (December 31, 2018: 878, March 31, 2018: 832). The number of permanent employees in the Group at the end of the period under review was 877 (December 31, 2018: 863, March 31, 2018: 800).
Annual General Meeting
TVO's Annual General Meeting on March 27, 2019 approved the financial statements for 2018, confirmed the consolidated income statement and balance sheet, and discharged the members of the Board of Directors and the President and CEO from liability.
Risto Andsten was elected as a new Board member, replacing Matti Ruotsala. Other Board members were re-elected. At its organization meeting, the Board elected Ilkka Tykkyläinen as Chairman and Tiina Tuomela as Deputy Chairman. The Board also chose from among its members the members and chairmen of the Board Committees.
Auditing
The Interim Report is unaudited.
Risks and Uncertainty Factors in the Near Future
The major risks and uncertainty factors in TVO’s operations have been presented in the 2018 Report of the Board of Directors.
During the period under review, no material new risks connected with the Company’s operation have arisen.
Assessment of Year-End Developments
Electricity production is expected to continue as in previous years. The prerequisites for nuclear power production at Olkiluoto are good. Nuclear fuel availability is guaranteed by long-term agreements.
Realization of the OL3 EPR nuclear power plant project and preparing the plant unit for production will be continued. For the loading of nuclear fuel, TVO still needs a separate permission from the Radiation and Nuclear Safety Authority (STUK). The vibration of pressurizer surge line detected in hot functional testing (HFT) must be suppressed before fuel loading. STUK will inspect TVO's plans for the solution, supervises the work and verifies that the modification works are done and that the functionality of the solution is tested before the fuel loading. TVO will continue to support the Supplier to complete the project.
Meri-Pori coal-fired power plant’s capacity is used according to Fortum’s operation plan.
Posiva has assessed its capability for the construction of the encapsulation plant and for launching the final technical equipping of the underground repository. The next interim target is to make the decision on starting the construction of the encapsulation plant during 2019.
Events after the Period under Review
TVO and Wärtsilä Finland Oy (Wärtsilä) signed an agreement on delivery of Emergency Diesel Generators and their auxiliary systems to Olkiluoto nuclear power plant (so called EDG project) in 2013. In December 2018, Wärtsilä published a stock exchange release announcing a major provision it has made on two nuclear power plant projects to cover the cost exceedings and project delays, and that the allocation of responsibility for the additional costs and delays are in dispute. In April 2019, Wärtsilä announced in its notification addressed to TVO that EUR 65.0 million of the provision applies to TVO’s EDG project. In addition, Wärtsilä announced that internal clearance on the costs that will be demanded from TVO is still ongoing.
According to a stock exchange release published by TVO on 10 April 2019, the Plant Supplier will update the schedule of OL3 EPR project and deliver a new schedule to TVO by the end of June. Based on the information provided by the plant supplier the fuel will not be loaded to the reactor at least before the end of August.
April 18, 2019
Teollisuuden Voima Oyj
Board of Directors
Investments during the period under review were EUR 65.8 (103.4) million. Investments of the parent company were EUR 63.2 (103.0) million, of which EUR 52.2 (91.4) million were allocated to the OL3 project.
During the period under review, emission rights were acquired worth EUR 2.4 (2.3) million. The Company's need for carbon dioxide emission rights for the period under review are covered by acquired emission rights.
Pending Court Cases and Disputes
There were no pending court cases or disputes in the end of period under review.
Personnel
The total number of personnel in the Group at the end of the period under review was 902 (December 31, 2018: 878, March 31, 2018: 832). The number of permanent employees in the Group at the end of the period under review was 877 (December 31, 2018: 863, March 31, 2018: 800).
Annual General Meeting
TVO's Annual General Meeting on March 27, 2019 approved the financial statements for 2018, confirmed the consolidated income statement and balance sheet, and discharged the members of the Board of Directors and the President and CEO from liability.
Risto Andsten was elected as a new Board member, replacing Matti Ruotsala. Other Board members were re-elected. At its organization meeting, the Board elected Ilkka Tykkyläinen as Chairman and Tiina Tuomela as Deputy Chairman. The Board also chose from among its members the members and chairmen of the Board Committees.
Auditing
The Interim Report is unaudited.
Risks and Uncertainty Factors in the Near Future
The major risks and uncertainty factors in TVO’s operations have been presented in the 2018 Report of the Board of Directors.
During the period under review, no material new risks connected with the Company’s operation have arisen.
Assessment of Year-End Developments
Electricity production is expected to continue as in previous years. The prerequisites for nuclear power production at Olkiluoto are good. Nuclear fuel availability is guaranteed by long-term agreements.
Realization of the OL3 EPR nuclear power plant project and preparing the plant unit for production will be continued. For the loading of nuclear fuel, TVO still needs a separate permission from the Radiation and Nuclear Safety Authority (STUK). The vibration of pressurizer surge line detected in hot functional testing (HFT) must be suppressed before fuel loading. STUK will inspect TVO's plans for the solution, supervises the work and verifies that the modification works are done and that the functionality of the solution is tested before the fuel loading. TVO will continue to support the Supplier to complete the project.
Meri-Pori coal-fired power plant’s capacity is used according to Fortum’s operation plan.
Posiva has assessed its capability for the construction of the encapsulation plant and for launching the final technical equipping of the underground repository. The next interim target is to make the decision on starting the construction of the encapsulation plant during 2019.
Events after the Period under Review
TVO and Wärtsilä Finland Oy (Wärtsilä) signed an agreement on delivery of Emergency Diesel Generators and their auxiliary systems to Olkiluoto nuclear power plant (so called EDG project) in 2013. In December 2018, Wärtsilä published a stock exchange release announcing a major provision it has made on two nuclear power plant projects to cover the cost exceedings and project delays, and that the allocation of responsibility for the additional costs and delays are in dispute. In April 2019, Wärtsilä announced in its notification addressed to TVO that EUR 65.0 million of the provision applies to TVO’s EDG project. In addition, Wärtsilä announced that internal clearance on the costs that will be demanded from TVO is still ongoing.
According to a stock exchange release published by TVO on 10 April 2019, the Plant Supplier will update the schedule of OL3 EPR project and deliver a new schedule to TVO by the end of June. Based on the information provided by the plant supplier the fuel will not be loaded to the reactor at least before the end of August.
April 18, 2019
Teollisuuden Voima Oyj
Board of Directors
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