3 Sept (NucNet): Finnish nuclear power company Fennovoima and Russia’s Rusatom Overseas have agreed on a proposal to be submitted to Fennovoima shareholders with the aim of making an investment decision and signing a power plant supply contract by the end of 2013.
Fennovoima and Rusatom Overseas, a subsidiary of Russia’s state atomic energy corporation Rosatom, aim to have an agreement signed for the planned Hanhikivi-1 nuclear power plant at Pyhäjoki in northern Finland by the end of 2013.
The companies also aim to agree on a detailed project schedule, financing arrangements and Rusatom Overseas's potential 34 percent share of Fennovoima, the statement said.
Rusatom Overseas has proposed Russia’s 1,200-megawatt VVER pressurised water reactor AES-2006 for Hanhikivi-1, which could begin commercial operation in 2024.
Fennovoima’s 60 Finnish shareholders will have until the end of October 2013 to decide whether they wish to continue taking part in the project. Before the plant supply contract is signed, all of Fennovoima’s owners must decide on their continuation in the project, Rusatom Overseas said.
In July 2013, Fennovoima and Rusatom Overseas signed an agreement they said could lead to a contract being signed for Russia to build Hanhikivi-1 nuclear. At the time they said the contract for supplying the unit was scheduled to be signed by the end of 2013.
Direct negotiations between Fennovoima and Rusatom Overseas began in April 2013. Fennovoima also held talks with Toshiba concerning its 1,600 MW Advanced Boiling Water Reactor, but decided instead to opt for a smaller unit. A statement in July said talks would continue only with Rusatom Overseas.
Fennovoima was established in 2007 and the Finnish parliament granted the company a decision-in-principle for construction of a nuclear plant in 2010.
The company is owned by 60 Finnish companies representing the industry, trade, and energy sectors.
Finland has four nuclear units in commercial operation and one, the EPR Olkiluoto-3, under construction. Olkiluoto-3 is scheduled to be connected to the grid in 2013.
