Fennovoima Owners Make Binding Decision To Proceed With Hanhikivi-1

By David Dalton
15 April 2014

15 Apr (NucNet): The owners of Finland’s Fennovoima, which is planning to build a new Russian-supplied nuclear reactor in Finland, today made a binding decision to finance and construct the plant.

Fennovoima is planning to build Hanhikivi-1, a 1,200-megawatt VVER pressurised water reactor of the AES-2006 type, which is scheduled to enter commercial operation in 2024. The reactor will be built at Pyhäjoki on Finland’s west coast.

Fennovoima has two owners: Finnish company Voimaosakeyhtiö SF and RAOS Voima Oy, a subsidiary of Russian state nuclear corporation Rosatom. Voimaosakeyhtiö SF owns 66 percent of Fennovoima and RAOS Voima Oy 34 percent. Voimaosakeyhtiö is in turn owned by Finnish regional and local energy companies as well as companies in industry and trade.

Fennovoima said the decision to proceed with the project had been made at a meeting today.

At the meeting the company also nominated a new board. The chairman is Juhani Pitkäkoski, a senior vice-president at Caverion Corporation, and vice-chairman is Anastasia Zoteeva, deputy director-general for business development at Rusatom Overseas.

The company said the reactor will increase Finland’s self-sufficiency in electricity generation and strengthen its security of supply. The reactor will generate electricity for its owners at cost price, Fennovoima said.

Fennovoima and Rusatom Overseas signed the plant supply contract for Hanhikivi-1 in December 2013.

Finland has four nuclear units in commercial operation and one, the Olkiluoto-3 EPR, under construction.

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