19 Dec (NucNet): The Nordic Investment Bank has granted a 10-year loan of €65m for modernisation and safety improvements at TVO’s Olkiluoto-1 and Olkiluoto-2 nuclear power plants in Finland.
The bank, owned by eight member countries, said the total project cost is approximately €200m. It said Olkiluoto-1 and -2 are the most significant electricity production units in Finland, and their smooth operation is important for the security of supply of wider NordPool power markets.
TVO said that the investment will improve the safety, reliability and efficiency of the two boiling water reactor units, which began commercial operation in 1979 and 1982. According to the International Atomic Energy Agency, Olkiluoto-1 is an 880-MW and Olkiluoto-2 is 890 MWs.
Planned work includes replacing the eight existing diesel generators with nine new ones. TVO said the current generators are the original units, which have been in operation for almost 40 years.
The project also includes the replacement of the reactor recirculation pumps and their frequency converters, and the installation in the reactors of a steam-driven coolant injection system that is not dependent on external power supply.
TVO said the two units combined produce about 16% of Finland’s total electricity consumption. Once the Olkiluoto-3 EPR unit begins commercial operation, expected in January 2020, the Olkiluoto station will account for about 30% of total electricity consumption.
In September the Finnish government approved the extension of Olkiluoto-1 and -2 operating licences until 2038.