Teollisuuden Voima Oyj (TVO; , Industrial Power Corporation) is a Finnish

nuclear power Nuclear power is the use of nuclear reactions to produce electricity. Nuclear power can be obtained from nuclear fission, nuclear decay and nuclear fusion reactions. Presently, the vast majority of electricity from nuclear power is produced by ...

company owned by a

consortium A consortium () is an association of two or more individuals, companies, organizations, or governments (or any combination of these entities) with the objective of participating in a common activity or pooling their resources for achieving a ...

of power and industrial companies. The biggest shareholders are Pohjolan Voima and

Fortum Fortum Oyj is a Finland, Finnish Government of Finland, state-owned energy company located in Espoo, Finland. It mainly focuses on the Nordic countries, Nordic region. Fortum operates power plants, including co-generation plants, and generate ...

Olkiluoto

The company operates

Olkiluoto Nuclear Power Plant The Olkiluoto Nuclear Power Plant (, ) is one of Finland's two nuclear power plants, the other being the two-unit Loviisa Nuclear Power Plant. The plant is owned and operated by Teollisuuden Voima (TVO), and is located on Olkiluoto Island, on th ...

, which consists of two BWRs ( boiling water reactors), an EPR ( European Pressurized Reactor) which reached full operational capacity in 2023, and formerly one half of a coal-fired power plant along with a

wind farm A wind farm, also called a wind park or wind power plant, is a group of wind turbines in the same location used to produce electricity. Wind farms vary in size from a small number of turbines to several hundred wind turbines covering an exten ...

. The third reactor at Olkiluoto was expected to be ready in May 2009, but significant delays pushed commercial availability to May 2023. TVO has filed compensation claim for delays, and

Areva Areva S.A. was a French multinational group specializing in nuclear power, active between 2001 and 2018. It was headquartered in Courbevoie, France. Before its 2016 corporate restructuring, Areva was majority-owned by the French state through t ...

Siemens Siemens AG ( ) is a German multinational technology conglomerate. It is focused on industrial automation, building automation, rail transport and health technology. Siemens is the largest engineering company in Europe, and holds the positi ...

have counter-claimed against TVO. Arbitrators at the

International Chamber of Commerce The International Chamber of Commerce (ICC; French: ''Chambre de commerce internationale'') is the largest, most representative business organization in the world. ICC represents over 45 million businesses in over 170 countries who have interest ...

are considering the claims. On 21 April 2010, the Government of Finland decided to grant a permit for the construction of a fourth reactor at Olkiluoto. The decision was approved by the Parliament on 1 July 2010. In 2014 this permit expired, and was not renewed by the government. In January 2015 TVO announced plans to save around $17.7 million per year through 'efficiency-related structural changes' which are expected to cause up to 110 job cuts. The CEO of TVO, Jarmo Tanhua, explained the reasons as: An October 2016 story in the ''

Süddeutsche Zeitung The ''Süddeutsche Zeitung'' (; ), published in Munich, Bavaria, is one of the largest and most influential daily newspapers in Germany. The tone of ''SZ'' is mainly described as centre-left, liberal, social-liberal, progressive-liberal, and ...

'' reported that TVO called on

to take financial responsibility for the completion of unit3 of the

, because its project partner, the French

Group, was restructured by the French government.

References

External links

* {{Authority control Nuclear power companies of Finland Energy companies established in 1969 Eurajoki Finnish companies established in 1969 Fortum

Olkiluoto

See also

References

External links