The new nuclear power company Fennovoima improves Finland's security of supply as the power plant is to be located to a new site, dozens of new nuclear power owners will enter into the market and a new nuclear power expert will emerge
– By Stephen Heiser –
The Finnish Parliament has given Fennovoima a positive Decision-in-Principle regarding construction of a nuclear power plant. 121 Members of Parliament favored Fennovoima’s license, 71 voted against, and 2 abstained.
Fennovoima and its 64 shareholders are very pleased with the Parliament's decision. Fennovoima is delighted that the MPs recognized the need of the company's owners to have reasonably-priced and emission-free nuclear power. So far only small shares in nuclear power production have been available for them.
Fennovoima brings new competition to the electricity market. This will benefit the entire national economy and all electricity users in Finland.
The new nuclear power company Fennovoima improves Finland's security of supply as the power plant is to be located to a new site, dozens of new nuclear power owners will enter into the market and a new nuclear power expert will emerge.
Parliament requires that the Government contributes to starting assessment and negotiations during 2010 between Posiva, Posiva's owners and Fennovoima regarding the final depositing of spent nuclear fuel. Fennovoima is prepared to act in accordance with the will of Parliament.
Fennovoima has prepared and planned its project since 2007 and now that the company has been given a Decision-in-Principle, it is ready to proceed rapidly and effectively.
In the beginning of 2011, Fennovoima will choose the location for its nuclear power plant: Pyhäjoki in North Ostrobothnia or Simo in Lapland. The choice will be based on assessments that will be finalized this year. When making the choice, Fennovoima will pay special attention to safety, environmental concerns, technical implementation conditions and construction costs. The excavation work on the chosen site will begin in 2012.
During 2011–2012, Fennovoima will choose the plant supplier, Areva or Toshiba. The actual power plant construction starts in 2014 presuming the Government has given the project a construction license by this time. It is estimated that the power plant will generate electricity no later than 2020.