Fortum has decided to participate in the financing of the bidding and engineering phase of TVO's (Teollisuuden Voima Oyj) fourth nuclear unit at Olkiluoto, Finland, with a stake corresponding Fortum's share in TVO. Owners of TVO will make the final decision of commencing the phase.
Fortum owns approximately 26% of the shares of Teollisuuden Voima Oyj (TVO).
According to the decision-in-principle, ratified by the Finnish Parliament in July 2010, the application for a building permit for the Olkiluoto's fourth unit must be filed latest in June 2015.
Fortum Submits Nuclear Stress Test Results to Finland's Radiation and Nuclear Safety Authority
Fortum has today submitted to Finland's Radiation and Nuclear Safety Authority the licensee's final report regarding the safety assessments carried out within the EU on nuclear power plants, the so-called stress tests. The European Council decided on 25 March, 2011, in the wake of the accident that occurred in Japan at the Fukushima Dai-ichi nuclear power plant on 11 March, 2011, to implement a Europe-wide re-assessment of safety at nuclear power plants.
The safety assessment just completed has not revealed any particular new issues that had not been recognized in the safety assessment submitted to the Ministry of Employment and the Economy this spring. The assessment also evaluates the preparedness of Loviisa power plants in case of severe accidents. The safety assessment concludes that the design basis is proper and that the existing technical solutions and safety margins are sufficient.
Based on the assessment Fortum has however identified some possibilities to improve safety even further: for example securing sea water cooling with air cooling; and securing of the fuel pond cooling in case of exceptionally long lasting accident situations. All this requires further additional analysis, which will be submitted to the Radiation and Nuclear Safety Authority on 15 December in accordance with the further national evaluation. Fortum estimates that these possible safety improvements and plant modifications could be implemented within the normal power plant investment program, and that they will not affect the operability of the power plant.
Fortum has improved the safety of Loviisa power plant extensively for several decades. With the help of these safety improvements e.g. the management of severe accidents has improved significantly.