Fennovoima

Fennovoima Ltd
Fennovoima Oy
Private limited company
Industry nuclear power
Founded 2007
Headquarters Helsinki, Finland
Key people
 Pekka Ottavainen (Chairman)
Juha Nurmi (CEO)
Owner Voimaosakeyhtiö SF
Website www.fennovoima.com

Fennovoima Ltd (Finnish: Fennovoima Oy)[1][2] is a Finnish nuclear power company established by a consortium of Finnish power and industrial companies.

The company does not own any nuclear capacities; however, it is preparing to build the 1200 MW Hanhikivi 1 nuclear power plant at Pyhäjoki.[3]

Fennovoima Board

Based on WikiLeaks publications Djurica Tankosic, a member of the Fennovoima energy company's board, has close ties to the Bulgarian energy sector's top chief. This Bulgarian is suspected of crimes related to the Russian Rosatom nuclear power plant initiative in Bulgaria. Manchev is suspected, among other things, of forging environmental reports.[4]

Shareholders

Finnish industry, trade and the energy companies in need of their own electricity production started the company in 2007. Originally Fennovoima was created as a partnership between Voimaosakeyhtiö SF, a cooperative producing electricity for its owners' needs at production cost in proportion to their ownership share (Mankala), with 66% and the German power company E.ON with 34%. After E.ON's withdrawal from Finland, Voimaosakeyhtiö SF briefly owned 100% of Fennovoima shares.[5][6][7] According to the agreement with Russian Rosatom, RAOS Voima Oy, a Finnish subsidiary of Rosatom, acquired a 34% stake which previously belonged to E.ON.[8] Although RAOS Voima was prepared to kae 49% in the project, Voimaosakeyhtiö SF commits to own more than half of the power plant and aims to increase the share of Finnish companies up to 66%.[9] As of 2014, Voimaosakeyhtiö SF has 44 shareholders.[9]

The plant was advertised as provider of electricity for the industry. Many commercial parties resigned the initiative before the application. Finnish/Russian nuclear energy may become contradictory competition factor in Finland and in the western markets. In July 2015 10% of the partners were private companies. 90% is municipals and state companies. According to critic nuclear electricity is more expensive than alternatives.[10] Financial models predict the plant will produce electricity at no more than €50 per MWh.[11]


Power plant project

Government approval

On 21 April 2010, the Government of Finland decided to grant a permit (Decision-in-Principle) to Fennovoima for construction of a nuclear reactor.[12][13][14] The decision was approved by the Parliament on 1 July 2010.[15][16]

Timetable

The estimated construction time is six years until 2024. The TVO Olkiluoto Nuclear Power Plant estimated construction time was three years by 2009. In 2015 estimated delivery time is between 2016-2020.[17]

Plant supplier

The chosen plant model is Rosatom's pressurized water reactor AES-2006 which is the latest evolution of VVER plant designs. The other bidders for the project were Areva and Toshiba.

Fennovoima began direct negotiations with Rosatom in April 2013. On 21 December 2013, Fennovoima and Rosatom Overseas, a subsidiary of Rosatom, signed a plant supply contract. The plant should be commissioned by 2024.[18][19]

Investment decision

On 28 February 2014 Voimaosakeyhtiö SF made the final decision to participate in Fennovoima's nuclear power plant construction.[9] The final investment decision would be made in 2014.[19]

Application

Fennovoima submitted application in the end of June 2015 including the stakeholder with a 35 percent share of the Russian firm Rosatom and a percent share of Croatian power company Migrit Energija.[20] Accordingly, 44% of the plant power may be anytime exported. Owners have option for the electricity.

Migrit Energija has one employee and Migrit Solarna none. Its share of investment is €400 million of the lowest estimation of 4 billion investment. The company share capital is €26,000. Migrit Solarna was registered in 2011 and Migrit Energija 2012. Company net sites are booked by Mikhail Zhukov resident in Moscow.[21]

Public

In July 2015 less than a third of Finns supported Fennovoima nuclear plant.[22]

By Finnish law a referendum can be arranged in every municipal about the nuclear plant ownership. The result is advisory. Even if the Finnish ownership would be over 50 % today, it may drop if the municipals came out of the plant later.

See also

References

  1. ↑ "Fennovoima Oy". Business Information System. Helsinki: The National Board of Patents and Registration and the Tax Administration, Finland. Retrieved 5 October 2011.
  2. ↑ "Fennovoima Oy. Yhtiöjärjestys" [Fennovoima Ltd. Articles of Association] (PDF). Ydinvoimalaitoksen periaatepäätöshakemus (in Finnish). Helsinki: Fennovoima Oy. 1 December 2008. p. 22. Retrieved 5 October 2011. Yhtiön toiminimi on Fennovoima Oy, ruotsiksi Fennovoima Ab ja englanniksi Fennovoima Ltd. [The trade name of the company is Fennovoima Oy, in Swedish Fennovoima Ab, and in English Fennovoima Ltd.]
  3. ↑ "New nuclear reactor to be built at Pyhäjoki". YLE News (Helsinki: Yleisradio). 5 October 2011. Retrieved 5 October 2011.
  4. ↑ Paper: Fennovoima board member connected to Bulgarian energy mafia Yle 21.7.2015
  5. ↑ "EOn withdraws from Fennovoima". World Nuclear News. 24 October 2012. Retrieved 26 October 2012.
  6. ↑ "E.On pulling out of Fennovoima – Pyhäjoki nuclear project in jeopardy". Helsingin Sanomat. 24 October 2012. Retrieved 12 January 2014.
  7. ↑ "Voimaosakeyhtiö SF purchased E.ON's share in Fennovoima" (Press release). Fennovoima. 15 February 2012. Retrieved 12 January 2014.
  8. ↑ "Rosatom buys into Fennovoima". World Nuclear News. 28 March 2014. Retrieved 8 April 2014.
  9. 1 2 3 "Finnish firms commit to Fennovoima". World Nuclear News. 28 February 2014. Retrieved 8 April 2014.
  10. ↑ Hurjat luvut Fennovoimasta – näinkö veronmaksajia huijataan?
  11. ↑ "Nuclear power chiefs assess path to new capacity growth". World Nuclear News. 18 September 2015. Retrieved 21 September 2015.
  12. ↑ "Two out of three for Finland". World Nuclear News. 2010-04-21. Retrieved 2010-05-01.
  13. ↑ "Finnish government says yes to TVO and Fennovoima". Nuclear Engineering International (Global Trade Media). 2010-04-21. Retrieved 2010-05-01.
  14. ↑ "Finland approves nuclear power license to Fennovoima". World Construction Industry Network. 2010-05-07. Retrieved 2010-05-07.
  15. ↑ Kinnunen, Terhi (2010-07-01). "Finnish parliament agrees plans for two reactors". Reuters. Retrieved 2010-07-02.
  16. ↑ Kinnunen, Terhi (2011-10-05). "Finland names 1st nuclear site after Fukushima". Reuters. Retrieved 2011-10-05.
  17. ↑ 10 pahinta bisnesmokaa Helsingin Sanomat 6.4.2014 C4-C5
  18. ↑ "Finland's Fennovoima signs reactor deal with Rosatom". Reuters. 21 December 2013. Retrieved 12 January 2014.
  19. 1 2 "Fennovoima and Rusatom Overseas signed plant supply contract" (Press release). Fennovoima. 2013-12-21. Retrieved 2014-01-12.
  20. ↑ Fennovoima gets new Croatian owners, hits permit deadline—but questions remain 30.6.2015
  21. ↑ Venäläisnimet johdossa, pieni pääoma, ei työntekijöitä – tällainen on Fennovoiman uusi osakas Vihreä Lanka 30.6.2015
  22. ↑ Less than a third of Finns support Fennovoima nuclear plant Yle News 23.7.2015

External links

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