Teollisuuden Voima Oyj’s Interim Report 1 January–30 September 2024
During the first three quarters of 2024, Teollisuuden Voima’s (TVO) electricity generationat the Olkiluoto 1 (OL1), Olkiluoto 2 (OL2) and Olkiluoto 3 (OL3) plant units continued safely. The total electricity production of the plant units during the period in review was 16,822 (17,622) GWh.Electricity production at OL2 was suspended on 9 September 2024 due to an increase in humidity observed at the turbine plant’s generator. The plant unit reconnected to the grid on 6 October 2024 following the replacement of the failed rotor. Electricity production at OL2 will initially continue at a lower
Teollisuuden Voima Oyj´s (TVO) Olkiluoto 2 (OL2) plant unit will return to electricity production on October 6th, following the installation of a spare generator rotor. The OL2 generator rotor sustained damage in early September, and the root cause of the issue is still under investigation.Electricity production at OL2 will initially resume at a reduced capacity of 725 MW, down from its full output of 890 MW. Because the root cause of the rotor damage is still unclear, the unit will stay on reduced power level to limit the risk of failure. This period is expected to take several months.
The final disposal of spent nuclear fuel will be tested without actual spent fuel during the upcoming months. The equipment and systems of the final disposal facility will be tested together for the first time in accordance with planned processes during the Trial Run stage that started today. The purpose of the Trial Run is to verify safe final disposal before the start of the actual final disposal operation.In Finland, the power companies have decided to deposit the spent nuclear fuel produced by the nuclear power plants deep in the stable bedrock for final disposal. Prior to final
As of 1 September, the Olkiluoto 3 (OL3) nuclear power plant unit of Teollisuuden Voima Oyj will become part of the down-regulation market of Fingrid’s frequency restoration reserve. This reserve is used to balance the electricity system in case of temporary over-production of electricity. The Olkiluoto nuclear power plant units have not previously been involved in the regulation market. TVO will submit the bids for participation in the down-regulation market on behalf of its owners.Fingrid uses different reserve capacities to continuously maintain a state of balance between electricity
During the first half of 2024, Teollisuuden Voima Oyj’s (TVO) electricity generation at the Olkiluoto 1 (OL1), Olkiluoto 2 (OL2) and Olkiluoto 3 (OL3) plant units continued safely.The total electricity production of the plant units during the period in review was 10,372 (11,030) GWh.
An environmental impact assessment programme (EIA programme) concerning the possible service life extension and power uprating of the OL1 and OL2 plant units was submitted to the Ministry of Economic Affairs and Employment (MEAE), which acts as the coordinating authority, in January 2024 and a public event
The annual outages have been concluded in Olkiluoto for this year. They ended today, Wednesday 19 June at 14:45 when the Olkiluoto 1 plant unit (OL1) returned to production. The refuelling outage at the Olkiluoto 2 plant unit (OL2) was completed already on 9 May and the service outage at the Olkiluoto 3 plant unit (OL3) on 16 May.The service outage at OL1 started on 12 May and took 37 days and 21 hours. The duration of the annual outage was extended by a failure detected on the generator’s stator in the comprehensive service inspection. During the outage, a partial fracture was found in one
The annual outage of Olkiluoto 1 is expected to conclude on June 16th according to the revised schedule.The extension is due to a fault detected in the generator during the maintenance. Detailed investigations and repair plans for the fault have been initiated immediately. The generator converts the turbine's kinetic energy into electricity.The annual outage of OL1 began on May 12th. Olkiluoto 2 and Olkiluoto 3, which have already completed their maintenance, are producing electricity normally. Currently, they are generating electricity at a capacity of approximately 2,460 MW.
Olkiluoto 3 (OL3) returned to electricity production today, Thursday, May 16, after the plant unit’s first annual service outage. The plant was synchronized to the national grid on Thursday, May 16th, at 1:15 PM. After this, the plant unit will be technically ready for a power increase. The power increase will be carried out according to the production plan.It was anticipated that the service outage after the first operating cycle would be very laborious. As OL3 is the largest nuclear power plant unit in Europe, the amount of equipment and components is extremely high. All in all, about 7,
Teollisuuden Voima Oyj (TVO) has priced a EUR 600 million green bond and announced a tender offer for its Eurobond maturing in February 2025.TVO has launched a EUR 600 million seven-year green bond with an annual coupon of 4.25 percent. The bond will be issued under the Company’s EMTN programme and will be listed on the Luxembourg Stock Exchange.
The net proceeds of the Green Bond issued by TVO will finance or refinance, in whole or in part, Eligible Green Projects in accordance with TVO’s Green Bond Framework, published in June 2023.
On 13 May 2024, TVO separately announced that it
The annual outage at Olkiluoto 3 will continue for another week or so. During the upcoming weekend, the annual outage will start also at the Olkiluoto 2 plant unit (OL2) as planned. OL2 will be disconnected from electricity production on Sunday 28 April for a refuelling outage which will take a good week. At Olkiluoto 1 (OL1), the service outage, which will last for about 15 days, starts on 12 May.The consistently good condition of the Olkiluoto nuclear power plant and the as uninterrupted production as possible are ensured through annual outages carried out at regular intervals. At the OL1
During the first quarter of 2024, Teollisuuden Voima Oyj’s (TVO) electricity generation at the Olkiluoto 1 (OL1), Olkiluoto 2 (OL2) and Olkiluoto 3 (OL3) plant units continued safely and reliably. The electricity production of the nuclear power plant units during the period in review was 6,143 GWh (4,718 GWh).An environmental impact assessment programme (EIA programme) concerning the possible service life extension and power uprating of the OL1 and OL2 plant units was submitted to the Ministry of Economic Affairs and Employment (MEAE), which acts as the coordinating authority, in January
According to the updated schedule, the annual outage of Olkiluoto 3 ends on April 28.The reason for the additional eight days is the new faults found during the outage and technical problems with inspection equipment. The annual outage of OL3 started on March 2. Approximately 1,100 external professionals are involved in the outage. Olkiluoto 1 and Olkiluoto 2 are normally producing electricity with a total capacity of about 1,780 MW.
TVO Nuclear Services (TVONS) and Steady Energy have signed a collaboration agreement related to the development of a nuclear heating plant, initially focusing on the planning of the nuclear facility’s operation and safety.The agreement gives Steady Energy access to Teollisuuden Voima Oyj’s (TVO) strong expertise in the planning and implementation of nuclear power plant projects as well as the operation, maintenance and service life management of the plants. Steady Energy aims to construct several 50-megawatt small modular reactors (SMRs) in Finland for the purpose of district heat
The first outage of Olkiluoto 3 will be extended by five days and will end on April 20. The fuel checks of the plant unit require more time than planned.Previously, we reported on the cooling of the components slower than expected and some technical problems that caused a one-week extension to the annual maintenance. Now the five-day additional time is needed especially for extra fuel checks. When the fuel is transferred back to the reactor at the end of the annual outage, we want to ensure their cleanliness so that no loose parts get into the process.
The annual outage of OL3 started
The electricity produced in Olkiluoto is demonstrably very climate-friendly, with the calculated combined lifecycle footprint of the electricity produced at the three plant units only 9.1 g CO\2\e/kWh. That is less than one tenth of the 100 g CO\2\e/kWh* threshold value defined for climate-friendliness.The calculation of the carbon footprint covers the entire life cycle of nuclear power from uranium mining to the final disposal of spent nuclear fuel and the decommissioning of plant units. If the transmission of electricity, i.e., the Finnish national grid, is also included, the carbon
The Olkiluoto 3 plant unit (OL3) will be disconnected from electricity production on Saturday, 2 March, for a service outage. The estimated duration of the outage is about 37 days. It will be the first annual outage at the new plant unit. Production at full power output started at OL3 in March 2023, i.e., one year ago.The time reserved for the annual outage of OL3 is 37 days. The long duration is explained, for example, by the technical characteristics of the plant type and the large number of periodic tests and maintenance activities to be carried out during the service outage. As OL3 is
In 2023, the share of nuclear power was about 41 per cent of all the electricity produced in Finland. In 2023, Teollisuuden Voima Oyj’s (TVO) Olkiluoto nuclear power plant produced approximately 31 per cent of the electricity consumed and produced in Finland.In 2023, TVO’s electricity production amounted to 24.67 terawatt hours (TWh). The combined load factor of the Olkiluoto 1 (OL1) and Olkiluoto 2 (OL2) plant units was 91.9 per cent. The regular electricity production at Olkiluoto 3 plant unit (OL3) started in April 2023 and the load factor was 75.2 per cent in year 2023. The Group’s
TVO Nuclear Services (TVONS) together with Fortum have signed a two-year framework agreement with Polish Polskie Elektrownie Jądrowe (PEJ), a state-owned company responsible for the construction project of the first nuclear power plant in Poland.The scope of the framework is to support PEJ in the development of operation and maintenance processes of the new nuclear power plant. TVONS and Fortum’s Nuclear Services will provide technical support e.g. for the licensing and design phase of the plant and help PEJ to develop its own internal capabilities to become an operator of a nuclear power
Electricity production at Olkiluoto 3 was interrupted today November 29th at 13:35 due to a local fault test. Production is intended to resume later within this day.The local fault test caused a network disturbance, which triggered the protective functions of Olkiluoto 3, leading to an automatic halt in production. A more detailed analysis of the event will be available later.The incident had no impact on nuclear safety.Of the three reactors at Olkiluoto, two have continued their electricity production normally. Currently Olkiluoto is generating over 1780 MW for the national grid.For