Teollisuuden Voima Oyj’s Interim Report 1 January–30 June 2024
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 concerning the programme was held at Olkiluoto in February. Preparations are being made to extend the service life of the plant units from the current 2038 until 2048, while not excluding a possible extension until 2058. A power uprating of 10 per cent is being prepared for both plant units, increasing the power from the current 890 MW to 970 MW. During the period in review, TVO has been working on extensive analyses on the technical details of the projects and their impacts, risks and opportunities. The investment decision has not yet been made.
The first annual outage for OL3 started on 2 March 2024 and ended on 16 May 2024. The refuelling outage for OL2 started on 28 April 2024 and ended on 9 May 2024. The annual outage for OL1 started on 12 May and ended on 19 June 2024.
Electricity production at OL3 was interrupted on 3 June 2024 due to a turbine trip. The plant unit returned to electricity production on 4 June 2024.
The maximum production limit of 1,570 MW previously imposed on OL3 by the grid operator Fingrid Oyj (Fingrid) has been removed, which allows OL3's maximum production to increase to 1,590 MW. However, OL3's power has been limited in situations during which Fingrid's grid load limitation has not been sufficiently available. Furthermore, the output at all three Olkiluoto plant units has been reduced in situations where electricity generation has been high in the Nordic countries. Production from all three plant units substantially supports Finland’s self-sufficiency in terms of electricity and helps in achieving the goals for carbon neutrality.
With the exception of a small delay, the processing of Posiva’s operating licence application has progressed well at the Radiation and Nuclear Safety Authority (STUK). STUK’s safety assessment and statement concerning the operating licence application of the disposal facility for spent nuclear fuel is expected to be complete by the end of this year.
In February 2024, TVO Nuclear Services Oy (TVONS), which offers expert services for nuclear power plant projects, and Fortum signed a two-year framework agreement with the Polish Polskie Elektrownie Jądrowe (PEJ). PEJ is responsible for the construction project for Poland’s first nuclear power plant.
In April 2024, TVONS and Steady Energy 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. Steady Energy aims to construct several 50-megawatt small modular reactors in Finland for the purpose of district heat generation.
Full Interim Report can be found here.
For further information, please contact:
Anja Ussa, Senior Vice President, Finance, Responsibility, IT, Business Development and Support Services, puh. +358 (0) 50 342 3464
Teollisuuden Voima Oyj has produced electricity for its shareholders, Finnish industrial and energy companies, safely and reliably for over 40 years. The island of Olkiluoto produces about 30 percent of Finland's electricity needs. Climate-friendly nuclear electricity not only benefits society but also reduces the environmental impact of energy production. Moreover, the world's first final disposal facility for spent nuclear fuel is under construction in Olkiluoto.
