The Radiation and Nuclear Safety Authority has given a fuel loading permit for the OL3 plant unit
The Radiation and Nuclear Safety Authority (STUK) has given a fuel loading permit for the Olkiluoto 3 (OL3) plant unit today on March 26, 2021. By giving this permit, STUK has verified TVO's readiness to begin the fuel loading.
− This is the most significant step in the commissioning of the plant unit so far. OL3 is one of the world's largest and most modern nuclear power plants. The systems have now been rigorously tested, and we will be able to begin fuel loading soon, says TVO's OL3 Project Director, Jouni Silvennoinen.
− Fuel loading means that OL3 is now a nuclear power plant. TVO's role in the OL3 project expands. Our skilled nuclear professionals are now ready to deploy Finland's greatest act for the climate, says TVO's Senior Vice President, Electricity Production Marjo Mustonen.
The fuel arrived in Olkiluoto in 2018. During the fuel loading, 241 fuel assemblies, comprising of 128 tons of uranium, are transferred from storage into the reactor's pressure vessel. The plant unit has the full procedures of a nuclear power plant in use.
As communicated previously, the electricity production of OL3 starts in October this year, and regular electricity production starts in February 2022. According to the commissioning program, the plant unit will produce 1-3 terawatt hours of electricity with varying power output during the time which begins with the connection to the grid and ends with the start of regular electricity production. OL3 is to produce approximately 14 percent of Finland's demand for electricity.
TVO will begin to publish information regarding power output on its website from the fuel loading onwards, which will be announced with a separate stock exchange release. Publishing the power output will continue on the website until the start of OL3's regular electricity production. A market message will be published in NordPool also in the future regarding any significant changes.
Areva continues to prepare a financial solution for the completion of the project until the end of the guarantee period. TVO continues negotiations with the Areva-Siemens consortium about the terms of the project completion.
The OL3 EPR plant supplier consortium is building the plant unit according to a fixed-price turnkey contract. The companies belonging to the plant supplier consortium, AREVA GmbH, AREVA NP SAS, and Siemens AG, have joint and several liability for the contractual obligations stipulated in the plant contract until the end of the guarantee period of the plant unit. In the Global Settlement Agreement in 2018, the companies belonging to the OL3 EPR plant supplier consortium committed to ensuring that the funds required for the completion of the OL3 EPR project are sufficient and also cover all guarantee periods. Concurrently, a trust mechanism funded by Areva companies was set up in order to cover Areva's expenses for the completion of the OL3 EPR project.
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Teollisuuden Voima Oyj has produced electricity for its shareholders, Finnish industrial and energy companies, safely and reliably for over 40 years. Nuclear electricity generated at TVO's Olkiluoto plant covers approximately one sixth, increasing to nearly one third once Olkiluoto 3 is completed, of the electricity consumption in Finland. 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.