Fennovoima

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.

Power plant project

Main article: Hanhikivi Nuclear Power Plant

On 21 April 2010, the Government of Finland decided to grant a permit (Decision-in-Principle) to Fennovoima for construction of a nuclear reactor. The decision was approved by the Parliament on 1 July 2010. The estimated construction time is six years until 2024.

The chosen plant model was 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 was planned to be commissioned by 2024.

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

Fennovoima submitted an application at 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. In August 2015, the public was informed that Migrit Solarna Energija would not be involved in the venture after it was reviewed to be owned by Sberbank Russia.

Fennovoima terminated the project in May 2022 due to significant delays and Rosatom's "inability to deliver the project". The company added that the Russian invasion of Ukraine further increased the risks of the project.

Criticism and financials

Critics Public In July 2015 less than a third of Finns supported a Fennovoima nuclear plant.

The company's financial plans assume the plant will be able to sell electricity at no more than 50 €/MWh across its lifetime, while the International Energy Agency estimates LCOE of 150 $/MWh for nuclear in the EU in 2020 (115 $/MWh in 2050), twice as expensive as offshore wind (75 $/MWh).

References

References

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19. [http://yle.fi/uutiset/fennovoima_gets_new_croatian_owners_hits_permit_deadlinebut_questions_remain/8116136 Fennovoima gets new Croatian owners, hits permit deadline—but questions remain] 30.6.2015
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21. [http://yle.fi/uutiset/less_than_a_third_of_finns_support_fennovoima_nuclear_plant/8176307 Less than a third of Finns support Fennovoima nuclear plant Yle News 23.7.2015]
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