Teollisuuden Voima Explained

Industrial Power Corporation
Native Name:Finnish: Teollisuuden Voima Oyj
Type:Public limited company
Foundation:[1]
Founder:16 Finnish industrial and power companies
Location City:Eurajoki
Location Country:Finland
Key People:Jarmo Tanhua (President and CEO)[2]
Matti Ruotsala (Chairman)[3]
Industry:Nuclear power
Revenue: 273 million[4]
Owner:Pohjolan Voima (58.5%), Mankala (8.3%), Kemira (0.9%), Fortum Power and Heat (25.8%), (6.6%)
Num Employees:791

Teollisuuden Voima Oyj (TVO; Swedish: Industrins Kraft Abp, Industrial Power Corporation)[5] [6] is a Finnish nuclear power company owned by a consortium of power and industrial companies.[7]

The biggest shareholders are Pohjolan Voima and Fortum. The company operates Olkiluoto Nuclear Power Plant, which consists of two BWRs (boiling water reactors), an EPR (European Pressurized Reactor) which reached full operational capacity in 2023, and formerly one half of a coal-fired power plant along with a wind farm.

The third reactor at Olkiluoto was expected to be ready in May 2009, but significant delays pushed commercial availability to May 2023. TVO has filed compensation claim for delays,[8] and Areva-Siemens have counter-claimed against TVO. Arbitrators at the International Chamber of Commerce are considering the claims.[9]

On 21 April 2010, the Government of Finland decided to grant a permit for the construction of a fourth reactor at Olkiluoto.[10] [11] The decision was approved by the Parliament on 1 July 2010.[12] In 2014 this permit expired, and was not renewed by the government.[13]

In January 2015 TVO announced plans to save around $17.7 million per year through 'efficiency-related structural changes' which are expected to cause up to 110 job cuts. The CEO of TVO, Jarmo Tanhua, explained the reasons as:

An October 2016 story in the Süddeutsche Zeitung reports that TVO is calling on Siemens to take financial responsibility for the completion of unit3 of the Olkiluoto Nuclear Power Plant, because its project partner, the French Areva Group, is being broken up by the French government.[14] [15]

See also

Notes and References

  1. Web site: The history of TVO . Teollisuuden Voima . 2016-09-14.
  2. Web site: Management Group . Teollisuuden Voima . 2016-09-14.
  3. Web site: Board of Directors . Teollisuuden Voima . 2016-09-14.
  4. Web site: Key figures . Teollisuuden Voima . 2016-09-14.
  5. Web site: Teollisuuden Voima Oyj . 7 October 2011 . Business Information System . The National Board of Patents and Registration and the Tax Administration, Finland . Helsinki . dead . https://web.archive.org/web/20120329214312/http://www.ytj.fi/english/yritystiedot.aspx?yavain=97865&kielikoodi=3&tarkiste=AC6BC7408548EC4370D8E007A895506E6D4512FF&path=1704;1736;2052 . 29 March 2012 .
  6. Web site: Teollisuuden Voima Oyj – Articles of Association. Teollisuuden Voima Oyj. https://web.archive.org/web/20120507054715/http://www.tvo.fi/www/page/3083/. 2012-05-07. dead. 7 October 2011. The name of the company shall be Teollisuuden Voima Oyj, in Swedish Industrins Kraft Abp and in English Industrial Power Corporation..
  7. Web site: TVO in brief . Teollisuuden Voima . 2016-09-14.
  8. News: TVO: No estimate for start-up of Olkiluoto 3 . 2014-02-12 . . 2014-02-13.
  9. News: Breakthrough in Areva-TVO nuclear dispute seen this year - sources . Geert De Clercq . Reuters . 1 April 2015 . 21 April 2015.
  10. News: Two out of three for Finland . 2010-04-21 . World Nuclear News . 2010-05-01.
  11. News: Finnish government says yes to TVO and Fennovoima . 2010-04-21 . Nuclear Engineering International . Global Trade Media . 2010-05-01 . dead . https://web.archive.org/web/20110613090534/http://www.neimagazine.com/story.asp?sectioncode=132&storyCode=2056166 . 2011-06-13.
  12. News: Finnish parliament agrees plans for two reactors . . Kinnunen . Terhi . 2010-07-01 . 2010-07-02.
  13. News: Stubb: Nuclear reactor project still possible despite cabinet rejection . . 25 October 2014 . 23 October 2014.
  14. News: How Siemens could become a nuclear company again . 26 October 2016 . Clean Energy Wire (CLEW) . Berlin, Germany . 2016-11-01.
  15. News: Michael . Kläsgen . Karl-Heinz . Büschemann . Kernenergie: Wie Siemens doch wieder zum Atomkonzern werden könnte . Nuclear power: How Siemens could become a nuclear enterprise again . de . 25 October 2016 . Süddeutsche Zeitung . Munich, Germany . 2016-11-01.