Industrial Power Corporation
Native name
Teollisuuden Voima Oyj
TypePublic limited company
IndustryNuclear power
Founded1969 (1969)[1]
Founder16 Finnish industrial and power companies
Headquarters
Eurajoki
,
Finland
Key people
Jarmo Tanhua (President and CEO)[2]
Matti Ruotsala (Chairman)[3]
RevenueDecrease €273 million[4]
OwnerPohjolan Voima (58.5%), Mankala (8.3%), Kemira (0.9%), Fortum Power and Heat (25.8%), EPV Energia (6.6%)
Number of employees
791[4]
Websitewww.tvo.fi

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 2009, but significant delays pushed commercial availability to 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 construction of 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:

The competitiveness of the electricity produced in Olkiluoto has declined during the recent years and the outlook of the future is uncertain. Electricity market price has dropped and there are no signs of improvement in the foreseeable future ... In addition, costs related to nuclear power production have increased and the delay of Olkiluoto 3 project has caused remarkable additional costs.[14]

An October 2016 story in the Süddeutsche Zeitung reports that TVO is calling on Siemens to take financial responsibility for the completion of unit 3 of the Olkiluoto Nuclear Power Plant, because its project partner, the French Areva Group, is being broken up by the French government.[15][16]

See also

References

  1. ↑ "The history of TVO". Teollisuuden Voima. Retrieved 2016-09-14.
  2. ↑ "Management Group". Teollisuuden Voima. Retrieved 2016-09-14.
  3. ↑ "Board of Directors". Teollisuuden Voima. Retrieved 2016-09-14.
  4. 1 2 "Key figures". Teollisuuden Voima. Retrieved 2016-09-14.
  5. ↑ "Teollisuuden Voima Oyj". Business Information System. Helsinki: The National Board of Patents and Registration and the Tax Administration, Finland. Archived from the original on 29 March 2012. Retrieved 7 October 2011.
  6. ↑ "Teollisuuden Voima Oyj – Articles of Association". Teollisuuden Voima Oyj. Archived from the original on 2012-05-07. Retrieved 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. ↑ "TVO in brief". Teollisuuden Voima. Retrieved 2016-09-14.
  8. ↑ "TVO: No estimate for start-up of Olkiluoto 3". Yle Uutiset. 2014-02-12. Retrieved 2014-02-13.
  9. ↑ Geert De Clercq (1 April 2015). "Breakthrough in Areva-TVO nuclear dispute seen this year - sources". Reuters. Retrieved 21 April 2015.
  10. ↑ "Two out of three for Finland". World Nuclear News. 2010-04-21. Retrieved 2010-05-01.
  11. ↑ "Finnish government says yes to TVO and Fennovoima". Nuclear Engineering International. Global Trade Media. 2010-04-21. Archived from the original on 2011-06-13. Retrieved 2010-05-01.
  12. ↑ Kinnunen, Terhi (2010-07-01). "Finnish parliament agrees plans for two reactors". Reuters. Retrieved 2010-07-02.
  13. ↑ "Stubb: Nuclear reactor project still possible despite cabinet rejection". Yle. 25 October 2014. Retrieved 23 October 2014.
  14. ↑ "TVO announces restructuring plans". Nuclear Engineering International. 12 January 2015. Retrieved 13 January 2015.
  15. ↑ "How Siemens could become a nuclear company again". Clean Energy Wire (CLEW). Berlin, Germany. 26 October 2016. Retrieved 2016-11-01.
  16. ↑ Kläsgen, Michael; Büschemann, Karl-Heinz (25 October 2016). "Kernenergie: Wie Siemens doch wieder zum Atomkonzern werden könnte" [Nuclear power: How Siemens could become a nuclear enterprise again]. Süddeutsche Zeitung (in German). Munich, Germany. Retrieved 2016-11-01.
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