Teollisuuden Voima Oyj (TVO; Swedish : Industrins Kraft Abp , Industrial Power Corporation) is a Finnish nuclear power company owned by a consortium of power and industrial companies.
6-637: 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, and Areva - Siemens have counter-claimed against TVO. Arbitrators at
12-640: The Süddeutsche Zeitung reported that TVO called 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, was restructured by the French government. Pohjolan Voima Pohjolan Voima Oyj (PVO; Swedish : Nordkraft Abp ; English: Northern Power Company Plc ) is
18-703: The International Chamber of Commerce are considering the claims. On 21 April 2010, the Government of Finland decided to grant a permit for the construction of a fourth reactor at Olkiluoto. The decision was approved by the Parliament on 1 July 2010. In 2014 this permit expired, and was not renewed by the government. 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
24-491: 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. An October 2016 story in
30-566: The second biggest Finnish energy company, which owns hydropower and thermal power plants (including biofuel-fired power plants). Pohjolan Voima is a founder and main shareholder of the Olkiluoto Nuclear Power Plant operator Teollisuuden Voima Oyj. Major shareholders of Pohjolan Voima are Finnish pulp and paper manufacturers UPM-Kymmene Oyj and Stora Enso Oyj ; other shareholders include power and utility companies owned by several municipalities. Shareholders can receive electricity from each power plant in proportion to their ownership of
36-626: The shares issued for the same plant or group of plants (so called Mankala principle ) by paying the variable costs in proportion to the electricity actually delivered, while the fixed costs are distributed in proportion to the ownership. PVO sold its share of the Fingrid national electricity transmission grid operator with €247.4 million in April 2011. Income was delivered total to the owners in 2012. Biggest shares were UPM /Myllykoski €109 million and Stora Enso ca €37 million. This article about
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