Teollisuuden Voima’s Olkiluoto 3 (OL3) plant unit began electricity production on 12 March 2022. OL3 will significantly increase EPV Energy’s zero-emission electricity production. Nuclear power will excellently support EPV Energy’s New Electricity Revolution strategy, which has electricity produced by emission-free means at its core. New electricity is the main enabler on the way to a new zero-emission world. New electricity is generated from emission-free sources. Nuclear power has an important role to play in this.
The Radiation and Nuclear Safety Authority (STUK) granted Teollisuuden Voima the criticality and low power test permission in December 2021, which allowed the company to start the first nuclear reaction in the Olkiluoto 3 EPR reactor the same month. During the winter’s commissioning test phase, the power of the OL3 reactor will be gradually increased from about 400 MW to 1300 MW. The commissioning test run will be continued by gradually increasing the plant’s power output, and we are preparing to start regular electricity production this summer.
Rami Vuola, President and CEO of EPV Energy, who has been involved in the OL3 project from the beginning, is more than satisfied.
“The atmosphere is fantastic. Even though the project took its time, I’m sure everyone agrees that the growth of zero-emission nuclear power production could not be in a better position in the market and the world,” says Vuola.
Olkiluoto 3 will significantly increase EPV’s annual zero-emission output
Niko Paaso, Vice President of EPV Power, has also been involved in the OL3 project since 2014.
“Nuclear power has been the largest single form of energy generation in EPV Energy’s production range for some time and its role will now be further strengthened. The commissioning of Olkiluoto 3 will significantly increase EPV’s emission-free production. EPV’s generation resources will increase by 160 MW and our annual nuclear output will increase by more than one terawatt-hour in one go. The share of nuclear power in EPV Energy’s electricity production will rise to as much as 45%,” Paaso explains.
“This is a great moment for OL3 shareholders. This is something that TVO and its shareholders have been working on for a long time, and we shall soon be able to reap the benefits. The plant is being completed at a time when the electricity market is in need of new baseload generation capacity and zero-emission targets are becoming increasingly important. The timing is also great because the acceptability of nuclear power in Finland has increased,” Paaso continues.
EPV owns about a 10% stake in Teollisuuden Voima’s Olkiluoto 3 project
EPV Energy owns about a 10% stake in Teollisuuden Voima’s Olkiluoto 3 project and slightly over 8% of the production of Olkiluoto 1 and Olkiluoto 2. When produced in a responsible way, nuclear power is an environmentally friendly and safe way of producing electricity throughout its lifespan. The lifespan of nuclear power plants is several decades, and they produce zero-emission electricity in a similar manner to hydropower and wind power. Nuclear power will play an important role in emission-free energy generation in Finland and Europe far into the future. It is a very important form of energy generation also for EPV Energy and one of the most important instruments for achieving the company’s carbon-neutral targets.
For more information contact: Niko Paaso, Vice President, EPV Power, separate production of electricity, tel. +358 10 505 5034