Olkiluoto 3 is now ready to start producing power. Pre-operational testing has been completed and regular electricity generation started on the 16th of April 2023. OL3 will significantly increase EPV Energy’s zero-emission electricity production. Nuclear power excellently supports EPV Energy’s New Electricity Revolution strategy, which has emission-free electricity 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, and nuclear power has an important role to play in this.
Olkiluoto will produce about 30% of Finland’s electricity in the future. The electricity generated by the largest nuclear power plant unit in Europe is a highly significant addition to clean domestic production. The plant will generate electricity for at least the next 60 years and OL3 will make Finland almost self-sufficient in terms of electricity. As the country’s biggest climate action, it will also accelerate the transition towards a carbon-neutral society.
Rami Vuola, President and CEO of EPV Energy, who has been involved in the OL3 project from the start, is more than satisfied.
“This has been EPV’s largest single investment ever. The protracted nature of the project has required a great deal of flexibility and patience from our partners. I want to take this opportunity to thank our shareholders for their patience. Now that the project is complete, the atmosphere in our company 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 portfolio for some time and its role is strengthening further. 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 45 per cent,” Paaso says.
“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 will soon be able to reap the benefits. The plant has been 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.
Olkiluoto 3 will produce emission-free electricity for at least the next 60 years.
“We are proud to be part of the biggest positive climate act in Finland. This is an excellent support to EPV’s strategy and our mission to achieve zero-emission energy production by 2030. OL3 will produce zero-emission electricity well into the future,” says Maija Suutarinen, the VP, Sustainability at EPV Energy.
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. OL3 will significantly improve Finland’s electricity self-sufficiency and help the country to achieve its carbon neutrality targets. Thanks to the world’s third most efficient nuclear power plant, soon about 30% of Finland’s electricity will come from Olkiluoto, where the entire life cycle of nuclear power is carefully managed.
For more information contact: Niko Paaso, Vice President, EPV Energy Ltd, separate production of electricity, tel. +358 10 505 5034