Teollisuuden Voima Oyj (TVO; Swedish: Industrins Kraft Abp, Industrial Power Corporation)[5][6] is a Finnishnuclear power company owned by a consortium of power and industrial companies.[7]
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:
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 unit3 of the Olkiluoto Nuclear Power Plant, because its project partner, the French Areva Group, is being broken up by the French government.[15][16]
^ ab"Key figures". Teollisuuden Voima. Retrieved 2016-09-14.
^"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.
^"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.