The Finnish Government has granted a new operating license for both units at Fortum’s Loviisa nuclear power plant until the end of 2050. Over the course of the new licence period, the plant is expected to generate up to 170 terawatt hours of CO2-free electricity.
Over the course of the new licence period, the plant is expected to generate up to 170 terawatt hours of CO2-free electricity
"Decarbonisation of our industries requires large volumes of clean and reliable electricity that cannot be covered by new additional and intermittent sources only. At the same time, nuclear as a stable production form is also a key enabler for growth of wind and solar in the Nordic power system,” says Fortum’s President and CEO Markus Rauramo.
The lifetime extension of the Loviisa nuclear power plant is a significant investment with far-reaching positive impacts both economically and for employment. Over the past five years, Fortum has already invested approximately EUR 300 million in refurbishing the Loviisa power plant. When announcing the decision to apply for new operating licence in March 2022, Fortum estimated that investments related to continuing of the operations and the lifetime extension will amount to approximately EUR 1 billion until 2050.
The lifetime extension of the Loviisa nuclear power plant is a significant investment with far-reaching positive impacts both economically and for employment
"In parallel with the life-time extension, we are carrying out a thorough assessment of the economic viability of building new nuclear to Finland and/or Sweden. The feasibility study, to be completed next year, focuses on the technical, economic and societal preconditions that must be in place for Fortum to consider such a new large and long-term investment,” Markus Rauramo says.
Fortum has also applied for a licence to use the low- and intermediate-level radioactive waste final disposal repository located in Loviisa’s current power plant area until 2090. This licence process is ongoing at the Ministry of Economic Affairs and Employment (MEAE) and the Finnish Government will decide on it during the spring. The spent fuel from the Loviisa power plant will be disposed of at the Posiva nuclear final disposal repository, jointly owned by Fortum and Teollisuuden Voima (TVO).
Fortum has also applied for a licence to use the low- and intermediate-level radioactive waste final disposal repository
In 2022, the Loviisa nuclear power plant generated a total of 7.9 terawatt-hours (net) of CO2-free power. On an international scale, the 89.4 % load factor of the Loviisa nuclear power plant was among the best in the world for pressurised water reactors.