New finnish nuclear power plant gets closer

Finnish nuclear power company Fennovoima and Rusatom Overseas, subsidiary of Russian Rosatom, have agreed on a proposal aiming at making an investment decision and signing a power plant supply contract by the end of 2013.

Fennovoima and Rosatom’s target is to sign the contract for supplying Fennovoima’s Hanhikivi 1 power plant unit at the end of the year. Simultaneously the companies will agree upon the detailed project schedule, financing arrangements, and Rosatom’s 34 per cent ownership.

The reactor Rosatom proposes for Pyhäjoki is the pressurized water reactor AES-2006.

As a result of negotiations Fennovoima proposes to its owners a nuclear power plant that will produce electricity in 2024. Based on the proposal, Fennovoima’s 60 Finnish owners each decide by the end of October for their part if they are continuing in the project.