FORTUM CORPORATION PRESS RELEASE 4.1.2024
Fortum’s Loviisa nuclear power plant had a good production year in 2023. The power plant generated a total of 8.09 terawatt-hours of carbon-free electricity.
Loviisa 1 generated 3.99 TWh of power and its load factor was 89.79%; Loviisa 2 generated 4.10 TWh of power and its load factor was 92.32%. The combined load factor of the plant units was 91.06%.
“Last year Loviisa produced about 10% of Finland’s electricity demand. This is equivalent to the electricity consumption of the entire Helsinki metropolitan area,” says Sasu Valkamo, Vice President of Loviisa nuclear power plant.
Both units at Loviisa power plant underwent the short refuelling outage in 2023. The annual outage of Unit 1 was 22 days and Unit 2 was 18 days.
Design process for a new fuel type advancing well
Fortum and Westinghouse Electric Company signed an agreement in November 2022 for the design and supply of a new fuel type for the Loviisa power plant.
“The cooperation is progressing well. During the annual outages, a test element manufactured by Westinghouse was loaded into one of the reactors; the test element doesn’t contain the actual nuclear uranium pellets. We are pursuing mechanical operating experiences with the new fuel type. Results from the test will be obtained in practice when the reactor is opened next autumn during the refuelling outage,” says Valkamo.
In addition to Westinghouse, Fortum explores the capabilities of another western fuel supplier to develop a compatible fuel type for Loviisa nuclear power plant to secure the fuel supply and more favorable position in the fuel markets.
New operating license until 2050
In February 2023, the Finnish Government granted a new operating license for the Loviisa nuclear power plant until the end of 2050. On 21 December 2023, Fortum submitted a statement on the procurement arrangements of fresh nuclear fuel for the Ministry of Economic Affairs and Employment as stipulated by the new operating license. Over the course of the new licence period, the plant is expected to generate up to 170 terawatt-hours of CO2-free electricity.
“We have started a major development and investment programme to ensure the reliable, safe and profitable operation of the power plant until 2050. Through several modernisation projects, components and ageing equipment will be replaced with new ones,” says Valkamo.
The Loviisa nuclear power plant is a major employer in the region, providing work for approximately 550 Fortum employees and nearly 100 employees of other companies working in the power plant area every day. In addition to Loviisa’s own personnel, about 650 external workers participated in the annual outages and investment projects. The power plant also employed some 70 summer trainees. Fortum’s investments in the Loviisa power plant were approximately EUR 20 million (2022: approximately EUR 30 million).
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Loviisa Nuclear Power Plant
In 2023, the load factor at Fortum’s fully-owned Loviisa nuclear power plant was 91.06%. The continuous development and modernisation of the power plant enable load factors that are among the best for pressurised water reactors on an international scale. In 2023, the power plant produced a total of 8.09 terawatt hours (net) of electricity, which is more than 10% of Finland’s electricity production. Fortum employs about 700 nuclear sector professionals, 550 of them work at the Loviisa power plant. Additionally, nearly 100 permanent employees of other companies work in the power plant area every day. More information: www.fortum.com/loviisa
Fortum
Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum’s share is listed on Nasdaq Helsinki. fortum.com