Fortum and Rosatom agree to cooperate
26 November 2010
Finnish utility Fortum and the Russian state nuclear energy company Rosatom have signed a memorandum of understanding (MoU) on cooperation in the field of nuclear power.
Details were not disclosed of the specific areas of cooperation. However, Fortum said: "The development of nuclear power markets offers a good opportunity to extend the long-standing cooperation between the two companies in applying their nuclear competences in future nuclear power projects."
Fortum wholly owns the two reactors of the Loviisa nuclear power plant in Finland. The company also owns a 26.6% stake in Teollisuuden Voima Oyj (TVO), which operates the two existing units at the Olkiluoto plant, as well having a stake in the new third reactor currently under construction at the site. In addition, in Sweden, Fortum owns 45.5% of the Oskarshamn plant and 22% of the Forsmark plant.
Rosatom incorporates more than 250 enterprises and scientific institutions. The state corporation comprises enterprises covering the whole cycle of nuclear power generation - from uranium production to the decommissioning of nuclear power plants.
Matti Ruotsala, executive vice president of Fortum Corporation, commented, "Cooperation with Rosatom fits very well with Fortum's strategy in which nuclear power is one of the key elements. Projects where Rosatom is strongly involved can also bring new business opportunities to Fortum."
Fortum's operations focus on the Nordic countries, Russia and Baltic Rim area. The company said, "In the future, the fast-growing, liberalizing Euro-Asian energy markets provide additional growth opportunities."
In June, Rosatom signed an MoU with Electricité de France (EdF) on nuclear cooperation. The companies said that the agreement "provides a framework of collaboration in the fields of research and development, nuclear fuel, as well as cooperation on existing and currently under construction nuclear plants." It also "sets the basis for exchange of experience and training, including visits to industrial sites and facilities in both countries."
Researched and written
by World Nuclear News