More companies participate in Fennovoima

30 October 2007

[Fennovoima, 29 October] The ownership base of Finnish energy company Fennovoima has been significantly expanded from its original five founding owners. There are now over 60 companies and energy enterprises that are either direct or indirect shareholders of Fennovoima. In a statement, Fennovoima said that "the interest of Finnish companies to acquire Fennovoima's shares has significantly exceeded the availability of the shares." Fifteen companies involved in the Finnish industry, trade and service sectors now hold a combined share of some 30% in the joint venture. In addition, 47 local and regional energy companies hold a total share of around 36%. The remaining 34% share is held by EOn. Fennovoima will produce electricity for its owner's needs at production cost. Each owner will get the share of capacity proportional to its ownership in the company. Fennovoima's CEO, Tapio Saarenpaa commented, "Having dozens of new owners in Fennovoima secures a solid foundation for our project that aims at safeguarding the availability of power for Finns, improving our national security of supply, fulfilling Finland's climate obligations, and increasing competition in the electricity market." Fennovoima was formed earlier this year by stainless steel producer Outokumpu, mining and smelting company Boliden, energy utilities Rauman Energia and Katterno Group, and electricity supplier EOn Suomi (the Finnish subsidiary of Germany-based EOn). The joint venture aims to construct a new 1000-1800 MWe nuclear power plant, to start operating between 2016 and 2018. The company has already identified three locations in which it will conduct environmental impact assessments for the plant.

 

Further information

 

Fennovoima

 

WNA's Nuclear Energy in Finland information paper

 

WNN: Fennovoima to conduct EIAs at three locations
WNN: Finland mulls over new nuclear sites
WNN: Finnish companies unite to build nuclear plant

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