Helen creating subsidiary for nuclear project

Helen - which currently produces heat, electricity and cooling in power plants and heating plants in different parts of Helsinki - is aiming for carbon-neutral energy production during the 2030s. In September 2024, the company launched the first phase of its nuclear programme, aimed at constructing a small nuclear power plant for producing heat for Helsinki city. Its nuclear energy programme will evaluate small modular reactors (SMRs) based on proven solutions, which can be used to produce just heat or both electricity and heat. During the initial phase of its nuclear programme, Helen said it will negotiate with potential partner shareholders, evaluate plant suppliers and determine potential plant sites. The first phase of the programme is due to be completed in 2026.

The company said the new subsidiary will begin operations at the start of February. Jarmo Tanhua - who served for 17 years as CEO of Teollisuuden Voima Oyj, during which time the Olkiluoto 3 EPR was constructed in Olkiluoto - has been appointed as Chair of the Board of Helen Ydinvoima Oy, while Pekka Tolonen has been appointed CEO.

"In Finland, we have good experiences and excellent expertise in nuclear power," Tanhua said. "There is a clear need for Helen's project, and it starts from a new perspective. We want to find out whether it is possible to build and commission the first new small nuclear power plant in Finland. Of course, such a project is of great interest."

"Transferring the nuclear energy programme to its own project development company enables flexible development of the programme as an independent entity," said Helen CEO Olli Sirkka. "It also creates better conditions for the project's success by opening up opportunities for various financing and business solutions."

In November 2022, Helen announced a joint study with Finnish utility Fortum - operator of the Loviisa nuclear power plant - to explore possible collaboration in new nuclear power, especially SMRs. The companies formed a study group to explore possible synergy benefits for the two firms.

In October 2023, Helen became the first energy company to engage in cooperation with Steady Energy by signing a letter of intent aimed at enabling an investment in a small-scale nuclear power plant for the production of district heating. Valid until 2027, the agreement includes promoting the reform of the Finnish Nuclear Energy Act, applying for a siting licence and a technological permit, and fixing the contract price of the plant. It would also enable Helen to procure up to ten reactor units with an output of 50 MW from Steady Energy.

Helen announced in November last year that it had selected three potential power plant sites in Helsinki for further assessment. The sites in question are the Vuosaari and Salmisaari power plant areas and the Norrberget area in western Östersundom. With the exception of Norrberget, the sites are already being used for energy production operations and are managed by Helen.

"Currently, the project is running a competitive bidding process for plant suppliers, exploring business and partnership models, and investigating collaboration opportunities with both industry and other energy companies," Helen said. "In addition, the project is assessing the prerequisites for nuclear energy production at previously announced potential plant sites through studies and environmental impact assessments."