Fennovoima aims at constructing a new nuclear power plant in Finland

Fennovoima's objective is to build a max 1,800 megawatt nuclear power plant in Finland, which when completed will produce about 15 per cent of the electricity needed in Finland. The operation of the plant is scheduled to start by 2020.

Fennovoima's goals

• Electricity for shareholders at cost price
• Competition and openness for the Finnish electricity market
• Jobs and new vigor to the nuclear power plant region
• Fight against climate change

Response to the need for electricity

The company's objective is to build new nuclear power in Finland and produce reasonably-priced electricity for its owners. Fennovoima functions like a cooperative. Shareholders receive electricity produced by Fennovoima for their own use at cost price, in proportion to their ownership shares. Fennovoima is not aiming to make profit.

Fennovoima's shareholders are a part of industry and commerce that is actively creating jobs and everyday well-being for all Finns. Fennovoima's shareholders have a total of over 90.000 employees in Finland and account for nearly 30 percent of Finland's electricity use.

Fennovoima increases competition and reduces dependency on power imports

At the present time, the ownership of nuclear power in Finland is highly concentrated. Fennovoima brings much-needed competition and openness to the electricity market. Increased competition benefits all electricity users, including households.

Companies in the retail sector and industry need an assurance of the sufficiency and price of electricity in order to be able to maintain their competitiveness and to carry out investments. Investment decisions cannot be made without an assurance of the availability of electricity. Without investments, jobs cannot be kept in Finland.

For participating industrial enterprises Fennovoima's project safeguards existing operations and enables new investments and increasing operations in Finland. Fennovoima’s power plant also decreases Finland’s dependency on power imports.

Boosting of employment at the locality and securing the national energy supply

The new nuclear power plant will promote the well-being of the region where it is located for decades. During the construction phase, the power plant will create 20.000–40.000 person work-years of work in Finland, both directly and through its indirect effects. During the use phase, the power plant will directly employ 400–500 people and indirectly a large number of subcontractors, such as housing and transportation services. During the use phase, the power plant will generate millions of euro in real estate and income taxes for the municipality in which it is located. The new power plant would also improve the national security of energy supply.

Fennovoima acts against the climate change

Fighting against the negative impacts of climate change is a fundamental task of our time. To meet the Kyoto protocol goals, Finland is committed to bringing national greenhouse gas emissions down to their 1990 level in 2008-2012. In addition to enhanced energy conservation and the increased use of renewable energy sources, carbon dioxide free nuclear energy is also needed to ensure that Finland can fulfill its climate obligations beyond the Kyoto Protocol’s target time frame.

The new nuclear power plant will increase carbon dioxide free power generation capacity in Finland and reduce Finland’s emissions from power generation when old coal-fired power plants can be taken out of use.