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Released April 24, 2023 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Europe's largest nuclear power reactor has been brought fully online in Finland after 18 troubled years of construction and billions of euros in cost overruns.
Following a year of testing, Olkiluoto 3 (OL3) has started producing electricity at full capacity according to operator Teollisuuden Voima (TVO). Based on the European Pressurized Reactor (EPR) design by French companies Orano (formerly AREVA) and Électricité de France (EDF) (Paris), it has a generating capacity of 1,600 megawatts (MW) and is capable of supplying 14% of Finland's total electricity. It is the first nuclear plant to be built in Finland for more than four decades and Europe's first in 16 years. The Olkiluoto site has two existing reactors and with the addition of OL3 is producing almost a third of Finland's power. OL3 is vital to Finland's energy mix as the country has traditionally relied on imports from neighboring Russia. Since Russia's invasion of Ukraine last year, it has cut electricity and gas exports to Finland. The commissioning of OL3 comes just a week after Germany shut down its final nuclear reactors, highlighting the split between many European countries over the future of nuclear power. For additional information, see April 17, 2023, article--Germany Shuts Last Nuclear Power Plants.
"The production of Olkiluoto 3 stabilizes the price of electricity and plays an important role in the Finnish green transition," said TVO President and Chief Executive Officer Jarmo Tanhua. "The electrification of the society continues and environmentally friendly electricity production is undoubtedly one of the top trump cards that Finland has. OL3 makes Finland almost self-sufficient. As Finland's greatest climate act, it will also accelerate the move towards a carbon-neutral society."
Started in 2005, the full commissioning of OL3 is 12 years behind schedule and has, like many EPR projects, been beset by technical and construction delays as well as costly and lengthy court battles. OL3 was originally budgeted at 3.2 billion euro (US$3.5 billion) when contracts were signed in 2003, but spiraled to more than 11 billion euro (US$12 billion) over the years, mainly due to technical issues with the new reactor design. In 2018, Industrial Info reported that EPR designer AREVA had agreed to pay 450 million euro (US$494 million) in damages to TVO for delays and cost overruns. For additional information, see March 19, 2018, article--AREVA to Pay $554 Million in Damages for Finnish Nuclear Fiasco.
Testing at the plant began at 5% capacity, then 25%, followed by coupling the plant to the Finnish electricity grid in March last year. The following test phases were successfully completed at 30%, 60%, 80%, 92% and 96% power before full commissioning. It was hoped the plant would be fully operational this time last year, but it was delayed by more technical issues.
Industrial Info is also tracking the troubled EPR project at Flamanville in France. Last year developer EDF announced new delays and cost overruns that would add 300 million euro (US$342 million) to the bill, bringing it to 12.7 billion euros ($14.42 billion). This is more than four times the original project's costs. Flamanville 3 was originally expected to begin operating commercially in 2013. There is also the Hinkley Point C project, the U.K.'s only new nuclear project led by EDF, which is facing a further one-year delay and a cost bump of up to £3 billion (US$3.7 billion). The project, which will feature a pair of EPRs and have a combined generating capacity of 3,300 MW, is now expected to be commissioned in June 2027 instead of 2025, and costs have risen from £18 billion (US$22.8 billion) in 2016 to a range of up to £26 billion (US$32.2 billion).
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
Following a year of testing, Olkiluoto 3 (OL3) has started producing electricity at full capacity according to operator Teollisuuden Voima (TVO). Based on the European Pressurized Reactor (EPR) design by French companies Orano (formerly AREVA) and Électricité de France (EDF) (Paris), it has a generating capacity of 1,600 megawatts (MW) and is capable of supplying 14% of Finland's total electricity. It is the first nuclear plant to be built in Finland for more than four decades and Europe's first in 16 years. The Olkiluoto site has two existing reactors and with the addition of OL3 is producing almost a third of Finland's power. OL3 is vital to Finland's energy mix as the country has traditionally relied on imports from neighboring Russia. Since Russia's invasion of Ukraine last year, it has cut electricity and gas exports to Finland. The commissioning of OL3 comes just a week after Germany shut down its final nuclear reactors, highlighting the split between many European countries over the future of nuclear power. For additional information, see April 17, 2023, article--Germany Shuts Last Nuclear Power Plants.
"The production of Olkiluoto 3 stabilizes the price of electricity and plays an important role in the Finnish green transition," said TVO President and Chief Executive Officer Jarmo Tanhua. "The electrification of the society continues and environmentally friendly electricity production is undoubtedly one of the top trump cards that Finland has. OL3 makes Finland almost self-sufficient. As Finland's greatest climate act, it will also accelerate the move towards a carbon-neutral society."
Started in 2005, the full commissioning of OL3 is 12 years behind schedule and has, like many EPR projects, been beset by technical and construction delays as well as costly and lengthy court battles. OL3 was originally budgeted at 3.2 billion euro (US$3.5 billion) when contracts were signed in 2003, but spiraled to more than 11 billion euro (US$12 billion) over the years, mainly due to technical issues with the new reactor design. In 2018, Industrial Info reported that EPR designer AREVA had agreed to pay 450 million euro (US$494 million) in damages to TVO for delays and cost overruns. For additional information, see March 19, 2018, article--AREVA to Pay $554 Million in Damages for Finnish Nuclear Fiasco.
Testing at the plant began at 5% capacity, then 25%, followed by coupling the plant to the Finnish electricity grid in March last year. The following test phases were successfully completed at 30%, 60%, 80%, 92% and 96% power before full commissioning. It was hoped the plant would be fully operational this time last year, but it was delayed by more technical issues.
Industrial Info is also tracking the troubled EPR project at Flamanville in France. Last year developer EDF announced new delays and cost overruns that would add 300 million euro (US$342 million) to the bill, bringing it to 12.7 billion euros ($14.42 billion). This is more than four times the original project's costs. Flamanville 3 was originally expected to begin operating commercially in 2013. There is also the Hinkley Point C project, the U.K.'s only new nuclear project led by EDF, which is facing a further one-year delay and a cost bump of up to £3 billion (US$3.7 billion). The project, which will feature a pair of EPRs and have a combined generating capacity of 3,300 MW, is now expected to be commissioned in June 2027 instead of 2025, and costs have risen from £18 billion (US$22.8 billion) in 2016 to a range of up to £26 billion (US$32.2 billion).
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
