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Released December 15, 2014 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The Finnish government has voted to approve the construction of the Hanhikivi-1 nuclear power plant (NPP).
The Finnish Parliament voted in favour to renew the licence for building the new nuclear plant by 115 votes to 74. The plant had originally been green lit in 2010 but has been mired in delays, political debate and departures by key partners in the intervening years.
The government's approval comes a week after a key nuclear and hydropower deal with Russia. As part of that Finland's largest utility, Fortum Oyj (HEL:FUM1V) (Espoo, Finland), agreed to take a 15% stake in the 1,200-megawatt (MW) Hanhikivi-1 project at Pyhäjoki in western Finland, which is being developed by Fennovoima Oy (Helsinki, Finland). This meant that Finnish companies owned more than 60% of the project, something that was required by government before it would consider renewing the licence for the project. For additional information, see December 10, 2014, article - Finland-Russia Ink Nuclear and Hydropower Deal.
Russian state nuclear company, Rosatom (Moscow) bought a 34% stake in Fennovoima in April and plans to use its AES-2006 reactor for the Hanhikivi-1 project. For additional information, see April 4, 2014, article - Russia Buys into Finland's Nuclear Future.
The deal has divided the Finnish government which saw the Green Party leave the coalition in September, claiming it had become subservient to Russia. The deal also went against the European Union's (EU's) sanctions against Russia over its aggressive actions in neighbouring Ukraine.
In a statement the Finnish government said: "The Parliament gave its approval to an application by Fennovoima for the construction of a Rosatom nuclear power unit in Pyhäjoki. The vote in Parliament was 115-74 in favour of the application. The Parliament voted today on the approval or rejection of the positive decision-in-principle made by the Government in September. The decision supplements the decision-in-principle that was given to Fennovoima in 2010. The Parliament also issued a statement according to which the Government should start assessing the need for a general revision of the Nuclear Energy Act".
"I want to thank Parliament for the trust they have shown in this important project," commented Toni Hemminki, chief executive officer of Fennovoima. "The Hanhikivi 1 nuclear power plant will generate emission-free electricity for Fennovoima's owners at a predictable and reasonable price for decades to come. This large-scale investment will create jobs and give a much-needed boost to the economy."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
The Finnish Parliament voted in favour to renew the licence for building the new nuclear plant by 115 votes to 74. The plant had originally been green lit in 2010 but has been mired in delays, political debate and departures by key partners in the intervening years.
The government's approval comes a week after a key nuclear and hydropower deal with Russia. As part of that Finland's largest utility, Fortum Oyj (HEL:FUM1V) (Espoo, Finland), agreed to take a 15% stake in the 1,200-megawatt (MW) Hanhikivi-1 project at Pyhäjoki in western Finland, which is being developed by Fennovoima Oy (Helsinki, Finland). This meant that Finnish companies owned more than 60% of the project, something that was required by government before it would consider renewing the licence for the project. For additional information, see December 10, 2014, article - Finland-Russia Ink Nuclear and Hydropower Deal.
Russian state nuclear company, Rosatom (Moscow) bought a 34% stake in Fennovoima in April and plans to use its AES-2006 reactor for the Hanhikivi-1 project. For additional information, see April 4, 2014, article - Russia Buys into Finland's Nuclear Future.
The deal has divided the Finnish government which saw the Green Party leave the coalition in September, claiming it had become subservient to Russia. The deal also went against the European Union's (EU's) sanctions against Russia over its aggressive actions in neighbouring Ukraine.
In a statement the Finnish government said: "The Parliament gave its approval to an application by Fennovoima for the construction of a Rosatom nuclear power unit in Pyhäjoki. The vote in Parliament was 115-74 in favour of the application. The Parliament voted today on the approval or rejection of the positive decision-in-principle made by the Government in September. The decision supplements the decision-in-principle that was given to Fennovoima in 2010. The Parliament also issued a statement according to which the Government should start assessing the need for a general revision of the Nuclear Energy Act".
"I want to thank Parliament for the trust they have shown in this important project," commented Toni Hemminki, chief executive officer of Fennovoima. "The Hanhikivi 1 nuclear power plant will generate emission-free electricity for Fennovoima's owners at a predictable and reasonable price for decades to come. This large-scale investment will create jobs and give a much-needed boost to the economy."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
