BEATING THE ECONOMIC AND BUSINESS CHALLENGES IN NUCLEAR POWER
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1 BEATING THE ECONOMIC AND BUSINESS CHALLENGES IN NUCLEAR POWER PRESENTED IN ICAPP 2014 PLENARY SESSION 2, APRIL 4TH Mikko Kosonen Senior Vice President, Production Teollisuuden Voima Oyj
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4 TVO WELL-BEING FOR FINLAND Over 30 years of reliable Finnish electricity production. Annual production greater than 14 TWh. Sixth of electricity consumed in Finland. Some 1600 experts in regular employment in Olkiluoto, about 900 of which employed by TVO. Ranks among world s top companies in nuclear waste management. Subsidiary TVO Nuclear Services Oy and jointly owned company Posiva Oy. 4
5 TVO S BUSINESS MODEL Debt at market rate TVO Power at cost Shareholders Power at cost Power to Underlying offtakers Power to E x t e r n a l Shareholders - equity provision - no dividend Power use in own operations Power use in own operations M a r k e t 6 direct shareholders and about 60 underlying power off-takers for TVO s electricity 5
6 ELECTRICITY AT COST PRICE TO FINLAND Owners of TVO: Pohjolan Voima Oy 58.5% Fortum Power and Heat Oy 25.8% Oy Mankala Ab 8.1% EPV Energia Oy 6.5% Kemira Oyj 1.0% Karhu Voima Oy 0.1% Ownership structure: Industrial companies 44% Territorial energy companies 30%* Fortum 26%** * 65 companies owned by 135 municipalities ** stock listed, partly state-owned energy company Shareholders industrial localities Municipalities behind TVO 6
7 FINLAND NEEDS NEW CO 2 FREE ELECTRICITY PRODUCTION Climate change reduction of greenhouse gas emissions Competitive energy prices for industries, services and households Energy availability self-sufficiency, safety and security Replace fossil fuels with nuclear and renewables Electricity Supply by Energy Sources 2012 (85,2 TWh) Source: Finnish Energy Industries 7
8 A PERIOD FOR MAJOR PROJECTS IN OLKILUOTO, OL1 and OL2 continuous improvement through modernization projects renewal of operating licence. OL3 - a new generation EPR reactor under construction. towards commissioning. OL4 at bidding and engineering phase. All aspects of nuclear waste management on one island. Operating waste repository Interim storage for spent fuel Final disposal facility for spent fuel under preparation. 8
9 LARGEST MODIFICATION PROJECTS IN OLKILUOTO: UNITS 1 AND 2 TOGETHER ALWAYS 40 YEARS OF TECHNICAL LIFETIME AHEAD -INVESTMENT POLICY 9
10 STABLE AND RELIABLE PRODUCTION production (TWh) load factor (%)
11 OLKILUOTO 1 OPERATING DIAGRAM 2013 Production Load factor ,2 97,1 MWh % January Febryary March April May June July August September October November December 11
12 OLKILUOTO 2 OPERATING DIAGRAM 2013 Production Load factor ,6 93,1 MWh % January Febryary March April May June July August September October November December 12
13 AVARAGE 12-MONTH LOAD FACTORS OF DIFFERENT COUNTRIES Source: IAEA, Situation 03_
14 REALIZED LENGHT OF ANNUAL OUTAGES arvio/estimation 14
15 OL1 + OL2 SHORT ANNUAL OUTAGES TOP TEN Olkiluoto 1 / 2005 Olkiluoto 2 / 2002 Olkiluoto 2 / 2008 Olkiluoto 1 / 2013 Olkiluoto 1 / 2001 Olkiluoto 2 / 2006 Olkiluoto 1 / 2009 Olkiluoto 1 / 1999 Olkiluoto 1 / 2007 Olkiluoto 2 / d 4 h 16 min 7 d 7 h 6 min 7 d 18 h 20 min 7 d 18 h 54 min 7 d 20 h 34 min 8 d 1 h 54 min 8 d 10 h 40 min 8 d 10 h 52 min 8 d 14 h 9 d 2 h 26 min 15
16 OL3 PROJECT STATUS APRIL 2014 OL3 Site AREVA has informed about reduction of subcontractors and workers at the construction site. Main erection works not progressing due to engineering delays. Turbine plant Commissioning tests of process and electrical systems continue. First systems handed over from Siemens commissioning organisation to the joint commissioning organisation of the Consortium and TVO (OIO, Operation Integrated Organization). Equipment and plant labeling almost completed. Reactor plant Main components have been erected. Containment pressure and tightness test successfully completed. Pipeline erection work 90% completed. Remaining erection work waiting for engineering completion. Cable pulling done 75%. Currently on hold, continues after cable design is completed. Planning, documentation and licensing of the reactor plant automation in progress. I&C Factory acceptance tests started in Erlangen. TVO has not received the required updated overall schedule from the plant supplier Areva-Siemens Consortium. TVO does not provide an estimate of the start-up time of OL3 nuclear power plant at the moment. 16
17 OL
18 OL4 ENVIRONMENTALLY SOUND ELECTRICITY FOR GENERATIONS AHEAD Decision-in-Principle, infrastructure and land use plans in order All TVO s current owners are committed to bidding and engineering phase Selection of plant unit Electricity production capacity MW Produces electricity for at least 60 years 18
19 TWO PLANT TYPES, SEVERAL PLANT ALTERNATIVES BWR PWR APWR / Mitsubishi ESBWR / GE Hitachi EPR / AREVA ABWR / Toshiba- Westinghouse APR1400 / KHNP 19
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21 COMPLETE NUCLEAR WASTE MANAGEMENT ON ONE ISLAND SPENT FUEL INTERIM STORAGE FACILITY Cooling of fuel assemblies removed from reactor building in water pools excavated in rock DECOMMISSIONING WASTE REPOSITORY Space reservation for decommissioning waste OPERATING WASTE REPOSITORY VLJ Final disposal of intermediate and low level waste SPENT NUCLEAR FUEL REPOSITORY The underground research facility ONKALO 21
22 FINAL REPOSITORY FOR OPERATING WASTE Low and intermediate waste is stored in final repository for operating waste. Waste, which is packed in concrete boxes, is transported to repository in a vehicle equipped with a radiation shield. 22
23 SPENT FUEL INTERIM STORAGE FACILITY Fuel is cooled, over several decades, within cooling pools of interim storage facility before being disposed. Water within pools stops radiation emitted by spent fuel and further cools it down. 23
24 SAFE FINAL DISPOSAL OF SPENT NUCLEAR FUEL IN OLKILUOTO Extensive research since 1970s. Final disposal in a robust and strong copper canister with a cast iron insert. Embedded in solid Finnish bedrock at a depth of metres. All costs are borne by producers of nuclear electricity. 1995, TVO and Fortum established Posiva Oy to manage their spent fuel produced in Finland. Construction licence application for final disposal facility sent in 2012 and expected to be received early
25 MULTIPLE BARRIER PRINCIPLE IN FINAL DISPOSAL Should some final disposal canisters lose isolation capability, other barriers restrict and slow down release of radioactive substances from fuel within that canister. 25
26 MULTIPLE BARRIER PRINCIPLE: BEDROCK m More than 400 metres of bedrock separates final disposal tunnels running within intact stable rock sections from organic nature. Rock ensures good conditions for final disposal around canisters. 26
27 ALWAYS 40 YEARS OF TECHNICAL LIFETIME AHEAD KIITOS/THANK YOU
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