Teollisuuden Voima Oyj Well-being with nuclear electricity. OL4 Electricity for Finland of the future

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1 Teollisuuden Voima Oyj Well-being with nuclear electricity OL4 Electricity for Finland of the future

2 OL4 Project progresses At the end of 2011, a decision was taken in the Extraordinary General Meeting of Teollisuuden Voima Oyj (TVO) to start the Bidding and Engineering phase of the Olkiluoto 4 (OL4) Project. The objective of the Bidding and Engineering phase that is currently under way is to investigate the licensability and constructability of the fourth nuclear power plant unit in Olkiluoto. The Bidding and Engineering phase involves a competitive bidding process, which will result in the selection of a safe plant unit that fulfils all modern requirements. At this phase, TVO will also set up the preconditions to apply for a construction licence for the new plant unit from the Finnish Government. The construction of the power plant unit can start when a favourable decision has been issued on the construction licence application. Pursuant to the Government s Decision-in-Principle ratified by the Parliament, the application for the construction licence of OL4 shall be submitted by 1 July OL4 Project at Bidding and Engineering phase Bidding phase Competitive bidding for plant and comparison of bids Licensing feasibility studies Construction feasibility studies Engineering phase Preparation of delivery model Preparation of documentation for construction licence application Engineering of critical path for implementation phase Execution phase Detail engineering Construction Installation Commissioning 2

3 Shareholders support OL4 Project All of TVO s current shareholder companies EPV Energia Oy, Fortum Power and Heat Oy, Karhu Voima Oy, Kemira Oyj, Oy Mankala Ab and Pohjolan Voima Oy are committed to the financing of the Bidding and Engineering phase of the OL4 Project. The nuclear electricity to be produced at OL4 will extensively benefit the whole Finnish society through TVO s shareholders who represent domestic industry and energy companies. 3

4 Several alternatives in bidding process Finnish safety requirements are strict and advanced in international comparison. Only a safe plant unit can be built in Finland. TVO has carried out studies on the feasibility of the plant alternatives in Finland. The planned new nuclear power plant unit will be a boiling water or a pressurised water plant with a light-water reactor. The plant alternatives represent the most advanced level of light-water reactor technology in terms of features associated with safety and economy. The studies that have been carried out show that there are several nuclear power plant alternatives in the market that can be implemented in Finland, with modifications if necessary. Two alternative delivery models: turn-key or modified turn-key Nuclear Island Turbine Island Civil Construction Works Additional Procurement by the owner Preparations are designed to allow the selection of either the turn-key or the modified turn-key delivery model. In the modified turn-key model, the main parts of the nuclear power plant unit can be procured from different suppliers. Engineering and implementation can also be divided between different suppliers. In a turn-key delivery one supplier delivers all the main parts. 4

5 Two plant types, several plant alternatives Boiling Water Reactor operating principle Water Reactor (BWR) Boiling Water Reactor operating principle Pressurised Boiling Water Reactor operating principle Water Reactor (PWR) a 5 4 4a 5 4b 4b a a b 8b Reactor 2. Core 3. Control rods 4. Primary circuit 4a. Steam to the turbine 4b. Feed water to the reactor 5. High-pressure turbine 6. Reheater 7. Low-pressure turbines 8. Generator 9. Condenser 10. Seawater circuit 11. Condensate 12. Transformer 1. Reactor 7. Steam 7. generator Steam generator 11. Low-pressure 11. turbines Low-pressure turbines 2. Core 8. Secondary circuit 12. Generator 2. Core 8. Secondary circuit 12. Generator 3. Control rods 8a. Steam to the turbine 13. Condenser Primary Control circuit rods(water circulation) 8b. Feed 8a. water Steam to the to steam the generators turbine 14. Seawater circuit 13. Condenser Reactor Primary coolant circuit pump (water circulation) 9. High-pressure 8b. Feed turbine water to the steam generators 15. Condensate 14. Seawater circuit Pressuriser Reactor coolant pump 10. Reheater 9. High-pressure turbine 16. Transformer 15. Condensate 6. Pressuriser 10. Reheater 16. Transformer In the boiling water reactor (BWR), water passes through the fuel assemblies in the reactor core and then boils into steam. Saturated steam is in the pressure vessel lead through the steam separator and the steam drier and further to the highpressure turbine, the reheater and the low-pressure turbines. The turbines are connected with a shaft to the generator, which generates electricity. TVO has carried out feasibility studies for two boiling water reactors. In the Pressurised Water Reactor (PWR), the fuel heats up the water circulating in the primary circuit. The pressure of the primary circuit is kept so high that the water will not boil. The hot pressurised water evaporates into steam in the heat exchangers of the primary circuit, also known as steam generators. Saturated steam is lead from the steam generators to the high-pressure turbine, the reheater and the low-pressure turbines. The turbines are connected with a shaft to the generator, which generates electricity. TVO has carried out feasibility studies for three pressurised water reactors. ABWR Toshiba Net Power Output: approx. 1,650 MW Plant Supplier: Toshiba Country: Japan APWR Mitsubishi Net Power Output: approx. 1,650 MW Plant Supplier: Mitsubishi Country: Japan ESBWR GE Hitachi Net Power Output: approx. 1,650 MW Plant Supplier: GE Hitachi Country: USA APR KHNP 1400 Net Power Output: approx. 1,450 MW Plant Supplier: KHNP Country: South-Korea EPR Areva Net Power Output: approx. 1,650 MW Plant Supplier: AREVA Country: France 5

6 6 EXCELLENT SITE FOR NEW UNIT

7 Olkiluoto offers extensive infrastructure for production of nuclear electricity Excellent plant site Olkiluoto provides a stable plant site with good preconditions for the new nuclear power plant unit. A good site is one with an adequate supply of cooling water and process water, good and reliable electricity transmission connections and emergency power supply arrangements, as well as efficient transport connections. These are all in place in Olkiluoto. The licensing process and the construction of the new unit will not require any changes to the valid plan of Olkiluoto. The new unit utilises the supporting operations of the existing plant units. The Environmental Impact Assessment (EIA) carried out in 2008 showed that the environmental impact of the new unit is minor, mainly associated with local elevation of seawater temperature due to the discharge of cooling water. Efficient transport connections Regional traffic volumes increase considerably during the construction of the nuclear power plant unit. The construction of Olkiluoto 3 (OL3) has proven that the road running to Olkiluoto can cater for the traffic requirements. Large components can be transported to Olkiluoto by sea. Impact on regional economy Olkiluoto nuclear power plant has wide local approval. The construction phase has a positive impact on e.g. regional economy through new employment opportunities, increased tax revenue and increased economic activity. In 2010, for example, the municipal economies of Eurajoki, Rauma and Pori earned a total of EUR 19 million in taxes paid by foreign workers in the construction project of OL3. The temporary workforce needed in this kind of a major construction project enlivens the nearby built-up areas and translates for local services into increased sales volumes and higher demand Olkiluoto 1 2. Olkiluoto 2 3. Olkiluoto 3 4. Olkiluoto 4 5. Final repository for low and medium level waste (VLJ) 6. Interim storage for spent nuclear fuel (KPA) 7. Underground research facility for the geologic disposal of spent nuclear fuel (ONKALO) 8. Power lines 9. Emergency power plant (Gas turbine) 7

8 Strong experience and core expertise in Olkiluoto TVO masters whole life cycle of nuclear power plant TVO has long experience in the production of electricity with nuclear power. The two existing plant units at the Olkiluoto nuclear power plant, Olkiluoto 1 (OL1) and Olkiluoto 2 (OL2) cover about one sixth of the demand for electric energy in Finland. Both units have an internationally top-ranking capacity factor and both have operated reliably and safely for more than 30 years. In addition to the two existing plant units, new plant unit OL3 is currently under construction in Olkiluoto. All aspects of nuclear waste management on one island Waste management at a nuclear power plant is based on the principle of isolating radioactive waste from the organic nature until its radioactivity has decreased to a safe level. Radioactive waste generated at a nuclear power plant is divided into low and medium level operating waste and high level spent fuel. Low and medium level waste is disposed in final repository for low and medium level waste (VLJ) located near the plant site. Spent nuclear fuel is stored in the interim storage for spent fuel (KPA). Teollisuuden Voima Oyj and Fortum Power and Heat Oy have established a specific company, Posiva Oy to execute the necessary research and development activities in the field of final disposal of spent fuel, and based on these, to realise the actual final disposal of spent fuel in Olkiluoto. The funds required for the management of nuclear waste generated at the new plant unit are incorporated into the price of electricity produced at the unit as a nuclear waste management fee, as is done with the existing plant units. The collected funds cover all future costs of nuclear waste management related to the final disposal of both spent nuclear fuel and low and medium level operating waste, as well as nuclear waste resulting from the decommissioning of the plant unit. The funds are deposited pursuant to the Nuclear Energy Act in the State Nuclear Waste Management Fund. TVO has up-to-date knowledge of nuclear power construction and new plant alternatives The OL3 Project has brought new nuclear power experts to TVO. The experience gained in the OL3 Project will be utilised in the design, construction and operation of the new plant unit. 8 TVO has recent experience in nuclear power construction.

9 Competent and experienced personnel to realise OL4 More than 800 nuclear power professionals and extensive network of cooperation partners One of the most important success factors of TVO is the competent and motivated personnel and the trust of the stakeholder groups. TVO looks after the work ability and work well-being of the personnel as well as for the continuous improvement of their competence. TVO also wants to be a company that engages in active dialogue with its stakeholder groups. Development of safety culture and good practices has continued for more than three decades The high level of nuclear safety is not based on just technical solutions, but on the commitment, correct attitude, continuous improvement and approved practices of the personnel. Commitment and correct attitude are components of safety culture and as such play a key role in securing the safety of the plant. TVO s research and development efforts internationally acknowledged TVO s research and development efforts support the safe and effective use of the existing plant units OL1 and OL2, as well as plant modifications, the construction stage of the OL3 unit, and in the future also the needs of the OL4 plant unit. TVO focuses its research and development efforts on the subareas of safety, nuclear energy technology as well as environment and nuclear waste research. TVO s expenditure on R&D amounted in 2011 to EUR 45.7 million. TVO has founded TVO Nuclear Services Oy as a subsidiary company, which provides services based on TVO s core experience for demanding external maintenance, commissioning and consultation projects. Continuous improvement of personnel competence Preconditions for the safe operation of a nuclear power plant include both advanced technology and competent personnel. Competence ensures that all activities are carried out using correct practices in all circumstances. On regular basis TVO organises training for the personnel to maintain their professional skills and competence. In 2011, TVO provided a total of days of training to the personnel. On average, every employee of TVO spent 13.1 days in training during the year. 9

10 Olkiluoto 4 Electricity for Finnish society Our society needs energy production that is beneficial to the climate and the environment at present and in the future. New nuclear power will replace capacity about to be decommissioned and will for its part safeguard electricity supply to households, agriculture, services and industrial production during the upcoming decades. As an electricity production form, nuclear power is in line with Finland s objectives related to climate and energy policies. The production of nuclear power does not cause carbon dioxide emissions. The use of nuclear power to produce electricity is competitive in comparison with other production forms. No financial support is needed from the society for the construction of nuclear power. Nuclear power helps reduce dependence on imported electricity. It pays to invest in Finland and in Finnish energy production. The new nuclear power plant unit OL4 creates highvalued employment opportunities in high technology far into the future. Extensive investments in the energy industry contribute to Finland sustaining its vitality and competitiveness in the changing world. 10

11 Nuclear power suits well to Finland The diversification of electricity use in housing and service sectors will increase consumption in the future. The measures implemented to make energy use more efficient will also increase the share of electricity. Nuclear power is well suited to the production of base load energy in Finland. Imported electricity plays a significant role in Finnish electricity supply. In 2011, a good 16 percent of Finnish electricity consumption was covered with imported electricity. New nuclear power reduces significantly Finland s dependence on imported electricity. The strategy objective of Finland is to move over to a lowemission society with greenhouse gas emissions reduced by 80% from the 2007 level by the year A wide variety of measures is needed to restrict emissions. Energy efficiency, renewable energy sources and increased nuclear power capacity are the main factors. The construction of new nuclear power offers an efficient way in terms of impact and costs to reduce carbon dioxide emissions from electricity production. TVO s investments in the future of nuclear power contribute to the accomplishment of the objectives. TVO s share of electricity production consumed in Finland % We need more electricity production capacity Greenhouse gas EMIssions t CO 2 e/gwh Electricity import and export 2011 GWh Norway Sweden Russian Lignite Coal Oil Average Emissions Intensity Natural Gas Solar PV Biomass Range Between Studies Nuclear Power Hydro Electric Wind Estonia Import Export Russian Sweden Estonia Norway Source: World Nuclear Association, gathered from studies fo independent research institutes. Source: Fingrid 11

12 Olkiluoto Fi Eurajoki Tel Fax Helsinki Töölönkatu 4 FI Helsinki Tel Fax Brussels 4 rue de la Presse BE-1000 Brussels Tel Fax Eura Print Oy 08/