Fortum’s Loviisa Plant Extends License Until 2050, Paving the Way for 170 TWh of CO2-Free Power

Fortum’s Loviisa Plant Extends License Until 2050, Paving the Way for 170 TWh of CO2-Free Power

(IN BRIEF) In 2023, Fortum’s Loviisa nuclear power plant in Finland achieved exceptional results, generating 8.09 terawatt-hours of carbon-free electricity. Loviisa 1 and Loviisa 2, the plant’s units, demonstrated high operational efficiency with load factors exceeding 89%. Fortum also collaborated with Westinghouse Electric Company on a new fuel type and received a license extension until 2050. The plant’s commitment to modernization and sustainability continues to contribute significantly to the region’s clean energy production and employment opportunities.

(PRESS RELEASE) ESPOO, 4-Jan-2024 — /EuropaWire/ — Fortum (HEL: FORTUM), a top Nordic clean energy company, announces that its Loviisa nuclear power plant proudly announces a remarkable achievement in its 2023 performance. The power plant excelled in generating a total of 8.09 terawatt-hours of environmentally-friendly electricity, marking a significant contribution to Finland’s sustainable energy landscape.

Loviisa 1 and Loviisa 2, the plant’s two units, demonstrated exceptional operational efficiency. Loviisa 1 generated 3.99 TWh of power with an impressive load factor of 89.79%, while Loviisa 2 generated 4.10 TWh of power with a remarkable load factor of 92.32%. The combined load factor of the plant units reached an impressive 91.06%.

Sasu Valkamo, Vice President of Loviisa Nuclear Power Plant, commented on the milestone, stating, “Last year Loviisa produced about 10% of Finland’s electricity demand. This is equivalent to the electricity consumption of the entire Helsinki metropolitan area.”

In 2023, both units at the Loviisa power plant underwent short refueling outages. Unit 1’s annual outage lasted 22 days, while Unit 2’s outage was completed in just 18 days, demonstrating the plant’s commitment to operational efficiency.

Exciting Developments in Fuel Innovation

Fortum’s collaboration with Westinghouse Electric Company for the design and supply of a new fuel type for the Loviisa power plant, initiated in November 2022, is progressing admirably. During the annual outages, a test element manufactured by Westinghouse was loaded into one of the reactors, offering valuable insights into mechanical operating experiences with the new fuel type. Results from the test will be obtained in practice when the reactor is opened next autumn during the refueling outage.

“The cooperation is progressing well. During the annual outages, a test element manufactured by Westinghouse was loaded into one of the reactors; the test element doesn’t contain the actual nuclear uranium pellets. We are pursuing mechanical operating experiences with the new fuel type. Results from the test will be obtained in practice when the reactor is opened next autumn during the refuelling outage,” says Valkamo.

In addition to Westinghouse, Fortum is actively exploring the capabilities of another Western fuel supplier to develop a compatible fuel type for the Loviisa nuclear power plant, aiming to secure the fuel supply and maintain a competitive edge in the fuel markets.

New License Extends Operations Until 2050

In February 2023, the Finnish Government granted a new operating license for the Loviisa nuclear power plant, extending its operations until the end of 2050. On December 21, 2023, Fortum submitted a statement on the procurement arrangements of fresh nuclear fuel to the Ministry of Economic Affairs and Employment, in accordance with the new operating license. Over the new license period, the plant is expected to generate up to 170 terawatt-hours of CO2-free electricity.

“We have started a major development and investment programme to ensure the reliable, safe and profitable operation of the power plant until 2050. Through several modernisation projects, components and ageing equipment will be replaced with new ones,” says Valkamo.

To ensure the reliable, safe, and profitable operation of the power plant until 2050, Fortum has initiated a substantial development and investment program. Modernization projects will replace components and aging equipment with state-of-the-art technology, solidifying the plant’s position as a cornerstone of clean energy production.

Loviisa Nuclear Power Plant – A Vital Regional Contributor

The Loviisa nuclear power plant serves as a vital contributor to the region, providing employment for approximately 550 Fortum employees and nearly 100 employees from other companies working within the power plant area daily. Furthermore, approximately 650 external workers actively participated in annual outages and investment projects, with an additional 70 summer trainees joining the team. Fortum’s investments in the Loviisa power plant totaled approximately EUR 20 million in 2023, supporting the growth of the region’s sustainable energy infrastructure.

Fortum’s Loviisa nuclear power plant remains committed to its mission of delivering safe, reliable, and environmentally-friendly electricity to Finland while embracing innovation and sustainability in its pursuit of a cleaner energy future.

Media enquiries: 

Fortum News Desk: +358 40 198 2843, newsdesk@fortum.com

Loviisa Nuclear Power Plant

In 2023, the load factor at Fortum’s fully-owned Loviisa nuclear power plant was 91.06%. The continuous development and modernisation of the power plant enable load factors that are among the best for pressurised water reactors on an international scale. In 2023, the power plant produced a total of 8.09 terawatt hours (net) of electricity, which is more than 10% of Finland’s electricity production. Fortum employs about 700 nuclear sector professionals, 550 of them work at the Loviisa power plant. Additionally, nearly 100 permanent employees of other companies work in the power plant area every day. More information: www.fortum.com/loviisa

Fortum

Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum’s share is listed on Nasdaq Helsinki. fortum.com

SOURCE: Fortum Corporation