Fennovoima Oy
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| Private limited company | |
| Industry | nuclear power |
| Founded | 2007 |
| Headquarters | Helsinki, Finland |
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Key people
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Pekka Ottavainen (Chairman) Juha Nurmi (CEO) |
| Owner | Voimaosakeyhtiö SF (66 %) and RAOS Voima Oy (34 %) |
| Website | www.fennovoima.com |
Fennovoima Ltd (Finnish: Fennovoima Oy) is a Finnish nuclear power company established by a consortium of Finnish power and industrial companies.
The company does not own any nuclear capacities; however, it is preparing to build the 1200 MW Hanhikivi 1 nuclear power plant at Pyhäjoki.
The Chairman of Fennovoima's Board is Juhani Pitkäkoski, Senior Vice President of M&A of Caverion Corporation while the Vice Chairman is Anastasia Zoteeva, Deputy Director General for Business Development of Rusatom Energy International. Other board members are Esa Lager, former CFO of Outokumpu Plc; Juha Mäkitalo, Attorney-at-Law; Stefan Storholm, CEO of Katternö Group; Seppo Siljama, and CEO of Rusatom Energy International Nikita Konstantinov. Deputy Members of the Board are Ilkka Salonen, CEO of Garmoshka Ltd, Djurica Tankosic, President of Global Nuclear of Worley Parsons; Jussi Lehto, CEO of Keravan and Pekka Erkkilä, Executive Vice President and Chief Technology Officer of Outokumpu.
Finnish industry, trade and the energy companies in need of their own electricity production started the company in 2007. Originally Fennovoima was created as a partnership between Voimaosakeyhtiö SF, a cooperative producing electricity for its owners' needs at production cost in proportion to their ownership share (Mankala), with 66% and the German power company E.ON with 34%. After E.ON's withdrawal from Finland, Voimaosakeyhtiö SF briefly owned 100% of Fennovoima shares. According to the agreement with Russian Rosatom, RAOS Voima Oy, a Finnish subsidiary of Rosatom, acquired a 34% stake which previously belonged to E.ON. Although RAOS Voima was prepared to take 49% in the project, Voimaosakeyhtiö SF commits to own more than half of the power plant and aims to increase the share of Finnish companies up to 66%. As of 2014, Voimaosakeyhtiö SF has 44 shareholders.
In 2016 Fennovoima is owned by Finnish Voimaosakeyhtiö SF (66%) and Rosatom's subsidiary RAOS Voima Oy (34%). Voimaosakeyhtiö SF includes industrial and trading companies as well as local energy utilities which are mainly owned by municipalities.
On 21 April 2010, the Government of Finland decided to grant a permit (Decision-in-Principle) to Fennovoima for construction of a nuclear reactor. The decision was approved by the Parliament on 1 July 2010. The estimated construction time is six years until 2024.
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Wikipedia