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Rosatom to start nuclear construction in Finland in two years' time

January 09, 2014, 19:56 UTC+3 9
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NOVO-OGARYOVO, January 9 (Itar-Tass) - When it signed the contract for the construction of a nuclear power plant in Finland, the Rosatom state corporation entered into certain competition with the Russian gas export monopoly Gazprom, but the nuclear project was of extreme importance for the Russian economy, the head of Rosatom, Sergey Kirienko said at a meeting with Russian President Vladimir Putin Thursday.

“We get a contract for a power plant that costs a considerable amount, then we have the contract for the entire equipment to be produced in Russia, and the contract for fuel supplies, and this is a new generation plant with a guaranteed 60-year life cycle,” Kirienko said adding that in reality it would last at least 80 years. This, he said, multiplied the plant’s worth threefold.

Construction works are scheduled to begin in about two years from now, Kirienko said adding the contract offered “enormous export opportunities”. Given the possibility of acquiring a stake in the capital of the Finnish nuclear company Fennovoima that ordered the Hanhikivi-1 plant, Rosatom hoped for substantial earnings, that is not only dividends the stake would yield, but also the right to consume electricity at its generation cost. In addition, the plant would be producing cheaper electricity than that currently available on the Finnish market, Kirienko added.

The construction project signed between Rusatom Overseas and Fennovoima at the very end of December will be commercial.

According to Kirienko, the first feasibility study is to be ready in 2014.

“They take their time. They need two years to agree the project and carry out the necessary licensing procedures in accordance with the EU regulations,” Kirienko said.

Besides, Fennovoima and Rosatom’s TVEL fuel company signed a fuel accord for the future nuclear power plant. The contract for Rusatom Overseas’ acquisition of a 34 percent share in Fennovoima’s capital has not been yet signed.

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