Finnish energy company Fortum is preparing a major modernization of the Lovisa nuclear power plant this year, according to a press release.
The aim is to ensure safe and reliable electricity production well into the future. The plant holds a license from the Finnish government to operate until 2050. To meet this target, the company will need to invest approximately 1 billion euros through an investment program.
"Several projects within the investment program will commence during the extensive annual outage in 2026. These include modernization of the low-pressure turbines, renewal of turbine automation, as well as replacement of the main seawater pumps and motors," said Sasu Valkamo, senior vice president of the nuclear power plant.
Each investment project will be assessed and decided upon separately. Fortum's goal is to continue operating the facility until 2050.
Lovisa accounts for about 10 percent of Finland's electricity consumption, which is equivalent to all electricity use in the Greater Helsinki area.
Fortum Oyj is one of the leading Nordic electricity producers. Net sales (before intra-group eliminations) break down by activity as follows:
- sale of electricity (75.3%);
- sale of heat (9.1%);
- other (15.6%).
Net sales are distributed geographically as follows: Nordic countries (70.4%), Poland (25.4%), and other (4.2%).
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