Fennovoima Says Priority For 2017 Is To Deliver Hanhikivi Planning Documentation

5 Apr (NucNet): The company building the Hanhikivi-1 nuclear power reactor in northern Finland says its main priority in 2017 is to deliver the planning documentation to the regulator the Radiation and Nuclear Safety Authority (Stuk) so a construction licence can be issued in 2018. Fennovoima said in its annual corporate responsibility report released on 5 April 2017 that construction is planned to begin in 2018 and commercial operation in 2024. In January 2017 Fennovoima said the Hanhikivi project was on schedule with a supplier of the instrumentation and control (I&C) systems to be chosen this year. Hanhikivi-1 will be a 1,200-MW VVER pressurised water reactor of the Russian AES-2006 type. The Hanhikivi site, south of the town of Oulu, is big enough for a second reactor, although Fennovoima has not made any decision on whether there will be another unit. Hanhikivi-1 is being built using the ‘Mankala’ principle, a business model used in the Finnish electricity sector. Shareholders are responsible for the fixed costs of the power company, including servicing of debt. In return, shareholders have the right to buy the electricity produced, at cost, in accordance with their respective share in the company. Industrial shareholders use the electricity for themselves and electric companies sell it to customers. Fennovoima recorded losses of €7.4m ($7.9m) in 2016, but had no turnover because the Hanhikivi project is in the development phase and the company does not yet own any revenue-generating assets.