Finland Cancels Its Last Reactor
I read about reactors everyday. It is a trillion dollar industry worldwide, with over 30 countries with operating reactors. The stories are often contradictory and there is incredible national and international politics at play. (For example, Russian incursions into the Ukraine have damaged its nuclear export business because it depends on component vendors from countries which now have trade embargoes up against it).
One of the most important nuclear countries in the world is tiny Finland. In 2003, Finland became the first country in Europe in 15 years to order a new reactor. They ordered a French reactor, the first European Pressurized Reactor (or EPR) from Areva. This was supposed to be a model for new nuclear construction worldwide and because they were taking a chance with an untried technology, they negotiated a fixed price for the reactor and pre-sold the electricity based on this fix price.
It was supposed to cost 3 billion Euros. It was supposed to be completed in 2009. Originally, nuclear giant Siemens joined Areva in the contract to build this reactor, but the project went so badly in 2009 they dropped out. Now it is at least 9 years late in completion and it will be over 8.5 billion Euros, almost 300% over budget. Even with this project getting further delayed, ambitious nuclear Finland decided in 2010 to start the process for the construction of a 6th and 7th reactors. The Finnish government had given the nuclear utility TVP until end of June to finalize its building permit request.
This week TVO, the Finnish nuclear utility with the option to build these new reactors, scrapped their plans. This little reported story is actually very bad news for the global nuclear industry. Finland is a rich, technologically advanced country and it leaving the fold of countries which might build new reactors is another nail in the coffin of this dangerous industry.
The official reason for scrapping these proposed new reactors is that they have no confidence in the completion of the EPR which is under construction. Let’s hope the Brits who are thinking about building two of this design reactors are paying attention.
And if the facts don’t hit hard enough, perhaps this powerful subtitled Japanese video will.