Nuclear power makes up a significant portion of Finland’s energy mix, with GlobalData estimates showing that consumption has increased by an average of 2.6% per year over the past decade, rising to reach 103.3TWh in 2020. The site joins the OL1 and OL2 units, located at the western side of Olkiluoto island, with combined capacity from the three units contributing 30% of Finland’s electricity generation. Once fully operational, the unit will meet 14% of the country’s electricity demand, with a net electrical output of around 1,600MW. The project was initially scheduled to open in 2009, however technical difficulties saw continued delays and a loss of around $2.8bn, with commissioning finally confirmed in 2014.Īccording to the site’s operator, Teollisuuden Voima (TVO), O元 is “Finland’s greatest climate act”, using lessons from French and German plants N4 and Konvoi to ensure maximum safety and reliability. The much-delayed unit commenced critical functions in December last year, with complete integration to the national grid anticipated at the end of this month – though updates on an exact start date have not yet been confirmed. While the majority are planned in Asian countries, nations on almost every continent have such sites in the pipeline, with a total capacity of about 100GW on the horizon for nuclear power projects.įinland’s Olkiluoto 3 nuclear reactor (O元), a European pressurised water reactor, marks the first newly-commissioned nuclear plant that the nation has seen in over 40 years. While there has been recent debate over just how green nuclear power is, several nations have already made it a key part of their future energy landscape, with the World Nuclear Association estimating that there are 55 new nuclear reactors under construction around the world. Yet the IEA has also said that current levels are not on track to help reach global decarbonisation targets, and that a doubling in annual capacity will be needed if this goal is to be achieved. Nuclear power is increasing the world over, with International Energy Agency (IEA) figures showing global energy generation from nuclear sites grew 3.5% in 2021 compared with 2020 levels, recovering from a drop of almost 4% seen as a result of the pandemic. The Olkiluoto 3 project remains over-budget and behind schedule.
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