The company estimates that it will invest about one billion euros in extending the life of the power plant.
Energy company Fortum has decided to apply to the Government for permission to continue operating the Loviisa nuclear power plant until 2050.
“Nuclear power is a key pillar of Fortum’s zero-emission electricity generation, and continuing production in Loviisa is above all an investment in the security of supply of clean domestic electricity. As a stable form of production, nuclear power also enables the growth of energy based on wind power, ”Fortum’s President and CEO Markus Rauramo says in a company release.
The company estimates that its investment in extending its lifespan will be around € 1 billion by 2050. Over the past five years, the company has invested EUR 325 million in the power plant.
The two reactors at the Loviisa nuclear power plant were commissioned in 1977 and 1980. The power plant produces about ten percent of the electricity consumed in Finland.
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