Nuclear power as a form of electricity generation

Nuclear power in Finland

Nuclear power plays a significant role in Finland’s efforts to meet its emissions targets. Without nuclear power, phasing out fossil fuels on time would be difficult, or even impossible.

As renewable and weather-dependent energy production forms become more common, nuclear power is also needed in the mix of emission-free energy to provide reliable and steady energy production. This ensures the operational reliability of the energy system in the future, when fossil fuels are no longer used.

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What is nuclear power?

• Nuclear power is based on the fission of uranium atoms.
• Fission occurs when a neutron collides with the nucleus of a uranium atom in a nuclear reactor. The splitting of the uranium atom releases new neutrons, which continue to split other uranium atoms in a controlled chain reaction.
• Each time a uranium atom divides, an immense amount of energy is released.
• This released energy is used to heat and vaporize water. A nuclear power plant is essentially a giant kettle.
• The steam drives a turbine, which in turn drives a generator that produces electricity.

Nuclear power in Finland

Nuclear power plays a significant role in Finland’s electricity production and energy self-sufficiency. In 2023, nuclear power accounted for 35% of the country’s total electricity production.

Finland operates five nuclear reactors, two at the Loviisa power plant and three at the Olkiluoto power plant in Eurajoki. The newest reactor, Olkiluoto 3, began commercial electricity production in the spring of 2023.

In the future, the three reactors at Olkiluoto are expected to produce about one-third of Finland’s electricity.

Vaasan Sähkö and nuclear power

Our goal is to have carbon-neutral energy production by the end of this decade. That’s why investments in emission-free electricity production are important to us.

We produce energy not only through wind and hydro power but also through biomass and nuclear power. We own production shares in all three reactors at the Olkiluoto power plant. The nuclear electricity we sell is always certified with a guarantee of origin.

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Nuclear power and electricity prices

The market price of electricity is based on forecasts of how much supply and demand for electricity there will be during each hour of the next day.

If the forecast predicts limited supply and high demand, electricity prices can rise significantly on the electricity exchange.

Nuclear power helps keep price spikes in check, as it ensures a certain amount of electricity is always available, whereas the availability of wind and solar power fluctuates with the weather.

Electricity price spikes affect not only those with a spot electricity contract. Over time, the general price level impacts all electricity contracts.

Nuclear electricity at a competitive price

Nuclear power safety

Nuclear power safety is strictly regulated worldwide. In Finland, the Radiation and Nuclear Safety Authority (STUK) oversees the industry.

Historical nuclear accidents have been thoroughly investigated, and the safety of power plants has been improved based on research findings. Additionally, the operation of nuclear power plants is continuously monitored, and even small deviations are closely examined.

Main image: TVO