financetom
Business
financetom
/
Business
/
Finland's Fortum uses US nuclear fuel to cut Russia dependence
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Finland's Fortum uses US nuclear fuel to cut Russia dependence
Sep 2, 2024 1:10 PM

LOVIISA, Finland, Sept 2 (Reuters) - Finnish utility

Fortum said on Monday it has successfully started

using nuclear fuel from U.S.-based Westinghouse Electric as it

seeks to replace Russian supply.

Fortum's Loviisa power plant in Finland has depended on

nuclear fuel from TVEL, a subsidiary of Russian state-owned

power company Rosatom, but Fortum began looking to replace the

this in 2022 after Moscow's full-scale invasion of Ukraine.

"The loading of the new fuel is a significant milestone that

guarantees a reliable Western alternative for fuel," Fortum said

in a statement, adding that the first Westinghouse fuel had been

loaded during the power plant's annual outage in August.

"The safe and reliable operation of our Loviisa Nuclear

Power Plant is crucial for Finland's security of supply".

Fortum's two nuclear reactors in Loviisa account for around

10% of total power production in Finland, which has expressed

concerns over potential interruptions in fuel deliveries from

Russia after its decision to join NATO last year.

"For the first time in Loviisa's history, we have fully

Western fuel," Fortum's head of nuclear generation Petra

Lundstrom said, adding it included uranium, the fuel assemblies

and also the enrichment process originating from Western

sources, without providing further details.

CEO Markus Rauramo said on Monday Fortum would respect its

existing contracts with TVEL, which run until 2027 and 2030.

Last year, the Euratom Supply Agency (ESA) said imports of

nuclear fuel and services from Russia to the European Union

increased in 2023 compared with 2021.

The surge was linked to several EU countries including

Finland stockpiling nuclear fuel, the agency said.

Five EU states - Bulgaria, the Czech Republic, Finland,

Hungary and Slovakia - operate Russia-designed VVER reactors,

which use Russian fuel.

With the exception of Hungary, Westinghouse is working with

the other four EU states to transition from Russian to Western

nuclear fuel and also supplies fuel to Ukraine.

However, Europe's dependency on Russian supplies continues

in certain parts of the supply chain, Westinghouse president of

nuclear fuel Tarik Choho said.

"When it comes to fuel fabrication, Westinghouse could

supply all that the European Union needs but today Russia is

very dominant in conversion and enrichment," Choho told Reuters.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Verint Systems Gets $4.5 Million Contract to Provide AI-Powered Bots
Verint Systems Gets $4.5 Million Contract to Provide AI-Powered Bots
Aug 2, 2024
11:12 AM EDT, 08/02/2024 (MT Newswires) -- Verint Systems ( VRNT ) said Friday it won a $4.5 million contract to provide bots powered by artificial intelligence to an insurance company. The three-year deal involves the deployment of bots for the insurer's 3,000 contact center agents. Verint ( VRNT ) did not identify the insurance company. Shares of Verint (...
Allego Starts Delisting Process From NYSE
Allego Starts Delisting Process From NYSE
Aug 2, 2024
11:17 AM EDT, 08/02/2024 (MT Newswires) -- Allego ( ALLG ) said Friday it has begun the delisting process of its shares from the New York Stock Exchange following the completion of the tender offer by Madeleine Charging, Allego's ( ALLG ) majority stockholder. Allego ( ALLG ) said it has notified the NYSE of its delisting plan and expects...
Procter & Gamble Unusual Options Activity For August 02
Procter & Gamble Unusual Options Activity For August 02
Aug 2, 2024
Whales with a lot of money to spend have taken a noticeably bearish stance on Procter & Gamble ( PG ). Looking at options history for Procter & Gamble ( PG ) we detected 17 trades. If we consider the specifics of each trade, it is accurate to state that 35% of the investors opened trades with bullish expectations and...
CleanSpark Reports Higher Bitcoin Mined in July From a Month Ago
CleanSpark Reports Higher Bitcoin Mined in July From a Month Ago
Aug 2, 2024
11:17 AM EDT, 08/02/2024 (MT Newswires) -- CleanSpark ( CLSK ) said Friday it mined 494 bitcoins in July, compared with 445 a month earlier. The company said it sold 2.54 bitcoins in July at an average price of about $62,070 per bitcoin. Total bitcoin holdings at the end of July were 7,082, the company said. Shares of the company...
Copyright 2023-2026 - www.financetom.com All Rights Reserved