Report of the
Board of Directors,
Sustainability Statement
and Financial
Statements
Contents
TVO’s Annual Report 2024
TVO’s Annual Report includes the Report of the Board of
Directors, the Sustainability Statement and the Financial
Statements as well as the Corporate Governance Statement.
The reports are published on TVO’s web site:
.
Corporate Governance Statement
The Corporate Governance Statement
describes the management systems and
the tasks of the governing bodies.
Report of the Board of Directors,
Sustainability Statement and Financial
Statements
The Report of the Board of Directors and
the Financial Statements report on the
Report of the Board of Directors includes
the Sustainability Statement.
Corporate
Governance
Statement
Report of the
Board of Directors,
Sustainability Statement
and Financial
Statements
18 Sustainability Statement
General ............................................................................... 19
Environmental (E) ............................................................ 48
Social (S) ............................................................................ 91
Governance (G) .............................................................. 121
125 Financial statements
...........................................126
..................................
127
..............................
128
.....................169
...........................................
183
..............................................................
184
..189
..............................................191
....................................192
................................3
...........................................................4
................................................................................. 5
6 Report of the Board of Directors
..........................................................7
....................................................7
.............................................................8
......................................................8
......................................................
9
........................................................................9
.................................................
9
......................................................
9
..................................................9
..
10
.............................. 12
..................................................... 12
................................................................ 14
......................................................................... 14
....................................................................... 14
........................................ 14
.......................................... 15
......................................................................... 15
.................................................................................. 15
................................................... 16
Environment ...................................................................... 17
................................... 17
............. 17
................................................. 17
.............. 17
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
2
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Review by the President and CEO
electricity
Matters concerning energy continue to take centre
stage in decision-making and discussions concerning
society, both in Finland and at the European level.
They play a key role in reaching climate goals and
improving competitiveness. Sustainable and clean
energy production lays the foundation for the indus
-
trial green transition and new investments.
In Finland, electricity consumption has remained
at the same level, but clean production has grown.
Plenty of new weather-dependent production
capacity has been added. In the autumn of 2024,
wind power reached a momentary peak output of
nearly 7,000 MW. Nuclear power production also
increased substantially as the Olkiluoto 3 (OL3) plant
unit’s regular production started in the spring of 2023.
Production from OL3 has been an extremely impor
-
tant and welcome addition to weather-dependent
production. This has had an impact on the cost of
electricity – in 2024, Finland’s electricity exchange
had the third lowest prices in Europe, after Sweden
of supply in terms of electricity production have also
improved. In a restless geopolitical situation, it is good
It is important for Finland’s political decisions to
support opportunities for investing in a clean future.
Hopefully, we will soon see plans turn into actions
and are able to attract new investments. Data
centres, hydrogen production facilities or green
steel mills, for example, increase demand for clean
electricity. A growth in electricity consumption is a
good indicator of Finland’s economic standing and
its ability to attract investments. We do our part to
support this future by producing clean electricity at
Olkiluoto, regardless of the weather.
The rise in weather-dependent production has
changed the electricity market. As producers of reliable
nuclear power, this has meant that instead of operating
at full power every hour of the day, we need to produce
electricity according to demand. This poses challenges
in terms of the competitiveness of nuclear power, and it
constructed without public support is also ensured at
the national level by not imposing unnecessary addi
-
tional costs on existing nuclear power. Nuclear power
creates stability for the grid and the consumers. Our
task is to ensure that, whenever electricity is needed,
the turbine will rotate and the generator will generate
power to keep Finland running. During 2024, Olki
-
luoto generated substantial amounts of electricity for
Finnish consumption throughout the year.
form of production that stabilises the system. The
majority of Finns continue to stand exceptionally
united behind nuclear power. Finnish Energy’s “Energy
Attitudes” survey is carried out twice per year and, in
December 2024, the overall support for nuclear power
was 78 per cent, with 51 per cent of Finns wanting to
increase the amount of nuclear power and 27 per cent
considering that the current amount is appropriate.
-
sance for nuclear power can also be clearly seen else-
where. A record number of new nuclear power plant
projects is currently underway in Europe. In Sweden,
the government is also advancing its nuclear power
programme which has a concrete goal of adding a total
of up to 10,000 megawatts of new nuclear power for
electricity generation by 2045. Alongside the renewable
forms of energy generation, there is demand for clean
and reliable base load power that can stabilise prices.
In addition to zero-carbon electricity production
and responsible ways of working, the sustainability
of nuclear power relies on appropriate spent fuel
management. In Finland, the power companies have
spent nuclear fuel. At Olkiluoto, the disposal facility
constructed by Posiva Oy (Posiva), a company jointly
owned by TVO and Fortum Power and Heat Oy, is
already in its test operation phase and we are well
In the nuclear power industry, sustainability is at the core
of all operations. Nuclear power has been included in the
-
tricity production at Olkiluoto has been demonstrated
to be in alignment with the EU Taxonomy. In May
2024, we were able to issue our second green bond.
Safe, predictable, competitive and climate-friendly
electricity production are the things we here at
Olkiluoto are leveraging to aim towards our vision of
producer of electricity. Our role is important for all of
society, which has made our work fairly visible, and
interest in our unique expertise has been high on a
global scale. We are pioneers in our industry in many
respects. We grew our expertise while commissioning
the new OL3 plant unit, and we are also starting
world. We are creating a future for the industry that
also develops sustainability across the entire society.
Thankfully, we have Olkiluoto.
JARMO TANHUA
President and CEO, TVO
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
3
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Highlights for 2024
The EIA report concerning the
service life extension and power
uprating of the OL1 and OL2
plant units was submitted to the
Ministry of Economic Affairs and
Employment.
TVO committed itself to
the Science Based Targets
initiative (SBTi) for its
climate goals.
Areva and Siemens agreed
to recapitalise the fund for
warranty period work at the
OL3 plant unit with more than
EUR 80 million.
Approximately 28 per cent
of all electricity consumed
in Finland was produced at
Olkiluoto in 2024.
5 Dec 12 Dec 13 Dec 2024
Fish monitoring analysis was
completed for the cooling
water used at Olkiluoto.
Annual outages for the
OL1 and OL2 plant units
were completed.
Test operation for the
disposal facility for spent
nuclear fuel started
at Olkiluoto.
OL3 joined the
reserve market.
Green Bond report
was published.
23 May 19 Jun 30 Aug 1 Sep 5 Sep
Electricity production
at OL2 was interrupted for
approximately four weeks
due to a generator defect.
9 Sep
The EIA programme
for service life extension
and power uprating of
the Olkiluoto 1 (OL1) and
Olkiluoto 2 (OL2) plant
units was completed.
TVO committed
itself to the UN Global
Compact initiative for
corporate social
responsibility.
The Energy Authority issued a decision
on the responsibility for arranging grid
load limitation for Olkiluoto 3 (OL3).
According to the decision, grid load
limitation belongs under the responsibility
of the transmission system operator
Fingrid Oyj (Fingrid).
Calculations demonstrated
that electricity produced at
Olkiluoto has a small life
cycle carbon footprint.
of
OL3 was completed.
TVO issued a green bond of
EUR 600 million.
5 Jan 7 Feb8 Jan 26 Feb 16 May 22 May
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
4
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Strategy
As a low-emission form of electricity production,
climate targets such as the Paris Agreement.
producer of electricity.
MISSION - what is our purpose VALUES - how we actVISION - what we want to become
TVO Group’s strategy aims at predictable and compet-
itive electricity production with a strong safety brand.
Electricity is produced in a climate-friendly manner
and sustainability is at the core of all operations.
The goal is for TVO’s average generation cost to
remain competitive and the availability of the plant
units to maintain a high level. A strong safety culture
is a prerequisite for all operations. Safety is a top
priority and it is systematically developed further at
all stages of the nuclear power life cycle. At Olkiluoto,
electricity is produced by nuclear professionals
whose competence and ability to work is kept on
a high level throughout their careers. Everyone
works as part of an energetic community by utilising
modern ways of working.
We generate
climate-friendly
nuclear power for our
shareholders safely
and competitively,
thereby creating
well-being for
Finland.
Finland’s
producer
of electricity.
• Responsibly
• Proactively
•
Transparently
• Continuously
improving
TVO manages the entire life cycle of nuclear power.
Posiva, a company jointly owned by TVO and Fortum
commence at Olkiluoto in the mid-2020s.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
5
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
In this chapter:
Report of the
Board of Directors
..........................................................7
....................................................7
.............................................................8
......................................................8
......................................................
9
........................................................................9
.................................................
9
......................................................
9
..................................................9
..
10
.............................. 12
..................................................... 12
................................................................ 14
......................................................................... 14
....................................................................... 14
........................................ 14
.......................................... 15
......................................................................... 15
.................................................................................. 15
................................................... 16
Environment ...................................................................... 17
................................... 17
............. 17
................................................. 17
.............. 17
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
6
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Main events in 2024
The role of low-carbon energy, such as renewable
energy and nuclear power, is crucial in the mitigation
of climate change. In 2024, the share of nuclear
power was about 39 per cent of all the electricity
produced in Finland. Teollisuuden Voima Oyj’s (TVO)
Olkiluoto nuclear power plant produced approximately
28 per cent of the electricity produced in Finland in
-
the country’s carbon neutrality targets. According to a
study published by Etla Economic Research in 2024,
Finland’s greenhouse gas emissions were already
tangibly reduced in 2023. According to Etla, emissions
from energy production were reduced by the commis
-
sioning of the OL3 plant unit, among other factors.
Over the course of the company’s history, which
spans more than 50 years, Olkiluoto has generated
over 600 terawatt hours (billion kilowatt hours) of
climate-friendly electricity.
The plant units operated safely. The net production
for Olkiluoto 1 (OL1) was 6,954 (7,428) GWh, the
capacity factor was 89.1 (95.4) per cent and the
availability factor was 89.2 per cent. The net produc
-
tion for Olkiluoto 2 (OL2) was 6,616 (6,871) GWh,
the capacity factor was 84.8 (88.3) per cent and the
availability factor was 84.9 per cent. The total load
factor for OL1 and OL2 was 87.0 (91.9) per cent and
their total availability factor was 87.1 per cent. The
net production for OL3 was 9,690 (10,372) GWh,
the capacity factor was 70.4 (75.2) per cent and the
availability factor was 76.1 per cent.
2024 and ended on 16 May 2024. The refuelling
outage for OL2 started on 28 April 2024 and ended
on 9 May 2024. The annual outage for OL1 started
on 12 May 2024 and ended on 19 June 2024.
Electricity production at OL3 was interrupted on
3 June 2024 due to a turbine trip. The plant unit
returned to electricity production on 4 June 2024.
Electricity production at OL2 was suspended on
9 September 2024 due to an increase in humidity
observed at the turbine plant’s generator. The plant unit
reconnected to the grid on 6 October 2024 following the
replacement of the failed rotor. Electricity is produced
at OL2 at a reduced power level of 735 MW, while
the plant unit’s full power output is 890 MW. Power
has been limited in order to reduce the risk of rotor
failure while the cause of the failure remains unclear.
The power limitations are expected to last for several
months, possibly until the next annual outage in 2025.
The scheduling of annual outages at the Olkiluoto
schedule estimates had been based on the duration
of the planned work phases. The scheduling princi
-
by unanticipated defect repairs based on earlier
experience. The outage schedules up until 2027 for
the Olkiluoto power plant units have been announced.
Since 1 September 2024, OL3 has been part of
the down-regulation market of Fingrid’s frequency
restoration reserve. This market is used for balancing
the electrical grid in situations of temporary excess
electricity generation. The Olkiluoto nuclear power
plant units have previously not been included in the
regulation market. Tenders for participating in the
down-regulation market are made by TVO on the
owners’ behalf.
In September 2024, TVO submitted to the Radiation
and Nuclear Safety Authority (STUK) a special report
concerning the brief exposure of four people to high
radiation dose rates during a repair on hoist equip
-
ment at OL3 in June 2024. The exposure occurred
during the lifting of a test fuel element. The exposure
resulted in no personal injuries.
The previous maximum production limitation of 1,570
MW set by the grid operator Fingrid Oyj (Fingrid) on
OL3’s production was increased to 1,590 MW. OL3’s
power was also limited in situations where adequate
grid load limitation capacity was not available from
Fingrid. Furthermore, output at all three Olkiluoto
plant units was reduced in situations where elec
-
tricity generation was high in the Nordic countries.
An environmental impact assessment report (EIA
report) concerning the possible service life extension
and power uprating of OL1 and OL2 was submitted
to the Ministry of Economic Affairs and Employment
(MEAE) in December 2024.
fuel (joint functional test) started at Olkiluoto on
30 August 2024. The joint functional test involved
During the test operation stage, the equipment and
systems of the disposal facility will be operated
planned processes. The test operation ensures safe
The processing of Posiva’s operating licence applica
-
tion at STUK progressed. STUK’s safety assessment
and statement concerning the operating licence
application of the disposal facility for spent nuclear
fuel are expected to be completed during 2025,
when all the documentation required for the safety
assessment has been updated and completed.
Olkiluoto in the mid-2020s.
At the end of the year, the total number of personnel
in the Group was 1,082 (1,045). A total of 59 (64)
new staff members were recruited at the TVO Group
during 2024.
Operating environment
In the elections for the European Parliament in June
2024, groups on the political right gained popularity,
while centrist liberals and greens lost seats. The
groups that gained support mostly have a positive
opinion on nuclear power.
The new European Commission started on 1
December 2024. Ursula von der Leyen (EPP,
Germany) continues as the president of the
Commission – her political guidelines emphasise
strengthening Europe’s industrial competitiveness
and reaching an emissions reduction target of 90 per
cent by 2040. The Commission intends to increase
investments in clean energy infrastructure and tech
-
nologies, which include low-carbon technologies, for
example. The Commission intends to publish its clean
industrial deal in the spring of 2025 – this will also
affect the operating environment for nuclear power.
In February 2024, the Commission established a
small modular reactors (SMR) industry alliance to
promote the commissioning of such projects. The
alliance aims to strengthen supply chains, secure the
availability of competent labour and promote fuel
development, among other things.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
7
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Three reports that are important for the future within
the EU were published in 2024: Enrico Letta’s report
on the single market, which came out in the early
summer, Mario Draghi’s report on the future of Euro
-
pean competitiveness and Sauli Niinistö’s report on
strengthening the EU’s civil and military preparedness
and readiness. Mario Draghi brought up high energy
costs as one of the EU’s key problems. According
sources should be considered during future invest
-
ments to reinforce competitiveness within the EU.
In addition to attitudes towards nuclear power
turning more positive within EU institutions, several
member states have advanced new nuclear power
investments with a stronger focus than before. For
example, the new nuclear power plant project in the
Czech Republic took major steps during 2024. During
the year, the support mechanism for the project
received approval from the European Commission’s
Directorate-General for Competition. Similar support
mechanisms consisting of government loans and
contracts for difference are also under consideration
in other European countries, such as Sweden.
The Finnish Government is continuing its actions for
reforming the Nuclear Energy Act. Finland aims to
promote technology-neutral energy and climate poli
-
tics within the EU in order to improve the standing
hydrogen and the taxonomy, for example.
Finland’s National Energy and Climate Plan empha
-
Finland’s energy system. The plan considers the impact
of OL3 and TVO’s analyses on the service life exten
-
cance of nuclear power remains high within the plan,
and the target share of renewable energy is a minimum
The National Energy and Climate Plan is part of the
EU’s energy union governance model – Finland is also
preparing a separate, national climate and energy
strategy that is expected to be completed during 2025.
Based on surveys completed by Finnish Energy
during the course of the year, 61 per cent of Finns
support nuclear power while 9 per cent oppose it.
Even though support is down slightly from the record
highs, it remains at a high level in the longer term.
TVO as a company
TVO is a non-listed public limited liability company
owned by Finnish industrial and energy companies.
According to TVO’s Articles of Association, its line
of business is the construction and procurement of
power plants and power transmission equipment
as well as the production, supply and transmission
of electricity primarily to its shareholders under the
TVO operates on a cost-price principle (Mankala prin
-
ciple). The shareholders are charged incurred costs
in the price of electricity and thus, in principle, the
circumstances dictate otherwise.
According to the Articles of Association, the share
-
holders pay variable costs based on the volumes of
ownership, regardless of whether they have used their
share of the output or not. Because of this operating
-
mance will not be presented (see: Cost-price principle
like TVO, operate according to the Mankala principle.
The electricity generated by TVO serves the needs
of Finnish industrial and energy companies, some of
which were owned by a total of 131 Finnish munic
-
ipalities in 2024. TVO generates approximately one
third of the electricity consumed in Finland.
All of TVO’s operations are based on a strong safety
culture and ensuring the safety of production. TVO’s
activity-based management system covers the
production operations at the Olkiluoto nuclear power
plant, maintenance and development of production
capacity, construction of additional production
capacity, and the related steering and resourcing
functions. The system meets the requirements of
international quality management, environmental and
by DNV Business Assurance Finland Oy Ab.
The general part of the activity-based management
system also acts as the licensee’s quality manage
-
ment system, which has been approved by STUK.
The implementation, functionality, and effectiveness
of the activity-based management system is regu
-
larly tracked through internal audits and manage-
ment reviews.
TVO’s corporate governance system is described in
a separate report. TVO’s principles for sustainable
business are described in TVO Group’s Code of
Conduct (see: Sustainability Statement).
The objectives of TVO’s strategy include a strong
production assets, competitive and predictable price
of electricity, and the responsible maximisation of
shareholder value. The strategy aims at ensuring
the long-term operation of the plant units, achieving
availability according to the set goals, and achieving
a competitive average generation cost for electricity
produced by TVO. A strong safety culture is a
prerequisite for all operations. Safety is a priority and
it is systematically developed further at all stages of
the nuclear power life cycle.
Financial performance
The Group’s turnover in 2024 was EUR 897 (876)
million.
The amount of electricity delivered to shareholders
was 23,222 (24,634) GWh. The lower delivery
volume compared to the previous year is due to
longer annual outages in 2024 and reduced elec
-
tricity production capacity at OL2.
and interim reports for 2024. The restatement was
due to the correction of hedge accounting of fair
values related to certain interest rate swaps.
TVO Group has hedged the interest risk related to
shareholder loans by means of interest rate swaps
and has, so far, applied hedge accounting of cash
comprehensive income as well as in equity. The
application of hedge accounting to hedging subor
-
dinated shareholder loans does not meet the criteria
-
impact on the income statement. However, interest
payments on subordinated shareholder loans have
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
8
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
no effect on the Group’s income statement and
thus, the interest rate hedges related to subordi
-
nated shareholder loans do not meet the criteria for
practice is to recognise changes in the fair value of
interest rate swaps related to subordinated share
-
and expenses in the income statement and on
comprehensive income as well as the fair value and
other reserves and retained earnings in the balance
sheet. The restatement has been made by adjusting
change. The restatement has no effect on the total
and 2024 will be adjusted for the fair value and other
reserves and the retained earnings. The impacts of
the restatement are shown in Note 29.
by the costs charged from shareholders, which were
higher than the incurred costs in order to strengthen
Financing and liquidity
TVO’s liabilities (non-current and current) at the end
of the year, excluding the loan from the Finnish State
Nuclear Waste Management Fund re-lent to share
-
holders, amounted to EUR 5,086 (5,539) million,
of which EUR 629 (929) million were subordinated
shareholder loans. TVO raised a total of EUR 690
(1,174) million in new non-current liabilities during
2024.
Repayments of non-current liabilities amounted to
EUR 835 (1,352) million during the year.
TVO has a revolving credit facility of EUR 1,000
million, which was extended by one year until 2027
in June 2024. From 2026 until 2027, the amount of
the revolving credit facility will be approximately EUR
890 million.
TVO’s credit rating at the current levels (Fitch BBB-,
Moody’s Baa3, Standard & Poor’s BBB-) and kept
TVO’s future outlook stable. TVO also has a long-
standing A+ credit rating from Japan Credit Rating
Agency (JCR), with a stable outlook.
In May, TVO issued a seven-year green bond of
EUR 600 million within the framework of TVO’s
bond programme (EMTN). The funds obtained from
the issued bond will be used for purposes pursuant
to the Green Bond Framework published in June
issue, TVO made an invitation to the holders of its
outstanding EUR 500 million bond, due in February
2025, to tender their Notes for purchase by TVO
for cash. The amount of the tenders was EUR 260
million which TVO approved in full.
Placement Note to the amount of EUR 90 million.
A bilateral bank loan of EUR 200 million was also
signed in December. The loan period is three years,
which includes two one-year extension options.
September 2024. The report explained what the
funds from the EUR 280 million in directed Green
Notes (US Private Placement) issued in December
2023 were used towards and what the estimated
environmental impacts of these objects are.
In an extraordinary General Meeting held on 19
November 2024, TVO’s General Meeting decided
to propose the conversion of EUR 300 million in
shareholder loans, provided by TVO’s shareholders,
into the reserve for invested unrestricted equity.
These measures were aimed at strengthening TVO’s
was completed by the end of 2024.
TVO uses its right to borrow funds back from the
Finnish State Nuclear Waste Management Fund
within the provisions of the Nuclear Energy Act. On
31 December 2024, the amount of the loan was
EUR 728 (728) million and it has been re-lent to the
Company’s shareholders. The loan from the Finnish
State Nuclear Waste Management Fund remained
unchanged during the reporting period.
Share capital
TVO’s share capital on 31 December 2024 was EUR
600 (600) million.
The Company has 1,360,000,000 (1,360,000,000)
shares, of which 680,000,000 belong to the A series
and 680,000,000 to the B series. The A series shares
entitle to electricity generated at OL1 and OL2, and
the B series shares to electricity generated at OL3.
Administrative principles
Because TVO is a non-listed public company
applying the cost-price principle, it observes the
Corporate Governance Code for listed companies
where applicable. TVO is not obligated to observe
the Corporate Governance Code nor, therefore, its
Comply or Explain principle. According to Chapter 7,
the issuer of a security subject to public trading
must provide a corporate governance statement in
its annual report or in a separate report. TVO has
provided a separate Corporate Governance State
-
ment, which is published on the Company’s website
() at the same time
as this Report of the Board of Directors.
Administrative bodies
TVO’s administrative bodies and their opera-
tions in 2024 have been described in a separate
Corporate Governance Statement which can
found on the Company’s web site at
.
Regulatory environment
The basic principle of nuclear energy legislation is
that the use of nuclear energy must be in line with
the overall good of society. The key regulations
governing the use of nuclear energy, the monitoring
of its use and nuclear safety are included in the
Nuclear Energy Act and the Nuclear Energy Decree,
as well as in subordinate regulations issued based
on them, such as the Regulatory Guides on nuclear
safety (YVL Guides) and regulations by STUK. In
addition to these, regulations applied to the use of
nuclear energy are included, e.g. in the Radiation Act.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
9
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
The work started by the MEAE, aiming at a compre-
hensive reform of the Nuclear Energy Act, continued
during 2024. The objective is that the production of
nuclear energy will continue to be in line with the
its consultation phase in the spring of 2025, followed
by a government proposal to the Parliament in early
2026, after which the new Nuclear Energy Act would
enter into force in 2028. TVO has participated in the
preparatory work of various working groups.
STUK’s preparations for the reform of nuclear safety
regulations and guidelines, initiated in 2021, have
continued during 2024. The aim is to lay down the
foundation and direction for the reform of regulations
and guidelines, including the new YVL Guides. TVO
has participated in the preparatory work of STUK’s
working groups.
The Nuclear Liability Act concerns the liability the
operator of a nuclear facility has in the event of
nuclear damage. According to the Act, the liability
of a facility’s operator for nuclear damage occurring
outside of Finland is EUR 1,200 million for nuclear
facilities used in energy production.
For nuclear damage in Finland, the operator’s liability
is unlimited. For nuclear facilities used for purposes
other than energy production and for the transport of
nuclear materials, the liability is EUR 80–250 million.
The use of nuclear energy is subject to a licence.
Applications for a decision-in-principle, construction
licence and operating licence, as well as a licence for
the decommissioning of a nuclear facility, are made
to the Finnish Government. STUK is responsible for
monitoring the safety of the use of nuclear energy,
and it also supervises security and emergency
arrangements and nuclear safeguards.
Risk management, major risks and
uncertainties
RISK MANAGEMENT
The objective of risk management is to support the
implementation of TVO’s strategy and business
targets as well as to ensure that TVO’s operational
prerequisites are maintained.
Risk management is carried out comprehensively in
line with the strategic objectives set by the Board of
Directors, Group-level policies and good governance.
Risk management is supervised by the Company’s
risk management policy.
-
ment is in line with TVO Group’s risk management
policy. The President and CEO, supported by the
Management Group, is responsible for risk manage
-
ment in accordance with TVO’s targets and strategy. A
Risk Management Group operates under the Manage
-
ment Group and is in charge of ensuring adequate
implementation of risk management measures.
-
cation, analysis and treatment of risks connected to
its operations, as well as for the follow-up of meas
-
strategic and operational planning and follow-up, and
also as part of project management.
RISK MANAGEMENT PROCESS
TVO has a Group-wide risk management process,
used to ensure that risks facing the Company’s
is treated according to its severity. The objective of
the risk management process is to manage risks to
an appropriate level set by the risk-bearing capacity.
Risks can be managed by reducing, avoiding, sharing
or moving them, or by accepting the realisation of the
risk. The acknowledged risks are gathered in compa
-
ny-level risk registers, where all the risks and their
risk’s consequence and likelihood. The Company’s
Group, Audit and Finance Committee and the Board of
Directors in accordance with the annual management
programme. Other risks are reported to the necessary
parties according to the risk management process.
The comprehensive development of risk management
is evaluated annually with a risk management level
evaluation, the results of which are used to set the goals
for the development of risk management. Risk manage
-
ment level evaluation is performed in accordance with a
model based on risk management maturity levels.
Risk management is part of the Group’s strategy, and
it is continuously being developed in order to support
meeting the Group’s objectives at the approved risk level.
of risk management continued in the planning process
for leadership and activities, and in the other operative
processes. In terms of communication, risk-aware deci
-
sion-making was the key theme for risk management.
MAJOR RISKS AND UNCERTAINTIES
Risks related to safety and electricity production are
reduced by keeping the plant units in good working
condition. Safe and stable production is ensured by
and high-quality planning and implementation of the
annual outages.
Uranium, which is the fuel used for electricity
production, is procured from global markets. Risks
connected with nuclear fuel have been reduced by
procuring the fuel from a variety of suppliers and by
signing long-term contracts.
Insurance has been taken out in order to prepare for
indemnity and property risks. The aim is to manage
insurance in a manner where its scope, coverage and
cost are at an appropriate level. TVO is a member of
European mutual associations for nuclear insurance.
Statutory liability insurance is in force for nuclear liability.
Financial risk management and fuel price risks are
statements, Note 27: Financial risk management.
RISK MANAGEMENT OF OL3’S WARRANTY
PERIOD
With the start of its commercial operation, the
liability for OL3 was transferred to TVO in May
2023. The Plant Supplier retained the responsibilities
according to the Plant Contract for warranty periods
to be done later at the Plant Supplier’s expense.
During 2024, several risk management measures
have been taken in relation to the warranty period
warranty period and ensuring that the prerequisites
for the warranty period under the Plant Contract are
met. TVO is closely monitoring compliance with the
conditions set in the Settlement Agreement signed
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
10
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
in March 2018, supplemented in June 2021 and in
December 2024, and the progress of OL3’s warranty
period in order to ascertain that actions are taken in
accordance with the Plant Supplier’s schedule while
PROFIT-YIELDING CAPACITY AND AVAILABILITY
OF PLANT UNITS
Uncertainties related to the availability of the OL3 plant
uncertainties are managed by means of systematic
maintenance and monitoring of the plant unit. If OL3
fails to achieve its planned production goal or operating
cost structure, the Finnish national grid limits its power
level, or the fee charged by Fingrid for the grid load limi
-
full power, there is a risk of generation costs exceeding
the target. This risk has been examined with the help
capacity. The risk has also been examined from the point
of view of the availability and adequacy of Fingrid’s
grid load limitation and the resulting costs to TVO.
TVO is implementing several risk management meas
-
Examples of these include careful preparation for
the second annual outage, securing spare parts that
affect availability and utilising experience from the
sister plants at Flamanville and Taishan in prepara
-
tion for OL3’s annual outage, for example.
Availability of OL1 and OL2
The rotor installed at OL2 in September–October 2024
OL2 also failed one year ago and was replaced. The risk
of rotor failure still exists, but it has been reduced with
the power limitation (735 MW) as a result of conserva
-
tive analyses – the cause of the defect remains unclear.
The power limitations are expected to last for several
months, possibly until the next annual outage in 2025.
MAJOR PLANT MODIFICATIONS AND THEIR
IMPLEMENTATION
Increases in generation costs and degradation of
-
and assign responsibility for the requirements related
to nuclear safety and meeting them between the
project parties in advance in order to avoid unex
-
pected costs during the project.
In a risk review, cost increases in projects are seen
to be due either to shortcomings in preparation and
technical problems, challenges in the execution of the
and management.
As risk management measures, TVO has in 2024
continued to prioritise projects and measures that are
most vital in view of the schedule and costs in order to
secure adequate resourcing for them and to ensure their
feasibility. TVO is also continuing to secure the prepar
-
edness and interests of project suppliers while consid-
ering the uncertainties of the geopolitical situation.
THE ORGANISATION’S CAPABILITIES
An organisation’s competence and ability to func-
tion as a licensee may be degraded as a result of
dysfunctional management, unsuccessful reaction to
changes in the operating environment, or a negative
atmosphere in the work community. In addition to an
increase in immediate costs, this may also lead to an
increased likelihood of other risks being realised.
In order to maintain its capability to function as a
licensee, TVO recruited 60 new persons in 2024 and
maintained comprehensive supplier networks.
TVO’s sick leave percentage was 2.7 and the outgoing
turnover percentage was 3.1. To support supervisors’
leadership skills at TVO and Posiva, separate training
focused on safety leadership has been organised.
Furthermore, results from a competence survey imple
-
mented earlier will be utilised in personnel planning.
TVO has taken measures to develop its work commu
-
nity culture and to reinforce the safety culture. TVO
conducts a personnel survey every 18 months, and
the next survey is to be conducted in late 2025.
FINANCIAL AND LIQUIDITY RISKS
means of long-term credit commitments and liquid
in 2024 by converting some of the subordinated
shareholder loans into the reserve for invested
unrestricted equity, by issuing new long-term bonds,
and by agreeing on new bilateral bank loans.
Market risks have been reduced with the use of
interest rate and currency derivatives. According to
-
nated in foreign currencies will be hedged to the euro
until the maturity date by using derivatives.
Financing costs are impacted by the changes in TVO’s
credit rating and outlook as well as market changes to
interest rates and corporate loan margins. There is a
This risk has been analysed through various scenarios
based on the changes in the average interest rate and
margin of TVO’s loan portfolio. If the risk is realised,
the consequences include an increased cost of
in various ways. In addition to the international
capital market, the Company also acquires long-term
Credit ratings play a major role in capital market
under all circumstances. For this purpose, the
the form of various revolving credit facilities and
liquid assets. It is TVO’s basic principle to acquire
shareholders.
-
not for separate projects. The trust of shareholders,
banks and investors in TVO’s operations has
remained strong also in 2024.
INCREASE IN THE COST OF FINAL DISPOSAL OF
SPENT NUCLEAR FUEL
(EKA) is not implemented according to plan, project
costs rise or the completion of the project is delayed,
waste management liability for spent fuel.
In December 2024, the Radiation and Nuclear Safety
Authority (STUK) reported that the safety assess
-
ment and statement on the operating licence appli-
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
11
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
cation for the disposal facility for spent nuclear fuel
will be postponed until 2025. According to STUK, the
cause of the delay in the statement are shortcomings
in the documentation submitted by Posiva. This will,
for its part, delay the processing of the operating
licence application by the Government which may,
nuclear fuel. As risk management measures in 2024,
were continued, contracts for the production compo
-
organisation of the production stage was planned.
RISKS RELATED TO SOCIAL RESPONSIBILITY,
PERSONNEL MATTERS, THE RESPECT OF HUMAN
RIGHTS AND THE PREVENTION OF CORRUPTION
AND BRIBERY
Risks related to social responsibility, personnel
matters, the respect of human rights and the
prevention of corruption and bribery are a part of the
assessment of sustainability risks. In relation to the
detected during 2024. The possible risks detected in
these areas are addressed according by the Compa
-
ny’s ordinary risk management process.
Continuous risk management in these matters is
executed according to the TVO Group’s Code of
Conduct. The internal auditor supervises, for their
part, the implementation of the Code of Conduct in
the Company’s operations. The TVO Group has a
whistleblower channel in place, through which inci
-
dents perceived to be against the Code of Conduct
can be reported even completely anonymously. For
projects and investments, the possible risks are eval
-
uated where necessary. In addition, these matters
are evaluated according to a separate process during
supplier evaluations.
Pending court cases and disputes
TVO is party to an arbitration procedure related to
the condenser replacement at OL1 and OL2 that was
carried out in 2017 and 2018. The counterparty to the
arbitration is Balcke-Dürr GmbH. TVO considers the
claims presented by the counterparty in the arbitration
to be unfounded, and demands that they be rejected
and that TVO’s legal expenses be compensated for.
In January 2024, the Finnish Energy Authority issued
a decision concerning the grid load limitation that is
related to full power operation at OL3. According to
the enforceable decision, grid load limitation is the
grid operator’s special protection system, which is
under the responsibility of the transmission system
operator Fingrid. In its decision, the Energy Authority
considered that Fingrid has transferred its obligations
related to the grid load limitation system to TVO
regarding the Energy Authority’s decision. Fingrid
urgently demanded that the Market Court suspend
the enforcement of the Energy Authority’s decision in
February 2024 and again in May 2024. The Market
Court rejected Fingrid’s demand on both occasions.
In its decision issued in January 2024, The Energy
Authority required that Fingrid submit a proposal
regarding covering the costs of the grid load limitation
of April 2024. In early April 2024, Fingrid launched
a stakeholder hearing regarding the terms related
to the OL3 grid load limitation and the grounds for
determining the fees that it was preparing. Following
the stakeholder hearing, Fingrid submitted the terms
and the grounds for determining the fees to the
TVO also participated in the stakeholder hearing and
published its own statement on its website. Until
now, TVO has paid the majority of the costs incurred
from maintaining the grid load limitation.
In December 2024, the Energy Authority issued a deci
-
sion regarding the grounds for determining the fees for
grid load limitation. The Energy Authority considered
that Fingrid may allocate most of the costs resulting
from the grid load limitation to a separate service fee
for OL3 grid load limitation, which Fingrid can charge
from TVO as the party requiring the service.
In December 2024, TVO initiated arbitration
proceedings against Hitachi Energy Finland Oy
(formerly ABB Power Grids Finland Oy) and Hitachi
Energy Italy S.p.A (formerly ABB Power Grids Italy
S.p.A) due to the delays, shortcomings and mistakes
attributable to the supplier that have been discovered
in the incomplete battery energy storage system
project at Olkiluoto.
pending court cases or disputes.
Electricity production
In 2024, the total electricity production for OL1, OL2
and OL3 amounted to 23,260 (24,671) GWh.
The plant units operated safely. The net production
for OL1 was 6,954 (7,428) GWh, the capacity factor
was 89.1 (95.4) per cent and the availability factor
was 89.2 per cent. The net production for OL2 was
6,616 (6,871) GWh, the capacity factor was 84.8
(88.3) per cent and the availability factor was 84.9
per cent. The total load factor for OL1 and OL2 was
87.0 (91.9) per cent and their total availability factor
was 87.1 per cent. The net production for OL3 was
9,690 (10,372) GWh, the capacity factor was 70.4
(75.2) per cent and the availability factor was 76.1
per cent.
*
The capacity factor indicates the energy generated by a plant unit
during the period in review as a percentage of the total energy
that it would have generated by operating without interruption
at full power. The capacity factor is decreased by power
reductions caused by Fingrid’s grid load limitation (OL3) or other
grid restrictions, energy generation losses due to low electricity
demand, and energy generation losses due to annual outages,
defects or operational occurrences at the plant unit.
**
The availability factor indicates the energy that could have
been generated by a plant unit during the period in review as a
percentage of the total energy that it would have generated by
operating without interruption at full power. The availability factor
is decreased by energy generation losses due to annual outages,
defects or operational occurrences at the plant unit.
SIGNIFICANT EVENTS AT THE PLANT UNITS
Shortcomings in connectors were observed at OL3
in 2023. Of the eight connectors inspected, seven
contained incorrect seals, in addition to which one
connector was completely missing the seal. New
seals were installed for all connectors in connection
with the inspections. The connectors equipped
normal conditions, but they might not necessarily
have met the requirements for accident conditions.
The failure of these measurements during loss of
coolant accidents could have had a detrimental
impact on operator actions while not jeopardising
accident management, however. Situations where
these measurements would have been required are
unlikely. TVO submitted a preliminary operational
event report to the Radiation and Nuclear Safety
Authority (STUK) in January 2024 when the inopera
-
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
12
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
as level 1 on the International Nuclear
level for the event in May 2024.
Electricity production at OL3 was inter
-
rupted on 3 June 2024 due to a turbine
trip. The cause of the interruption of
electricity production was the activation
of a protection function in the differential
pressure measurement of the generator
seal oil and the hydrogen coolant. The
plant unit returned to electricity produc
-
tion on 4 June 2024. The event did not
affect nuclear safety.
radiation dose rates during a repair on
hoist equipment at OL3 in June 2024.
The exposure occurred during the lifting
of a test fuel element. The exposure
was so minor that no personal injuries
resulted from the event. TVO initiated
actions in order to prevent similar events
immediately after the event occurred.
Going forward, all jobs including the
handling of test elements will be subject
to the same administrative requirements
as the fuel handling itself. Furthermore,
the handling and markings of test
that takes place above the waterline will
always require the presence of Radiation
Protection personnel. According to the
during the processing of the special
report. Even though the estimated basic
Taulukko 1
Pvm
OL1
1.1.2024
896,8
2.1.2024
897,1
3.1.2024
897,5
4.1.2024
896,9
5.1.2024
896,9
6.1.2024
897,1
7.1.2024
897,0
8.1.2024
896,9
9.1.2024
896,5
10.1.2024
896,2
11.1.2024
896,0
12.1.2024
896,4
Pvm
January
1. Annual outage
1
OL1 Production
Average output
MW
1,000
750
500
250
0
February
March
April
May
June
July
August
September
October
November
December
1
Taulukko 1
Pvm
OL2
1.1.2024
895,8
2.1.2024
895,8
3.1.2024
895,9
4.1.2024
896,3
5.1.2024
896,0
6.1.2024
896,1
7.1.2024
895,8
8.1.2024
895,9
9.1.2024
895,5
10.1.2024
893,0
11.1.2024
895,7
12.1.2024
854,4
Pvm
1. Cold shutdown for repair of
the main steam valve
2. Annual outage
1
OL2 Production
Average output
MW
1,000
750
500
250
0
January
February
March
April
May
June
July
August
September
October
November
December
2
1
Taulukko 1
Pvm
OL3
1.1.2024
1554,9
2.1.2024
1558,7
3.1.2024
1559,6
4.1.2024
1547,9
5.1.2024
1551,7
6.1.2024
1557,1
7.1.2024
1560,7
8.1.2024
1567,8
9.1.2024
1566,9
10.1.2024
1566,8
11.1.2024
1566,9
12.1.2024
1566,8
Pvm
OL3 Production
Average output
MW
1,700
1,275
850
425
0
January
February
March
April
May
June
July
August
September
October
November
December
1. Maintenance outage for inspections of
feedwater pumps and repairs of impellers
2. Inspection and maintenance outage related to
the pressurizer safety relief valves safety
valve units (PSRV)
1
2
1
Annual outage
Annual outage
Annual outage
Malfunction in the
generator’s sealing
oil system
Generator fault
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
13
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
rating for the event is 0, TVO uprated the event by
management of a radioactive component.
Electricity production at OL2 was suspended on
9 September 2024 due to an increase in humidity
observed at the turbine plant’s generator. The plant
unit reconnected to the grid on 6 October 2024
following the replacement of the failed rotor. Power
has been limited to 735 MW in order to reduce the
risk of rotor failure.
On Sunday 17 November 2024, electricity produc
-
tion at OL3 was interrupted due to a malfunction in
the generator’s seal oil system. The plant resumed
electricity production on 21 November 2024.
Annual outages
The Olkiluoto nuclear power plant is continuously
kept in good condition in terms of production and
functionality through alternating refuelling and
service outages at the plant units.
2024. The annual outage had an estimated duration
of 37 days and an actual length of 74 days. The
annual outage was originally planned to end on 8
April; however, OL3 returned to electricity produc
-
tion on 16 May 2024. The plant unit’s ramp-down,
preparation for refuelling, foreign material inspections
of the fuel, defect repairs, and technical problems
with inspection equipment took more time than had
been planned. In addition to the refuelling, the most
preventive maintenance on the protection system,
washing and inspecting the steam generators, soft
-
ware updates performed on the I&C systems, leak
rate tests on the containment isolation valves, and
maintenance of the pressuriser safety relief valves.
Approximately 40 experts from STUK were present
press release issued by STUK in May 2024, STUK found
that the annual outages proceeded safely and TVO
made safety a priority in its decision-making throughout
the annual outage. This was not affected by the longer
than planned duration of the annual outage.
The refuelling outage for OL2 started on 28 April
2024, and it had a planned duration of approximately
eight days. The original schedule was extended by
approximately three days due to technical defects
that arose during the installation of the reactor
pressure vessel lid and the ramp-up of the plant.
OL2 returned to electricity production on 9 May
2024. In addition to the refuelling, the most signif
-
icant jobs included isolation valve leak rate tests,
adding an undervoltage criterion to the diesel busbar
switchover automation, and the annual maintenance
and tests for the electrical and instrumentation and
control (I&C) systems.
The service outage for OL1 began on 12 May and had
a planned duration of approximately 15 days. The plant
unit’s annual outage was extended due to a defect
observed at the generator, and it ended on 19 June
after the defect had been repaired. In addition to the
outage included the work related to the reactor I&C
renovation project, isolation valve leak rate tests, control
rod drive replacements, main transformer and generator
breaker service, feedwater pump and condensate pump
service, recirculation pump service and renovation of
the containment’s electrical penetrations.
In addition to TVO’s in-house personnel, approxi
-
mately 1,400 contractor employees participated in
the annual outages of the three plants.
Olkiluoto 3
from a consortium (Plant Supplier) formed by Areva
GmbH, Areva NP SAS and Siemens AG. TVO
for the warranty period in April 2023, when TVO
unit will take place earliest in April 2025. Even after
this, the Plant Supplier’s liabilities under the warranty
will remain in force up to a maximum of eight (8)
years, to a certain extent.
A Global Settlement Agreement (GSA) was signed
in March 2018 and amended in June 2021 and in
December 2024 concerning the completion of the
OL3 project and related disputes. During the period
in review, the fund established in accordance with
the GSA and funded by the Areva companies has
been used to cover costs incurred to the Areva
companies for the completion of the OL3 project in
accordance with the GSA.
Current receivables include the additional delay
compensation of EUR 56.7 million to TVO from the
Plant Supplier, agreed upon in 2021, which will
become due on 14 February 2025.
In September 2024, an agreement was signed with
the Plant Supplier related to the net power output of
the OL3 plant unit; on the basis of this agreement,
the Plant Supplier will pay EUR 14 million to TVO in
February 2025.
The Consortium’s warranty period work is still
underway, and the funds reserved for completing the
work in the fund mechanism were depleted in the
autumn of 2024. In December 2024, the Consortium
decided to recapitalise the fund with more than EUR
80 million. The fund will be recapitalised in early 2025.
All realised costs of the OL3 project that can be
recognised in the cost of the asset, including
plant and equipment in the Group balance sheet up
to 30 April 2023. The capitalisation of costs was
discontinued at the start of OL3’s commercial oper
-
ation, which affects the comparability of the Group’s
income statement for the previous year.
changes can be seen under turnover, materials and
services, depreciation and impairment charges, other
Nuclear fuel
In 2024, nuclear fuel purchases amounted to EUR
114 (70) million and the amount consumed to EUR
110 (111) million.
The nuclear fuel and uranium stock carrying value on
31 December 2024 was EUR 480 (476) million.
Nuclear waste management
Under the Finnish Nuclear Energy Act, the Company
is responsible for the measures related to nuclear
waste management and the related costs.
show a provision related to nuclear waste manage
-
ment liability of EUR 1,336 (1,289) million, calculated
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
14
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
according to the international IFRS accounting
principles. TVO’s share in the Finnish State Nuclear
Waste Management Fund, EUR 1,081 (1,035) million,
is presented under assets in accordance with the
IFRIC 5 interpretation. The total cost estimate based
on a new nuclear waste management technical plan
and schedule has been updated in June 2022.
In order to cover the future costs of nuclear waste
management, the Company makes contributions to
the Finnish State Nuclear Waste Management Fund
in accordance with the Finnish Nuclear Energy Act.
In December 2024, the MEAE set TVO’s liability
for nuclear waste management at EUR 1,960
(1,918) million for the end of 2024 and the Compa
-
ny’s funding target in the Finnish State Nuclear
Waste Management Fund for 2025 at EUR 1,438
(1,525) million.
In March 2024, the Finnish State Nuclear Waste
management fee for 2023 at EUR 29 million, which
TVO paid in March 2024. The nuclear waste
2025. The Finnish State Nuclear Waste Management
A part of the investment returns for 2024 are allo
-
cated as security for the statutory protected portion
and the surplus will reduce TVO’s nuclear waste
management fee for 2024.
Approximately 8,800 (8,600) m
3
of low and inter-
mediate level operating waste has been generated
during the operation of OL1 and OL2. The waste will
be placed in the repository for low and intermediate
level waste (VLJ repository) at Olkiluoto. Correspond
-
ingly, 1,767 (1,695) tonnes of spent nuclear fuel has
been generated by the end of the year, of which 73
(34) tonnes in 2024. The spent nuclear fuel is stored
in the fuel pools of the plant units and in the interim
storage for spent nuclear fuel at Olkiluoto.
FINAL DISPOSAL OF SPENT NUCLEAR FUEL
nuclear fuel generated at the nuclear power plants of
its owners, TVO at Olkiluoto and Fortum in Loviisa.
The processing of Posiva’s operating licence appli
-
cation at STUK progressed in 2024. STUK’s safety
assessment and statement concerning the operating
licence application of the disposal facility for spent
nuclear fuel are expected to be completed during
2025, when all the documentation required for the
safety assessment has been updated and completed.
Work related to the installation and commissioning of
the encapsulation plant and underground production
equipment has progressed in a manner where test
operation was started at the encapsulation plant in
start at Olkiluoto in the mid-2020s.
Research and development activities
A key target of TVO’s research and development
(R&D) activities is to ensure the viability of the
current business functions and to create new busi
-
ness opportunities. The key focus areas include
nuclear power plant operation and service life
nuclear waste and spent nuclear fuel, and creating
new business opportunities for the TVO Group.
The total R&D expenses were EUR 16 (14) million,
of which most were used for R&D related to nuclear
waste management.
Finnish public research programmes on reactor safety
and nuclear waste management. In 2024, TVO’s contri
-
by the Finnish State Nuclear Waste Management
Fund amounted to a total of EUR 6 (6) million.
Acquisitions of tangible and intangible
assets and shares
The Group’s investments in 2024 amounted to EUR
91 (461) million. The Group’s investments are based
on gross investments and include decommissioning of
the power plant.
The parent company’s investments amounted to
EUR 68 (449) million. On the basis of an agreement
signed in September 2024, the Plant Supplier will
pay EUR 14 million to TVO in February 2025. This
amount reduces the acquisition cost of the OL3
370 million of the parent company’s investments
targeted the OL3 project.
In the summer of 2021, Hitachi Energy (Hitachi) and
TVO signed a contract on the turnkey delivery of one
of Europe’s largest battery energy storage systems
(BESS) to Olkiluoto. For its part, the 90-mega
-
watt BESS supports the entire energy system in
case of a possible production disturbance at OL3,
thereby reducing the effects of power changes
on the national grid as part of Fingrid’s grid load
limitation. The battery energy storage system is
still in the commissioning phase due to defects and
shortcomings observed in it. According to the latest
schedule provided by Hitachi, work will continue at
least until February 2025. In December 2024, TVO
initiated arbitration proceedings against Hitachi,
see “Pending court cases and disputes” for more
information.
Carbon credits worth EUR 0.1 (0.1) million have been
relinquished to the Energy Authority. In 2024, carbon
credits worth EUR 0.1 (0.1) million were acquired.
The carbon credits acquired covered the Company’s
Safety
PLANT SAFETY AND NUCLEAR SAFETY
The safe operation of the Olkiluoto nuclear power
plant relies on competent and responsible personnel,
high-quality plant technology, the principle of contin
-
uous improvement and independent internal and
external supervision.
The activity-based management system meets the
requirements of the ISO 9001 standard. In order to
ensure safe operations, TVO systematically assesses
the level of its safety and safety culture, and all of TVO’s
employees are committed to a strong safety culture.
The state of the safety culture is regularly assessed
according to the IAEA’s procedure. TVO’s safety
culture is estimated to be at a level where the
strategic importance of safety has been recognised
and proactive practices are employed. TVO aims to
reach the highest possible level of safety culture.
TVO has continued to employ various measures to
maintain and develop the safety culture. According
to a safety culture survey performed during the latter
part of the year, the state of the safety culture has
grown stronger.
The Olkiluoto nuclear power plant units, OL1, OL2
and OL3 operated safely throughout the year.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
15
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
accordance with the international INES scale. In
2024, 8 events rated as INES level 0 (no nuclear or
as INES level 1 (anomaly, exceptional incident with
safety effects) took place at the Olkiluoto plant. TVO
analyses and investigates all events that may have
actions for their causes. TVO publishes news on any
INDUSTRIAL SAFETY
The industrial safety operations are guided by an
system (OHS system). The OHS system comprises
all of TVO Group’s operations in the Olkiluoto area,
including its own workforce and external (contracted)
personnel.
TVO Group’s vital industrial safety principles are as
follows:
1. You are responsible for safety
Identify the risks involved in your work
Take care of your well-being
Move safely
Use personal protection
performing them usually requires a separate occu
-
pational health and safety permit or plan and worker
training.
TVO Group’s goal is to prevent all accidents in
advance and to guarantee a safe and healthy
working environment for its employees. Attention
is paid to both the physical and mental aspects of
industrial safety and to managing those aspects.
for 2024 in connection with its strategic planning.
Industrial safety is included in the strategic planning
for safety. The company-level goal has been set
as decreasing the combined accident frequency at
Olkiluoto to 2.5 or fewer accidents per one million
work-hours. The goal was not achieved for accident
frequency, as the accident frequency at Olkiluoto in
2024 was 2.7. The accident frequency takes into
account TVO’s personnel, Posiva’s personnel, and all
subcontractors working at Olkiluoto.
Personnel and training
PERSONNEL
TVO Group’s Code of Conduct and policies lay down
the principles of its personnel policy. TVO Group’s
objective is to provide a fair and healthy work
community that promotes equality and does not
condone any form of discrimination.
At the end of the year, the total number of personnel in
the Group was 1,082 (1,045) and the average during
the year was 1,095 (1,057) persons. At the end of the
year, the total number of personnel at TVO was 1,080
(1,043) and the average during the year was 1,092
(1,055) persons. At the end of the year, the total number
of permanent personnel at TVO was 1,037 (1,009).
TVO recruited 60 (64) new employees. During
the year, 32 (39) permanent employees left TVO,
including eight (7) who retired. TVO’s sick leave
percentage was 2.7 (2.8).
The collective labour agreements for various
personnel groups in the energy industry are in force
in accordance with agreements between the central
organisations until early 2025.
The Group carries out a personnel survey approxi
-
mately every 18 months. The results of the survey,
conducted by Eezy Spirit Oy, were received in
November 2024. The response rate was 88 per cent,
and the People Power index representing the overall
result was 70.6 (2023: 69.4). The result clearly
improved from the previous survey, even though the
rating remained in category A (satisfactory). The next
personnel survey will be conducted in late 2025.
PERSONNEL TRAINING
In the nuclear industry, clear processes are required
for creating, utilising and sharing knowledge.
These help the organisation to obtain the skills and
knowledge that are important in terms of safety and
quality. Cooperation across organisations promotes
the sharing of information and the creation of new
knowledge in order to support the competences of
the personnel.
TVO Group’s annual training programme acts as a
key tool for personnel development and the planning
of training. It contains the training to be implemented
over the course of the following year. The annual
training programme is supported by timely induc
-
tion, competence mapping, and updated individual
training plans.
The annual training programme is drawn up
according to the strategic focus areas of the Group’s
management. Basic training, supplementary training
and further training for personnel were implemented
according to the programme, amounting to 9,684
(11,511) training days in total or an average of 8.9
(9.9) days per person.
In spring and autumn 2024, the operators of OL1,
OL2 and OL3 participated in operations training days
and advanced simulator courses as required by their
refresher training programme.
TVO Group employs the Nuclear Professional Leader
(NPL) programme for developing supervisor compe
-
tences. The programme contains four stages which
stages, concern all supervisors within the Group,
while stages three and four are more targeted in
accordance with the various roles.
In order to develop in-house personnel, the third
“Ydinjengi” -programme was implemented within the
Group, with the intention of providing its participants
with tools to identify and utilise their strengths,
develop Group-driven activities, and operate across
organisations. Group employees were selected for
the programme on the basis of their applications. The
Ydinjengi -programme will continue until the spring
of 2025.
In collaboration with other organisations in the
nuclear industry, TVO Group aims to ensure skill
retention within the industry. One example of this is
the implementation of the nuclear safety and waste
management course (YJK) and the continuation of the
Nordic Nuclear Trainee Programme (NNTP). NNTP is
implemented in collaboration with industry associa
-
tions from Sweden as well as Fortum. The programme
aims at attracting young people to the nuclear power
industry and showcasing its future opportunities.
In order to ensure future competences, successful
collaboration with educational institutions continued
with several actors. The goal is to create collabora
-
tion between the company and students and to offer
students thesis opportunities and trainee positions.
Environment
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
16
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
TVO is committed to observing the principles of
sustainable development, and environmental respon
-
sibility is a part of the Company’s management
management systems meet the requirements of the
-
ciency system. Their goal is continuous improvement
and raising the level of environmental protection.
TVO recognises the environmental and energy aspects
of its operations and works to minimise their negative
impacts at all stages of the electricity production chain.
operations were detected. Through risk management,
the Company aims to foresee possible divergent
situations and to mitigate their negative consequences
on the environment. TVO constantly monitors the
environmental impacts of its operations.
Olkiluoto nuclear power plant are the production of
climate-friendly electricity and the local warming
of the sea water near the plant. The cooling water
temperature remained within the limits required by
the environmental permit.
As in previous years, the environmental load caused
by the Olkiluoto nuclear power plant was minor in
2024. The impacts on water systems of the debris
handling bypasses made in 2022–2023 were moni
-
tored according to a plan approved by the environ-
mental authorities. According to the report completed
in the spring of 2024, the impact was local and the
bypasses have no long-term impacts on water quality
or biological factors in the discharge area. An inves
-
by the cooling water was also completed during the
year. Its main outcome was that electricity generation
the area. Radioactive releases into the air and water
were clearly below the annual regulatory limits.
The environmental authorities are informed of envi
-
ronmental non-conformances and events. In 2024,
these included the following:
»
The debris handling building for OL3 was out of opera-
tion for a total of 44 days in 2024.
»
There were two environmental accidents where oil
entered the soil. The contaminated soil was removed and
delivered for appropriate processing.
Operations were developed in accordance with the
requirements of the environmental permits and the
environmental management system. According to
the principle of continuous improvement, goals are
set for operations in the Environment and Energy
the Environment Group consisting of experts from
agreement.
In November 2024, the Regional Administrative
Agency of Southern Finland issued a decision on the
and, in December 2024, it issued a decision on the
closing of the Olkiluoto wastewater treatment plant
and the amendment of the environmental permit.
The environmental impact assessment report (EIA
report) concerning the possible service life extension
and power uprating of the OL1 and OL2 plant units
was submitted to the MEAE in December 2024.
Subsidiaries and joint ventures
TVO Nuclear Services Oy (TVONS) is a wholly-owned
subsidiary of TVO. TVONS provides its customers with
services and expertise related to high-level nuclear
safety, cost-effective operations and nuclear waste
management and building new nuclear power plants.
The specialised expertise and networks of TVO’s
personnel are at the disposal of TVONS’ customers.
Posiva, jointly owned by TVO and Fortum, is respon
-
disposal of spent nuclear fuel from its shareholders’
Olkiluoto and Loviisa nuclear power plants. Posiva
Solutions Oy (PSOY) is a wholly-owned subsidiary of
Posiva. As stated in its Articles of Association, PSOY
provides nuclear waste management consultancy
services as well as related planning and research and
development activities.
year
Joni Juuri, Master of Social Sciences, has been
and a member of the Management Team.
The appointment will take effect on March 6, 2025.
In February 2025, OL3 plant supplier has paid TVO
an additional delay compensation of EUR 56.7
million under the settlement agreement, as well as an
additional compensation of EUR 14.0 million related
to the agreement on the net power of OL3.
Prospects for the future
production will otherwise continue as normal but
power output at OL2 has been limited to 735 MW
in order to reduce the risk of rotor failure. The risk is
described in more detail in the paragraph “Major risks
and uncertainties”.
Nuclear fuel availability is guaranteed by long-term
agreements.
conditions of the Settlement Agreement, signed with
OL3’s Plant Supplier. This agreement signed in March
2018, amended in June 2021 and in December 2024,
contains conditions which continue until the end of
takeover of OL3, which will occur in April 2025 at the
earliest.
Posiva’s joint functional test will continue during
2025. STUK’s safety assessment and statement
concerning the operating licence application of the
disposal facility for spent nuclear fuel are expected to
be completed during 2025, when all the documen
-
tation required for the safety assessment has been
updated and completed.
Proposals to the Annual General Meeting
Teollisuuden Voima Oyj’s distributable funds as of 31
December 2024 amounted to EUR 320,938,194.24
EUR -365.76. The Board of Directors proposes to the
Annual General Meeting that no dividend be paid.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
17
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
In this chapter:
General disclosures 19
Basis for preparation (ESRS 2 BP-1–2) .................... 19
The role of the administrative, management and
supervisory bodies as well as the information
provided to and sustainability matters addressed by
them (ESRS 2 GOV-1–2, G1.GOV-1) .........................
19
Integration of sustainability-related performance
in incentive schemes (ESRS 2 GOV-3) ...................... 22
Statement on due diligence (ESRS 2 GOV-4) ......... 22
Risk management and internal controls over
sustainability reporting (ESRS 2 GOV-5) ................. 22
Strategy, business model and value chain
(ESRS 2 SBM-1) ............................................................... 23
Interests and views of stakeholders
(ESRS 2 SBM-2) ............................................................... 28
Material impacts, risks and opportunities
and their interaction with strategy and business
model (ESRS 2 SBM-3) ................................................. 30
Description of the processes to identify and
assess material impacts, risks and opportunities
(ESRS 2 IRO-1, G1.IRO-1) ............................................
36
Disclosure requirements in esrs covered by the
undertaking’s sustainability statement (IRO-2) .....
40
Environmental information (E) 48
Reporting pursuant to the EU Taxonomy ................. 48
E1 Climate change .......................................................... 63
E2 Pollution ............................................................................
71
E3 Water and marine resources .................................. 76
E4 Biodiversity and ecosystems.................................. 80
E5 Resource use and circular economy..................... 84
Social information (S) 91
S1 Own workforce .......................................................... 91
S2 Workers in the value chain ...................................103
S3 Affected communities ............................................ 111
.........................114
Nuclear safety ..........................................................114
Cyber security ..........................................................118
Availability ................................................................119
Governance information (G) 121
G1 Business conduct ....................................................121
Sustainability
statement
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
18
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
General disclosures
BASIS FOR PREPARATION (ESRS 2 BP-1–2)
Teollisuuden Voima Oyj (TVO) is a public limited
liability company owned by Finnish industrial
and energy companies (Pohjolan Voima Oyj, EPV
Energia Oy, Fortum Power and Heat Oy, Kemira
Oyj and Oy Mankala Ab). In accordance with the
Company’s Articles of Association, TVO engages
in the construction and acquisition of power plants
and power transmission equipment and in the
generation, transmission and delivery of electricity
primarily to its shareholders under the terms and
conditions laid down in the Articles of Association.
TVO and its subsidiary TVO Nuclear Services form
the TVO Group.
The Sustainability Statement has been prepared
regarding the TVO Group in accordance with Chapter
7 of the Finnish Accounting Act, and the information
is presented in accordance with the ESRS standards
(European Sustainability Reporting Standards) and
the EU’s Taxonomy Regulation. TVO is a public-in
-
terest entity employing more than 500 people which
pursuant to Section 3a of the Accounting Act, which
means that sustainability reporting pursuant to the
Accounting Act begins from the year 2024. The
December 2024. The consolidation and reporting
statements, which are prepared in accordance with
the International Financial Reporting Standards
are prepared in accordance with the IAS and the
International Financial Reporting Standards (IFRS)
December 2024.
The Sustainability Statement covers the material
parts of the operations and value chain of the TVO
Group. The upstream value chain covers the procure
-
ment chains for the fuel for electricity production as
well as the equipment and spare parts, and the joint
fuel. The downstream value chain, that is, TVO’s
impacts on users of electricity, are discussed under
Availability. TVO’s value chain is described in more
detail under Strategy, business model and value
chain (SBM-1). TVO has not used the option to omit
information corresponding to intellectual property,
know-how or the results of innovation, and it has
not omitted information regarding exceptions that
involve incomplete matters pursuant to Chapter 7,
concerning the nuclear fuel procurement chain are
presented at a general level in the Sustainability
Statement in accordance with the practices in the
sector and in order to ensure the functionality of the
small market.
As regards own operations, the metrics reported in
the Sustainability Statement are largely covered by
direct measurements. As regards Scope 3 data, the
greenhouse gas emission calculations include estima
-
tions in the upstream value chain data. More detailed
background information is reported under Gross
Scopes 1, 2, 3 and Total GHG emissions (E1-6).
Furthermore, as regards own operations, the amounts
of recycled, reused and stored water are subject to a
high level of measurement uncertainty. The metrics
for water consumption and their background informa
-
tion are reported in Water consumption (E3-4).
The use of nuclear energy is subject to a licence,
and TVO’s operations are controlled, among other
safety (YVL Guides) concerning the use of nuclear
energy. In Finland, the safety of the use of nuclear
energy is monitored by the Radiation and Nuclear
Safety Authority (STUK). The Sustainability State
-
ment’s sustainability information concerning nuclear
safety is reported under Nuclear safety.
Within the framework of the phased-in disclosure
-
tion as well as numeric data nor non-employees in
have been omitted from the Sustainability Statement.
The Sustainability Statement reports the community-
Nuclear safety, Cyber
security and Availability. Comparative information
has been omitted from the Sustainability Statement
regarding the value chain, the company’s internal data
sources have been utilised.
THE ROLE OF THE ADMINISTRATIVE,
MANAGEMENT AND SUPERVISORY BODIES AS
WELL AS THE INFORMATION PROVIDED TO AND
SUSTAINABILITY MATTERS ADDRESSED BY THEM
(ESRS 2 GOV-1–2, G1.GOV-1)
Board of Directors
Directors consists of a minimum of 7 and a maximum
authority cover all matters related to the Company’s
administration that, according to law or the Arti
-
cles of Association, are not handled by the Annual
to promote the interests of the Company and all
with the Company and do not own shares in the
-
sent in the Company the parties who proposed them
as members or any other parties.
In 2024, the following persons were elected to
Kaarlo Höysniemi, Hannu
Jokinen, Esa Kaikkonen, Tapio Korpeinen, Petra
Lundström, Timo Rajala, Anders Renvall, Tiina
Tuomela, Ilkka Tykkyläinen and Rami Vuola. There
monitored as regards gender distribution.
responsible for sustainability within the entire Group,
and it approves the policies and Code of Conduct that
guide the Group’s operations and internal control. In
addition to the Code of Conduct, principles concerning
Policy, Human Rights Policy, Principles for Compli
-
ance, Disclosure Policy, Competition Policy, Finance
Policy, Risk Management Policy, Insurance Principles,
Tax Policy, Fuel Procurement Policy and Remuneration
Policy) as well the policies approved by the Manage
-
ment Group (Nuclear Safety and Quality Policy,
Production Policy and Corporate Safety & Security
Policy). The Group also has internal procedures
concerning the principles of sustainable business
(such as practical recommendations related to hospi
-
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
19
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
sanctions, approval authority, instructions for related
parties, instructions for insiders, sponsorship princi
-
ples at TVO, equality plan and client’s obligations).
-
istration and proper organisation of the operations of
the Company and for the appropriate arrangement of
internal control and audit and the risk management
system, and the independence of the auditor and, in
particular, the auditor’s offering of other than audit
-
ny’s auditing process and prepares the selection
of the Company’s auditor and the assurer of the
Sustainability Statement.
Directors and the management take TVO’s material
impacts, risks and opportunities into account in their
business-related decision-making. The members of
conduct, energy industry and nuclear industry as
members support the management of the impacts,
risks and opportunities of sustainability topics identi
-
received training on reporting in accordance with the
CSRD (Corporate Sustainability Reporting Directive)
in the autumn of 2023.
discussed sustainability-related topics, such as the
»
Sustainability reporting for 2024 pursuant to the
Accounting Act and the ESRS standards
»
impacts, risks and opportunities in a double materiality
list of sustainability matters is available under Material
impacts, risks and opportunities and their interaction
with strategy and business model ESRS 2 SBM-3)
»
Approval of TVO’s strategy, including the sustainability
topics and matters that are material to the Company
»
Approval of sustainability-related policies
»
Due diligence process
»
Availability of the plant units
»
Safety matters; safety of the plant units, nuclear safety
and radiation safety, industrial safety, corporate safety
and security, safety culture
»
Competences and skills of the organisation, results from
the personnel survey and safety culture survey
Board committees
To ensure that the issues within the responsibility
the Company has set up the Audit and Finance
Committee, OL3 Committee, Nuclear Safety
Committee and Nomination and Remuneration
of Directors and consisting of at least three members
the members of the committees from among its
members, appoints their respective Chairpersons and
approves their charters.
In addition to the duties laid down in their respective
charters, each committee also deals with other
or brought up by committee members, the Presi
-
dent and CEO or other executive management. All
committees have tasks and responsibilities related to
the management process and monitoring of material
impacts, risks and opportunities.
Audit and Finance Committee
In accordance with the Limited Liability Companies
December 2022, the Audit and Finance Committee,
»
deals with the audit report and the corporate governance
statement;
»
deals with sustainability reporting;
»
»
and auditing and the risk management system;
»
monitors the Company’s auditing process and assesses
its quality;
»
prepares the selection of the Company’s auditor and the
assurer of the Sustainability Statement ;
»
approves the guidelines for the TVO Group’s internal
audit;
»
approves the plans for internal audit and deals with
situational reviews.
The Committee prepares the tasks connected with
»
deals with the planning and implementation of the
»
their implementation;
»
monitors the National Nuclear Waste Management Fund
(VYR) and, in particular, the performance of its invest
-
ment activities.
OL3 Committee
In accordance with its charter that entered into force
matters following the start of commercial operation
at the OL3 plant unit until the Final Takeover (FTO)
of OL3.
Nuclear Safety Committee
In accordance with its charter that entered into force
»
monitors key issues related to nuclear safety and corpo-
rate safety culture;
»
deals with the technical implementation of nuclear waste
management;
»
deals with the costs of nuclear waste management;
»
advises the Company’s representatives in Posiva Oy’s
Nomination and Remuneration Committee
In accordance with its charter that entered into force
-
»
prepares the proposal to be submitted to the Annual
of Directors (number of members and persons proposed);
»
deals with the proposal to be submitted to the Annual
General Meeting regarding the remuneration of the
»
deals with matters related to the appointment of the
President and CEO and the other members of the
Management Group;
»
prepares succession plans for the President and CEO and
the other members of the Management Group;
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
20
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
»
the remuneration of the President and CEO and the other
members of the Management Group;
»
the Company’s commitment and remuneration systems;
»
plans the remuneration of the other personnel and the
development of the organisation.
President and CEO and Management Group
The President and CEO deals with the Company’s
day-to-day management in accordance with the
Limited Liability Companies Act and the instructions
-
more, the President and CEO is in charge of ensuring
that the Company’s accounting practices comply
management are reliably organised. The President
its duties. The President and CEO of the Company is
Jarmo Tanhua. The President and CEO does not own
any shares in the Company.
The Management Group assists the President and
CEO in the management of the Company’s opera
-
tions, and the minutes of the Management Group’s
meetings form the President and CEO’s list of deci
-
sions. The members of the Management Group, who
all report to the President and CEO, are appointed by
The composition of the Management Group in 2024
Jarmo Tanhua, President and CEO, Chairperson
Pekka Frantti, Senior Vice President, Procurement
Jaana Isotalo, Senior Vice President, HR, Training,
Communications and Corporate Relations
Mikko Lampinen, Senior Vice President,
Engineering
Ulla-Maija Moisio, Senior Vice President,
Legal Affairs (business ethics and compliance)
Marjo Mustonen, Senior Vice President,
Electricity Production (availability, nuclear fuel)
Veli-Pekka Nurmi, Senior Vice President, Safety
and Security Services (environmental responsibility,
nuclear safety, cyber security)
Lauri Piekkari, Senior Vice President,
Treasury and Risk Management
Jouni Silvennoinen, Senior Expert,
OL3 Contract Management
Anja Ussa, Senior Vice President,
Finance and Sustainability
In accordance with the Act on Personnel Representa-
tion in the Administration of Undertakings, a repre-
sentative of the personnel and their deputy took part
Esa Lahtinen, Maintenance Engineer,
Personnel Representative
Petri Murto, I&C Specialist,
Timo Vaahtera, Maintenance Engineer,
2nd Personnel Representative
Senior Expert Sami Jakonen and the President and
CEO for Posiva Ilkka Poikolainen also participate in
the work of the Management Group.
The Management Group deals with relevant matters
related to the Company’s operations for which
the decision of the President and CEO is required,
including matters related to sustainability. The
»
Group strategy, goals and strategic projects, sustainability
objectives;
»
operating model and management system;
»
customer accounts/customer relations;
»
»
key issues for stakeholders and the Company’s public
image;
»
human resource planning and allocation at Group level;
»
business strategies and plans.
The President and CEO is responsible for the execu-
tion of the sustainability-related objectives, and it
risks and opportunities related to sustainability. The
Management Group approves the sustainability
objectives and monitors the implementation of
actions as well as the impacts, risks and opportu
-
nities related to sustainability. Twice per year, the
management reviews discuss the reviews for quality
environmental matters, including the target setting
and follow-up of objectives in various areas.
Group’s Management Group regularly discussed the
»
sustainability reporting for 2024 pursuant to the
Accounting Act and the ESRS standards
»
updates to policies, Human Rights Policy, Human Rights
Commitment, Tax Policy and Code of Conduct
»
impacts, risks and opportunities in a double materiality
list of sustainability matters is available under Material
impacts, risks and opportunities and their interaction
with strategy and business model ESRS 2 SBM-3)
»
availability of the plant units
»
safety matters; safety of the plant units, nuclear safety
and radiation safety, industrial safety, corporate safety
and security, safety culture
»
environmental matters; environmental impact assessment
»
competences and skills of the organisation, results from
the personnel survey and safety culture survey
»
stakeholders
The members of the Management Group have
special competences in business conduct, the
energy industry and nuclear industry as well as in
nuclear safety, technology, environmental matters,
personnel development and competence manage
-
for example. The competences of the Management
Group members support the management of the
impacts, risks and opportunities of sustainability
and CEO and the Management Group members
increased their knowledge of the due dilligence
process process concerning human rights in the
autumn of 2024. Furthermore, the President and CEO
and members of the Management Group participated
in training concerning CSRD-compliant reporting in
the autumn of 2023.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
21
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Committees and steering groups assisting
executive management
steering groups that assist the executive manage
-
ment and process special issues related to their
under the Limited Liability Companies Act. Such
committees or steering groups consist of members
-
Committee, Legal Committee, Financing Committee
lays down the regulations for the committees and
steering groups.
Sustainability Team
The Group’s Sustainability Team regularly reports to
the President and CEO via the Management Group.
The team prepares decision proposals related to
sustainability for the Management Group and the
The team consists of representatives from the lead
-
ership of sustainability and its subareas. The SVP of
Finance acts as the chair of the team. The Sustaina
-
bility Team convenes approximately once per month.
The duties of the Sustainability Team include the
»
Drawing up and maintaining the sustainability strategy,
scheduling the strategic actions, assigning responsibility
for them and tracking them, as well as maintaining the
overall picture and reporting to the Management Group
regarding it
»
Integrating sustainability into and identifying areas for
development as part of the Group’s strategy, leadership
and development
»
Drawing up the policies related to sustainability and
developing them
»
Preparing and following up on the initiatives and commit-
ments related to sustainability
»
sustainability goals and indicators
»
Reporting pursuant to the Accounting Act, the ESRS
standard and the EU Taxonomy Regulation
-
assessment process
-
bearing responsibility for its creation
»
»
Developing the due dilligence process concerning human
rights
»
Monitoring and reporting of sustainability risks and
opportunities
»
Promoting the development of transparency and
openness across the supply chain and ensuring that the
sustainability objectives related to the supply chain are
»
deciding on the allocation of funds in accordance with the
framework
Other groups
The other steering groups assisting the management
and discussing topics related to sustainability include
the ALARA Group (radiation safety), the Safety
Professionalism Group, the Risk Management
Group, the HU Group (Human Performance), the
Competence Management Group, the HR Group,
the Management Group for Corporate and Informa
-
tion Security, the Information Security Group, the
Annual Outage Group, the Operating Experience
Group and the R&D steering group. The operation of
these groups is explained in more detail under the
INTEGRATION OF SUSTAINABILITY-RELATED
PERFORMANCE IN INCENTIVE SCHEMES
(ESRS 2 GOV-3)
The Nomination and Remuneration Committee under
and remuneration systems. On the basis of prepara
-
tion by the Nomination and Remuneration Committee,
-
ation of the Group’s President and CEO and the
members of the Group’s Management Group as well
of Directors is not covered by the incentive systems.
The remuneration of the Management Group also
takes into account objectives related to sustainability,
-
»
A sustainably maintained electricity production availability
»
No nuclear safety events whose INES level needs to be
»
Accident indicator TRIF (total recordable incident
frequency) (target for 2024 < 4.0);
»
Starting Posiva’s joint functional test; and
»
Prerequisites put in place for the owners to decide on the
operating licence extension and potential power uprating
The performance-based pay for TVO’s administra-
tive, management and supervisory bodies is not
bound to the greenhouse gas reduction targets, but
the remuneration considers the availability factor
that is used to ensure low-emission electricity
production.
STATEMENT ON DUE DILIGENCE (ESRS 2 GOV-4)
Core elements of due diligence
sustainability statement
a) Embedding due diligence in
governance, strategy and business
model
ESRS GOV-2,
ESRS 2 SBM-3
b) Engaging with affected stakeholders
in all key steps of the due diligence
process
ESRS 2 GOV-2,
ESRS 2 SBM-2,
ESRS 2 IRO-1,
ESRS 2 MDR-P
c) Identifying and assessing adverse
impacts
ESRS 2 IRO-1,
ESRS 2 SBM-3
d) Taking actions to address those
adverse impacts
ESRS 2 MDR-A
e) Tracking the effectiveness of these
efforts and communicating
ESRS 2 MDR-A,
ESRS 2 MDR-M,
ESRS 2 MDR-T
RISK MANAGEMENT AND INTERNAL
CONTROLS OVER SUSTAINABILITY REPORTING
(ESRS 2 GOV-5)
Risk management is arranged holistically in line
Directors, the Group-level policies, the international
risk management policy and procedures align the
principles, prioritisation, targets and responsibilities
for business-aligned risk management as well as the
practical implementation. Risk management related
to nuclear safety, radiation safety, personal safety
and corporate safety and security is discussed in the
nuclear safety policy, quality policy, sustainability
policy and corporate safety and security policy.
The sustainability reporting follows the policies
agreed concerning the Company’s risk management
and the Group-level risk management process. The
sustainability reporting follows the Group-level
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
22
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
principles and processes for statutory reporting,
risk management and internal control. The internal
control for sustainability reporting is based on risk
-
well as on internal control practices. The materiality
of the risks and their prioritisation is determined by
their probability and impact.
For the sustainability reporting, which was imple
-
assessment were drawn up and a project team
was set up. The key risks involved in the sustaina
-
bility reporting were the accuracy of the information
being reported and the timeliness of the reporting.
sustainability reporting in the business processes.
The business units are responsible for the accuracy
of the information being reported. Internal controls
and procedures have been commissioned in order
to secure the accuracy and timeliness of the content
being reported, and a CSRD manual will be drawn up.
materiality analysis and their related manage
-
ment actions are recorded in the Company’s risk
management system, where each of them has been
appointed a dedicated responsible individual who
is accountable for updating the information and
monitoring the situation. The risks and opportunities
related to sustainability reporting are reviewed
at least annually or more often if required. The
Sustainability Team processes the risks in accordance
with the performed reviews. Following this they
to the Management Group, the Audit and Finance
STRATEGY, BUSINESS MODEL AND VALUE CHAIN
(ESRS 2 SBM-1)
Strategy
The TVO Group’s strategy aims at predictable and
competitive electricity production with a strong
projects related to sustainability matters are
units and their potential power uprating as well as
securing the long-term operation of all three plant
The low emissions of electricity production are a
starting point for the Company’s operations. The aim
is to responsibly maximise shareholder value in a
manner where
»
TVO’s average generation cost remains competitive and
the availability of the plant units meets the targets and
their long-term operation has been secured;
»
safety culture is maintained at a high level and safety is
systematically upheld and developed further at all stages
of the nuclear power life cycle;
»
At Olkiluoto, electricity is produced by nuclear profes-
sionals whose competence and ability to work is kept on
a high level throughout their careers.
As a low-emission form of electricity production,
climate targets such as the Paris Agreement. TVO’s
electricity.
TVO manages the entire life cycle of nuclear power.
Posiva Oy, a company jointly owned by TVO and
are expected to start in the mid-2020s at Olkiluoto.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
23
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Sustainability objectives
nuclear power production in Finland.
Target Target for 2024 Result for 2024 Progress in 2024 ESRS
E – ENVIRONMENTAL INFORMATION
As it replaces electricity production from the EU-27 countries at its average level of carbon dioxide
2
*
2
E1
»
»
Procurement of nuclear energy guarantees of origin for purchased
electricity (Scope 2)
»
»
2
e.
E1
Achieved
E1
E2
Fission and activation products TBq
Tritium TBq
Fission and activation products TBq
Tritium TBq
E2
0 pcs
E2
Noteworthy events 2 pcs
E2
42.0 TWh
E3
2
2
2
E4
2 pcs E4
Test operation of the disposal facility has been started Test operation of the disposal facility has been started
E5
Minimising the amount of waste as well as the reusing and recycling of waste, annually at least 55%
E5
0 kg 0 kg
*
2
/kWh (2023).
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
24
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Target Target for 2024 Result for 2024 Progress in 2024 ESRS
S – SOCIAL INFORMATION
Satisfactory + (A+) Satisfactory (A)
S1
S1
S1
*
4 S1, S2
5.72 mSv
S1, S2
NUCLEAR SAFETY
> 4.3 4,3
entity-
No events of INES level 1 or higher 0
entity-
AVAILABILITY
entity-
entity-
G – GOOD GOVERNANCE AND CORPORATE CULTURE
Key stakeholders feel that the TVO Group’s operations can be trusted and that the Group is
G1
*
Business model and value chain
Business model
TVO is a public limited liability company owned by
Finnish industrial and energy companies. TVO’s line
of business pursuant to the Articles of Association
is the construction and procurement of power plants
and power transmission equipment as well as the
production, supply and transmission of electricity
primarily to its shareholders under the terms speci
-
TVO operates on a cost-price principle (Mankala
principle). The Mankala principle is a method of
operation where several companies jointly establish a
The shareholders are charged the costs incurred by
TVO in the price of electricity and thus, in principle,
to the Articles of Association, the shareholders
pay variable costs based on the volumes of energy
ownership, regardless of whether they have used
their share of the output or not.
like TVO, operate according to the Mankala principle.
TVO’s shareholders are Finnish industrial and energy
companies, some of which were owned by a total of
TVO generates approximately one third of the elec
-
tricity consumed in Finland at Olkiluoto in Eurajoki
2 (OL2) and Olkiluoto 3 (OL3). The Group employed
location of all of TVO’s employees is Finland.
TVO Nuclear Services Oy (TVONS) is a whol
-
ly-owned subsidiary of TVO. Posiva Oy is a company
jointly owned by TVO and Fortum, of which TVO
-
ly-owned subsidiary of Posiva Oy.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
25
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
OWN WORKFORCE & SUBCONTRACTORS
Continuous service and maintenance of the plants
Service and maintenance during annual outages
Operation and life cycle management of the plants
Research and development
ONKALO
MANUFACTURERS
Manufacturing of fuel assemblies
POSIVA OY
(joint venture)
PURCHASED MATERIALS
AND SERVICES
NUCLEAR FUEL
MINING COMPANIES
Production of raw uranium
CONVERSION FACILITIES
Uranium conversion
EQUIPMENT AND SPARE PARTS
EQUIPMENT AND SPARE PARTS MANUFAC-
TURERS
Procurement of materials
Manufacturing and assembly
Transport
FINAL DISPOSAL OF SPENT NUCLEAR FUEL
ELECTRICITY PRODUCTION
AND LIFE CYCLE MANAGEMENT
USERS
Municipalities
Cities
Companies
Consumers
OWNERS
Use and sale of
electricity
DISTRIBUTION AND
USE OF ELECTRICITY
ENRICHMENT PLANTS
Enrichment of uranium
NATIONAL GRID
Distribution of
electricity
Upstream and downstream value chain
Upstream value chain
TVO’s value chain starts with purchased materials
and services, which are divided into nuclear fuel
(uranium) procurement and the resources required
for the maintenance and life cycle management of
also processed as an upstream value chain function.
Nuclear fuel
The procurement chain for the nuclear fuel, i.e. the
fuel assemblies, typically consists of production and
countries. TVO procures its nuclear fuel by using
meaning that separate contracts are concluded for
the different procurement stages, typically with
several suppliers for each stage. TVO procures
uranium and its conversion, enrichment and manu
-
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
26
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
facturing services only from approved suppliers, and
competitive bidding is regularly arranged for the
procurements. Procurement operations are based on
long-term contracts with leading suppliers. These
companies have mining operations in many countries.
If required, TVO also purchases additional batches
and services from the market, the development of
which is followed actively.
The countries with the highest uranium production
TVO originates from one of these major producer
countries. The fuel elements ordered by the company
are constructed and assembled in Germany, France,
Spain or Sweden.
the procurement of nuclear fuel often involves, in
contrast to conventional raw material procurement,
obligations for regulatory supervision originating from
international and/or bilateral safeguards agreements.
The purpose of the supervision is to ensure that the
uranium remains in peaceful use.
The nuclear fuel supply chain at the general level
»
At the moment,
using the solvent extraction method (In-situ recovery, ISR)
-
per cent is received from mines as a mineral by-product.
There is usually an ore enrichment plant next to the mine
or production facility, where the uranium is processed into
U
3
O
form and packed inside drums, ready for transport
to the next stage of production.
»
Conversion is a multi-stage
chemical clean-up process where raw uranium U
3
O
is
converted into UF
. Conversion facilities are located in
France, Canada, the United States and Russia
*
. There is
also some conversion capacity in other countries, but it is
mostly for internal use by these countries. UF
is packed
inside bespoke transport containers and transported to
the enrichment plant. Uranium that has been converted
into a UF
form but not enriched is referred to as natural
uranium, since its isotope ratio remains the same as for
raw uranium.
»
During enrichment, the share of the
which is what light water reactors require to operate.
UF
will vaporise at a fairly low temperature and it is fed
into the centrifuges in gaseous form; as they rotate, the
lighter isotope U-235 is collected in the middle part of the
for most of the uranium, is collected at the edges of the
centrifuge. Using multiple consecutive stages allows for
the uranium isotopes to separate. Enriched uranium, still
in the chemical form UF
, is packed inside containers and
transported to the fuel manufacturer. The world’s enrich
-
ment plants are located in France, England, Germany,
the Netherlands, the United States and Russia
*
. There is
also some enrichment capacity in other countries, but it is
mostly for internal use by these countries.
»
The main stages
in the fuel manufacturing process are the conversion of
enriched UF
into UO
2
powder, manufacturing the fuel
pellets (compressing the powder into pellets and sintering
the tablets into ceramic form by burning), the manufacture
of the fuel assembly’s mechanical components (including
cladding tubes and possible fuel channels), the manufac
-
ture of the fuel rods and assembling the fuel assemblies.
Fuel assemblies are typically shipped by boat to a harbour
near the plant and, from there, as land transport using
articulated lorries to the nuclear power plant.
*
The text describes the nuclear fuel supply chain at the general level.
TVO from Russia since the start of the war in Ukraine (2022).
Equipment and spare parts manufacturers
Equipment and spare parts manufacturers refer to
TVO’s suppliers who design, manufacture, assemble
and deliver machinery, equipment and their spare
units. The equipment and spare parts are used for
maintaining, repairing and improving existing equip
-
ment. Equipment and spare parts suppliers mainly
have their domiciles within the EU. TVO’s most signif
-
icant equipment and spare parts suppliers are located
in Finland, Sweden, Germany and France.
»
Material and parts manufacturing for equipment and
The material and component supply chains
related to equipment and spare parts are often complex
and long, covering several suppliers and geographic
areas. Equipment manufacturers utilise components from
other manufacturers, such as bearings, seals and other
parts, in their products. TVO does not always have clear
visibility into these supply chains. However, TVO aims to
utilise the opportunities of the supply chain by collabo
-
rating broadly with the different levels of the supply chain.
»
Manufacture and assembly of equipment and spare
TVO acquires equipment and spare parts either
directly from the original equipment manufacturers
(wholesaler). These are TVO’s suppliers with whom TVO
is in a direct commercial relationship and with whom TVO
closely collaborates. Companies participating in material
and parts manufacturing for equipment and spare parts
are in a commercial relationship with these TVO suppliers
either directly or through a subcontracting chain.
»
TVO mainly acquires its equipment and spare
parts delivered duty paid at Olkiluoto. In practice, the
supplier is responsible for packing the goods, for handling
the export declarations and formalities, for loading, for
the delivery costs to Olkiluoto and for the import declara
-
tions and formalities. In some cases, TVO is responsible
for the import declarations and formalities.
Final disposal of spent nuclear fuel
The types of nuclear waste generated at a nuclear
power plant include waste exempted from control, low
and intermediate level operating waste and high-level
disposal of spent nuclear fuel generated at the power
(Loviisa NPP). Spent nuclear fuel from the nuclear
disposal in the Olkiluoto bedrock at a depth of approx
-
imately 430 metres, while applying the multi-barrier
inner canister, 4. copper canister, 5. buffer bentonite,
disposal of its owner companies’ spent nuclear fuel,
the construction and operation of a disposal facility
and the eventual closure of the facility after use.
The responsibility for nuclear waste management lies
with the nuclear power companies. They must carry out
the necessary nuclear waste management measures
for their own waste and cover their costs. According
to the Finnish Nuclear Energy Act, the nuclear waste
generated in Finland must be treated, stored and
other countries’ nuclear waste into Finland is prohibited.
The funds for nuclear waste management costs are
collected in the Finnish State Nuclear Waste Manage
-
ment Fund. Each year, the Ministry of Economic Affairs
and Employment (MEAE) determines the share of each
nuclear power company in the Fund as well as the
nuclear waste management fee to be paid to the Fund.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
27
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Downstream value chain
The key stages in TVO’s downstream value chain are
the distribution of electricity, sale of electricity and
use of electricity.
The grid operator Fingrid
Oyj (Fingrid) transfers electricity on the national grid
from production facilities to the industry and power
companies. The nation-wide grid is the core grid
for electricity transfer that connects large electricity
producers, factories with high electricity demand and
electricity distribution networks.
shareholders, some of which, like TVO, operate
according to the Mankala principle. The shareholders
are Finnish industrial and energy companies, whose
owners cover all of TVO’s operating costs and, in
return, receive electricity pro-rata to their ownership.
The owners either use the electricity themselves
or sell forward the electricity purchased from TVO.
Through these owners, electricity users include
municipalities, towns, companies and consumers,
among others.
INTERESTS AND VIEWS OF STAKEHOLDERS
(ESRS 2 SBM-2)
Active and transparent interaction with stake-
holders is an essential principle that guides TVO’s
operations. Identifying stakeholders is a part of the
and, through the results of the assessment, the
stakeholder interests and views are considered when
strategy is discussed in its entirety within TVO’s
work carried out by TVO in the chapter Political
. In addition
receives the results from TVO’s stakeholder survey
and any possible reports of violations of the Code
of Conduct for information as part of the internal
auditor’s reporting.
The objective for TVO is that the stakeholders identi
-
can be trusted and that it is transparently communi
-
cating about its operations. In 2023, the target was
for the reputation index in the stakeholder survey to
»
Electricity production at Olkiluoto plays an important role
in Finnish society
»
TVO is a responsible nuclear power company
»
TVO’s operations can be trusted
»
TVO openly communicates regarding its operations
»
TVO is a competitive company
external party implementing the survey. According
to the stakeholder survey completed in early 2024,
stakeholder survey is aimed at representatives of
TVO’s key stakeholders, who represent the media,
members of Parliament, members of the European
-
Stakeholders being followed
Local communities
Financiers
Owners
Organisations
Authorities
Own personnel
Institutes of learning
and research
Political decision-
makers
Suppliers and
subcontractors
Media
General
public
Impact on the
TVO Group
Key stakeholders
cials, experts, labour market organisations, owners,
student associations and environmental associations
group members responded to the survey, and the
response rate for the survey was 29 per cent which
can be considered to be satisfactory. The structure of
the material was similar to the previous year, which
made comparisons over time feasible. The target for
the reputation index remaining at an excellent level
is continuous, but the more exact target value for the
study completed every two years is based on a level
-
cated to regarding the views and interests of the
affected stakeholders as regards the impacts related
to the Company’s sustainability, and actions are
taken on their basis. The next survey will take place
third party at the request of TVO.
In addition, the target for 2024 was for support for
nuclear power, as measured in the survey of attitudes
towards energy carried out by Finnish Energy, to be
carried out in 2024, the support for nuclear power
by itself in relation to the earlier study results and the
operating environment. Finnish Energy carries out
the energy attitudes survey each year. The energy
attitudes survey is not performed at TVO’s request.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
28
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
business model and strategy
Owners
»
and its committees
»
»
Shareholder information and letters
»
Visits and mutual meetings
»
Customer satisfaction survey
»
Stakeholder research
»
Materiality analysis
»
disposal
»
Sustainability
»
units
»
Risks
»
Ongoing investments and future plans
»
-
cerning the company, such
as investments
General public
»
Visits, events and trade fairs
»
Survey on attitudes towards energy
»
Social media discussions/feedback
»
Feedback form on the website
»
Other interactions (emails and phone calls)
»
disposal
»
Availability of electricity and its impact on
prices
»
Security of supply and climate-friendliness
»
Ongoing investments and future plans
»
General acceptability
affects the contents of the
energy policy and, thereby,
TVO’s operational prerequi-
sites
Political
decision-
makers
»
Stakeholder research
»
Visits and mutual meetings
»
Social media discussions/feedback
»
Other interactions (emails and phone calls)
»
Materiality analysis
»
Security of supply and climate-friendliness
»
Availability and price of electricity
»
Acceptability of nuclear power
»
Ongoing investments and future plans
»
Role of nuclear energy in the electricity
system
»
New technologies (SMR)
»
Regulation and other
prerequisites for business
(such as taxation and
legislation)
»
Realisation of new
investments (licensing)
Authorities
»
Stakeholder research
»
Visits and mutual meetings
»
Other interactions (emails and phone calls)
»
Materiality analysis
»
disposal
»
Availability of electricity
»
Availability of the plant units and defects
»
Ongoing investments and future plans
»
Regulation and other
prerequisites for business
(such as taxation and
legislation)
»
Realisation of new
investments (licensing)
Investors
»
Stakeholder research
»
Visits and mutual meetings
»
Other interactions (emails and phone calls)
»
Materiality analysis
»
»
Social responsibility and sustainability
»
Risks
»
Ongoing investments and future plans
»
Availability and cost of
»
Realisation of new
investments
Media
»
Interactions (emails and phone calls)
»
Visits and mutual meetings
»
Social media discussions/feedback
»
Stakeholder research
»
disposal
»
Availability of electricity and its impact on
prices
»
Security of supply and climate-friendliness
»
Sustainability
»
Ongoing investments and future plans
»
General acceptability
affects the contents of the
energy policy and, thereby,
TVO’s operational prerequi-
sites
Local
communities
»
Feedback form on the website
»
EIA hearings and statements
»
Meetings with municipal decision-makers
»
Social media discussions/feedback
»
Other interactions (emails and phone calls)
»
Stakeholder research
»
Materiality analysis
»
disposal
»
Availability of electricity and its impact on
prices
»
Ongoing investments and future plans
»
Regional economy, employment and tax
impacts
»
Acceptability, climate-friendliness and
sustainability of nuclear power
»
General acceptability
affects the contents of the
energy policy and, thereby,
TVO’s operational prerequi-
sites
»
Processing of any possible
»
Approval of deci-
sions-in-principle
business model and strategy
Institutes of
learning and
research
»
Visits and other meetings
»
Collaboration with educational institutions
»
Diploma work opportunities and intern-
ships
»
Stakeholder research
»
Availability of electricity and its impact on
prices
»
Ongoing investments and future plans
»
New technologies (SMR)
»
Need for workforce
»
R&D activities
»
Sustainability
»
Availability of workforce
and ensuring competences
»
Enabling technological de-
velopment and innovations
»
Engaging in international
cooperation
Organisations
»
Visits and mutual meetings
»
Memberships in key organisations
»
EIA hearings and statements
»
Social media discussions/feedback
»
Other interactions (emails and phone calls)
»
Stakeholder research
»
Materiality analysis
»
disposal
»
Ongoing investments and future plans
»
Acceptability and sustainability of nuclear
power
»
Increasing impact of
representation of interests
and improved operational
prerequisites
»
Fluent progress of large
investments
»
Processing and licensing
of any possible changes in
In-house
personnel
»
Multi-channel internal communications and
interaction
»
Surveys and research targeting the person-
nel (such as the personnel survey (including
the safety culture survey))
»
Ethics whistleblowing channel
»
Industrial safety observations and occupa-
tional health and safety
»
Materiality analysis
»
Cooperation with personnel representatives
»
Personnel representatives in the Manage-
ment Group
»
Development discussions
»
Exit interviews and induction assessment
discussions
»
Health and safety
»
Working conditions and other work-related
rights
»
Competence development
»
Implementation of targets
pursuant to the strategy
»
Electricity production
pursuant to targets
»
Maintaining a good
working atmosphere and
operations pursuant to the
Code of Conduct
»
Maintaining a high level of
safety culture
Suppliers and
subcontrac
-
tors
»
Project cooperation
»
Mutual meetings
»
Other interactions (emails and phone calls)
»
Ethics whistleblowing channel
»
Materiality analysis
»
Ongoing investments and future plans
»
Health and safety
»
Working conditions and other work-related
rights
»
Competence development
»
Implementation of targets
pursuant to the strategy
»
Electricity production
pursuant to targets
»
Maintaining a good
working atmosphere and
operations pursuant to the
Code of Conduct
»
Maintaining a high level of
safety culture
The table contains a summary of TVO’s key stakeholders and on how the themes important for them are
considered in the Company’s strategy and business model.
The views of affected communities in the upstream value chain are relayed to TVO’s strategy and business
model indirectly as TVO meets with suppliers, evaluates the operation of suppliers or follows the media and
the operating environment.
The views of stakeholders were utilised in the materiality analysis conducted in 2022 and in the double mate
-
-
bility themes for the Company’s activities. The themes form the focal areas for TVO’s sustainability objectives
and development.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
29
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Material impacts, risks, and opportunities related to climate change
CLIMATE CHANGE ADAPTATION
Climate
change
adaptation
»
the plant units (chronic physical risk related to temperature)
»
Stormy winds may affect grid connections and the availability of
the plant units (acute physical risk related to wind)
»
Snow storms may affect the ventilation systems of the plant units
by clogging the air intakes (acute physical risk related to wind)
Risk Own operations
»
Increased demand for uranium may affect the availability of fuel
and increase the cost of fuel (transition risk)
»
The adaptation of global actors to new regulation related to the
EU’s climate targets (transition risk)
Risk
Upstream value
chain (nuclear fuel)
CLIMATE CHANGE MITIGATION
Climate
change
mitigation
»
The nuclear power generated by TVO is carbon-neutral to the
user, and its production is low-carbon
Actual positive
impact
Own operations
»
TVO’s research and development activities are involved with
developing technological solutions for the future which may act
as broader means of climate change mitigation within society
Potential positive
impact
Own operations
»
Greenhouse gas emissions from TVO’s operations
Actual negative
impact
Own operations
»
Greenhouse gas emissions from the upstream value chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
»
permit processing related to nuclear power
»
service life extension and power uprating offer substantial
business opportunities for TVO
Opportunity Own operations
ENERGY
Energy
»
TVO’s operations reduce emissions from electricity production in
Finland
Actual positive
impact
Own operations
»
TVO’s own energy consumption
Actual negative
impact
Own operations
»
Energy consumption in the upstream value chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL (ESRS 2 SBM-3)
The sustainability topics reported in the Sustainability Statement are based on TVO’s double materiality analysis. The double materiality assessment process is described in
more detail in the chapter Description of the process to identify and assess material impacts, risks and opportunities (IRO-1).
Material impacts, risks, and opportunities related to pollution
POLLUTION OF AIR
Pollution of
air
»
Nuclear power plant units cause minor radioactive and
conventional releases into the air
Actual negative
impact
Own operations
»
Radioactive releases into the air from a potential severe accident
Potential negative
impact
Own operations
POLLUTION OF WATER
Pollution of
water
»
Nuclear power plant units cause minor radioactive and
conventional releases into water
Actual negative
impact
Own operations
»
Radioactive releases into water from a potential severe accident
Potential negative
impact
Own operations
»
Potential releases into water from the upstream value chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
POLLUTION OF SOIL
Pollution of
soil
»
TVO’s operations cause minor production releases into soil
Actual negative
impact
Own operations
»
Radioactive releases into the soil from a potential severe accident
Potential negative
impact
Own operations
»
Potential releases into soil from the upstream value chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
SUBSTANCES OF CONCERN
Substances of
concern
»
Substances of concern used in the upstream value chain
potentially entering the environment
Actual negative
impact
Upstream value
chain (nuclear fuel)
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
30
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Material impacts, risks, and opportunities related to biodiversity
DIRECT IMPACT DRIVERS OF BIODIVERSITY LOSS
Climate
change
»
As a producer of carbon-neutral electricity, TVO safeguards and
maintains the diversity of nature
Actual positive
impact
Own operations
Land-use
change, fresh
water-use
change and
sea-use
change
»
The concentration of energy production in a small geographic
area minimises the environmental impacts and allows for the
preservation of other areas in their natural state
Actual positive
impact
Own operations
Direct
exploitation
of natural
resources
»
Raw materials required for nuclear fuel manufacturing
»
Actual negative
impact
Upstream value
chain (nuclear fuel,
spent nuclear fuel)
Pollution
»
Radioactive releases into the environment from a potential severe
accident and their impacts on organisms
Potential negative
impact
Own operations
IMPACTS ON THE STATE OF SPECIES
Species
population
size
»
Impacts on the state of species from the local warming of sea
water in the area near Olkiluoto
Actual negative
impact
Own operations
»
Potential impacts on the state of species from mining activities
and from open quarries in particular
Potential negative
impact
Upstream value
chain (nuclear fuel)
IMPACTS ON THE EXTENT OF ECOSYSTEMS
Degradation
of the state
of the
environment
»
Impacts on the state of the marine ecosystem from the local
warming of sea water in the area near Olkiluoto
Actual negative
impact
Own operations
»
Potential impacts on the extent and state of ecosystems from
mining activities and from open quarries in particular
Potential negative
impact
Upstream value
chain (nuclear fuel)
IMPACTS AND DEPENDENCIES ON ECOSYSTEM SERVICES
Impacts and
dependencies
on ecosystem
services
»
Impacts on ecosystem services from the local warming of sea
water in the area near Olkiluoto
»
Actual negative
impact
Own operations
»
Potential impacts on ecosystem services from mining activities
and from open quarries in particular
Potential negative
impact
Upstream value
chain (nuclear fuel)
Material impacts, risks, and opportunities related to water and marine resources
WATER
Water
consumption
»
Water consumption in the plant units’ production process and tap
water consumption at Olkiluoto
Actual negative
impact
Own operations
»
Water consumption in the upstream value chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
Water
withdrawals
»
Cooling water required for TVO’s operations
Actual negative
impact
Own operations
Water
discharges
»
Water discharges releases from TVO’s operations
Actual negative
impact
Own operations
»
Water discharges releases from the upstream value chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
Material impacts, risks, and opportunities related to resource use and circular economy
RESOURCE INFLOWS
Resource
»
TVO’s consumption of nuclear fuel
Actual negative
impact
Own operations
»
chain
Potential negative
impact
Upstream value
chain (nuclear fuel)
WASTE
Waste
»
Nuclear waste created from the nuclear fuel used by TVO as well
as other radioactive waste
»
»
Municipal waste generated by TVO’s operations
Actual negative
impact
Own operations
»
Waste generated by the upstream value chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
31
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EQUAL TREATMENT AND OPPORTUNITIES FOR ALL
Gender
equality and
equal pay for
work of equal
value
»
TVO promotes gender equality and equal treatment and prevents
discrimination and unequal activities
Actual positive
impact
Own operations
Training
and skills
development
»
Maintaining, developing and retaining competences among the
company’s own workforce
»
Strengthening and maintaining nuclear power expertise among
the company’s own workforce
Actual positive
impact
Own operations
»
Failure to develop competences among the company’s own
workforce is a risk to TVO’s safety and may cause detrimental
Risk Own operations
»
»
Securing future expertise by collaborating with learning
institutions and students, among other things
Opportunity Own operations
Actions
to prevent
violence and
harassment at
the workplace
»
workplace
Actual positive
impact
Own operations
»
Any possible cases of violence and harassment
Potential negative
impact
Own operations
Diversity
»
TVO promotes equality and equal treatment and prevents
discrimination and unequal activities
Actual positive
impact
Own operations
OTHER WORK-RELATED RIGHTS
Privacy
»
Potential leak of own workforce’s personal information or other
invasion of privacy
Potential negative
impact
Own operations
Material impacts, risks, and opportunities related to own workforce
WORKING CONDITIONS
Security of
employment
»
TVO offers regular, stable employment relationships to employees
Actual positive
impact
Own operations
Working
hours
»
TVO offers full-time employment relationships to most of its own
employees
Actual positive
impact
Own operations
Adequate
wages
»
TVO promotes the income of its own workforce and their families
by paying adequate wages according to agreements and the
legislation
Actual positive
impact
Own operations
Social
dialogue
»
TVO takes part in social dialogue
Actual positive
impact
Own operations
Collective
bargaining
»
TVO’s own employees are covered by employment contracts
subject to the Employment Contracts Act
Actual positive
impact
Own operations
Work-life
balance
»
TVO supports a work-life balance for its own workforce
Actual positive
impact
Own operations
Health and
safety
»
Promotion of safety culture, industrial safety and plant safety
among the company’s own workforce
»
Promoting and maintaining occupational health and working
capacity among the company’s own workforce
Actual positive
impact
Own operations
»
Challenges regarding occupational health and working capacity
among the company’s own workforce
»
Occupational accidents and industrial safety failures among the
company’s own workforce
»
Radiation dose received by the company’s own workforce
Actual negative
impact
Own operations
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
32
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EQUAL TREATMENT AND OPPORTUNITIES FOR ALL
Training
and skills
development
»
Development of competences among the people participating
in annual outages by means of online annual outage training
and the requirements in the Code of Conduct
Actual positive
impact
Own operations
Actions
to prevent
violence and
harassment at
the workplace
»
Any possible cases of violence and harassment targeting the
external workforce
Potential negative
impact
Own operations
»
Any possible cases of violence and harassment targeting
workers in the value chain
Potential negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Diversity
»
TVO requires that its suppliers commit to non-discrimination
and the principles of equality
Actual positive
impact
Own operations
OTHER WORK-RELATED RIGHTS
Other work-
related rights
»
TVO requires that its suppliers respect human rights within the
Potential positive
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Child labour
»
Potential use of child labour in the upstream value chain
Potential negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Forced labour
»
Potential use of forced labour in the upstream value chain
Potential negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Material impacts, risks, and opportunities related to workers in the value chain
TYÖOLOT
Security of
employment
»
Potential poor security of employment for workers in the value
chain
Potential negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Working
hours
»
Potential neglect of working hours pursuant to the Working
Hours Act for workers in the value chain
Potential negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Adequate
wages
»
Potential underpayment for workers in the value chain
Potential negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Freedom of
association,
including the
existence of
work councils
»
Potential violations of the freedom of assembly and association
for workers in the value chain
Potential negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Health and
safety
»
Promotion of safety culture, industrial safety and plant safety
among the external workforce at Olkiluoto
Actual positive
impact
Own operations
»
Occupational accidents and industrial safety failures among the
external workforce at Olkiluoto
»
Radiation received by the external workforce at Olkiluoto
Actual negative
impact
Own operations
»
Potential exposure of workers in the value chain to poor safety
conditions
Actual negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
33
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Material impacts, risks, and opportunities related to nuclear safety
NUCLEAR SAFETY
Nuclear safety
»
Nuclear safety is maintained at a high level
Actual positive
impact
Own operations
»
Radioactive releases caused by a potential severe accident
»
Radioactive releases caused by a potential design basis accident
Potential negative
impact
Own operations
»
The costs and reputational damage from failures in the nuclear
safety of the plant units
Risk Own operations
»
Maintaining nuclear safety at a high level promotes the
acceptability of nuclear power and the potential service life
Opportunity Own operations
Material impacts, risks, and opportunities related to cyber security
CYBER SECURITY
Cyber security
»
Potential cyber security issues, such as attacks on administrative
systems or plant systems
Risk Own operations
Material impacts, risks, and opportunities related to availability
AVAILABILITY
Availability
»
production
»
TVO’s stable and predictable electricity production evens out price
variations on the electricity market
Actual positive
impact
Own operations
»
Any possible unplanned unavailability (defects or disturbances)
and the secondary costs incurred by the owners as a result
»
Any possible unplanned unavailability (defects or disturbances)
and its negative impacts for electricity users"
Potential negative
impact
Downstream value
chain
»
Any possible unplanned unavailability (defects or disturbances)
will reduce the availability factor and incur costs
»
Potential reputational damage caused by disturbances in
availability and electricity production
Risk Own operations
»
High availability and good predictability for electricity production
may increase TVO’s competitiveness
Opportunity Own operations
Material impacts, risks, and opportunities related to affected communities
COMMUNITIES’ ECONOMIC, SOCIAL AND CULTURAL RIGHTS
Clean water
and sanitation
»
Potential negative impacts on communities’ access to water and
sanitation from the nuclear fuel manufacturing chain
Potential negative
impact
Upstream value
chain (nuclear fuel)
Land-related
impacts
»
Negative impacts on people’s living environments from the nuclear
fuel manufacturing chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
Safety-related
impacts
»
Negative impacts of uranium mines on local communities during
their operation and following the termination of operations
Actual negative
impact
Upstream value
chain (nuclear fuel)
RIGHTS OF INDIGENOUS PEOPLES
All
»
Potential violations of the rights of indigenous peoples related to
uranium mines
Potential negative
impact
Upstream value
chain (nuclear fuel)
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
34
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Material impacts, risks, and opportunities related to business conduct
CORPORATE CULTURE
Corporate
culture
»
Acting in accordance with the principles of sustainable business
(Code of Conduct and policies)
Actual positive
impact
Own operations
»
Potential neglect of the principles of sustainable business (Code
of Conduct and policies) in the company’s own operations
Potential negative
impact
Own operations
»
Acting in accordance with the principles of sustainable business
(Code of Conduct and policies) in the upstream value chain
Potential positive
impact
Upstream value
chain
»
Potential neglect of the principles of sustainable business (Code
of Conduct and policies) in the upstream value chain
Potential negative
impact
Upstream value
chain
RELATIONSHIPS WITH SUPPLIERS
Relationships
with suppliers
»
A high-quality procurement process allows for the safe, long-term
operation of the plant units as well as competitive and reliable
production
Opportunity Own operations
»
Failures in supplier relationships or dependency from a supplier
or services that are essential for operations
»
Degradation of expertise available in the supplier network
Risk
Upstream value
chain
POLITICAL ENGAGEMENT
Political
engagement
»
by participating in the activities of industry associations
Actual positive
impact
Own operations
»
Regulatory reform may ease regulatory requirements and lower
costs
»
increase positive attitudes towards nuclear power
Opportunity Own operations
The current and predicted impacts of material
impacts, risks and opportunities on people or the
environment, TVO’s business model, value chain,
strategy and decision-making and their related
policies, actions and objectives are reported in
-
ability topics are nuclear safety, cyber security and
availability, which are reported as part of the social
information.
Most of TVO’s material impacts are due to the busi
-
ness model and in-house nuclear power generation.
The material impacts are mainly indirect and occur
through the supplier relationships. The reasonably
short, i.e. less than one year.
originates from nuclear power, and nuclear power
change as a low-emission form of electricity
production. TVO is committed to advancing carbon
neutrality and, through its strategy, TVO aims to
support broader climate targets such as the Paris
Agreement. CO
2
-free electricity production and the
increase of production capacity provide TVO with
objective is to also assess climate change and other
operations from the perspective of possible risks and
follow the principle of continuous improvement.
of the risks and opportunities related to climate
change, safety and availability are considered under
property, plant and equipment once the actions
related to these have been approved. For example,
electricity production and the availability and safety
of the plant units or prepare for the impacts of
climate risks. If realised, the transition risks related to
and services and Current assets.
makes versatile use of different funding sources that
are used to consider the most material impacts, risks
to TVO’s business include liquidity, market and credit
funding of investments is made possible by diversi
-
credit commitments and liquid funds.
Financing costs are impacted by the changes in
TVO’s credit rating and outlook as well as market
changes to interest rates and corporate loan margins.
current level. This risk has been analysed through
various scenarios (short, medium and long time
rate and margin of TVO’s loan portfolio. If the risk is
realised, the consequences include an increased cost
Credit ratings play a major role in capital market
under all circumstances. For this purpose, the Company
various revolving credit facilities and liquid assets.
which examine the impacts of various risks and oppor
-
-
cial standing. The scenarios cover the entire life cycle
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
35
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
DESCRIPTION OF THE PROCESSES TO IDENTIFY
AND ASSESS MATERIAL IMPACTS, RISKS AND
OPPORTUNITIES (ESRS 2 IRO-1, G1.IRO-1)
Double materiality analysis process
The double materiality analysis (DMA) was carried
out in accordance with the ESRS standards and
EFRAG’s (European Financial Reporting Advisory
Group) instructions for double materiality assessment.
The sustainability topics and sustainability indicators
reported herein are based on TVO’s DMA, which was
and updated in the autumn of 2024. The DMA was
drawn up by an external expert and TVO’s experts in
various sustainability topics. The contents of the DMA
were iterated in several workshops, and the Sustaina
-
bility Team validated the analysis results prior to their
Going forward, the DMA related to sustainability
reporting will be reviewed at least annually or more
often if required. As an internal control, the Sustain
-
ability Team processes the DMA and proposes it for
Directors.
The DMA was based on a broad materiality analysis
drawn up in 2022, which in turn originated from the
While preparing the double materiality analysis,
representatives of the TVO Group’s internal and
external stakeholders were interviewed with the aim
of understanding their views on both positive and
negative impacts of the Group on the environment,
people and the economy. The stakeholder analysis
was supplemented at the end of 2023 with one
internal and two external stakeholder interviews in
order to understand the potential and actual impacts
targeting stakeholders. The descriptions of the
sustainability impacts, risks and opportunities were
updated on the basis of this supplementation, and
scores were determined.
A sustainability matter (impact, risk or opportunity)
meets the double materiality criteria if it is material
materiality or both. A sustainability matter is material
from an impact perspective when it pertains to the
undertaking’s material actual or potential, positive or
negative impacts on people or the environment over
the short-, medium- or long-term. A sustainability
causes, or can be reasonably expected to cause,
medium or long term. In addition to the undertaking’s
impacts, risks and opportunities covers the upstream
and downstream value chain. The assumptions used
for assessing the impacts, risks and opportunities
TVO has considered the connections between its
impacts and dependencies and those risks and oppor
-
tunities which these impacts and dependencies may
cause by integrating the sustainability risk management
to the Company’s Enterprise Risk Management (ERM)
process and by recording the management actions in
the risk management system. The prioritisation process
from the Company’s risk management process is
utilised when prioritising the sustainability risks.
A responsible individual has been appointed for each
risk who is responsible for updating the information,
the situation. The Sustainability Team discusses the
risks, following which they are reported, similarly to
Directors. Furthermore, utilising the opportunities is
part of the strategy and management process.
A broad materiality analysis was used to identify TVO’s
negative and positive impacts on people and the envi
-
materiality). The materiality analysis did not focus on
areas or other factors, but, instead, discussed TVO’s
operations in a comprehensive manner.
The severity of an impact was determined by
estimating the scale, scope and irremediable char
-
acter of the impact. Scale was used to assess how
positive impact is on people or the environment.
Scope assessed how broadly the negative or posi
-
tive impacts will spread. In terms of environmental
impacts, scope was assessed in terms of the scope of
the environmental damage or the geographical area.
For impacts targeting people, scope was assessed
by means of the number of people targeted by
the impacts. The irremediable character was only
assessed for potential or actual negative impacts;
can the state of the environment be remedied or can
the situation of the affected individuals be restored.
Probability was also assessed for potential positive
risks and opportunities were assessed on the basis
of their magnitude and probability. Magnitude may
be affected by dependency on resources, tightened
regulation and stakeholder relations, for example. The
A sustainability matter is material if the result of its
exception is an additional condition related to actual
or potential negative impacts; if one of the severity
assessment criteria (scale, scope or irremediable
character) of an actual or potential negative impact
was assessed as a 5, the negative impact is severe and
will become material even if its threshold value were
lower than 2.5. In particular, these negative impacts
that have become material are related to radioactive
releases, nuclear safety and privacy protections for
the Company’s own workforce. The second exception
applies to sustainability matters that have been made
material according to the management’s judgement
but which did not become material in the double
materiality analysis. These include the climate risks
releases (E3) and municipal waste (E5) generated from
TVO’s operations, the negative impacts concerning the
downstream value chain reported under availability
Directors approved the results of the double materiality
analysis in October 2024 and the additions of sustain
-
ability matters that were made material according to
the management’s judgement in December 2024.
risks and opportunities related to climate change
(E1.IRO-1)
Impacts and opportunities related to climate change
TVO produces climate-friendly electricity, and
against climate change as a low-emission form
of electricity production. The carbon footprint of
electricity produced at the three nuclear power plant
2
e/kWh, excluding the
transfer of electricity. The carbon footprint calcula
-
tion considers the entire life cycle of nuclear power,
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
36
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
nuclear fuel and the dismantling of the plant units.
The life cycle GHG emissions are calculated from
the 2022 production amounts, during which the
CO
2
amount caused by the test operation of OL3. Life
cycle GHG emissions are estimated to decrease in
the coming years as production from OL3 stabilises.
TVO’s operations create greenhouse gas emissions,
2
emissions from the power plant
consist of emissions from the emergency diesel gener
-
ators and reserve boilers. The purpose of the emer-
gency diesel generators is to automatically ensure the
power supply of the plant in a possible but unlikely
loss-of-power situation. In order to ensure safety, the
emergency diesel generators are regularly tested in
means that their use cannot be reduced. However, the
emergency diesel generators and reserve boilers will
switch to using a fuel that contains a biocomponent,
which makes them more climate friendly.
TVO’s operations consume energy. TVO’s total energy
consumption consists of electricity from own produc
-
tion, purchased electricity and the fuel consumption of
the emergency diesel generators and reserve boilers.
The plant units use electricity generated by them,
and electricity is currently purchased for the Olkiluoto
outdoor areas, Posiva and the OL3 plant unit when
it is not in production operation. At the moment,
district heating is obtained from the waste heat of the
network’s expansion project, the OL3 plant unit will
also be added to the district heating network.
energy consumption take place in TVO’s value chain.
The highest greenhouse gas emissions from TVO’s
value chain in 2024 were related to the use of fuels
and energy and purchased products and services.
TVO’s greenhouse gas emissions are discussed in
more detail under Gross Scopes 1, 2, 3 and Total
GHG emissions (E1-6).
Zero-carbon electricity production and the potential
service life extension and power uprating of the
opportunities for TVO The future strategic oppor
-
tunities include small modular reactors (SMRs), and
TVO has a currently ongoing project in which it is
investigating the technical and economic possibilities
of using SMRs for climate-friendly electricity and
heat production. TVO’s research and development
(R&D) activities aim at advancing future technolog
-
ical solutions, which can also function as ways to
mitigate climate change.
Risks related to climate
based on a few reports assessing the impacts of climate
change that were prepared at different times. As a
rule, all physical risks related to climate change have
been examined in the long term. The risks of climate
change have been assessed while focusing on risks in
the upstream value chain and own operations. When
assessing the risks of own operations, the impacts of
the downstream value chain have also been considered.
Previously, climate change risks have been surveyed
on the basis of the SSP2-4.5 and SSP3-7 scenarios.
According to the Finnish Meteorological Institute, the
former of these is the most likely future scenario. In
accordance with the precautionary principle, risks
have also been examined on the basis of the more
severe scenario SSP3-7. In nuclear fuel procurement,
market analyses, reports from the International Atomic
Energy Agency (IAEA) and Organisation for Economic
Co-operation and Development (OECD) and on
in-house expert assessments. Contact is also main
-
tained between other power companies and nuclear
fuel suppliers in order to examine the market situation,
stakeholders and the operating environment.
External threats to the plants units at Olkiluoto have
been comprehensively examined in the Probabilistic
Risk Assessments (PRAs) for the plant units, the
spent fuel interim storage and Posiva. Extreme
weather phenomena are a part of the external
threats at Olkiluoto and since extreme weather
phenomena are expected to become more common
-
place as a result of climate change, the impacts of
climate change have also been assessed at Olkiluoto
in connection with the external threat analyses. In
addition to this, TVO has actively participated and
continues to participate in the national research
and Waste Management Research Programme
WEather events in the changing CLImate as potential
-
sors (EXWE, PREDICT), which have comprehensively
studied the impacts of climate change on extreme
weather phenomena. As an outcome of the project,
TVO has access to the latest national research data
on the studied extreme weather phenomena.
Research related to climate change is constantly
necessary on the basis of the estimated impacts.
out to improve preparation against seismic events,
-
as various electrical disturbances and loss of outside
power scenarios, for example. The PRA (Propabilistic
Risk Analysis) document and the Final Safety Anal
-
ysis Report (FSAR) which are based on STUK’s YVL
Guides are maintained as part of risk management
and plant operation. The PRA document considers
the plants’ internal threats as well as external threats,
such as impacts from weather conditions, external
the licensee’s risk management and the actualisation
of PRAs. The FSAR describes the safety principles
followed in the design of the plant site, plant,
systems and main equipment as well as the relevant
analyses in terms of design and operation and their
results. Thereby, the analysis of weather phenomena
that are relevant in terms of the plant site is also part
According to the applied scenarios, climate change
will increase sea water temperature and shorten
winters. A possible increase in the sea water temper
-
ature does not cause a particular threat to the safety
of the plant units at Olkiluoto since, if necessary, the
plant units production will be ramped down in good
time before the sea water temperature reaches a
level that could have harmful impacts on the avail
-
ability of safety functions. However, a higher sea
plant units and may, in a worst case, cause a need for
power reductions or other limitations on operation.
The warming of sea water may also lead to the prolif
-
eration of various invasive alien species, which may
affect the operability of sea water systems. TVO has
an invasive alien species prevention plan in use.
The temperature and quality of sea water are
constantly monitored and various actions are initi
-
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
37
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
ated, if necessary. The plant units can also survive
even a total loss of the operability of sea water
systems without fuel damage.
The sea water level is also being monitored. The
impacts of climate change on sea water level under
various RCP (Representative Concentration Path
-
Olkiluoto during studies by the Finnish Meteorolog
-
than the increase in sea water level (at the moment,
the rate of land upheaval is approximately 7 mm/
the power plant’s buildings and damage the equip
-
ment inside that is important for safety. Under even
the most negative emissions scenario, a sea water
of the Olkiluoto plant units during their potential
service life.
Preparations have been made for extreme tempera
-
tures in the design of the plant units. High temper-
atures will burden the equipment and increase
the probability of component failure, but this
phenomenon is so slow to develop that the plant
units have time to prepare for high air temperatures.
Additionally, high temperatures increase the risk of
area, but they may affect ventilation systems and the
availability of the plant units through smoke and soot
build-up. The site area has very little growth that
surrounded by asphalt-covered areas which act as
have indirect impacts on the operation of the plant
units. During disturbances in the electrical grid, the
electricity generated by the plant cannot be trans
-
mitted to the national grid; as a result, the power
plant remains on house load operation or the produc
-
tion is ramped down.
Wind may cause damage in the site area as sudden
gusts or longer-term wind loads. Studies have esti
-
and the impacts of stormy winds on the operation
of the plant units. The risk related to wind has also
been processed as a combined risk with snowfall,
wind and snowfall may cause a loss of external grid
and clog the ventilation openings. High wind and
loose material from the sea may also cause a loss of
external grid and block the sea water systems. The
consequences of exceptional wind loads have been
prepared for, and the roofs of the reactor building
and control room building have been designed to
withstand the loads caused by the possible falling
over of the off-gas stack, for example.
risks and opportunities related to pollution, water,
biodiversity and resource use (E2.-E5.IRO-1)
The material impacts, risks and opportunities related
to pollution, water, biodiversity and resource use
double materiality analysis that covers both TVO’s
own operations and the relevant parts of the value
chain. The location of own operations is the island of
Olkiluoto, and actual or potential impacts from own
operations are generated as a result of the nuclear
facility’s operation. In the upstream value chain, the
negative impacts are mainly generated during mining.
The operating licences for the plant units pursuant
to the Nuclear Energy Act and the environmental
permits pursuant to the environmental legisla
-
assessment of environmental impacts and risks.
The operator must have knowledge of the environ
-
mental impacts and risks of their operations, of the
management of these impacts and risks, and ways to
reduce adverse impacts. The permit provision issued
in order to prevent and limit emissions are based
on the requirements for best available technology.
-
environmental impacts and risks.
Environmental research has been conducted on Olki
-
production was launched. The early baseline studies
created a basis for the monitoring programmes for
environmental radiation and environmental impacts.
The Act on the Environmental Impact Assessment
-
mental impacts. Projects related to nuclear energy are
usually covered by the EIA procedure. The purpose
environmental impacts of the project being planned
are determined to the necessary precision, and its
aim is to produce information to support the planning
and decision-making of the project but also to provide
the various parties, such as local communities, with
increased access to information and opportunities for
participation in the project’s planning stage.
Material impacts are communicated with impacted
communities, of which the local communities are the
key stakeholders in terms of own operations. TVO
publishes the “Uutisia Olkiluodosta” (News from
-
diate region and engages in diverse communication
through digital channels. The aim is to provide under
-
standable, open and timely communication regarding
everything that happens at Olkiluoto. Stakeholders
also have the opportunity to submit feedback and
questions regarding environmental matters via the
TVO website. TVO replies to all inquiries that include
contact details. The Olkiluoto Visitor Centre receives
are openly told about TVO’s operations and their
questions are answered. TVO also regularly meets
-
tives and water protection associations.
Pollution
The operation of nuclear power plant units causes
minor radioactive releases and other releases into the
air, water and soil. The radioactive releases caused by
the normal operation of the nuclear power plant are
the atmosphere and the sea; as a result, they do not
Conventional releases into the air are generated by
the operation of the power plant’s emergency diesel
-
tional releases into water result from the power
plant’s cooling water and wastewater. Conventional
releases into the soil may be generated as a result of
defects in machinery and equipment or due to human
error. The conventional releases caused by the
operation of the Olkiluoto power plant are minor. The
impacts, risks and opportunities related to pollution
have already been considered in the plant unit’s
design and in the operating licence and environ
-
mental permit processes. TVO constantly monitors
the environmental impacts of its operations by means
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
38
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
of environmental monitoring plans approved by the
authorities, including the measurement and follow-up
of radioactive and conventional releases.
In the upstream value chain, the material impacts
related to pollution are mainly generated during
mining. Activities in the nuclear fuel procurement
chain are subject to a licence that is supervised by
local authorities, who may also arrange hearings for
communities. Public reports are commonly published
regarding the supervision activities, and TVO follows
them as part of its supplier evaluation process.
Water and marine resources
A nuclear power plant requires raw water for its
operations; of this water, approximately one half is
used as household water and half as process water,
of the power plant units depends on cooling water,
since they use cooling water for cooling the turbine
condensers. Cooling water is extracted at the shore
of Olkiluodonvesi, to the south of the site area. At the
power plant, process wastewater is mainly generated
from the leak, drain, rinse and purge water coming
from the radiation controlled areas of the power plant
buildings and storages.
The impacts, risks and opportunities related to water
have already been considered in the plant unit’s design
and in the licence and permit processes. Granting an
operating licence for a nuclear power plant requires
that the power plant’s impacts on the natural envi
-
ronment and the cooling water solutions have been
assessed. The power plant’s cooling water system,
which is based on direct cooling from water systems,
Impacts and risks related to water are also surveyed
for each project in the context of the EIA procedure
and the separate analyses required for the permit
processes. Impacts and risks related to water are
continuously monitored in accordance with an environ
-
mental monitoring plan approved by the authorities.
In the upstream value chain, material impacts related
as excavation and ore grinding, uses large amounts
of water, which means that wastewater releases may
be substantial with high water consumption. Activi
-
ties in the nuclear fuel procurement chain are subject
to a licence that is supervised by local authorities,
who may also arrange hearings for communities.
Public reports are commonly published regarding the
supervision activities, and TVO follows them as part
of its supplier evaluation process.
Biodiversity
TVO’s direct impacts on biodiversity are focused on the
island of Olkiluoto and its nearby areas, including the
sea areas. The biodiversity impacts of the value chain
are indirect through the actors in the value chain, mainly
those in the fuel procurement chain. TVO’s operations
are dependent on the availability of fuel, i.e. uranium, and
material impacts, risks and opportunities related to
biodiversity is based on the requirements of the Nuclear
Energy Act and environmental legislation, and the
impacts and risks are also surveyed per project during
the EIA procedure and the separate analyses required
by the permit processes. TVO has also surveyed the
impacts, risks, and opportunities related to biodiversity
by means of voluntary biodiversity analyses.
invasive alien species to endemic species has been
from TVO’s operations. The risk is not material for
TVO. No transitional risks or opportunities related to
related to biodiversity have been examined.
There are archipelago and open sea areas near
Olkiluoto that that simultaneously meet several
criteria for conservation or protection, and these
areas are listed under Material impacts, risks and
opportunities related to biodiversity and their
interaction with strategy and business model (E4.
SBM-3)
impacts are the warming of sea water in the nearby
area caused by the cooling water and the resulting
impacts on the status of species and ecosystem
cooling water does not have a major impact in the
water may favour cyprinids and cause the prolifera
-
tion of aquatic vegetation and the sliming of nets.
In connection with projects, TVO arranges hearings
for the local residents in relation to the environmental
impact assessments. Voluntary hearing events are
property associations, catchment area management
associations and water management foundations.
Resource use and circular economy
energy and, since electricity is an immaterial end
product, the material resources are related to electricity
production. The key raw material required for nuclear
energy production is nuclear fuel, with low-enrichment
uranium as its important raw material. Uranium is
subject to regulatory control. TVO’s own operations
generate nuclear waste (i.e. spent fuel), radioactive
The impacts, risks and opportunities related to
resource use have already been considered in the
plant unit’s design, the legislation and in the licence
material opportunities related to the circular economy
or any material impacts or risks related to transitioning
to the circular economy. Due to its high level of radio
-
activity, spent nuclear fuel is not recycled; instead, it is
Material impacts related to resource use are commu
-
nicated to the local communities in a versatile
manner, such as by means of the “Uutisia Olkiluo
-
channels. The ONKALO exhibition at the Olkiluoto
disposal of spent nuclear fuel has also been evalu
-
ated through the (EIA) where appropriate hearings
are arranged.
The material impacts, risks and opportunities
related to resource use in the upstream value chain
procurement chain. Activities in the nuclear fuel
procurement chain are subject to a licence that
is supervised by local authorities, who may also
arrange hearings for communities. Public reports are
commonly published regarding the supervision activi
-
ties, and TVO follows them as part of its supplier
evaluation process.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
39
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Disclosure require-
Name of disclosure requirement Page
ESRS 2 BP-1
General basis for preparation of the
sustainability statement
p. 19
ESRS 2 BP-2
circumstances
p. 19
ESRS 2 GOV-1
The role of the administrative, management
and supervisory bodies
The role of the administrative, management and super-
visory bodies as well as the information provided to and
p. 19–22
G1.GOV-1
The role of the administrative, management
and supervisory bodies
The role of the administrative, management and super-
visory bodies as well as the information provided to and
p. 19–22
ESRS 2 GOV-2
Information provided to and sustainability
matters addressed by the undertaking’s
administrative, management and supervisory
bodies
The role of the administrative, management and supervisory
bodies as well as the information provided to and
p. 19–22
ESRS 2 GOV-3
Integration of sustainability-related
performance in incentive schemes
Integration of sustainability-related performance in
incentive schemes (ESRS 2 GOV-3)
p. 22
E1.GOV-3
Integration of sustainability-related
performance in incentive schemes
Integration of sustainability-related performance in
incentive schemes (ESRS 2 GOV-3)
p. 22
ESRS 2 GOV-4
Statement on due diligence Statement on due diligence (ESRS 2 GOV-4) p. 22
Risk management and internal controls over
sustainability reporting
Risk management and internal controls over sustainability
reporting (ESRS 2 GOV-5)
p. 22–23
ESRS 2 SBM-1
Strategy, business model and value chain p. 23–28
ESRS 2 SBM-2
Interests and views of stakeholders p. 28–29
S1.SBM-2
Interests and views of stakeholders p. 28–29
S2.SBM-2
Interests and views of stakeholders p. 28–29
S3.SBM-2
Interests and views of stakeholders p. 28–29
ESRS 2 SBM-3
Material impacts, risks and opportunities
and their interaction with the strategy and
business model
Material impacts, risks and opportunities and their inter-
p. 30–35
ESRS 2 IRO-1
Description of the process to identify
and assess material impacts, risks and
opportunities
Description of the processes to identify and assess material
p. 36
G1.IRO-1
Description of the processes to identify and
assess material business conduct-related
impacts, risks and opportunities
Description of the processes to identify and assess material
p. 36
E1.IRO-1
Description of the processes to identify and
assess material climate-related impacts, risks
and opportunities
p. 36–38
Disclosure require-
Name of disclosure requirement Page
E2.IRO-1
Description of the processes to identify and
assess material pollution-related impacts,
risks and opportunities
and opportunities related to pollution, water, biodiversity
p. 38–39
E3.IRO-1
Description of the processes to identify and
assess material impacts, risks and oppor-
tunities related to water and marine resources
and opportunities related to pollution, water, biodiversity
p. 38–39
E4.IRO-1
Description of the processes to identify and
assess material biodiversity and ecosystem-
related impacts, risks and opportunities
and opportunities related to pollution, water, biodiversity
p. 38–39
Description of the processes to identify
and assess material resource use and
circular economy-related impacts, risks and
opportunities
and opportunities related to pollution, water, biodiversity
p. 38–39
ESRS 2 IRO-2
Disclosure requirements in ESRS covered by
the undertaking’s sustainability statement
Disclosure requirements in ESRS covered by the
undertaking’s sustainability statement (ESRS 2 IRO-2)
p. 40–42
E1-1
Transition plan for climate change mitigation p. 63
E1.SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
Material impacts, risks, and opportunities related to climate
p. 63-64
E1-2
Policies related to climate change mitigation
and adaptation
p. 64–65
E1-3
Actions and resources in relation to climate
change policies
p. 65
E1-4
Targets related to climate change mitigation
and adaptation
p. 66
Energy consumption and mix p. 67
E1-6
emissions
p. 68–70
E2-1
Policies related to pollution p. 72–73
E2-2
Actions and resources related to pollution Actions (E2-2) p. 73–74
E2-3
Targets related to pollution Targets (E2-3) p. 74–75
E2-4
Pollution of air, water and soil Pollution of air, water and soil (E2-4) p. 75
E3-1
Policies related to water and marine
resources
p. 77
E3-2
Actions and resources related to water and
marine resources
Actions (E3-2) p. 78
E3-3
Targets related to water and marine resources Targets (E3-3) p. 78–79
DISCLOSURE REQUIREMENTS IN ESRS COVERED BY THE UNDERTAKING’S SUSTAINABILITY STATEMENT (IRO-2)
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
40
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Disclosure require-
Name of disclosure requirement Page
E3-4
Water consumption Water consumption (E3-4) p. 79
E4-1
Transition plan and consideration of
biodiversity and ecosystems in strategy and
business model
Transition plan and consideration of biodiversity and
p. 80
E4.SBM-3
Material impacts, risks and opportunities
and their interaction with the strategy and
business model
Material impacts, risks and opportunities related to
biodiversity and their interaction with strategy and business
p. 80–81
E4-2
Policies related to biodiversity and
ecosystems
Policies (E4-2) p. 81–82
E4-3
Actions and resources related to biodiversity
and ecosystems
Actions (E4-3) p. 82–83
E4-4
Targets related to biodiversity and
ecosystems
Targets (E4-4) p. 83–84
Impact metrics related to biodiversity and
ecosystems change
Impact metrics related to biodiversity and ecosystems
change (E4-5)
p. 85
Policies related to resource use and circular
economy
p. 86–87
Actions and resources related to resource use
and circular economy
Actions (E5-2) p. 87–88
Targets related to resource use and circular
economy
Targets (E5-3) p. 89
p. 89
p. 89–90
resource use and circular economy-related
risks and opportunities
p. 90
S1.SBM-3
Material impacts, risks and opportunities
and their interaction with the strategy and
business model
Material impacts, risks and opportunities related to own
workforce and their interaction with the strategy and
p. 92–93
S1-1
Policies related to own workforce p. 93–95
S1-2
Processes for engaging with own workers
and workers’ representatives about impacts
Engagement with own workers and workers’ representatives
p. 95–96
S1-3
Processes to remediate negative impacts and
channels for own workers to raise concerns
Processes to remediate negative impacts and channels for
p. 96–97
S1-4
Taking action on material impacts on own
workforce, and approaches to mitigating
material risks and pursuing material
opportunities related to own workforce, and
effectiveness of those actions
p. 97–99
Disclosure require-
Name of disclosure requirement Page
Targets related to managing material nega-
tive impacts, advancing positive impacts, and
managing material risks and opportunities
p. 100
S1-6
Characteristics of the undertaking’s employees p. 100–101
S1-8
Collective bargaining coverage and social
dialogue
p. 101
S1-9
Diversity metrics p. 101
S1-10
Adequate wages p. 101
S1-13
Training and skills development metrics p. 101
S1-14
Health and safety metrics p. 101
Work-life balance metrics p. 102
S1-16
Remuneration metrics (pay gap and total
remuneration)
Remuneration metrics (pay gap and total remuneration)
p. 102
S1-17
Incidents, complaints and severe human
rights impacts
Incidents, complaints and severe human rights impacts
p. 102
S2.SBM-3
Material impacts, risks and opportunities
and their interaction with the strategy and
business model
Material impacts, risks and opportunities related to value
chain workers and their interaction with the strategy and
p. 104
S2-1
Policies related to value chain workers p. 104–106
S2-2
Processes for engaging with value chain
workers about impacts
Engaging with value chain workers about impacts (S2-2) p. 106–107
S2-3
Processes to remediate negative impacts
and channels for value chain workers to raise
concerns
Processes to remediate negative impacts and channels for
value chain workers to raise concerns (S2-3)
p. 107–108
S2-4
Taking action on material impacts on value
chain workers, and approaches to managing
material risks and pursuing material
opportunities related to value chain workers,
and effectiveness of those actions
Actions (S2-4) p. 109–110
Targets related to managing material
negative impacts, advancing positive
impacts, and managing material risks and
opportunities
Targets (S2-5) p. 111
S3.SBM-3
Material impacts, risks and opportunities
and their interaction with the strategy and
business model
Material impacts, risks and opportunities related to
affected communities and their interaction with strategy
p. 111–112
S3-1
Policies related to affected communities p. 112–113
S3-2
Processes for engaging with affected
communities about impacts
Engaging with affected communities about impacts (S3-2) p. 113
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
41
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Disclosure require-
Name of disclosure requirement Page
S3-3
Processes to remediate negative impacts and
channels for affected communities to raise
concerns
Processes to remediate negative impacts and channels for
affected communities to raise concerns (S3-3)
p. 113
S3-4
Taking action on material impacts on
affected communities, and approaches
to managing material risks and pursuing
material opportunities related to affected
communities, and effectiveness of those
actions
Actions (S3-4) p. 113–114
Targets related to managing material
negative impacts, advancing positive
impacts, and managing material risks and
opportunities
Targets (S3-5) p. 114
G1-1
culture
p. 121–122
G1-2
Relationships with suppliers p. 122–123
p. 123–124
Disclosure require-
Name of disclosure requirement Page
ENTITY-SPECIFIC DISCLOSURE REQUIREMENTS
Nuclear safety Nuclear safety p. 114–118
Cyber security Cyber security p. 118–119
Availability Availability p. 119–120
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
42
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Reference to SPDR
1)
2)
Reference to EU Climate Law
4)
ESRS 2 GOV-1
p. 19
ESRS 2 GOV-1
Percentage of board members who are independent
p. 19
ESRS 2 GOV-4
Statement on due diligence paragraph 30
p. 22
ESRS 2 SBM-1
Involvement in activities related to fossil fuel activities
paragraph 40 (d) i
Commission Implementing Regulation (EU) 2022/2453
TVO is not involved
in activities related to
paragraph 40 (d) i.
ESRS 2 SBM-1
Involvement in activities related to chemical
production paragraph 40 (d) ii
TVO is not involved
in activities related to
paragraph 40 (d) ii.
ESRS 2 SBM-1
Involvement in activities related to controversial
weapons paragraph 40 (d) iii
TVO is not involved
in activities related to
paragraph 40 (d) iii.
ESRS 2 SBM-1
Involvement in activities related to the cultivation and
production of tobacco paragraph 40 (d) iv
TVO is not involved
in activities related to
paragraph 40 (d) iv.
ESRS E1-1
Transition plan to reach climate neutrality by 2050
p. 63
ESRS E1-1
Undertakings excluded from Paris-aligned
Commission Implementing Regulation (EU) 2022/2453
and residual maturity
p. 63
ESRS E1-4
GHG emission reduction targets paragraph 34
Commission Implementing Regulation (EU) 2022/2453
Delegated Regulation
p. 66
ESRS E1-5
Energy consumption from fossil sources
disaggregated by sources (only high climate impact
p. 67
ESRS E1-5
Energy consumption and mix paragraph 37
p. 67
ESRS E1-5
Energy intensity associated with activities in high
climate impact sectors paragraphs 40 to 43
p. 67
List of datapoints in cross-cutting and topical standards that derive from other EU legislation
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
43
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Reference to SPDR
1)
2)
Reference to EU Climate Law
4)
ESRS E1-6
paragraph 44
Commission Implementing Regulation (EU) 2022/2453
sector, emissions and residual maturity
Delegated Regulation
p. 69
ESRS E1-6
Gross GHG emissions intensity paragraphs 53 to 55
Commission Implementing Regulation (EU) 2022/2453
p. 70
ESRS E1-7
Disclosure requirement
for TVO.
ESRS E1-9
Exposure of the benchmark portfolio to climate-
been omitted from
the Sustainability
Statement by applying
the transitional provision
phased-in disclosure
requirements).
ESRS E1-9
Disaggregation of monetary amounts by acute and
ESRS E1-9
Commission Implementing Regulation (EU) 2022/2453
physical risk
ESRS E1-9
of the undertaking’s real estate assets by energy-
Commission Implementing Regulation (EU) 2022/2453
ESRS E1-9
Degree of exposure of the portfolio to climate-related
Delegated Regulation (EU)
ESRS E2-4
Amount of each pollutant listed in Annex II of the
E-PRTR Regulation (European Pollutant Release
and Transfer Register) emitted to air, water and soil,
p. 75
ESRS E3-1
Water and marine resources paragraph 9
p. 77
ESRS E3-1
p. 77
ESRS E3-1
p. 77
ESRS E3-4
p. 79
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
44
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Reference to SPDR
1)
2)
Reference to EU Climate Law
4)
ESRS E3-4
Total water consumption in m
3
per net revenue on
own operations paragraph 29
p. 79
ESRS SBM-3
p. 80
ESRS SBM-3
p. 81
ESRS SBM-3
p. 81
ESRS E4-2
Sustainable land / agriculture practices or policies
paragraph 24 (b)
p. 81
ESRS E4-2
Sustainable oceans / seas
practices or policies paragraph 24 (c)
p. 81
ESRS E4-2
Policies to address deforestation paragraph 24 (d)
p. 81
ESRS E5-5
Non-recycled waste paragraph 37 (d)
p. 90
ESRS E5-5
p. 93
ESRS 2- SBM3 - S1
p. 93
ESRS 2- SBM3 - S1
p. 93
ESRS S1-1
Human rights policy commitments paragraph 20
p. 93
ESRS S1-1
Due diligence policies on issues addressed by the
fundamental International Labor Organisation
Delegated Regulation (EU)
p. 93
ESRS S1-1
human beings paragraph 22
p. 93
ESRS S1-1
Workplace accident prevention policy or management
system paragraph 23
p. 94
ESRS S1-3
Grievance/complaints handling mechanisms
paragraph 32 (c)
p. 96
ESRS S1-14
Number of fatalities and number and rate of work-
Delegated Regulation (EU)
p. 101
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
45
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Reference to SPDR
1)
2)
Reference to EU Climate Law
4)
ESRS S1-14
Number of days lost to injuries, accidents,
p. 101
ESRS S1-16
Unadjusted gender pay gap paragraph 97 (a)
Delegated Regulation (EU)
p. 102
ESRS S1-16
Excessive CEO pay ratio paragraph 97 (b)
p. 102
ESRS S1-17
p. 102
ESRS S1-17
p. 102
ESRS 2- SBM3 – S2
Annex I
p. 104
ESRS S2-1
p. 104
ESRS S2-1
p. 105
ESRS S2-1
p. 105
ESRS S2-1
Due diligence policies on issues addressed by the
fundamental International Labor Organisation
Delegated Regulation (EU)
p. 105
ESRS S2-4
Human rights issues and incidents connected to its
p. 110
ESRS S3-1
p. 112
ESRS S3-1
Rights, ILO principles or and OECD guidelines
p. 112
ESRS S3-4
p. 144
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
46
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Reference to SPDR
1)
2)
Reference to EU Climate Law
4)
ESRS S4-1
Policies related to consumers and end-users
Disclosure requirement
for TVO.
ESRS S4-1
ESRS S4-4
Human rights issues and incidents paragraph 35
Disclosure requirement
ESRS S4-4 is not material
for TVO.
ESRS G1-1
United Nations Convention against Corruption
p. 121
ESRS G1-1
p. 122
ESRS G1-4
Fines for violation of anti-corruption and anti-bribery
laws paragraph 24 (a)
Delegated Regulation (EU)
Disclosure requirement
for TVO.
ESRS G1-4
Standards of anti-corruption and anti-bribery
paragraph 24 (b)
1)
2)
3)
4)
5)
6)
7)
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
47
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Environmental information (E)
REPORTING PURSUANT TO THE EU TAXONOMY
The EU Taxonomy Regulation (EU 2020/852) and
its delegated acts formulate a robust and science-
based framework for companies and investors that
provides environmental criteria for determining which
-
mentally sustainable in the EU. The aim is to make
it easier and more uniform to identify sustainable
investment targets and direct investments to these
»
Climate change mitigation
»
Climate change adaptation
»
The sustainable use and protection of water and marine
resources
»
The transition to a circular economy
»
Pollution prevention and control
»
The protection and restoration of biodiversity and
ecosystems
To qualify as environmentally sustainable, companies
need to ensure that their economic activities substan
-
tially contribute to one of the environmental objectives
of the others (technical screening criteria). To be aligned,
companies also need to run their operations according
to a set of minimum safeguards aimed to ensure that
companies follow the most important principles related
to human rights, tax liability, anti-bribery and anti-cor
-
ruption and adherence to competition standards.
Nuclear energy in the EU Taxonomy
Technical screening criteria exist for all six objec-
Regulation (EU) 2021/2139, and the sustainable use
and protection of water and marine resources, the
transition to a circular economy, pollution preven
-
tion and control and the protection and restoration
criteria for certain activities related to nuclear energy
production and energy produced by natural gas.
Nuclear energy and activities related to nuclear
energy are low-carbon activities that can substan
-
tially contribute to climate change mitigation.
Nuclear energy production only generates minor
greenhouse gas during the production stage
1)
. In
the EU Taxonomy, nuclear energy related economic
activities. Nuclear energy facilitates the deployment
of renewable energy sources and does not hamper
the development of low-carbon alternatives.
Reporting requirements
TVO’s EU Taxonomy disclosure was prepared in
accordance with the EU Taxonomy Regulation
(2020/852/EU), taking into account the technical
-
-
includes the technical screening criteria for the other
environmental objectives, was also processed in
order to assess eligibility, but none of the activities
material in terms of TVO’s activities.
1)
2022/1214/EU) and Final report
2)
Article 8
Nuclear and fossil gas related activities under Article 8 of the Disclosures Delegated
Regulation (6–8)
2)
NUCLEAR POWER RELATED ACTIVITIES
1.
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative
electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
NO
2.
The undertaking carries out, funds or has exposures to the construction and safe operation of new nuclear installations to
produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen
production, as well as their safety upgrades, by using the best available technologies.
YES
3.
The undertaking carries out, funds or has exposures to the safe operation of existing nuclear installations that produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production,
as well as their safety upgrades.
YES
FOSSIL GAS RELATED ACTIVITIES
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that
produce electricity using fossil gaseous fuels.
NO
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool
and power generation facilities using fossil gaseous fuels.
NO
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities
that produce heat/cool using fossil gaseous fuels.
NO
Basis for preparation pursuant to the taxonomy
The TVO Group reports the proportion of the taxon-
omy-eligible, non-eligible and taxonomy-aligned
economic activities in relation to the following key
capital expenditure KPI and the operating expendi
-
ture KPI. The KPI data is presented in different tables,
as stipulated in the regulation.
The EU Taxonomy KPIs are calculated from data
on the same data and accounting principles as the
(see details in
statements).
Group are prepared in accordance with the Interna
-
tional Financial Reporting Standards (IFRS) approved
are prepared in accordance with the IAS and the
International Financial Reporting Standards (IFRS)
and the SIC and IFRIC Interpretations in force on
Act and regulations issued on its basis, IFRS refers
to standards and interpretations which the EU has
approved according to the procedure described in
Parliament and of the Council.
TVO maintains a clear cost structure in its reporting
that is used to ensure that double accounting does
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
48
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
not occur and the factors affecting the KPIs in each
The turnover KPI is based on the TVO Group’s
turnover in the Consolidated Financial Statements.
The taxonomy-aligned turnover consists of the sales
of electricity to shareholders. Non-taxonomy-aligned
Services Oy’s turnover.
The CapEx KPI is based on additions made to property,
plant and equipment, intangible assets and right-
Property, plant
and equipmentIntangible assets.
The OpEx KPI is based on direct non-capitalised
costs which are necessary to ensure the continued
and effective functioning of property, plant and
equipment. These expenses include costs related to
research and development, repairs and maintenance
and nuclear waste management, as well as all other
costs which are related to day-to-day servicing
and maintenance of property, plant and equipment
and which are necessary to ensure continued and
effective activities by the Company or activities
outsourced to a third party. The operating expenses
numerator includes maintenance costs and nuclear
waste management costs.
Assessment of taxonomy-eligible economic
activities
The TVO Group has examined its business opera-
tions associated with the Olkiluoto nuclear power
plant units, OL1, OL2, and OL3, for taxonomy eligi
-
bility. The following economic activities have been
»
Electricity production at the plant units OL1, OL2 and
OL3.
»
OL1, OL2 and OL3, including investments
correspond to the economic activities in the consoli
-
Regulation (EU) 2021/2139). The assessment was
done by comparing the operations and activities to
the descriptions of the economic activities listed in
to the related NACE codes. All of the TVO Group’s
nuclear-related operations fall under the climate
change mitigation objective.
The TVO Group’s most material taxonomy-eligible
activities are electricity production at the plant units
including investments. The operations at OL3 fall
operation of new nuclear power plants, while activ
-
ities at OL1 and OL2 fall under taxonomy activity
existing installations. Extending the service life at
unit, there are no plans for service life extension, on
the basis of which activities at the OL3 plant unit
Article 10 (2)
3)
.
Green Bond Framework
summer of 2023 in order to integrate it into the
report explained what the funds from the EUR 280
million in directed Green Notes (US Private Place
-
and what the estimated environmental impacts of
these objects are.
to the amount of EUR 90 million. 100 per cent of
the OL3 EPR plant investment. The allocation of
which is based on environmentally friendly electricity
generation at TVO’s three nuclear power plant
units at Olkiluoto, and on responsible nuclear waste
management.
Assessment of taxonomy-aligned economic
activities
-
my-aligned if it meets the technical screening criteria
causes no harm as regards the other criteria and
complies with the minimum safeguards in relation to
the TVO Group has assessed the taxonomy align
-
ment of its business activities (OL1, OL2 and OL3) in
relation to climate change mitigation. The taxonomy
alignment of the TVO Group’s taxonomy-eligible
interpretations presented below.
The principles for applying the technical screening
safeguards
The TVO Group assessed how the activities at OL1,
OL2, and OL3 complied with the relevant technical
screening criteria for contributing substantially to
the climate change mitigation objective and avoiding
-
gas activities include a considerable amount of legal
compliance both at the operational and national level,
and operational compliance with certain guidelines
and standards.
In order to assess the taxonomy alignment of their
activities, TVO’s business units made sure that the
economic activities met the technical screening
criteria for substantially contributing to climate
change mitigation listed in Table 2 and the “no
compliance was determined by checking that all
relevant documentation was available and included
-
Economic Affairs and Employment. The assessment
methods and results from the assessment of align
-
compliance assessment are in Table 3.
the TVO Group’s consolidated turnover is taxon
-
omy-aligned and 100 per cent of the taxonomy-
3)
Taxonomy Regulation (EU) 2020/852
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
49
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
relevant CapEx and OpEx is taxonomy-aligned. The
per cent of the aligned turnover, 83.7 (15.0) per cent
of aligned CapEx, and -0.9 (70.1) per cent of aligned
OpEx. In order to cover the future costs of nuclear
waste management, TVO makes contributions to
in accordance with the Finnish Nuclear Energy
collects, preserves and safely invests the funds
which will be available in the future for managing
nuclear waste as required. The funds collected in
the costs of the nuclear waste management actions
not taken at the time of review. The fees paid to
TVO’s taxonomy-aligned operating expenditure. The
investment returns reduced the taxonomy-aligned
OpEx to negative.
aligned CapEx, and 100.9 (29.9) per cent of aligned
OpEx.
Commercial electricity production at OL3 started in
for turnover, CapEx and OpEx.
KPIs for climate change mitigation
The table below presents the proportions of aligned
and non-aligned activities of the TVO Group’s
on the KPIs is provided in the chapter Key perfor
-
mance indicators. The operating expenses include
maintenance costs and nuclear waste management
costs. All activities are related to the objective of
are not taxonomy-aligned. All capital expenses and
operating expenses used in the calculations are
taxonomy-aligned; as regards turnover, the taxonomy
Total
EUR 1,000
Taxonomy
aligned, %
Non taxonomy
aligned, %
Turnover 897,412 99.8 0.2
OpEx 110,437 100 0.0
CapEx 90,909 100 0.0
Minimum safeguards
TVO is committed to respecting internationally
recognised human rights and the basic principles
fundamental ILO Principles and Rights at Work.
examining the processes concerning human rights,
corruption and bribery, taxation and fair competition,
while making sure that the appropriate processes
and controls are met and that no violations have been
determined on the part of the company, subsidiary or
the management. TVO estimates that its processes
are at an adequate level and that they comply with
the minimum safeguards as required in Article 18 of
the Taxonomy Regulation.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
50
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
A description of how alignment with the criteria concerning substantial contribution was ensured. The description of the assessment is shared between both activities, as the requirements
are nearly identical.
Assessment of taxonomy alignment CapEx OpEx
Construction and safe operation of
new nuclear power plants, for the
generation of electricity or heat,
including for hydrogen production,
using best-available technologies
Construction and safe operation of new nuclear installations for which the construc-
accordance with applicable national law, to produce electricity or process heat, in
-
cluding for the purposes of district heating or industrial processes such as hydrogen
production (new nuclear installations), as well as their safety upgrades.
and Employment.
Operational compliance with legislation was determined by checking that all relevant documen
-
tation was available and included the required information.
managed by Posiva Oy. Information on radioactive waste management and disposal can be found
9.1 g CO
2
e/kWh exclusive of transfer of electricity (13.8 g CO
2
e/kWh inclusive of transfer of elec-
tricity), which is clearly below the threshold of 100 g CO
2
e/kWh and ensures taxonomy alignment.
CO
2
from OL3 stabilises.
Electricity generation from nuclear
energy in existing installations
-
-
cable national law, of the service time of safe operation of nuclear installations that
produce electricity or heat from nuclear energy (‘nuclear power plants’).
together).
Assessment of DNSH criteria
Climate change adaptation
The sustainable use and protection of
water and marine resources
impacts can be found in section E of the Sustainability Statement.
Transition to a circular economy
requirements are adhered to. TVO participates in national funding programmes concerning decommissioning activities and the management of spent fuel and radioactive waste.
Pollution prevention and control Radioactive releases into the air, water and soil follow the terms of the operating licence, and TVO monitors releases into the air, water and soil through the ALARA programme (As Low As Reasonably Achievable). Posiva Oy is construct
-
managed through adherence to the applicable chemical legislation, and their impacts are monitored.
The protection and restoration of
biodiversity and ecosystems
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
51
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
TVO’s Taxonomy-aligned turnover 2024
Financial year 2024 2024 DNSH criteria
2024
Climate
change
Climate
change
Water
Circular
economy
Climate
change
Climate
change
Water
Circular
economy
Minimum
safeguards
Taxonomy-
Category
Category
EUR
1,000 %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Construction and safe operation of new
nuclear power plants, for the generation
of electricity or heat, including for
hydrogen production, using best-available
technologies
Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 59.3% T
Electricity generation from nuclear energy
in existing installations
Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y T
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1) 895,252 99.8% 99.8% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y
Of which enabling 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 0.0%
Of which transitional 895,252 99.8% 99.8% Y Y Y Y Y Y Y T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
(not-Taxonomy-aligned activities) (A.2) 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0%
A. Turnover of Taxonomy-eligible activities
(A.1 + A.2) 895,252 99.8% 99.8% 0.0% 0.0% 0.0% 0.0% 0.0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible
activities 0.2%
TOTAL 897,412 100.0%
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
52
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
TVO’s Taxonomy-aligned CapEx 2024
Financial year 2024 2024 DNSH criteria
CapEx
of CapEx,
2024
Climate
change
Climate
change
Water
Circular
economy
Climate
change
Climate
change
Water
Circular
economy
Minimum
safeguards
Taxonomy-
Category
Category
EUR
1,000 %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Construction and safe operation of new
nuclear power plants, for the generation
of electricity or heat, including for
hydrogen production, using best-available
technologies
Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 85.0% T
Electricity generation from nuclear energy
in existing installations
83.7% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 15.0% T
CapEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1) 90,909 100.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 100.0%
Of which enabling 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 0.0%
Of which transitional 90,909 100.0% 100.0% Y Y Y Y Y Y Y 100.0% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
CapEx of Taxonomy-eligible but not
environmentally sustainable activities
(not-Taxonomy-aligned activities) (A.2) 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0%
CapEx of Taxonomy-eligible activities
(A.1 + A.2) 90,909 100.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 0 0.0%
TOTAL 90,909 100.0%
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
53
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
TVO’s Taxonomy-aligned OpEx in 2024
Financial year 2024 2024 DNSH criteria
OpEx
of OpEx,
2024
Climate
change
Climate
change
Water
Circular
economy
Climate
change
Climate
change
Water
Circular
economy
Minimum
safeguards
Taxonomy-
Category
Category
EUR
1,000 %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Construction and safe operation of new
nuclear power plants, for the generation
of electricity or heat, including for
hydrogen production, using best-available
technologies
100.9% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 29.9% T
Electricity generation from nuclear energy
in existing installations
-0.9% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 70.1% T
OpEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1) 100.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 100.0%
Of which enabling 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 0.0%
Of which transitional 100.0% 100.0% Y Y Y Y Y Y Y 100.0% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
OpEx of Taxonomy-eligible but not
environmentally sustainable activities
(not-Taxonomy-aligned activities) (A.2) 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0%
OpEx of Taxonomy-eligible activities
(A.1 + A.2) 100.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities 0 0.0%
TOTAL 110,437 100.0%
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
54
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
The amount and proportion of taxonomy-aligned turnover (a), CapEx (b) and OpEx (c) in the respective denominators of the KPIs. All activities are related to Climate change mitigation.
CCM + CCA
Climate change
Climate change
Row Amount % Amount % Amount %
1. Amount and proportion of taxonomy-aligned economic
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-aligned economic
the applicable KPI
678,672 75.6% 678,672 75.6% 0 0.0%
3. Amount and proportion of taxonomy-aligned economic
the applicable KPI
216,580 24.1% 216,580 24.1% 0 0.0%
Amount and proportion of taxonomy-aligned economic
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-aligned economic
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
Amount and proportion of taxonomy-aligned economic
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-aligned
the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
8.
Total applicable KPI
0
CapEx - Taxonomy-aligned economic
CCM + CCA
Climate change
Climate change
Row Amount % Amount % Amount %
1. Amount and proportion of taxonomy-aligned economic
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-aligned economic
the applicable KPI
14,778 16.3% 14,778 16.3% 0 0.0%
3. Amount and proportion of taxonomy-aligned economic
the applicable KPI
76,131 83.7% 76,131 83.7% 0 0.0%
Amount and proportion of taxonomy-aligned economic
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-aligned economic
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
Amount and proportion of taxonomy-aligned economic
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-aligned
the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
8.
Total applicable KPI
0
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
55
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
OpEx - Taxonomy-aligned economic
CCM + CCA
Climate change
Climate change
Row Amount % Amount % Amount %
1. Amount and proportion of taxonomy-aligned economic
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-aligned economic
the applicable KPI
111,403 100.9% 111,403 100.9% 0 0.0%
3. Amount and proportion of taxonomy-aligned economic
the applicable KPI
-966 -0.9% -966 -0.9% 0 0.0%
Amount and proportion of taxonomy-aligned economic
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-aligned economic
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
Amount and proportion of taxonomy-aligned economic
the applicable KPI
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-aligned
the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
8.
Total applicable KPI
0
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
56
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
CCM + CCA
Climate change
Climate change
Row Amount % Amount % Amount %
1. Amount and proportion of taxonomy-aligned economic
applicable KPI
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-aligned economic
applicable KPI
678,672 75.8% 678,672 75.8% 0 0.0%
3. Amount and proportion of taxonomy-aligned economic
applicable KPI
216,580 24.2% 216,580 24.2% 0 0.0%
Amount and proportion of taxonomy-aligned economic
applicable KPI
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-aligned economic
applicable KPI
0 0.0% 0 0.0% 0 0.0%
Amount and proportion of taxonomy-aligned economic
applicable KPI
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-aligned
the numerator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
8. Total amount and proportion of taxonomy-aligned
economic activities in the numerator of the applicable
KPI
0
CapEx - Taxonomy-aligned economic
CCM + CCA
Climate change
Climate change
Row Amount % Amount % Amount %
1. Amount and proportion of taxonomy-aligned economic
applicable KPI
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-aligned economic
applicable KPI
14,778 16.3% 14,778 16.3% 0 0.0%
3. Amount and proportion of taxonomy-aligned economic
applicable KPI
76,131 83.7% 76,131 83.7% 0 0.0%
Amount and proportion of taxonomy-aligned economic
applicable KPI
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-aligned economic
applicable KPI
0 0.0% 0 0.0% 0 0.0%
Amount and proportion of taxonomy-aligned economic
applicable KPI
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-aligned
the numerator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
8. Total amount and proportion of taxonomy-aligned
economic activities in the numerator of the applicable
KPI
0
The amount and proportion of taxonomy-aligned turnover (a), CapEx (b) and OpEx (c) in the respective numerators of the KPIs.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
57
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
OpEx - Taxonomy-aligned economic
CCM + CCA
Climate change
Climate change
Row Amount % Amount % Amount %
1. Amount and proportion of taxonomy-aligned economic
applicable KPI
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-aligned economic
applicable KPI
111,403 100.9% 111,403 100.9% 0 0.0%
3. Amount and proportion of taxonomy-aligned economic
applicable KPI
-966 -0.9% -966 -0.9% 0 0.0%
Amount and proportion of taxonomy-aligned economic
applicable KPI
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-aligned economic
applicable KPI
0 0.0% 0 0.0% 0 0.0%
Amount and proportion of taxonomy-aligned economic
applicable KPI
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-aligned
the numerator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
8. Total amount and proportion of taxonomy-aligned
economic activities in the numerator of the applicable
KPI
0
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
58
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
CCM + CCA
Climate change
Climate change
Row Amount % Amount % Amount %
1. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
3. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-eligible but
not taxonomy-aligned economic activities not referred to
KPI
0 0.0% 0 0.0% 0 0.0%
8. Total amount and proportion of taxonomy eligible
but not taxonomy-aligned economic activities in the
denominator of the applicable KPI
0 0 0
CCM + CCA
Climate change
Climate change
Row Amount % Amount % Amount %
1. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
3. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-eligible but
not taxonomy-aligned economic activities not referred to
KPI
0 0.0% 0 0.0% 0 0.0%
8. Total amount and proportion of taxonomy eligible
but not taxonomy-aligned economic activities in the
denominator of the applicable KPI
0 0 0
The amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
59
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
CCM + CCA
Climate change
Climate change
Row Amount % Amount % Amount %
1. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
2. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
3. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
5. Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in
2021/2139 in the denominator of the applicable KPI
0 0.0% 0 0.0% 0 0.0%
7. Amount and proportion of other taxonomy-eligible but
not taxonomy-aligned economic activities not referred to
KPI
0 0.0% 0 0.0% 0 0.0%
8. Total amount and proportion of taxonomy eligible
but not taxonomy-aligned economic activities in the
denominator of the applicable KPI
0 0 0
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
60
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Row Amount
1. Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
2. Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
3. Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
denominator of the applicable KPI
0 0.0%
5. Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
denominator of the applicable KPI
0 0.0%
7.
above in the denominator of the applicable KPI
2,160 0.2%
8. Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the
applicable KPI
Row Amount
1. Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
2. Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
3. Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
denominator of the applicable KPI
0 0.0%
5. Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
denominator of the applicable KPI
0 0.0%
7.
above in the denominator of the applicable KPI
0 0.0%
8. Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the
applicable KPI
0
Taxonomy non-eligible economic activities.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
61
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Row Amount
1. Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
2. Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
3. Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
denominator of the applicable KPI
0 0.0%
5. Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-
denominator of the applicable KPI
0 0.0%
denominator of the applicable KPI
0 0.0%
7.
above in the denominator of the applicable KPI
0 0.0%
8. Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the
applicable KPI
0
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
62
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
E1 CLIMATE CHANGE
Transition plan for climate change mitigation
(E1-1)
Nuclear energy production only generates minor
greenhouse gas during the production stage. In the
EU Taxonomy, nuclear energy related economic
activities. Nuclear energy facilitates the deployment
of renewable energy sources and does not hamper
the development of low-carbon alternatives. TVO
has not been excluded from the reference values
pursuant to the Paris Agreement (EU).
TVO has not yet drawn up a transition plan for
climate change mitigation pursuant to the ESRS
standards, but it has set a target for its own oper
-
the commitment, TVO will set its science-based short
term emissions reduction targets that are aligned with
the Paris Climate Agreement and draw up a transition
plan. The transition plan will consist of cooperating
and supporting TVO’s suppliers (Scope 3) in setting
and achieving their emission reduction targets.
Material impacts, risks, and opportunities related
to climate change and their interaction with
strategy (E1.SBM-3)
Material impacts, risks, and opportunities related to climate change
CLIMATE CHANGE ADAPTATION
Climate
change
adaptation
»
the plant units (chronic physical risk related to temperature)
»
Stormy winds may affect grid connections and the availability of
the plant units (acute physical risk related to wind)
»
Snow storms may affect the ventilation systems of the plant units
by clogging the air intakes (acute physical risk related to wind)
Risk Own operations
»
Increased demand for uranium may affect the availability of fuel
and increase the cost of fuel (transition risk)
»
The adaptation of global actors to new regulation related to the
EU’s climate targets (transition risk)
Risk
Upstream value
chain (nuclear fuel)
CLIMATE CHANGE MITIGATION
Climate
change
mitigation
»
The nuclear power generated by TVO is carbon-neutral to the
user, and its production is low-carbon
Actual positive
impact
Own operations
»
TVO’s research and development activities are involved with
developing technological solutions for the future which may act
as broader means of climate change mitigation within society
Potential positive
impact
Own operations
»
Greenhouse gas emissions from TVO’s operations
Actual negative
impact
Own operations
»
Greenhouse gas emissions from the upstream value chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
»
permit processing related to nuclear power
»
Zero-carbon electricity production and the potential OL1/OL2
service life extension and power uprating offer substantial
business opportunities for TVO
Opportunity Own operations
ENERGY
Energy
»
TVO’s operations reduce emissions from electricity production in
Finland
Actual positive
impact
Own operations
»
TVO’s own energy consumption
Actual negative
impact
Own operations
»
Energy consumption in the upstream value chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
risks to TVO’s nuclear power plant. The baseline
probability of climate risks targeting TVO’s own oper
-
ations is small, and no climate-related risk targeting
own operations will exceed the threshold value of
special consideration, a chronic physical risk related
to temperature and acute physical risks related to
wind have been assessed to be material climate risks.
In the upstream value chain, the material transition
risks are the risk related to fuel availability and costs
and the risk of regulation.
Risks related to climate change that target TVO’s
temperature and water, of which the chronic physical
risk related to the warming of sea water has been
determined to be material. Nuclear power production
is dependent on sea water, as it is used for cooling
the turbine condensers; in this case, the temperature
and quality of the sea water may affect electricity
Furthermore, a rise in sea level may affect the avail
-
ability of the plant units; for the time being, however,
sea level rise in the Olkiluoto area is slower than land
upheaval. No chronic physical risks related to wind or
Acute physical risks targeting TVO’s operations
wind and water; of these, stormy winds and risks of
snow storms related to wind are material. Stormy
winds and lightning may affect grid connections
and, thereby, the availability of the plant units. Snow
storms may affect the ventilation systems of the
plant units by clogging the air intakes. No acute
physical risks related to land masses or soil have
For the company’s own operations, transition risks
legislation, TVO’s reputation and the upstream value
chain. In the upstream value chain, the material
transition risks are the risk related to fuel availability
and costs and the risk of regulation. In the reporting
by the International Energy Agency (IEA) and the
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
63
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Intergovernmental Panel on Climate Change (IPCC),
for example, nuclear power has been stated to be
production and in a key role as regards reaching
towards nuclear power have become more positive,
the service life of existing plants has been extended
and new construction projects are more attractive
than before. The IAEA has estimated that nuclear
power capacity will increase to approximately 2.5
times the current level by 2050. While demand for
nuclear fuel is growing, the geopolitical situation has,
at least in part, limited access to Russian uranium
in the supplier choices of the power companies and
the suppliers’ activities, which may increase costs
and narrow down the options.
Uranium is a non-renewable natural resource and,
at the current global levels of consumption, uranium
reserves have been estimated to last for more than
130 years in an open fuel cycle. With the green tran
-
sition and other related developments, the market
price of uranium has risen to a level such that new
mining projects and ore prospecting are estimated
for uranium is also slow due to high costs and strict
quality and safety requirements, which may in turn
cause a bottleneck in the nuclear fuel procurement
chain. In particular, there have been long-standing
service capacity, and increased demand increases the
risk of capacity running out at some point.
Climate risks are broadly considered in the risk
assessments for nuclear safety. Climate risk resilience
analyses concerning the strategy and business
model have not yet been drawn up. In particular,
risk analyses are performed from the point of view
of nuclear safety, which also provides information
regarding availability. The systematic utilisation of
resilience analyses will also be expanded as regards
other material impacts, risks and opportunities during
future reporting periods, concerning the strategy and
business model as well.
Policies (E1-2)
Climate change adaptation and climate change
mitigation
With its Group-level policies, the TVO has committed
to the principles of sustainable development, and
environmental responsibility is an important part of
the company’s management system. Of the UN’s
climate change mitigation, TVO is committed to
advancing numbers 7. Affordable and clean energy
and 13. Climate action.
In accordance with the environmental policies and
level policies, TVO carries its responsibility for the
environment by identifying the environmental and
energy aspects of its operations and by minimising
the related adverse impacts. Operational objectives
continuous improvement and TVO is committed
to promoting carbon neutrality. The environmental
-
ment is responsible for their practical implementation.
policies, TVO ensures that its personnel and other
persons working at the Olkiluoto nuclear facilities
have competence and expertise in matters related to
as well as companies and partners working in the
power plant area are expected to demonstrate a
responsible attitude towards environmental matters
in accordance with Group-level policies.
TVO produces climate-friendly electricity, and nuclear
climate change as a low-emission form of electricity
production. TVO’s production policy contains prin
-
ciples related to the operation and maintenance
of nuclear facilities as well as the increasing of
production capacity. The goal for the Group’s opera
-
tion and maintenance activities is disturbance-free,
predictable and competitive electricity production.
The Group follows the development of nuclear power
technology and participates in international cooper
-
ation with power plant suppliers and nuclear power
companies. The production policy has been approved
responsible for its practical implementation.
environmental management system that complies
goals of the management system are increasing the
level of environmental protection and its continuous
environmental and energy aspects of its operations
of environmental and energy aspects is assessed
based on statutory and permit requirements as well
as by observing the severity or utility, probability
and effects on stakeholder groups of each impact.
affect the assessment.
the Group’s management. A team of environmental
experts from various organisational units monitors
the progress of the targets regularly. Other subjects
discussed at the team meetings include the possible
environmental deviations and observations, current
regulatory matters and other environmental matters.
The team acts as an expert, advisor and provider of
information in environmental matters.
procedure for environmental safety that compiles
together the requirements from the environmental
legislation, environmental permits and the Environ
-
at Olkiluoto, including any partners, is responsible for
following instructions. The manager of the compe
-
tence centre for industrial and environmental safety
is responsible for approving the general procedure.
The feasibility of the environmental management
system is assessed every six months in conjunction
with the management review. If necessary, correc
-
and other requirements pertaining to its operations
and systematically monitors the requirements for
any changes. Compliance with the requirements
is also assessed in conjunction with management
reviews. Furthermore, the operations are regularly
assessed with audits by the organisation as well as
by external evaluators.
As regards the upstream value chain, the key policies
related to climate change and energy consumption
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
64
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
In the Supplier Code of Conduct, TVO requires
that the suppliers and their subcontracting chain
must actively participate in climate action and the
reduction of emissions by, for example, making their
-
also be setting emissions reduction targets during the
next two years in order to ensure the commitment
of its suppliers. The Fuel unit within the Electricity
Production business unit is responsible for nuclear
fuel procurement. TVO’s Supplier Code of Conduct
is explained in more detail in the section Corporate
culture (G1-1).
Energy
is included in TVO’s environmental management
Agreement and complies with the associated Action
Plan for Energy Production that describes the imple
-
mentation of actions designed to make the use of
group that is responsible for the practical imple
-
According to TVO’s environmental and energy
consumption is monitored and continuously improved
by taking energy aspects into account in project
planning, the procurement of components and
the development of operating practices. Plant unit
modernisation projects are implemented to improve
power plant process. Employees as well as compa
-
nies and partners working in the power plant area
are expected to demonstrate a responsible attitude
towards environmental matters in accordance with
Group-level policies.
Actions (E1-3)
Climate change adaptation and climate change
mitigation
TVO produces climate-friendly electricity, and nuclear
climate change as a low-emission form of electricity
-
tion of the Olkiluoto plant units, OL1, OL2 and OL3,
28 per cent of the electricity consumed in Finland. In
cent of all the electricity produced in Finland.
TVO has set a carbon neutrality target for its own
actions promoting climate neutrality included
acquiring nuclear power Guarantee of Origin for
purchased electricity and various emission reduction
activities, such as the replacement of fuel-powered
heaters in storage tents with electric-powered air
source heat pumps. TVO has received the approval
from STUK required for using fuel with a biofuel
component in the emergency diesel generators,
allowing for this fuel type to be used in systems
important to safety. Furthermore, TVO is committed
commitment, set its science-based short term emis
-
sions reduction targets that are aligned with the Paris
greenhouse gas emissions were 80,080 t CO
2
e,
which is explained further in chapter Gross Scopes
1, 2, 3 and Total GHG emissions (E1-6).
it will acquire nuclear power Guarantees of Origin
for the electricity it purchases from the market since
origin from the market, in which case the residual
distribution published by the Energy Authority
amount of electricity purchased from the market by
Origin not been acquired, TVO’s Scope 2 emissions
would have been 32,910 t CO
2
e when calculated with
the residual distribution for 2023. Acquiring the Guar
-
antees of Origin reduced TVO’s total carbon dioxide
emissions by approximately 30 per cent from 2023.
In the Supplier Code of Conduct, TVO requires that
its suppliers and their subcontracting chain must
actively participate in climate action and the reduc
-
tion of emissions. Possible means include technical
means for managing emissions, improving the
energy. The suppliers’ ways of working and operating
environment are actively monitored during supplier
evaluations. TVO will provide feedback on the basis
of its evaluations and, if necessary, set requirements
for rectifying non-conformance. The Supplier Code
of Conduct is explained in the section Corporate
culture (G1-1)and the supplier evaluation process is
explained in more detail in the section Relationships
with suppliers (G1-2).
The key performance indicators required in the
are presented in the section EU Taxonomy.
Energy
whose tasks include the monitoring of energy
consumption, performing energy reviews and meas
-
urements at the plant and, on their basis, discovering
and implementing new energy savings measures.
for energy savings and monitors how they are
achieved.
the development of energy consumption monitoring
both generally and by including the monitoring of
district heat consumption and production in the
overall monitoring, maintaining expertise in energy
reviews and implementing action proposals that
switching the storage tents away from oil-powered
heating. Going forward, the tents will mostly be
network was also continued in order for district
heating to be utilised even more in the future. The
aim is for the expansion of the district heating
network to be completed during 2025. Energy
principle of continuous improvement.
-
ties were performed during the reporting period, and
plant measurements were performed at the OL1 and
OL2 plant units before and after the annual outages.
A target was also set for ensuring that the design
basis for new buildings includes the best possible
cycle costs. In addition to these actions, TVO partic
-
ipated in the Energiansäästöviikko (Energy Savings
Week) campaign.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
65
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Target Target for 2024 Result for 2024
As it replaces electricity production from
the EU-27 countries at its average level
of carbon dioxide emissions, electricity
annual carbon dioxide emissions.
2
*
2
The TVO Group’s own operations will be
carbon neutral by 2030.
»
Commitment to the targets
»
Procurement of nuclear
energy guarantees of origin
for purchased electricity
(Scope 2)
»
TVO committed itself to setting the
»
TVO’s Scope 2 calculated
emissions reduction 32,910 t CO
2
e.
Achieving the energy savings target for the
Achieved
TVO achieved the targets set for
the agreement period in 2019. The
additional target was achieved in
*
2
/kWh (2023).
Targets (E1-4) TVO has not yet set its science-based emissions
reduction targets or drawn up a transition plan for
climate change mitigation, but it has set a target for
its own operations being carbon neutral by 2030.
The progress of achieving climate neutrality is
monitored through the TVO Group’s Scope 1 and 2
greenhouse gas emissions, which have been calcu
-
under TVO’s operational control. The goal set in
Olkiluoto, the emissions-free nature of purchased
switch to lower-emission fuels for engines. TVO
has monitored the implementation of the target on
two years, set its science-based short term emissions
reduction targets.
TVO has set a production volume-based goal
according to which the electricity generated at
Olkiluoto reduces annual carbon dioxide emissions
as it replaces electricity production from the EU-27
countries at its average level of carbon dioxide emis
-
sions. This goal is absolute and progress towards it
is measured annually. The information is received by
multiplying TVO’s annual electricity production by the
average electricity production of the EU-27 countries
at its average level of carbon dioxide emissions. The
production are 210 g/kWh (2023). The European
Environment Agency (EEA) publishes the average
-
tion annually on its website.
an interim target of 75 GWh for 2020 and an overall
target of 150 GWh, which was based on plant
condenser replacement and returning high pressure
condensate into the condensate circulation, so that it
no longer reaches the condenser as preheater drains.
TVO already achieved the overall target in 2019,
after which separate, smaller additional savings
targets have been set based on completed energy
additional savings was 1 GWh, which was achieved
by renewing the ventilation in the generator ware
-
2022, the target for additional savings was 500
in the road and yard lighting and by making energy
TVO has not set any targets pursuant to ESRS stand
-
ards in relation to material impacts, risks and oppor-
tunities in the upstream value chain. The policies
related to material impacts, risks and opportunities
in the upstream value chain and the effectiveness
of the actions are monitored by means of supplier
evaluations, in relation to which the target is for all of
and assessed in accordance with the procedures.
Supplier evaluations are reported on in the section
Relationships with suppliers (G1-2).
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
66
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Revenue (€) from activities in high climate impact sectors that has been used in the
calculation of energy intensity
M€ 2024
895.3
Net revenue (others)
*
2.2
Total revenue (Financial statements) 897.4
*
Revenue for TVO Nuclear Services Oy
Energy intensity in relation to net revenue
MWh/M€ 2024
Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate
1,297.9
Energy consumption and mix
MWh 2024
0.0
8,305.7
0.0
0.0
0.0
Share of fossil sources in total energy consumption (%) 0.7%
Share of consumption from nuclear sources in total energy consumption (%) 99.3%
8) Fuel consumption for renewable sources, including biomass
0.0
0.0
0.0
Share of renewable sources in total energy consumption (%) 0.0%
Energy consumption and mix (E1-5)
TVO’s total energy consumption consists of the
electricity consumed by the power plant, which is
covered by means of own production and purchased
electricity, as well as the fuel consumption of the
emergency diesel generators and reserve boilers.
The non-renewable energy generated by TVO is
production of the Olkiluoto plant units, OL1, OL2
-
over comes from high climate impact sectors and
of the subsidiary TVO Nuclear Services Oy as a
high climate impact sector. Therefore, the total
energy consumption in high climate impact sectors
Group’s total consumption of energy. The share of
TVONS from the total energy consumption is very
small and it cannot be separated from the total
energy consumption of the TVO Group.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
67
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
TVO’s Scope 2 emissions originate from the produc-
tion of purchased and consumed electricity. Electricity
purchased by TVO is nuclear power with a guarantee
CO
2
e/kWh. Two methods are used for calculating
Scope 2 emissions. The market-based method uses
-
cients for electricity consumed in Finland, as reported
by Statistics Finland.
Scope 3 emissions include indirect emissions
connected with the Company’s operations from
sources which are not owned by the Company itself.
Greenhouse gas emissions from the upstream value
sources of emissions in TVO’s value chain. From the
-
tion includes purchased goods and services (category
1), capital goods (category 2), fuel production and
transfer losses (category 3), upstream transportation
and leased assets (category 8). The greenhouse gas
emission sources in the downstream value chain are
not material due to the nature of TVO’s operations,
and they have been excluded from the calculation.
The calculation of Scope 3 emissions applies the prin
-
ciples and provisions of the Corporate Value Chain
(Scope 3) Accounting and Reporting Standard. The
activity information being used originates from TVO’s
data systems and from the information received from
-
lations are primarily publicly available, and they are
based on widely used and reliable sources such as
-
Environment, Food and Rural Affairs) and FEI (Finnish
Environment Institute). In part, the calculation also
The calculation of Scope 3 emissions has used esti
-
mates for purchased goods and services, upstream
transportation, business travel, employee commuting,
capital goods and leased assets. The Scope 3 calcu
-
for purchased products and services, since TVO does
not yet have a system where the exact materials or
emissions data would be recorded in connection with
orders, and suppliers have not yet been required to
submit the data in machine-readable format. Further
-
more, emissions from purchased goods and services
were estimated for a 12-month period based on
an 11-month period due to reasons related to the
schedule of the calculation. For capital goods, emissions
data for 2023. The estimation of emissions from the
nuclear fuel chain was based on calculations performed
during the life cycle analysis, which were last updated
data for transports of TVO’s materials and goods
were received directly from the transport companies.
As regards upstream transportation and distribution,
emissions from Simeon’s transports were estimated
on the basis of distance travelled, and emissions from
internal logistics transports were estimated by using
emissions data for 2022. The emissions for business
travel have also been estimated by using euro amount-
by taxi, train and coach, car rental and other fuel costs.
The estimates for employee commuting are based on
data from gate access by using access cards and the
was estimated on the basis of emissions for 2023.
Gross Scopes 1, 2, 3 and Total GHG emissions
(E1-6)
Since 2022, TVO has implemented greenhouse gas
-
-
ciples for recording and reporting seven greenhouse
gases in the United Nations Framework Convention
2
),
), nitrous oxide (laughing gas, N
2
O),
(NF
3
). The results from the emissions calculation are
reported in carbon dioxide equivalent tonnes.
The approach to the calculation has been the
so-called principle of operational control, that is, the
calculation includes the key functions where TVO can
affect the policy. The calculation has mainly included
functions located in the Olkiluoto nuclear power
plant area and functions related to its operation. The
calculation also includes emissions from the subsid
-
iary TVONS, but they are very minor.
include direct emissions resulting from the company’s
operation, which are the emissions caused by energy
production and fuel consumption as well as the
process emissions and diffuse emissions. TVO has no
biogenic carbon dioxide emissions that originate from
biomass combustion or decomposition. At TVO, Scope
1 emissions consist of emissions from the emergency
diesel generators and the reserve boiler plant, vehicles
and work machinery as well as refrigerant leaks,
which are included in diffuse emissions. Of these
emissions, those from the emergency diesel genera
-
tors and the boiler plant are covered by the regulated
Emission Trading Scheme. The calculation uses
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
68
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Base year 2024 % N / N-1
Annual % target /
Base year
SCOPE 1 GHG EMISSIONS
2
eq) 2,052
85%
SCOPE 2 GHG EMISSIONS
2
eq) 4,152
2
eq) 0
SIGNIFICANT SCOPE 3 GHG EMISSIONS
2
eq) 78,028
1 Purchased goods and services 28,495
2 Capital goods 1,470
3 Fuel- and energy-related activities (not included in Scopes 1 and 2) 44,292
112
5 Waste generated in operations 476
1,022
7 Employee commuting 2,087
8 Upstream leased assets 74
0
10 Processing of sold products 0
11 Use of sold products 0
12 End-of-life treatment of sold products 0
0
0
15 Investments 0
TOTAL GHG EMISSIONS
2
eq) 84,231
2
eq) 80,080
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
69
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
GHG intensity per net revenue
tCO
2
eq/M€ 2024
2
94.1
2
89.4
M€ 2024
895.3
Revenue (others) 2.2
897.4
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
70
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
E2 POLLUTION
Material impacts, risks, and opportunities related to pollution
POLLUTION OF AIR
Pollution of
air
»
Nuclear power plant units cause minor radioactive and
conventional releases into the air
Actual negative
impact
Own operations
»
Radioactive releases into the air from a potential severe accident
Potential negative
impact
Own operations
POLLUTION OF WATER
Pollution of
water
»
Nuclear power plant units cause minor radioactive and
conventional releases into water
Actual negative
impact
Own operations
»
Radioactive releases into water from a potential severe accident
Potential negative
impact
Own operations
»
Potential releases into water from the upstream value chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
POLLUTION OF SOIL
Pollution of
soil
»
TVO’s operations cause minor production releases into soil
Actual negative
impact
Own operations
»
Radioactive releases into the soil from a potential severe accident
Potential negative
impact
Own operations
»
Potential releases into soil from the upstream value chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
SUBSTANCES OF CONCERN
Substances of
concern
»
Substances of concern used in the upstream value chain
potentially entering the environment
Actual negative
impact
Upstream value
chain (nuclear fuel)
Material impacts, risks and opportunities related
to pollution and their interaction with strategy
The operation of nuclear power plant units causes
minor radioactive releases and other releases into
conditions and the characteristics of each substance,
radioactive substances may be carried onto the
surface of the ground or vegetation, or into water
the power plant, radioactive releases into the air are
generated from noble gases, iodine, aerosols, tritium
The radioactive releases caused by the normal oper
-
ation of the nuclear power plant are very low and
harm to people or the environment. Annual releases
are clearly below TVO’s own target levels as well as
the constraints set by the authorities. The determina
-
tion of the constraint values also takes into account
the potential impacts caused by long-term exposure.
Conventional releases into the air consist of sulphur
oxides and nitrogen oxides as well as particulate
emissions from the power plant’s emergency diesel
releases into the air. The conventional releases into
the air caused by the operation of the Olkiluoto
power plant are so minor that there is no requirement
for separate air quality monitoring in the area; the
releases are determined by means of calculation.
Conventional releases into water result from the
power plant’s cooling water and wastewater, and they
include nutrients, such as phosphorus and nitrogen,
and solid matter. Aside from the temperature increase,
the quality of the cooling water will not change as it
plant, process wastewater is mainly generated from
the leak, drain, rinse and purge water coming from the
radiation controlled areas of the power plant buildings
and storages. Following activity concentration control,
process wastewater from the plant units is routed
into the cooling water discharge channel. Waste
-
water generated in the power plant area includes, for
example, water from the raw water treatment plant
and demineralisation plant and rinse water from the
duct to the treatment plant jointly operated by the City
of Rauma and the forestry industry.
The impacts of the releases are monitored in accord
-
ance with a monitoring plan approved by the authori-
ties. Each year, more than 100 water samples are taken
from the sea area surrounding Olkiluoto, on the basis of
which approximately 1,500 different physico-chemical
and biological analyses are prepared. The measure
-
ments are performed by an external, accredited labora-
tory. The quality of the water in the Olkiluoto sea area is
also affected by the point loads located in the area and
scattered loads from a wider area. Similarly to the entire
Olkiluoto sea area in recent decades. In terms of its level
of eutrophy, the Olkiluoto sea area is slightly eutrophic
based on the average total phosphorus content,
but barren based on the total nitrogen content. The
concentrations of harmful substances measured in the
power plant’s cooling water discharge are very low
and correspond to natural background concentrations.
Production-related releases into the soil may be
generated as a result of defects in machinery and
equipment or due to human error. Work machinery
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
71
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
and equipment are serviced regularly and their
condition is monitored in order to prevent fuels or
chemicals from entering the soil due to equipment
failures, for example. Any leaks into the soil are
cleaned up, and the potential polluted soil is removed
and submitted for appropriate processing.
A preventative action plan has been drawn up
for the Olkiluoto power plant in preparation for
environmental risks. Among other things, the plan
describes how to prepare in advance for measures to
prevent environmental damage and other exceptional
conditions, and how to mitigate their detrimental
consequences to health and the environment. The
storage of oils and chemicals in the area will always
take place inside containers that are intended for
use with the chemical type in question and marked
appropriately. The containers for fuel oils and liquid
chemicals are placed inside safety bunds or in rooms
with elevated edges, and the storage rooms must
Any possible oily water is processed in oil separators
before being routed into the sewer network. The
condition of the structures and components used
for the storage and processing of chemicals and the
monitoring of leaks is regularly monitored and repairs
are initiated without delay when necessary.
A severe reactor accident refers to an accident where
damaged. The settling of airborne radioactive parti
-
cles originating from the accident from the release
plume into the ground or water may occur through
gravity (dry fallout) and rain (wet fallout). The fallout
may remain on the surface and cause a radiation dose
through direct radiation, or it may be carried deeper
into the soil and transfer entirely or in part into plants,
fungi and animals through complex mechanisms.
Radioactivity may also be carried into humans
through nutrition. It is also possible that the fallout
on the ground becomes airborne again due to the
impacts of wind, for example. In water systems, some
of the fallout mixes with water and some settles at
the bottom, from where it may also be mixed again
is very unlikely due to nuclear safety, which TVO has
ensured by means of its activities. The plant units are
equipped with severe reactor accident management
systems; these systems are used to ensure that the
power plant will not release radioactive substances in
the environment or property. Nuclear safety is also a
core part of TVO’s strategy.
In the upstream value chain, the pollution of water
and soil may occur during mining operations, in
particular, as the uranium required for nuclear fuel is
excavated. The harmful impacts of uranium mining
on the surrounding environment are similar to other
mines, and they depend on the scope and nature
of the operations, the proximity of housing and the
than half of raw uranium is currently produced using
the solvent extraction method (in-situ recovery,
impacts than underground mines and open quar
-
ries. The nuclear fuel production chain includes
chemical processes using strong acids, bases and
ammonium hydroxide. The use and handling of these
on the environment and health, unless the chemicals
are handled appropriately. The health impacts are
discussed in the section Workers in the value chain
(S2). The potential harmful impacts related to the
»
Pollution of water and soil: Acidic mining runoff is
generated when the sulphurous minerals occurring in the
quarry rock, such as pyrite, are exposed to oxygen and
water, and the chemical reaction generates sulphuric acid,
which in turn will dissolve metals and other substances
from the surrounding soil. The acidity of the runoff water
and any potential harmful diluted substances, such as
metals and salts, may damage ecosystems and pollute
groundwater and surface water reserves. Water from the
residue is placed in a manner where it is not in contact
with water and oxygen.
»
Challenges in waste management: The production
-
as sulphuric acid, may leak into water systems or the soil
due to accidents or poor waste management. The founda
-
tions and embankments of the waste pools and piles must
be appropriate, and their condition is closely monitored.
»
Impacts on biodiversity: Chemical leaks and releases
may have a negative impact on local biodiversity in the
long term. Exposed soil is susceptible to erosion, which
will make the soil more barren, and solid matter may turn
into dust that gets carried into water systems, making the
water cloudy. Nutrients, such as nitrogen and phosphorus,
may also be diluted into water, causing eutrophication.
Preventive actions may be taken in order to prevent
the pollution of water and soil but, in the worst case,
restoring the potential damage may take several
decades. Even following the end of the production
stage, the mining area requires long-term follow-up.
Policies (E2-1)
Pollution of air, water and soil in TVO’s own operations
to ensure the compliance of activities, achieve
strategic targets, support a good safety culture,
manage the aspects related to the environment and
energy and to ensure the continuous improvement
of activities and an increase in the level of environ
-
mental protection. TVO also has a general procedure
for environmental safety that compiles together the
requirements from the environmental legislation,
environmental permits and the Environment and
Olkiluoto, including any partners, is responsible for
following instructions. The manager of the compe
-
tence centre for industrial and environmental safety
is responsible for approving the general procedure.
TVO operates in accordance with the Environmental
-
ronmental Protection Act is to prevent the pollution
of the environment and any risk of this, prevent and
reduce emissions, eliminate adverse impacts caused
by pollution and prevent environmental damage.
The operation of a nuclear power plant requires an
environmental permit pursuant to the Environmental
Protection Act, and the permit contains provisions
that prevent and limit emissions from the opera
-
tions; they are set while considering the nature of
the operations and local environmental conditions.
Granting an environmental permit requires that
the activity does not, alone or in combination with
other activities, cause detrimental health impacts,
consequences in violation of the prohibition on soil or
groundwater pollution or the deterioration of special
natural conditions, present a risk to the water supply
or affect other potential uses important to the public
interest within the area impacted by the activity.
The Act on the EIA Procedure (252/2017) applies to
-
mental impacts. Projects related to nuclear energy are
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
72
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
usually covered by the EIA procedure. The purpose
environmental impacts of the project being planned
are determined to the necessary precision, and its aim
is to produce information to support the planning and
decision-making of the project but also to provide
the various parties, such as local communities, with
increased access to information and opportunities for
participation in the project’s planning stage.
policies that are part of the Group-level policies, TVO’s
aim is to prevent and further reduce conventional
emissions and the already low releases of radioactive
substances. Abnormal events in the plant process
are anticipated and preparedness for the prevention
of environmental damage caused by them has been
-
ciency policies have been approved by the TVO Group’s
is responsible for their practical implementation.
Environmental research has been conducted on Olki
-
luoto island since the 1970s, years before electricity
production was launched. The early baseline studies
created a basis for the environmental monitoring
programmes aimed at facilitating environmental radi
-
ation monitoring and determination of the impact on
waters. With regard to the management of releases
of radioactive substances, TVO strives to keep any
releases below the limits set by the authorities as
well as TVO’s own target limits, which are more
is responsible for the practical implementation of the
environmental radiation monitoring programmes,
while TVO’s competence centre of Industrial and
Environmental Safety is responsible for the practical
implementation of the environmental monitoring
programmes for impacts on water systems.
At TVO, the prevention of environmental damage is
one of the key targets for environmental risk manage
-
work planning stage as part of the environmental plan;
the purpose of the plan is to reduce the detrimental
environmental impacts caused by the TVO Group’s
activities and to prevent the pollution of the envi
-
ronment and the creation of environmental damage.
Everyone working at Olkiluoto needs to be aware
of the risks involved in their own work and, thereby,
to prevent the creation of environmental damage. If
damage does occur, however, the goal is to prevent
any detrimental effects to health and the environment.
TVO’s Group-level policies include a nuclear safety
and quality policy, according to which TVO commits
to maintaining and developing operating conditions
awareness as regards safety, quality and costs. This
also includes the prevention of potential accident
scenarios and the spreading of radioactive releases
in a potential accident. The power plant is designed
from the ground up in a manner where, during
accident conditions, protection functions prevent
the release of radioactivity and the spreading of
the releases by means of various safety functions
releases may occur, and the aim is to minimise their
impacts by means of operating activities and actions
pursuant to the emergency preparedness instructions
(TVO’s emergency preparedness plan and STUK’s
emergency preparedness guidelines). In the early
stages of an accident, the power plant’s emergency
preparedness organisation will provide the necessary
recommendations for actions for protecting the
environment, the residents in the surrounding area
and the individuals within the site area. As regards
the surrounding areas and their residents, STUK will
assume responsibility for the protection activities
following the start of STUK’s emergency prepared
-
ness activities. Nuclear safety is also explained in the
Sustainability Statement’s section Nuclear safety.
Pollution and substances of concern in the upstream
value chain
In the Supplier Code of Conduct, TVO requires that
the supplier use all reasonably available means
to protect the environment and to minimise the
detrimental environmental impacts of its activities
and products. This also includes any possible
releases into the water and soil as well as the use of
substances of concern. In particular, the supplier shall
ensure that it has all the necessary environmental
permits, licences and registrations required for its
activities, and that it maintains and adheres to them.
TVO’s Supplier Code of Conduct is explained in more
detail in the section Corporate culture (G1-1).
Actions (E2-2)
Pollution of air, water and soil in TVO’s own operations
TVO recognises the environmental and energy
aspects of its operations and works to minimise
their negative impacts at all stages of the electricity
production chain. Environmental risks have also been
-
cant impact on operations were detected. Through
risk management, the Company aims to foresee
possible divergent situations and to mitigate their
negative consequences on the environment. TVO
constantly monitors the environmental impacts of its
operations by means of environmental monitoring
plans approved by the authorities. The results from
the monitoring are reported annually to various
authorities. The supervisory authorities for the
environmental permits, i.e. the Centre for Economic
Southwest Finland and the municipality of Eurajoki’s
environmental services, and the Safety and Chemi
-
cals Agency Tukes, which is the supervisory authority
for the chemicals permit, regularly supervise the
operation of the power plant.
Radioactive releases are continuously measured
releases is reported to STUK for each quarter and
presented each year in the annual report for environ
-
mental radiation safety.
The Olkiluoto power plant monitors the development
of technology and carries out development actions
aiming at reducing contamination levels, radiation
levels, release amounts and radiation doses in
accordance with the principle of continuous improve
-
ment. The ALARA action programme discusses the
short and long-term goals which also aim at mini
-
mising environmental releases in order to reduce the
radiation doses of the surrounding population. The
ALARA action programme is continuous and TVO’s
Radiation Protection is responsible for its practical
implementation.
Overall, the conventional releases into the air
resulting from TVO’s operations are very minor and
air quality of the area. The fuel used for the emer
-
gency diesel generators and the boiler plant contains
no sulphur. The replacement of the emergency diesel
generators at OL1 and OL2 will reduce particulate
emissions to the atmosphere. Electrically operated
transport equipment has been commissioned for
internal goods transport within Olkiluoto.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
73
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
TVO’s conventional releases into water have been
reduced with the water management project. The
Olkiluoto water management project for securing
the supply of raw water and building a transfer
sewer for wastewater was completed during 2023.
Currently, municipal wastewater from Olkiluoto is
routed via a transfer sewer to Rauma for processing.
The processing of wastewater in a larger unit allows
caused on the water systems.
The prevention of releases into the soil from TVO’s
production has been advanced by means of various
different development activities as well as by
providing instructions and training to employees. In
programme was to improve preparedness for the
prevention of oil and chemical spills caused by work
machinery. Additional spill prevention materials and
protective trays have been acquired for the machines
in preparation for accidents, preparation against
environmental damage in the Olkiluoto area has been
improved and the oil spill prevention plan has been
updated. Spill prevention training was arranged for
the Environment in South-West Finland, which acts
as the supervisory authority for the environmental
permit, issued an order on February 13th 2025 and
recovery of screenings at the OL3 plant unit. Recently,
clogging has occurred in the debris handling building
due to the composition of the screenings and the
equipment has required cleaning. As a result, it has
not been possible to recover the screenings and they
have been routed back into the sea. In accordance
with the request, TVO will determine the solid matter
Targets (E2-3)
Target Target for 2024 Result for 2024 ESRS
Keeping radioactive releases
into the air clearly below
authority limits (continuous).
Noble gases TBq (Kr-87 equiv.)
Iodine TBq (I-131)
Noble gases TBq (Kr-87 equiv.)
Iodine TBq (I-131)
E2
Keeping radioactive water
authority limits (continuous)
Fission and activation products TBq
Tritium TBq
Fission and activation products
TBq
Tritium TBq
E2
Avoiding environmental
damage (events in
0 pcs
E2
Noteworthy events 2 pcs
E2
load during the disturbance and provide the authority
with the plans and schedule for implementing the
recovery of screenings according to plan.
Pollution and substances of concern in the upstream
value chain
The harmful impacts of mining on the surrounding
environment depend on, among other things, the
scope and nature of the operations, the proximity of
housing and the actions taken in order to limit the
that prevents the pollution of the environment.
Possible approaches include the exact assessment
of environmental impacts, technical means for
controlling releases and emphasis on restoration
plans. The suppliers’ ways of working and operating
environment are actively monitored during supplier
evaluations. TVO will provide feedback on the basis
of its evaluations and, if necessary, set requirements
for rectifying non-conformance. The supplier evalua
-
tion process is described in more detail in the section
Relationships with suppliers (G1-2).
The chemical risks related to the production of
nuclear fuel emphasise the need for effective safety
»
strict regulations on the processing and storage of
chemicals;
»
advanced clean-up methods for wastewater;
»
personnel training and adequate protective equipment; and
»
continuous environmental monitoring and risk assessment.
Taking these actions is vital for nuclear fuel produc-
tion to take place as safely and sustainably as
possible. Appropriate waste management, emissions
monitoring and strict safety measures allow for
reducing the risk of these negative impacts.
TVO has set pollution-related targets concerning
radioactive releases into the air and water. TVO also
According to the requirement in the YVL Guides, TVO
has set target values for radioactive releases. The
target values for releases are based on the plant’s
design basis releases and actual releases from the
plants, while taking into account the operational
events at the plant units, the functionality of the
radioactive noble gas releases into the air were 0.02
per cent and iodine releases were 0.01 per cent of
-
sions to 21.7 per cent of the allowed annual limit
carefully measured by using methods approved by
each quarter and presented each year in the annual
report for environmental radiation safety.
TVO has set a target for no environmental damage
its own operations. The severity of environmental
Proactive safety observations, which aim to prevent
also reported. The environmental authorities are
-
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
74
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Conventional releases into the air consist of sulphur
oxides and nitrogen oxides from the power plant’s
emergency diesel generators and boiler plant as well
as particulate emissions which are reported under
Gross Scopes 1, 2, 3 and Total GHG emissions
(E1-6). The conventional releases into the air from
emergency diesel generators and the boiler plant
2
0.01 t, NO
x
2.3 t and particles
0.2 t. The emissions are calculated on the basis of
fuel data.
Conventional releases into water are caused by
process wastewater from the power plant, which
is mainly generated from the leak, drain, rinse and
purge water coming from the radiation controlled
areas of the power plant buildings and storage facil
-
ities. The total amount of process wastewater from
3
wastewater from the power plant area is currently
routed into the water treatment plant of the City
of Rauma and the forestry industry, which means
that they will not cause a burden on the sea area off
Olkiluoto.
Radioactive releases are continuously measured by
using methods approved by STUK, and the releases
are based on direct, regular measurements. The
releases into the air at OL1, OL2 and OL3 took place
via the off-gas stack at each plant unit. The stacks
have continuously operating sample collectors for
determined by means of dry sampling equipment.
Tritium and radio carbon are collected from the air
there, the nuclides are later eluated, converted back
into a solution and measured. Continuously operating
radiation measurements are in place for noble gas
emissions.
The releases into the water from OL1, OL2 and
OL3 take place intermittently via the cooling water
discharge tunnels at the plant units. The water
discharged into the sea is mixed with the cooling
taken from the pumping tank of the OL1 and OL2
plant units before starting the discharge; at the OL3
plant unit, samples are taken from the wastewater
the release, an aggregated sample is taken from the
water by using a sampling system installed on the
pumping line.
Gamma active release samples (iodine, aerosol, noble
gas and water release samples) are analysed by
TVO’s radiochemistry laboratory by means of gamma
spectrometers. Gamma active samples are analysed
samples are measured by means of a liquid scintilla
-
tion counter. All release sample analysis methods in
use at TVO have been self-validated. All emissions to
be reported are determined on the basis of manual
sampling. The continuous radiation measurements
in use at the plant units support, for their part, the
monitoring of releases and the observing of changes.
»
The debris handling building for OL3 was out of opera-
»
noteworthy, where oil entered the soil. The contami
-
nated soil was removed and delivered for appropriate
processing.
TVO has not set any targets pursuant to ESRS
standards in relation to material impacts, risks and
opportunities in the upstream value chain. The
policies related to material impacts, risks and oppor
-
tunities involving pollution in the upstream value
chain and the effectiveness of the actions are moni
-
tored by means of supplier evaluations, in relation
to which the target is for all of TVO’s commercial
accordance with the procedures. Supplier evaluations
are reported on in the section Relationships with
suppliers (G1-2).
Pollution of air, water and soil (E2-4)
Radioactive releases into the air
2024
2.30
% of allowed 0.02
0.00001
% of allowed 0.01
0.0003
0.9
1.16
Radioactive releases into water
2024
0.0002
% of allowed 0.06
17.0
% of allowed 21.7
Over the course of the year, a total of approximately
231 litres of oil ended up in the soil due to failures
of machinery and equipment. The estimation of the
leak volume is based on oil added into machinery
and equipment or an expert assessment. All of the oil
was recovered and the polluted soil was delivered for
appropriate processing.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
75
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Material impacts, risks, and opportunities related to water and marine resources
WATER
Water
consumption
»
Water consumption in the plant units’ production process and tap
water consumption at Olkiluoto
Actual negative
impact
Own operations
»
Water consumption in the upstream value chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
Water
withdrawals
»
Cooling water required for TVO’s operations
Actual negative
impact
Own operations
Water
discharges
»
Water withdrawals from TVO’s operations
Actual negative
impact
Own operations
»
Water discharges from the upstream value chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
E3 WATER AND MARINE RESOURCES
Material impacts, risks and opportunities related
to water and their interaction with strategy and
business model
Water consumption at Olkiluoto
A nuclear power plant requires raw water for its
operation. Of this water, approximately one half is
used as household water and half as process water,
treatment plant, a demineralisation plant and a labo
-
ratory. The domestic water and process water are
treated at TVO’s own water treatment plant. Process
water is treated using ion exchange and reverse
osmosis technologies and is continuously recirculated
water is stored in storage pools and later reused. The
recirculation of water reduces TVO’s need for clean
process water and the amount of process waste
-
water discharged from the plant by approximately
30,000 m
3
each year.
TVO does not operate in, or extract water from,
areas experiencing water risks or water stress. The
in the design and permits of the power plant. The
raw freshwater required in the power plant area
is extracted from the lower reaches of Eurajoki,
upstream of Tiironkoski rapids, and from Lapinjoki. In
3
of raw water were extracted from
3
from Lapinjoki. The amounts
vary each year. Raw water extracted from Eurajoki is
pumped along a pipe of approximately 9 kilometres
in length to the Korvensuo reservoir at Olkiluoto; the
pipe from Lapinjoki is approximately 15 kilometres
in length. At Korvensuo, the water is treated in a
constructed from soil that has a capacity of approxi
-
3
.
Water withdrawals at Olkiluoto
The operation of the power plant units depends
on cooling water, since they use cooling water for
cooling the turbine condensers. Cooling water is
extracted at the shore of Olkiluodonvesi, to the south
of the site area. The volume of cooling water used
by the OL1 and OL2 plant units is approximately 38
m
3
/s per plant unit. The OL3 plant unit consumes
approximately 57 m
3
/s; therefore, the power plant’s
total consumption of seawater for cooling purposes
is approximately 133 m
3
/s. The cooling water warms
by approximately 10°C as it passes through the plant
unit, after which it is routed into the Iso-Kaalonperä
bay via the discharge tunnels and outlet channel. The
cooling water accumulates in an extensive sea area in
the surface layer, from where part of the heat trans
-
-
tions, an increase in temperature can be observed at
cooling water discharge location. The cooling water
is not in direct contact with the power plant’s process
water and, aside from the temperature increase,
the quality of the cooling water will not change as it
The cooling water causes changes in the ice condi
-
tions, as the cooling water discharge area remains
are issued to the local residents in newspapers and
with ice warning signs. The warm cooling water
area and increases its overall biological produc
-
tion. The impacts of cooling water on biodiversity
are discussed in section E4, Biodiversity and
ecosystems.
Water discharges at Olkiluoto
the Olkiluoto power plant has been routed to the
treatment plant jointly operated by the City of Rauma
and the forestry industry, which discharges it into
the sea off Rauma. The processing of wastewater in
and reduces the load caused on the water systems.
3
.
At the power plant, process wastewater is mainly
generated from the leak, drain, rinse and purge water
coming from the radiation controlled areas of the
power plant buildings and storages. The total amount
3
. Other wastewater generated in the
power plant area includes, for example, water from
the raw water treatment plant and demineralisation
of the seawater pumphouses. Following appropriate
processing, this water is routed into the sea via the
discharge tunnel, along with the cooling water. Rain
-
water and storm water are also conveyed from the
site area into the sea through the rainwater sewer
network. Any possible oily rainwater is processed
in oil separators before being routed into the sewer
network. The concentrations of harmful substances
measured in the power plant’s cooling water
discharge are very low and correspond to natural
background concentrations.
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
76
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Water consumption and water discharges from the
upstream value chain
Large amounts of water are used in mining, such as
consumption, the wastewater releases from mining
more reasonable by means of technical solutions
and recirculation, i.e. returning the water into the
-
alisation plants also allow for reducing freshwater
consumption. As a result of accidents or poor waste
-
such as sulphuric acid, may leak into water systems
in the long term. The foundations and embankments
of the waste pools and piles must be appropriate, and
their condition is closely monitored. Efforts are made
to mitigate the negative impacts to the environment in
TVO’s upstream value chain by, for example, making
careful supplier choices and promoting sustainable
practices in collaboration with our partners. TVO
procures its nuclear fuel by using what is known as a
contracts are concluded for the different procurement
stages, typically with several suppliers for each stage;
each supplier must be approved by TVO through
the supplier evaluation. The procurement chain is
described in more detail in the section Strategy, busi
-
ness model and value chain (ESRS 2 SBM-1). TVO’s
strategy and business model consider the impacts,
risks and opportunities related to the environment in
the value chain. The aim for the strategy is for TVO to
have high-quality networks and a strong safety brand.
Policies (E3-1)
TVO has introduced policies and practices related to
water resources and marine sustainability. A large
amount of regulation, such as requirements in the
Finnish Nuclear Energy Act, Water Act and Water
Services Act, applies to the management of water
resources, including the use and procurement of
water resources, water treatment, prevention of
water pollution and the consideration of water-re
-
lated questions in the planning of electricity produc-
tion. TVO has no own operations in areas with water
risks or high water stress.
Water consumption at Olkiluoto
TVO’s operations related to water use are guided by
the Water Act (587/2011), which aims to promote,
organise and coordinate the use of water resources
and the aquatic environment so as to render it socially,
economically and ecologically sustainable. Further
-
more, the Act aims to prevent and reduce the adverse
effects of water and the use of the aquatic environ
-
ment and to improve the state of water resources
and the aquatic environment. TVO also adheres to
the Water Services Act (119/2001), the objective
of which is to ensure water services which provide
for household use with respect to health and other
-
wise at reasonable cost and appropriate sewerage in
terms of the protection of health and the environment.
The permits related to water consumption include the
operating licence for the nuclear power plant and the
water permit for extracting raw water. In addition to
the operational aspects and safety aspects, granting
an operating licence for a nuclear power plant requires
that the power plant’s impacts on the natural envi
-
ronment and the cooling water solutions have been
assessed. The operating licence for a nuclear facility
is applied for from the Government, and the prereq
-
uisites for granting an operating licence are set forth
in the Nuclear Energy Act (990/1987). According
to the current water permit, TVO may extract raw
water from Eurajoki for use at the Olkiluoto nuclear
an annual average and at a maximum of 90 l/s while
adhering to the provisions of the Water Act and
the licence terms. The SVP of Electricity Production
is responsible for adhering to the provisions of the
nuclear power plant’s operating licence and the water
permit’s provisions regarding raw water extraction,
and the operating personnel of the water treatment
plant are responsible for the practical implementation
and follow-up of the permit provisions.
Since 2011, TVO has drawn up a Water Safety
Plan (WSP). The Water Safety Plan is an action
programme drawn up under the leadership of the
secure access to safe domestic water. The aim of
the programme is to identify the risks related to the
operating environment of water production and its
production chain, and to manage the risks in order
to ensure domestic water quality. The WSP is based
principles for drinking water.
Water withdrawals at Olkiluoto
TVO also adheres to the Water Act (587/2011) in the
routing of cooling water. Cooling water solutions that
have been deemed appropriate are also a prerequi
-
site for the nuclear power plant’s operating licence.
TVO adheres to the permit provisions concerning
the routing of cooling water in its water permit and
environmental permits. According to the water
permit, the volume of cooling water routed to the
3
/s
3
per year. The environmental
impacts of the Olkiluoto nuclear power plant are
monitored in accordance with the environmental
permit, which also includes monitoring for the volume
and temperature of cooling water. The permit states
that the seawater temperature must not exceed the
target value of 30°C when measured as a weekly
rolling average at a distance of 500 metres from the
cooling water discharge channel. Limit values have
TWh) in the environmental permit. TVO’s compe
-
tence centre of Industrial and Environmental Safety
is responsible for the practical implementation of the
environmental monitoring programmes for impacts
on water systems.
which are part of the Group-level policies, TVO is
committed to the sustainable use of water resources.
The warming of the seawater in the nearby area due
-
tive environmental impact of the Olkiluoto nuclear
power plant. Aside from the temperature increase,
the quality of the cooling water will not change as
temperature in nearby areas is monitored as required
by the environmental permit. In addition to cooling
water, a nuclear power plant requires raw water for
the production process. TVO does not operate in
areas with water risks. The environmental policies
-
ment is responsible for their practical implementation.
Water discharges at Olkiluoto
TVO complies with the legislation related to water
services. TVO adheres to the Water Services Act, the
objective of which is to ensure appropriate sewerage
in terms of the protection of health and the environ
-
ment at reasonable cost. The amount of wastewater
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
77
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
generated at the power plant is minimised by means
of water use planning and recirculation.
Agency of Southern Finland issued a decision on
the closing of the Olkiluoto wastewater treatment
plant and the amendment of the environmental
permit. According to the permit, household waste
-
water must be routed via a transfer sewer to the
wastewater treatment plant of the forestry industry
in Eurajoki and Rauma, in line with the agreement
signed with the municipality of Eurajoki. Waste
-
water must be pre-treated if it causes detrimental
impacts on the operation of the sewer network or
the treatment plant. Furthermore, the dismantling of
the components, structures and piping related to the
operation of the wastewater treatment plant must be
Water consumption and water discharges from the
downstream value chain
In its Supplier Code of Conduct, TVO requires that
its suppliers use all reasonable means to protect
biodiversity, minimise the environmental impacts of
their operations, including water consumption, and
adhere to all current environmental laws and regula
-
tions. Suppliers must supervise, manage and process
the waste generated by their operations, including
wastewater, and aim to minimise their amounts
whenever possible. TVO’s Supplier Code of Conduct
is explained in more detail in the section Corporate
culture (G1-1).
Actions (E3-2)
Water consumption at Olkiluoto
According to the current water permit, TVO may
extract raw water from Eurajoki for use at the Olki
-
calculated as an annual average and at a maximum of
90 l/s while adhering to the provisions of the Water
plant units is stored in storage pools and later reused.
The recirculation of water reduces TVO’s need for
clean process water and the amount of process
wastewater discharged from the plant by approxi
-
mately 30.000 m
3
each year.
Water withdrawals at Olkiluoto
The environmental impacts of cooling water can
mostly be affected by means of the purposeful
design of the extraction and discharge structures.
The extraction and discharge locations for the plant
units are located in a manner that minimises the
recirculation of warm water and keeps the discharge
water temperature as low as possible. The discharge
The structures are kept in operating condition by
means of regular maintenance activities.
The monitoring results for the impacts of cooling
water are reported per monitoring instance and as
an annual report to the authorities. The limit values
million m
3
Water discharges at Olkiluoto
Olkiluoto has been routed to Rauma for treatment
via a transfer sewer. TVO is responsible for main
-
taining the transfer sewer and for the pumphouses
in accordance with the manufacturer’s maintenance
instructions. TVO has performed regular inspection
rounds in the wastewater system; these have been
carried out by the power plant’s operating personnel.
Advance preparations have been made for opera
-
tional occurrences and emergencies. If any defects or
malfunctions were to occur in the process equipment,
actions will be taken without delay to prevent any
releases, to prevent damage caused by the releases
and to prevent the recurrence of the event. The
equipment is restored to normal operating condition
as soon as technically feasible. The environmental
protection authorities are informed without delay
of any exceptional situations, such as operational
occurrences causing larger than usual releases or
accidents that may cause danger or harm to the
environment or health. No operational occurrences or
The chemical clean-up of the Olkiluoto wastewater
treatment plant is kept in standby for the two-year
warranty period of the transfer line pumphouses that
periods, a plan will be drawn up for the gradual
dismantling of the Olkiluoto wastewater treatment
plant in accordance with the provisions of the envi
-
ronmental permit.
Water consumption and water discharges from the
upstream value chain
In its Supplier Code of Conduct, TVO requires that
its suppliers use all reasonable means to protect
biodiversity, minimise the environmental impacts of
their operations and adhere to all current environ
-
mental laws and regulations. Possible approaches
include the exact assessment of environmental
impacts, emphasis on restoration plans and technical
means for controlling releases. The suppliers’ ways
of working and operating environment are actively
monitored during supplier evaluations. TVO will
provide feedback on the basis of its evaluations
and, if necessary, sets requirements for rectifying
non-conformance. The Supplier Code of Conduct
is explained in more detail in the section Corporate
culture (G1-1) and the supplier evaluation process is
described in more detail in the section Relationships
with suppliers (G1-2).
Targets (E3-3)
Target Target fo 2024 Result for 2024
Maximum
thermal load
caused by cooling
TVO has set a target for the thermal load caused by
year. The target value is based on the limit value
provided in the environmental permit regulation.
The target is continuous and it is reported annually.
The warming of the nearby sea areas caused by the
from the power plant operations; as a result, when
the limit value is not exceeded, cooling water is not
the target. The thermal load is counted as the differ
-
ence between the thermal power of the plant units’
reactors and the electricity generated. The informa
-
tion is based on direct measurements.
There are no power plant operations in water risk
areas, and TVO has not set targets related to marine
resources or reducing water consumption.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
78
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
TVO has not set any targets pursuant to ESRS stand-
ards in relation to material impacts, risks and oppor-
tunities in the upstream value chain. The policies
related to material impacts, risks and opportunities
in the upstream value chain and the effectiveness
of the actions are monitored by means of supplier
evaluations, in relation to which the target is for all of
and assessed in accordance with the procedures.
Supplier evaluations are reported on in the section
Relationships with suppliers (G1-2).
Water consumption (E3-4)
Water consumption
m
2024
Total water consumption (m
3
)
3
) 88,043
3
) 77,175
Water withdrawals
m
2024
Total water withdrawals (m
3
)
Raw water (m
3
) 223,985
Cooling water (m
3
) 3,571,892,640
Water discharge
m
2024
Wastewater (m
3
) 123,634
Process wastewater 35,400
88,234
Cooling water (m
3
) 3,571,892,640
Recirculated and stored water
m
2024
Total water recycled and reused (m
3
) 30,000
Total water stored (m
3
) 199,695
Changes in the amount of total water stored (m
3
) 49,060
The information for total water consumption,
including demineralised process water and domestic
water, is based on direct measurements. The water
volumes for total consumption also include water
consumption for the joint venture Posiva, since TVO
also produces Posiva’s domestic water (total of
1,719 m
3
3
by tanker as necessary. The amount of domestic
water delivered to Posiva is based on direct meas
-
urement, and the amount of demineralised process
water has been estimated by using the volume of the
transport container (approximately 10 m
3
) and the
number of deliveries.
The information for raw water extraction and waste
-
water discharge is based on direct measurements.
The volume of wastewater also includes wastewater
from Posiva. The extraction and discharge of cooling
water for TVO’s operations are determined by means
of calculation on the basis of the production data, and
the measurement methods have been approved by
the authorities.
Recycled and reused water includes an estimate of
the process water recycling at the OL1 and OL2 plant
stored in storage pools and later reused. The volume
of recycled process water at the OL3 plant unit is
not included in the estimate, and the information will
estimate of the recycled and reused water is based
on the volume of the storage pools at OL1 and OL2,
which is approximately 30,000 m
3
.
Stored water includes an estimate of the water
volumes in the Korvensuo raw water reservoir,
the clean water reservoirs storing domestic water
and the process water tanks at the plant units. The
water volumes for the raw water reservoir, clean
water reservoirs and process water reservoirs
have been estimated on the basis of the reservoirs’
volumes and level measurements as well as expert
assessments. The volume of the raw water reservoir
3
, which may be used
to estimate that the reservoir contains an average
of 120,000 m
3
seasons, pumping times, annual outages and water
quality, among other things. The water volume in
the raw water reservoir is also materially affected
by the environmental conditions, such as rain and
evaporation. The two clean water reservoir store an
3
of water in total, since authority
requirements state that both pools must have an
average of 2,000 m
3
of water per reservoir available
tanks at the plant units are estimated to contain
approximately 3,000 m
3
(OL1 and OL2 in total) and
2,000 m
3
(OL3) of water. The number indicating
the change in the total amount of stored water has
been obtained by comparing the water volume in the
it is assumed that, in normal operation, the water
volumes in the clean water reservoirs and process
water tanks remain the same.
The physico-chemical measurements describing
water quality are explained in more detail in the
section Impact metrics related to biodiversity and
ecosystems change (E4-5).
The ratio describing the TVO Group’s water intensity
(water consumption for own operations/turnover
for own operations includes TVO’s demineralised
process water and domestic water consumption, that
is, the shares of domestic water and demineralised
process water produced for use by Posiva have been
deducted from the total water consumption.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
79
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
E4 BIODIVERSITY AND ECOSYSTEMS
Transition plan and consideration of biodiversity
and ecosystems in strategy and business model
(E4-1)
TVO has not drawn up a transition plan concerning
biodiversity. The potential threat caused by invasive
as a physical risk to biodiversity resulting from TVO’s
environmental impact assessment. This risk is not
material to TVO’s operations. No transitional risks or
opportunities related to biodiversity and ecosystems
been implemented.
Material impacts, risks and opportunities related
to biodiversity and their interaction with strategy
and business model (E4.SBM-3)
The direct biodiversity impacts of TVO’s own oper-
ations only occur on the island of Olkiluoto and its
nearby areas. There are archipelago and open sea
areas to the northwest of Olkiluoto that simulta
-
neously meet several criteria for conservation or
protection, such as the SAC area (Special Areas of
-
and the Raumanmeri nature and recreational area.
The closest Natura area is located approximately
one kilometre southeast from the site area. The outer
landscape and nature values. The area is a valuable
complex of archipelago landscape, bird life and
vegetation, and many nationally threatened species
occur in the area. The affected areas located in the
land areas of Olkiluoto Island are largely under the
are the warming of sea water in the nearby area
caused by the cooling water and the resulting
impacts on the status of species and ecosystem
services. The warm cooling water extends the
its overall biological production.
As the cooling water passes through the plant,
its temperature increases by approximately 10°C,
after which it mixes with seawater. The cooling
water accumulates in an extensive sea area in the
surface layer, from where part of the heat transfers
an increase in temperature can be observed at an
cooling water discharge location. Seawater temper
-
ature is monitored as required by the environmental
-
ture increase may target underwater habitat types,
which include coastal lagoons and reefs. In addition,
there may be indirect impacts on drift lines and
coastal meadows through changes in the ice condi
-
tions. According to the Natura screening completed
impact on the occurrences of Fucus vesiculosus in the
Rauma archipelago Natura area because the area of
impact of the thermal load does not currently extend
environmental authority has also determined that the
impact of the thermal load carried into the sea area
with the cooling water on Natura areas in the Rauma
archipelago is unlikely to substantially degrade their
natural values. As regards other conservation areas,
Material impacts, risks, and opportunities related to biodiversity
DIRECT IMPACT DRIVERS OF BIODIVERSITY LOSS
Climate
change
»
As a producer of carbon-neutral electricity, TVO safeguards and
maintains the diversity of nature
Actual positive
impact
Own operations
Land-use
change, fresh
water-use
change and
sea-use
change
»
The concentration of energy production in a small geographic
area minimises the environmental impacts and allows for the
preservation of other areas in their natural state
Actual positive
impact
Own operations
Direct
exploitation
of natural
resources
»
Raw materials required for nuclear fuel manufacturing
»
Actual negative
impact
Upstream value
chain (nuclear fuel,
spent nuclear fuel)
Pollution
»
Radioactive releases into the environment from a potential severe
accident and their impacts on organisms
Potential negative
impact
Own operations
IMPACTS ON THE STATE OF SPECIES
Species
population
size
»
Impacts on the state of species from the local warming of sea
water in the area near Olkiluoto
Actual negative
impact
Own operations
»
Potential impacts on the state of species from mining activities
and from open quarries in particular
Potential negative
impact
Upstream value
chain (nuclear fuel)
IMPACTS ON THE EXTENT OF ECOSYSTEMS
Degradation
of the state
of the
environment
»
Impacts on the state of the marine ecosystem from the local
warming of sea water in the area near Olkiluoto
Actual negative
impact
Own operations
»
Potential impacts on the extent and state of ecosystems from
mining activities and from open quarries in particular
Potential negative
impact
Upstream value
chain (nuclear fuel)
IMPACTS AND DEPENDENCIES ON ECOSYSTEM SERVICES
Impacts and
dependencies
on ecosystem
services
»
Impacts on ecosystem services from the local warming of sea
water in the area near Olkiluoto
»
Actual negative
impact
Own operations
»
Potential impacts on ecosystem services from mining activities
and from open quarries in particular
Potential negative
impact
Upstream value
chain (nuclear fuel)
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
80
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
the operation of the power plant is not known to
affect them. TVO operates in accordance with the
A severe reactor accident refers to an accident where
damaged. The impacts of radioactive releases from
an accident on the environment and living organisms
may be substantial and wide-ranging, but the impact
on biodiversity will be indirect. Ionising radiation can
damage the genetic material in living cells. In terms
of cytopathic effects, whether the radiation dose is
received over a long or short period of time is signif
-
icant. The settling of airborne radioactive particles
originating from the accident from the release plume
into the ground or water may occur through gravity
(dry fallout) and rain (wet fallout). The fallout may
remain on the surface and cause a radiation dose
through direct radiation, or it may be carried deeper
into the soil and transfer entirely or in part into
plants, fungi and animals through complex mecha
-
nisms. Radioactivity may also be carried into humans
through nutrition. It is also possible that the fallout
on the ground becomes airborne again due to the
impacts of wind, for example. In water systems, some
of the fallout mixes with water and some settles at
the bottom, from where it may also be mixed again
is very unlikely due to nuclear safety, which TVO has
ensured by means of its activities. The plant units are
equipped with severe reactor accident management
systems; these systems are used to ensure that the
power plant will not release radioactive substances in
the environment or property.
TVO’s own operations have no material negative
impacts with regards to land degradation, deserti
-
concentrated in a small area, which allows for the
preservation of other areas in their natural state. TVO
may have local positive impacts on the vitality of
protected species observed on the island of Olkiluoto,
where protected or endangered species grow is
limited or for example, meadows are not cut back as
a maintenance activity. TVO has no activities that
affect endangered species.
The material negative impacts in TVO’s upstream
value chain are indirect through the activities of the
actors in the value chain, such as mines or fuel produc
-
tion facilities. In particular, open quarries may cause
negative biodiversity impacts. Open quarries require
large land areas, which may cause detrimental impacts
to move and increasing the isolation of populations.
Noise and vibration may also drive animals out of
the area. Quarrying may cause disturbances in water
circulation, reducing the biodiversity of local water
ecosystems. Changes in the top soil layer may cause
soil degradation, lead to erosion and have a harmful
impact on the organisms of the soil in the area. Even if
an area were restored following the end of quarrying,
than half of raw uranium is currently produced using
the solvent extraction method (in-situ recovery, ISR),
than underground mines and open quarries.
Policies (E4-2)
TVO has implemented policies concerning biodi-
versity and the protection of ecosystems, land use,
marine ecology and intervention in deforestation.
TVO complies with the environmental legislation as
that operators have knowledge of the environmental
impacts and risks of their operations, and of the
management of these impacts and risks and ways to
reduce adverse impacts. The operation of a nuclear
power plant requires an environmental permit pursuant
to the Environmental Protection Act; according to
must not, among other things, be detrimental to nature
and to how it functions, prevent or materially hinder
the use of natural resources, cause a loss of general
amenity of the environment or of special cultural
values or reduce the suitability of the environment for
general recreational use. TVO operates according to
the permit provisions set for the company.
The EIA Procedure (252/2017) applies to projects
impacts, including impacts on biodiversity. Projects
related to nuclear energy are usually covered by the
EIA procedure. The purpose of the EIA procedure is
of the project being planned are determined to the
necessary precision, and its aim is to produce infor
-
mation to support the planning and decision-making
of the project but also to provide the various parties,
such as local communities, with increased access to
information and opportunities for participation in the
project’s planning stage.
Direct impact drivers of biodiversity loss
Positive impacts on biodiversity from TVO’s electri
-
city production
and maintains biodiversity, in which case TVO’s
positive impact on biodiversity is indirect. According
to TVO’s principles concerning the environment and
-
tion of the environment and biodiversity into account
in the development of the Olkiluoto area and the
expansion of operations. Steps are taken to protect
the island of Olkiluoto and the surrounding sea area
by considering the local ecosystems and species.
Policies concerning climate change mitigation are
described under Policies (E1-2).
Energy production is concentrated in a small area on
Olkiluoto, which allows for the preservation of other
areas in their natural state. TVO’s land use is guided
environmental safety, among other things. TVO has
which the amount of electricity generated in propor
-
tion to the surface area of the built environment is to
exceed 15 TWh/km
2
each year.
In addition to legislation, land use is guided by means
use of the Olkiluoto area and land use. The general
long-term plan concerning infrastructure at Olkiluoto
is also regularly updated.
Direct exploitation of natural resources
In its Supplier Code of Conduct, TVO requires that its
suppliers use all reasonable means to protect biodiver
-
sity, minimise the environmental impacts of their oper-
ations and adhere to all current environmental laws
and regulations. Possible approaches include the exact
assessment of environmental impacts, technical means
for controlling releases and emphasis on restoration
plans. The Supplier Code of Conduct is approved by
detail in the section Corporate culture (G1-1). The
Fuel unit within the Electricity Production business unit
is responsible for nuclear fuel procurement.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
81
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
The suppliers’ ways of working and operating envi-
ronment are actively monitored during supplier evalu-
ations. TVO will provide feedback on the basis of its
evaluations, set requirements for rectifying non-con
-
corrective actions in connection with any possible
re-assessments. The supplier evaluation process is
described in more detail under Relationships with
suppliers (G1-2).
TVO, by itself, enters into negotiations and makes
procurement contracts with suppliers in every stage
of the fuel production chain. Uranium is subject to
strict regulatory supervision, which ensures that it
remains in peaceful use; all deliveries are planned
exactly. Traceability is kept at a high level.
Pollution
The biodiversity impacts of an accident condition
are indirect, and the prevention and mitigation of
impacts are subject to the same policies as accident
avoidance, which are explained in more detail under
Policies (E2-1) and Nuclear safety. The basic prin
-
ciple for nuclear safety is that radioactive substances
must not spread into the environment. In order to
prevent any releases, safety is ensured multiple times
over. The plant units are equipped with multiple
safety systems that operate under diverse principles
and can quickly detect and control any operational
occurrences. A multi-layer defence-in-depth safety
thinking is the foundation. All functions that are
of several parallel systems and equipment, and high
apply to the design of all equipment and functions.
Impacts on the state of species, the extent of
ecosystems and ecosystem services at Olkiluoto
The warming of seawater in the nearby areas as a
result of the cooling water has impacts on the state
of species in the seawater and the state of the marine
ecosystem and its ecosystem services. According to
its principles concerning the environment and energy
negative impacts caused by power plant operations
at all stages of electricity production.
The warming of the seawater due to cooling water
was already considered during the design stage of
the plant units, and seawater temperature is moni
-
tored as required by the environmental permit. The
permit states that the seawater temperature must
not exceed the target value of 30°C when measured
as a weekly rolling average at a distance of 500
metres from the cooling water discharge channel.
3
) and the
permit. The limit values have been set in such a
way that the operation of the power plant does not
Impacts on the state of species, the extent of
ecosystems and ecosystem services in the upstream
value chain
In its Supplier Code of Conduct, TVO requires that its
suppliers use all reasonable means to protect biodiver
-
sity, minimise the environmental impacts of their opera-
tions and adhere to all current environmental laws and
regulations. The Supplier Code of Conduct is approved
more detail in the section Corporate culture (G1-1).
The Fuel unit within the Electricity Production business
unit is responsible for nuclear fuel procurement.
Actions (E4-3)
Direct impact drivers of biodiversity loss
Positive impacts on biodiversity from TVO’s
electricity production
TVO’s impact on the promotion of biodiversity is
electricity. Climate change mitigation is subject to the
same actions described under Actions (E1-2).
The total surface area of Olkiluoto Island is approx
-
imately 900 hectares, of which areas constructed
area has remained the same in comparison to 2023.
TVO also owns areas intended for natural conser
-
vation, such as a 5.5 hectare area on the island of
maintenance of the traditional biotope was performed
on the island of Iso-Susikari in collaboration with
TVO started an analysis concerning biodiversity on
performing the biodiversity analysis voluntarily, since
it is a key part of Olkiluoto’s environmental targets and
the monitoring of the state of the nature. The analysis
surveys the living organisms on the island of Olkiluoto,
such as vegetation, the various biotopes on the island,
results of the analysis will be reported during 2025.
Direct exploitation of natural resources
In its Supplier Code of Conduct, TVO requires that its
suppliers use all reasonable means to protect biodi
-
versity, minimise the environmental impacts of their
operations and adhere to all current environmental
laws and regulations. Possible approaches include
the exact assessment of environmental impacts,
technical means for controlling releases and emphasis
on restoration plans. All suppliers belonging to TVO’s
procurement chain for nuclear fuel are assessed
previous assessment. The evaluations are planned
according to the supplier and its special characteris
-
tics. The supplier evaluation reports, which are also
submitted to the supplier, are used to record the
areas for improvement or deviations observed, and
a written response from the supplier is expected.
Contact with the supplier is continuous, and devel
-
opment is followed up on during the manufacturing
supervision visits and re-evaluations. The aim is to
intervene in negative observations in collaboration
with the supplier. If the shortcomings are repeated
be observed, a procurement ban may be placed on
supplier evaluation process is described in more detail
in the section Relationships with suppliers (G1-2).
Pollution
The biodiversity impacts of an accident condition
are indirect, and the prevention and mitigation of
impacts are subject to the same actions as accident
avoidance, which are explained in more detail in the
section Actions (E2-2) and Nuclear safety. A very
unlikely severe reactor accident would cause, among
other things, the decontamination of the built-up
environment, limitations on the recreational use of
areas in their natural state, regular measurements
of the persons living in the contaminated area and
decontamination activities, if necessary, as well as
limitations on the use of areas along a wider radius.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
82
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Authorities would also set limitations on the use of
products used for nutrition, such as berries, fungi,
activity concentrations.
Impacts on the state of species, the extent of
ecosystems and ecosystem services at Olkiluoto
The warming of seawater in nearby areas caused
by cooling water has already been considered
during the design stage of the plants. Cooling
water is discharged into open sea areas, where it is
the weather conditions, an increase in temperature
kilometres from the cooling water discharge location.
Seawater temperature is monitored as required by
the environmental permit. The permit states that the
seawater temperature must not exceed the target
value of 30°C when measured as a weekly rolling
average at a distance of 500 metres from the cooling
water discharge channel. Limit values have also been
million m
3
the environmental permit. None of the permit limits
set in such a way that the operation of the power
The ecological state of the areas near Olkiluoto
is monitored in accordance with a monitoring
plan approved by the authority. The competence
centre for Industrial and Environmental Safety is
responsible for the monitoring, but the samples are
-
tory. The results from the monitoring, such as the
physico-chemical and biological studies of the sea
area and the benthic fauna and aquatic vegetation
surveys, are reported to the authorities at regular
intervals.
in the Olkiluoto sea area are monitored by means of
unit catch data from the catch records of professional
-
ysis for the cooling water used at Olkiluoto, which
is based on a provision in the water permit, was
-
the seawater plants at the plant units. The second
which is used to mitigate the negative impacts of the
Impacts on the state of species, the extent of
ecosystems and ecosystem services in the upstream
value chain
TVO sets requirements for its suppliers on the basis
of the Supplier Code of Conduct and assesses
the supplier’s operating environment and ways of
working in its document-based supplier evaluations
and the on-site audits. TVO will provide feedback
on the basis of its evaluations and, if necessary, set
requirements for rectifying non-conformance. The
supplier evaluation process is described in more
detail under Relationships with suppliers (G1-2).
Target Target fo 2024 Result for 2024 ESRS
2
from
2023 onwards.
> 15 TWh / km
2
13.7 TWh / km
2
E4
At least 1 voluntary project promoting biodiversity is carried out annually. 2 pcs
E4
Targets related to biodiversity and ecosystems (E4-4)
reduces the rate of extinction within the forest
ecosystem, for example, thereby reducing the impacts
land use allows for the preservation of other areas in their
according to which the amount of electricity generated in
proportion to the surface area of the built environment is
to exceed 15 TWh/km
2
of electricity generated in proportion to the surface
area of the built environment was 13.7 TWh/km
2
. The
built environment at Olkiluoto being estimated at 1.7 km
2
and the amount of electricity produced being estimated
The production volumes were affected by the extended
OL2 plant unit at a lower power level.
impacts of sustainable land use on the preservation
of areas in their natural state have been generally
recognised. Stakeholders are also commonly heard
from in projects related to the use of land and water
areas. The target is absolute and continuous, and the
target value was determined on the basis of the base
year 2023. The indicator is based on the surface area
of the built environment at Olkiluoto and the amount
of electricity generated each year. The surface area
of the built environment and the amount of electricity
generated can be measured from the systems.
from the operation of the power plant is the warming
of nearby sea areas caused by the cooling water.
The target related to the thermal load of the cooling
water is presented under Targets (E3-3).
As a second target concerning biodiversity, TVO
has determined that at least one voluntary project
promoting biodiversity is to be implemented each
promoting biodiversity were implemented. TVO
performed maintenance of the traditional biotopeon
the island of Iso-Susikari in collaboration with
were planted near the Olkiluoto accommodation village
in order to attract pollinators. In this context, a project
can promote the number of species, genetic variation
within species and the diversity of ecosystems. The
projects are chosen on the basis of their feasibility and
on diversity has not been followed at the species level.
TVO has not set science-based nature targets, and
the setting of the sustainability objectives has not
considered ecological threshold values, developments
in biodiversity after 2020 or the EU’s strategy on
biodiversity. Finland’s national commitments related
to the EU’s strategy on biodiversity were not yet
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
83
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
detailed targets at a later stage.
TVO has not set any targets pursuant to ESRS
standards in relation to material impacts, risks and
opportunities in the upstream value chain. The poli
-
cies related to material impacts regarding biodiversity
in the upstream value chain and the effectiveness
of the actions are monitored by means of supplier
evaluations, in relation to which the target is for all of
and assessed in accordance with the procedures.
The supplier evaluation process is reported on in the
section Relationships with suppliers (G1-2).
Impact metrics related to biodiversity and
ecosystems change (E4-5)
TVO’s direct biodiversity impacts are the warming of
sea water in the nearby area caused by the cooling
water and the resulting impacts on the status of
species and ecosystem services, in which case the
impact metrics are processed as regards cooling water.
TVO has indirect positive impacts on biodiversity
land use. There are archipelago and open sea areas
near Olkiluoto that that simultaneously meet several
criteria for conservation or protection, and these areas
are listed under Material impacts, risks and oppor
-
tunities related to biodiversity and their interaction
with strategy and business model (E4.SBM-3).
Therefore, the number of TVO locations near areas that
are sensitive in terms of biodiversity is 1 (Olkiluoto),
with a surface area of approximately 900 hectares (ha).
The local warming of seawater in the nearby areas
unit catch data from the catch records of professional
power plant with the cooling water has been monitored
the sea area is monitored by means of chlorophyll
aquatic vegetation are also regularly monitored.
surrounding sea areas has been ongoing since the
start of power plant operations. The physico-chem
-
ical variables were examined even before power
plant operations were started, and the biological vari
-
the monitoring at Olkiluoto is based on the provisions
in the environmental permits and the water permit,
and the indicators monitored are validated by the
authority and based on national legislation. In the sea
area surrounding Olkiluoto, aquatic vegetation, algae,
are monitored as regards the marine ecosystem.
These observations are compared to other refer
-
ence areas that are located further away from the
each year, benthic fauna studies take place every
years and aquatic vegetation and algae are studied
every six years. The physico-chemical and biological
measurement values describing the water ecosystem
-
ment values may include an occasional variation
according to the time of the measurement and other
environmental conditions, for example. The samples
are testing laboratories accredited by Tukes’ accredi
-
tation unit FINAS.
Material impacts, risks, and opportunities related to resource use and circular economy
RESOURCE INFLOWS
Resource
»
TVO’s consumption of nuclear fuel
Actual negative
impact
Own operations
»
chain
Potential negative
impact
Upstream value
chain (nuclear fuel)
WASTE
Waste
»
Nuclear waste created from the nuclear fuel used by TVO as well
as other radioactive waste
»
»
Actual negative
impact
Own operations
»
Waste generated by the upstream value chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
E5 RESOURCE USE AND CIRCULAR ECONOMY
Material impacts, risks and opportunities related
to resource use and circular economy and their
interaction with the strategy and business model
Consumption of nuclear fuel
TVO produces nuclear power for its shareholders at
cost price and in a safe and competitive manner. The
production of nuclear power requires raw materials
whose production, similarly to any industrial opera
-
tions, causes negative impacts on the environment.
A key raw material in nuclear fuel is low-enriched
uranium, and the negative environmental impacts
of its procurement chain include land use, water
consumption, electricity consumption, infrastructure,
chemicals and waste, for example. There are approx
-
imately 50 operating uranium mines in the world,
and they are located in twenty countries. Uranium is
of mine, the environmental impacts may be long-term
-
diate term (solvent extraction, ISR). The operating
for emissions from operations and the restoration
activities following the end of the production stage.
The procurement chain is described in more detail
in the section Strategy, business model and value
chain (ESRS 2 SBM-1).
TVO’s OL1 and OL2 plant units require an annual
total of approximately 35 tonnes of low-enriched
uranium for fuel. For OL3, the annual requirement
is approximately 32 tonnes. The current operating
licences for all three plant units are in force until the
end of 2038.
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
84
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
TVO acknowledges the importance of its overall
responsibility for all the phases of the fuel cycle and
production. Plant unit modernisation projects are
plant process. The composition of the fuel and the
manner in which it is used are designed by TVO
itself. The priority in fuel use planning is to ensure the
safe operation of the plants, and this sets restrictions
on the optimisation of fuel use.
The Finnish electrical system has changed in a
manner in which weather-dependent production has
substantially increased, while adjustable capacity
has been removed. This has resulted in an occa
-
sional excess electricity supply in Finland. Electricity
production needs to match consumption at all times.
The parties to the electricity market balance their
consumption and production in advance on a daily
level, and if abundant production is available in
proportion to consumption, the production of nuclear
power may also have been reduced. The production
plans and any possible adjustments for the Olkiluoto
plant units are always decided on the previous day.
If the amount of adjustment taking place during the
operating cycle is known before the fuel loading
for the cycle is planned, the adjustment will have a
minor impact on fuel consumption and, thereby, the
differs from the estimates made during production
planning, the fuel economy will be somewhat
degraded.
Waste generated by TVO’s operations
TVO’s own operations, that is, the production of
nuclear power, generate nuclear waste (spent fuel),
waste.
Spent nuclear fuel
Spent nuclear fuel, or nuclear waste, is generated
as a consequence of nuclear power generation; this
means that the generation of nuclear waste is a result
to its high level of radioactivity, nuclear waste is not
Spent nuclear fuel is highly radioactive immediately
after use but, after a year, its radioactivity is reduced to
-
imately one thousandth of the original value. The
radiation from spent nuclear fuel is quickly reduced in
-
while applying the multi-barrier principle (1. fuel pellet,
the radiation from the spent fuel completely.
are short-lived. Over time, the nature of the radiation
in the fuel will also change. At the beginning, pene
-
term, it is the radiation emitted by heavy elements
like uranium, which is not penetrating nature. These
remaining radioactive elements are only toxic to
humans if digested or inhaled.
world that is in the process of commissioning a safe
disposal of spent fuel will start in the mid-2020s.
project for TVO.
Other radioactive waste
In addition to nuclear waste, the operation of a power
plant also generates other forms of radioactive waste;
according to the radioactivity contained therein, waste
low, low and intermediate level operating waste, high-
compared to the amount of produced energy, the
volume of waste and its space requirements are low.
Waste exempted from control contains such a small
amount of radioactive substances that the waste can
be recycled. The waste is produced during TVO’s own
operations, that is, mainly the operation and main
-
waste generated during the operation of the power
plant is low-level waste. This waste mainly consists
of service waste, which includes insulation material,
parts of machinery and equipment, used tools and
packaging material, for example. Very low-level waste
is also generated at the power plant. Some of the
control; due to its low level of radioactivity, it may be
cleared from control under Section 27 c of the Nuclear
Energy Act and processed further in a manner similar
to that for conventional industrial waste.
Intermediate-level waste generated at the power
plant is mostly liquid radioactive waste generated
from the radioactive process and sewer systems
during the operation of the power plant. Liquid waste
comprises the ion exchange resins used for cleaning
process systems, the evaporation concentrate from
sewage water and various sludges and deposits
generated during tank cleaning, for example.
Low and intermediate-level waste is tightly packaged
and placed in the operating waste repository (VLJ
repository) located at an approximate depth of 100
metres in the plant area. TVO is planning to construct
a disposal repository for very low-level waste at
Olkiluoto. It will reduce the amount of low-level
waste placed in the VLJ repository. The collection of
very low-level waste was started in 2018.
-
tion with the disassembly of the power plants at the
-
missioning waste will also take place at Olkiluoto.
Conventional and hazardous waste
The operation of a nuclear power plant, similarly to
any other industrial facility, generates conventional
waste (such as paper waste, plastic waste and
biodegradable waste as well as wood waste and
waste electrical and electronic equipment, waste
oil, chemicals and batteries) that is not radioactive.
The annual waste quantities vary depending on the
scope of work carried out in the annual outage. All
waste generated at Olkiluoto is sorted and processed.
The sorted waste is recycled as materials whenever
possible, or reused as energy. Currently, the power
The handling of conventional waste carried out within
the power plant area does not have an environmental
to people and the environment. When processed
impact of waste management is primarily attributable
to the transport of waste as well as the processes of
the operators responsible for the further treatment of
the waste.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
85
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
-
turing chain and waste in the upstream value chain
The quality requirements for nuclear fuel components
are very high, and components that do not meet
these requirements will need to be rejected from
time to time. In situations such as this, TVO requires
on the basis of its Supplier Code of Conduct that
the manufacturer of the component manages the
recycling of discarded materials in order for raw
materials to be returned for reuse whenever possible.
The Supplier Code of Conduct is explained in more
detail in the section Corporate culture (G1-1).
Production processes are continuously developed in
order to allow them to save raw materials, and close
cooperation is maintained with suppliers in order to
improve quality control and material choices, which
Rock waste and wastewater from mining require
actions to prevent their creation and to ensure their
appropriate processing in order to mitigate and
avoid negative environmental impacts. These actions
of processes or implementing various technical
solutions. The production process for nuclear fuel
as sulphuric acid, may leak into water systems or the
soil due to accidents or poor waste management, in
the long term. The foundations and embankments of
the waste pools and piles must be appropriate, and
their condition is closely monitored.
Policies (E5-1)
Consumption of nuclear fuel
According to its Sustainability Policy, TVO takes
the circular economy into account in its operations
and, by improving the use of raw materials and the
recycling and reuse of waste, minimises the volume
of waste generated. Efforts are made to reduce the
amount of spent fuel at the power plant by opti
-
mising the use and properties of the fuel, allowing for
the energy contained in the fuel to be utilised to its
maximum extent while bearing in mind the boundary
conditions. The sustainability policy is approved by
Electricity Production business unit is responsible for
planning the use of nuclear fuel.
Fuel use planning is done with safety as the priority.
The operation planning and, thereby, also the fuel
economy are particularly affected by the authority
regulations on the fuel design limits (in particular,
limits set for maximum fuel burn-up and the nuclear
(TechSpecs) approved by the authority. TVO can aim
to optimise fuel consumption within the constraints
of these limits.
The basic principle for nuclear safety is that radi
-
oactive substances must not spread into the envi-
ronment. In order to prevent any releases, safety
is ensured multiple times over. For the purpose of
ensuring safety and the availability of the plants,
practical approaches and operating experience from
other plants, among other things, are constantly
assessed in order to specify and implement potential
improvements.
TVO’s policies concerning resource use do not
discuss transitioning away from the use of primary
resources or the sustainable procurement and use of
renewable resources. Nuclear power generation is
dependent on nuclear fuel and, in the current busi
-
ness model, its use cannot be replaced by other raw
materials or renewable natural resources.
Waste generated by TVO’s operations
Spent nuclear fuel
The responsibility for nuclear waste management
lies with the nuclear power companies. They must
carry out the necessary nuclear waste manage
-
ment measures for their own waste and cover their
costs. According to the Finnish Nuclear Energy Act
(990/1987), the nuclear waste generated in Finland
in Finland, and the import of other countries’ nuclear
waste into Finland is prohibited. TVO has operating
licences pursuant to the Nuclear Energy Act for
electricity production at the OL1 and OL2 plant units
until the end of 2038; they also include the licence
to place spent nuclear fuel generated from the
operation of the plant units in interim storage at the
interim storage facility (KPA storage) that is already
in operation.The operating licence for the OL3 plant
unit, pursuant to the Nuclear Energy Act, is also in
force until the end of 2038. STUK’s regulation on the
waste. TVO operates according to the permit provi
-
sions set for it.
According to TVO’s principles for fuel procurement,
the safe use of nuclear fuel is ensured from raw
according to the principle of “from bedrock to
nuclear fuel. The entire nuclear fuel chain is under
control, and there are no unsolved challenges in
nuclear power companies in Finland bear the costs
of nuclear waste management, and the funds for that
purpose are collected into the VYR already during
the production. The objective in all the preparations
construction of facilities, is to minimise the impacts
on the surrounding nature. The principles for fuel
procurement have been approved by the TVO
Electricity Production business unit is responsible for
the practical implementation of the principles.
Other radioactive waste
TVO’s operating licences pursuant to the Nuclear
Energy Act also include permission to place radioac
-
tive nuclear waste generated during the operation of
the plant units in interim storage inside the interim
and the component storage, and permission to keep
in interim storage the operating waste generated
from the operation of nuclear facilities located on the
island of Olkiluoto. The operating licence for the VLJ
repository is in force until the end of 2051.
According to TVO’s principles concerning the envi
-
isolated from organic nature until the radioactivity
The TVO Group disposes of the radioactive waste
it generates in a responsible manner. The environ
-
-
tors. TVO’s Electricity Production business unit is
of radioactive waste.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
86
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Conventional and hazardous waste
According to TVO’s principles concerning the
circular economy into account in its operations and
is committed to minimising the volume of all waste
generated by improving the use of raw materials and
the recycling and reuse of waste. The optimal use of
chemicals is one of the ways aiming at reducing the
order in the waste legislation in the processing of
-
TVO’s management is responsible for their practical
implementation. The appropriate processing of waste
is expected from everybody working at Olkiluoto.
Waste is managed according to the requirements of
the legislation and the environmental permit for the
Olkiluoto nuclear power plant. The objectives of the
Waste Act are to promote a circular economy and
the sustainability of the use of natural resources,
to reduce the quantity and harmfulness of waste,
to prevent waste and waste management from
endangering and harming health and the environ
-
ment, to ensure effective waste management and to
prevent littering. The provisions in the environmental
management during the operation of the nuclear
power plant. Waste generated during operation must
be sorted at its place of origin and stored separately.
Waste to be recycled and reused must be delivered
for appropriate processing and reuse. Only waste
that is unsuitable for recycling and reuse may be
the environmental permit conducts regular periodic
inspections regarding the activities.
generated at Olkiluoto and their delivery for processing.
When the procedure is followed, waste will not cause
danger or detriment to human health or the environ
-
ment. Everyone working at Olkiluoto is responsible for
the overall responsibility for arranging municipal waste
-
tence centre for Occupational and Environmental
Safety are responsible for instructing the sorting of
municipal waste according to current legislation and
the provisions of the environmental permit.
The procedure “TVO Group’s practices for waste
detailed practices for the practical implementation
of waste management at TVO. According to the
procedure, waste can only be handed over for
waste management suppliers with the appropriate
personnel working at Olkiluoto are also required to
have adequate competence in waste management
matters. Among other things, the personnel must
be aware of the requirements in the current waste
legislation and TVO’s procedures related to waste
management. A record must be kept of the training
and induction provided to personnel.
manufacturing chain and waste in the upstream
value chain
In its Supplier Code of Conduct, TVO requires that its
suppliers use all reasonable means to protect biodi
-
versity, minimise the environmental impacts of their
operations and adhere to all current environmental
laws and regulations. Suppliers must supervise,
manage and process the waste generated by their
operations, including wastewater, and aim to mini
-
mise their amounts whenever possible. Suppliers
shall have in place an environmental management
equivalent system, where applicable.
The Supplier Code of Conduct is approved by TVO’s
in the section Corporate culture (G1-1).
Actions (E5-2)
Consumption of nuclear fuel
The fuel requirement for the plant units is assessed
each year in connection with the fuel loading planning.
Fuel needs are estimated for the upcoming operating
also makes it possible to optimise fuel use in the long
term. The planning takes into account any operation
during the current cycle that differed from previous
production planning, in which case the partially spent
fuel can be better observed in the planning for the
future cycle. TVO has ensured that it has adequate
resources for the procurement and use of fuel.
internal degree of enrichment was taken into use in
the nuclear design of the fuel for the OL2 plant unit,
providing some additional margin for the plant’s
ability to react to the needs of the electricity market;
therefore, it is part of the optimisation of economic
fuel use during the cycle.
Waste generated by TVO’s operations
Spent fuel
some of the fuel assemblies were taken out of the
reactor and replaced. Fuel assembly replacements are
carried out each year. Spent fuel removed from the
reactor will cool for a few years inside the fuel pools at
the plants. From the fuel pools at the plants, the fuel is
moved to the KPA storage in the site area where the
fuel continues to be stored under water; it provides
shielding against radiation as well as cooling. The
spent fuel is cooled in the interim storage for several
nuclear waste management process is continuous.
the world to start the test operation of its disposal
facility. Test operation involves testing all aspects
of how the disposal facility for spent nuclear fuel
operates while using non-radioactive elements. Test
Other radioactive waste
TVO uses an operating waste management manual
that contains the procedures and instructions for the
waste. The employees working with operating waste
management receive training on the subject on the
basis of separate training requirements and induction
programmes.
low-level waste is embaled or packed directly inside
containers and placed in the interim storage area for
in the radiation controlled area of the power plant
is temporarily stored in the storage facilities of the
power plant units’ waste buildings and in the reactor
and, to a lesser extent, also inside the KPA storage.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
87
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
low-level maintenance waste is packed as is or
broken down and packed into 200-litre steel drums
which are then compressed to half of their original
volume. Any contaminated scrap metal is decontam
-
inated, broken down and compressed, if necessary,
and packed inside drums or concrete boxes. Inter
-
mediate-level ion exchange resin generated during
water clean-up is bituminised and other liquid waste
is transported from the power plant to the KAJ and
radioactivity concentration, operating waste is placed
Under the Finnish Nuclear Energy Act, TVO is
responsible for the measures related to nuclear waste
management and the related costs. In order to cover
the future costs of nuclear waste management, the
Company makes contributions to the Finnish State
management reservation is explained in more detail
in the section
resource use and circular economy-related risks
and opportunities (E5-6).
Conventional and hazardous waste
All waste generated at Olkiluoto is sorted and
Waste Act. The sorted waste is recycled as mate
-
rials whenever possible, or reused as energy. Only
conventional waste that cannot be reused in any
been materially reduced, since the termination of the
wastewater treatment plant’s operation means that
no waste sludge is generated.
The volumes of waste generated are kept as low as
possible, and the aim is to increase the share of waste
cent of the waste generated to be recycled as mate
-
rials by 2030. Waste sorted by type is forwarded for
legislation and the environmental permit decisions.
-
The optimal use of chemicals is one of the ways
waste storage to be sent to an appropriate waste
treatment plant.
All conventional waste is handled in accordance
with valid legislation, and the waste materials do
not cause harm or pose a risk to the environment or
people. The collection and transport of waste takes
place as planned. With regard to conventional waste,
the waste materials are delivered to waste handlers
permitted to handle the waste in question. This means
that the waste management operators are responsible
for ensuring that the adverse impacts are as small as
possible.
arranged for TVO’s employees working at Olkiluoto
and subcontractor personnel.
manufacturing chain and waste in the upstream
value chain
TVO sets requirements for its suppliers on the basis
of the Supplier Code of Conduct and assesses
the supplier’s operating environment and ways of
working in its document-based supplier evaluations
and the on-site audits. TVO will provide feedback
on the basis of its evaluations and, if necessary, set
requirements for rectifying non-conformance. The
supplier evaluation process is described in more
detail in the section Relationships with suppliers
(G1-2), and the Supplier Code of Conduct is
explained in the section Corporate culture (G1-1).
TVO is involved in developing innovative solutions
which, in addition to improving the functionality of the
screens that were used in the two fuel assemblies
loaded at the OL2 plant unit in 2022. The printing
consumed less raw material than traditional machining
commissioned at a nuclear power plant that have
authority approval. The development work took place
in cooperation with Westinghouse Electric Sweden
to prevent foreign materials from entering the fuel
assemblies and, thereby, to prevent fuel damage.
The procurement chain uses recycled raw materials
and other materials to some extent. Transport pack
-
ages, including those for fresh nuclear fuel, are reused
several times, with the exception of raw uranium
drums. The mining industry generates rock waste
and wastewater; as a result, the foundations and
embankments of the waste pools and piles must be
appropriate, and their condition is closely monitored.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
88
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Targets (E5-3)
Target Target for 2024 Result for 2024
Final disposal of spent nuclear fuel at Posiva has started
according to plan in the mid-2020s.
Test operation of the
disposal facility has
been started
Test operation of the
disposal facility has
been started
Minimising the amount of waste as well as the reusing and
recycling of waste, annually at least 55% of the total waste
volume by 2025.
> 55% 78%
0 kg 0 kg
prerequisite for operations at a nuclear facility, and
TVO adheres to the principle of “from bedrock to
of its owners’, including TVO’s, spent nuclear fuel, the
construction and operation of a disposal facility and
the eventual closure of the facility after use. Posiva’s
cross-discipline research. Spent nuclear fuel will be
the multi-barrier principle (1. fuel pellet, 2. fuel rod
company in the world to conduct test operation of a
disposal facility for spent nuclear fuel. Test operation
involves testing all aspects of how the disposal
operation, non-radioactive dummy fuel elements
are used instead of actual spent nuclear fuel. Test
operation demonstrates the functionality of the entire
TVO has set a target related to minimising and
reusing waste that is based on the requirements in
the waste legislation. According to the waste legisla
-
tion, 55 per cent of municipal waste from companies
78 per cent of the waste was reused as material,
which means that the target was exceeded. TVO has
also set a voluntary target of generating 0 kilo
-
which means that this target was also achieved. The
waste amounts are based on direct measurements
that are performed by weighing the waste by using
the in-house scales at Olkiluoto or the scales of the
waste recipient.
The targets set by TVO are related to resource
nuclear fuel and conventional waste. TVO has not set
targets regarding product design based on circular
economy, since TVO produces an immaterial end
product, electricity. TVO has not set targets related
to minimising primary raw materials, i.e. the use of
nuclear fuel, but the aim is to optimise the amount
of fuel at the power plant. TVO has not set targets
related to the sustainable procurement or use of
renewable resources. The policies related to material
impacts, risks and opportunities in the upstream
value chain and the effectiveness of the actions are
monitored by means of supplier evaluations, in rela
-
tion to which TVO has set a target for its operations
and assessed in accordance with the procedures.
This is reported on in the section Relationships with
suppliers (G1-2).
Low-enrichment uranium is a key raw material for
nuclear fuel. TVO’s OL1 and OL2 plant units require
an annual total of approximately 35 tonnes of
low-enriched uranium for fuel. For OL3, the annual
requirement is approximately 32 tonnes. Water
required for nuclear power production is explained
in more detail in the section E3 Water and marine
resources.
Fresh nuclear fuel transferred into the reactor
in 2024
Weight, t
OL1 98 17.7
OL2 104 18.5
OL3 76 40.5
Total
TVO’s fuel data is managed in the NIPPU database
and in the calculation systems. A summary of the
fresh fuel transferred into the reactor can be obtained
fuel transfers. The uranium weights for the assem
-
blies are values measured at the fuel factory during
inspections.
Radioactive waste 2024
t
Total nuclear fuel removed from the reactor
OL1 100 pcs 16.6
OL2 104 pcs 17.2
OL3 76 pcs 39.7
147
Total radioactive waste 220
Total amount of spent fuel during the entire
duration of the plant units’ operation
t
OL1 663 pcs 109.0
OL2 723 pcs 118.2
OL3 76 pcs 39.7
KPA 8,934 pcs 1,500.5
TVO’s fuel data is managed in the NIPPU database
and in the calculation systems. A summary of the
spent fuel removed the reactor can be obtained
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
89
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Waste generated by TVO’s operations
t
Conventional waste 2,284
207
Total waste
t
waste
Hazardous
waste
Preparation for reuse 18 0
Recycling 1,879 57
Other recovery operations 387 106
Total amount
t
waste
Hazardous
waste
Incineration 0 0
0 44
Other disposal operations 0 0
Total amount 0 44
The total waste amount includes conventional and
omitted from the total waste amount, since the
legislation concerning waste does not contain an
EWC (European Waste Code) pursuant code for
radioactive waste and it is regulated by means of
wood, metal, combustible waste, paper, cardboard,
biowaste, plastic and glass waste as well as scrap
cables, crushed brick and concrete, screenings, waste
from Electrical and Electronic Equipment), batteries,
-
as materials from the total waste amount was 78
per cent. The amount of waste utilised as material
The share of non-recycled waste, that is, waste
waste are based on direct measurements that are
performed by weighing the waste by using the
in-house scales at Olkiluoto or the scales of the
waste recipient. The preparation for reuse includes
the handing over of wooden pallets for reuse by
an external actor. Recycling includes the material
recycling of recyclable waste types. Other recovery
operations include waste types utilised as energy.
circular economy-related risks and opportunities
(E5-6)
Under the Finnish Nuclear Energy Act, TVO is
responsible for the measures related to nuclear waste
management and the related costs.
In order to cover the future costs of nuclear waste
management, the Company makes contributions to
in accordance with the Finnish Nuclear Energy Act.
preserves and safely invests the funds which will be
available in the future for managing nuclear waste
as required. The fund’s capital consists of the annual
fees of the parties under a waste management obli
-
the annual liability in a manner in which the collected
funds correspond to the costs of all nuclear waste
management actions that have not yet been taken at
any point in time. The assets in the Fund may only be
disbursed once the party under a payment obligation
has arranged for the waste management activities
and the amount of liability has fallen below the
portion deposited in the fund.
-
utory protected portion and the surplus will reduce
-
ment show a provision related to nuclear waste
according to the international IFRS accounting
principles. TVO’s share in the Finnish State Nuclear
presented under assets in accordance with the IFRIC
5 interpretation. The total cost estimate based on a
new nuclear waste management technical plan and
schedule has been updated in June 2022.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
90
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Social information (S)
S1 OWN WORKFORCE
Subtopic
EQUAL TREATMENT AND OPPORTUNITIES FOR ALL
Gender
equality and
equal pay for
work of equal
value
»
TVO promotes gender equality and equal treatment and prevents
discrimination and unequal activities
Actual positive
impact
Own operations
Training
and skills
development
»
Maintaining, developing and retaining competences among the
company’s own workforce
»
Strengthening and maintaining nuclear power expertise among
the company’s own workforce
Actual positive
impact
Own operations
»
Failure to develop competences among the company’s own
workforce is a risk to TVO’s safety and may cause detrimental
Risk Own operations
»
»
Securing future expertise by collaborating with learning
institutions and students, among other things
Opportunity Own operations
Actions
to prevent
violence and
harassment at
the workplace
»
TVO has zero tolerance for harassment and bullying at the
workplace
Actual positive
impact
Own operations
»
Any possible cases of violence and harassment
Potential negative
impact
Own operations
Diversity
»
TVO promotes equality and equal treatment and prevents
discrimination and unequal activities
Actual positive
impact
Own operations
OTHER WORK-RELATED RIGHTS
Privacy
»
Potential leak of own workforce’s personal information or other
invasion of privacy
Potential negative
impact
Own operations
Material impacts, risks, and opportunities related to own workforce
Subtopic
WORKING CONDITIONS
Security of
employment
»
TVO offers regular, stable employment relationships to employees
Actual positive
impact
Own operations
Working
hours
»
TVO offers full-time employment relationships to most of its own
employees
Actual positive
impact
Own operations
Adequate
wages
»
TVO promotes the income of its own workforce and their families
by paying adequate wages according to agreements and the
legislation
Actual positive
impact
Own operations
Social
dialogue
»
TVO takes part in social dialogue
Actual positive
impact
Own operations
Collective
bargaining
»
TVO’s own employees are covered by employment contracts
subject to the Employment Contracts Act
Actual positive
impact
Own operations
Work-life
balance
»
TVO supports a work-life balance for its own workforce
Actual positive
impact
Own operations
Health and
safety
»
Promotion of safety culture, industrial safety and plant safety
among the company’s own workforce
»
Promoting and maintaining occupational health and working
capacity among the company’s own workforce
Actual positive
impact
Own operations
»
Challenges regarding occupational health and working capacity
among the company’s own workforce
»
Occupational accidents and industrial safety failures among the
company’s own workforce
»
Radiation dose received by the company’s own workforce
Actual negative
impact
Own operations
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
91
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
supervision. Agency-hired labour under TVO’s super-
vision mainly refers to workers hired from an agency
for short-term or project type tasks. Consultants
under TVO’s supervision refer to persons hired for
expert work who carry out their work as a self-em
-
ployed person or an employee for another company.
TVO’s own workforce work in Finland, and their
principal location of work is Olkiluoto. TVO adheres
to the Finnish terms of employment practices and
legislation.
Material negative impacts targeting the entire own
workforce are challenges in occupational health and
working capacity, occupational accidents and radia
-
tion doses differing from normal, natural background
radiation incurred by the own workforce working in
the nuclear power plant’s radiation controlled area.
The majority of the radiation doses for workers at
Olkiluoto result from annual outages, when some
employees work near opened process systems and
radioactive components.
TVO adheres to the Finnish occupational safety
legislation in all of its activities; the prevention of
detrimental physical and mental health impacts is
one of its key targets. The working capacity of the
own workforce is maintained, among other things, in
cooperation with occupational healthcare, using the
early support approach, by means of the substitutive
work and lighter work approaches, through preven
-
tive leadership of working capacity, low threshold
mental health services and the promotion of work
ergonomics. The actions supporting working capacity
are available to the entire own workforce. Occupa
-
tional safety experts support the line organisation
in ensuring occupational safety by offering advice,
instructions and training. The work environment and
ways of working are also supervised by means of
regular occupational safety inspections.
TVO’s strategy and business model consider the
impacts, risks and opportunities related to the own
workforce. The goal for the strategy and business
model is for safety to be at a high level and for the
personnel to be committed to a high level of safety
culture. In the strategy, the term “Ydinvoimainen
henkilöstö ja johtaminen” (Particle-larly good personnel
and leadership) is used to describe the fact that matters
related to working conditions and equal treatment are
important and kept in order; through this, they are also
considered in the business model. Separate targets
have been set for the safety culture and personnel work
satisfaction as part of the strategy. Furthermore, targets
have been set for the annual accident frequency.
Personnel competences and capabilities are one of the
is for competence and working capacity to remain
excellent throughout the career. Activities pursuant to
the strategy are implemented in TVO’s business model.
TVO offers regular, stable employment relationships to
employees. TVO offers full-time employment rela
-
tionships but allows for part-time work at the request
of the individual. TVO offers competitive rewards and
their goals and to work to a high standard every day.
The energy sector’s agreed salary systems for tech
-
nical and industrial salaried employees and regular
employees are based on the job requirement catego
-
ries and support the implementation of an equal salary
entire personnel, excluding very short employment
relationships. The employees’ ability to reconcile work
hour practices and a sabbatical leave system.
TVO takes part in social dialogue by representing in
Finnish Energy’s working life committee and partici
-
pating in the collective labour agreement negotiations
of all of its personnel groups. All personnel groups are
represented in the Group’s Management Group. TVO
holds the statutory meetings for continuous dialogue,
and personnel representatives take part in the work
of the occupational health and safety committee. TVO
complies with the applicable collective labour agree
-
ments for the energy sector in all its operations.
The matters pertaining to occupational safety and
impacts related to gender equality and equal pay
for work of equal value, prevention of violence and
harassment at the workplace, diversity and privacy
apply to the entire own workforce, also including
agency-hired labour and consultants under TVO’s
supervision. The factors affecting occupational
safety are a consequence of the sector and largely
aligned with the occupational safety impacts of other
occupational safety impacts and used this as a basis
to create an occupational safety management system
safety impacts covers both the risks (negative
impacts) and the opportunities (positive impacts).
Negative impacts are mainly brief and minor. Instead,
the actions taken to promote working capacity and
occupational health aim at long-term positive impacts.
When examining the occurrence of cases of violence
and harassment from the point of view of the entire
personnel, no positive or negative impacts specif
-
The expectations for good behaviour at work and
avoiding cases of violence and harassment have
Material impacts, risks and opportunities related
to own workforce and their interaction with
strategy and business model (S1.SBM-3)
The goal for nuclear energy use is to secure the
overall good of society and, in particular, to ensure
that the use of nuclear energy is safe. The holder of
a licence entitling to the use of nuclear energy shall
have adequate personnel that is suitable for their
duties. The licensee shall ensure that the personnel
are able to bear their responsibility.
The prerequisites for granting an operating licence
to a nuclear facility include considerations for occu
-
pational health and safety, the safety of the general
population and environmental protection, adequate
nuclear waste management arrangements, the
According to the Nuclear Energy Act, STUK sets
in the use of nuclear energy and supervises their
of knowledge and competence within the organisa
-
tion, and that tasks important for safety are exclu-
sively carried out by individuals with professional skill.
STUK supervises that the organisation is purposeful
and adequate, and that the personnel meet the set
training.
The material impacts, risks, and opportunities
TVO’s double materiality analysis. The double materi
-
ality analysis covers the entire own workforce, which
includes TVO’s permanent and temporary employees
in an employment relationship with TVO as well as
agency-hired labour and consultants under TVO’s
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
92
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
training on them. Activity that is in breach of expec-
tations is immediately intervened in and, as a result,
its impacts are minor and brief.
In order to gain an understanding of the suitability
of the person’s health for the task in question, all
persons entering into an employment relationship
with TVO undergo a health inspection. The initial
occupational healthcare inspection for own personnel
assesses suitability for the work in terms of the
state of health, considering the established predis
-
posing factors. An initial inspection is performed
for employees who, in their work, are exposed
(1485/2001) to the extent where the work causes
a risk to health or reproductive health. If a person
is hired for a task in which exposure to radiation
may occur, the initial inspection also considers the
person’s radiation work category (A/B).
The material risks and opportunities related to own
workforce concern training and skills development.
TVO is dependent on capable workforce and the
commitment of workers to a high level of safety
culture is a prerequisite for operations. Cooperation
with institutes of learning and students aims to
secure access to future talent.
No risks related to the use of forced labour or child
operations.
Policies (S1-1)
The policies for sustainability topics related to own
Human Rights Policy and the values. The codes of
conduct and values are explained in more detail in
the section Corporate culture (G1-1).
TVO uses a work community development plan
that aims to support systematic long-term work to
develop the workplace and working community. The
plan is drawn up in collaboration between various
experts and personnel representatives at TVO
and regularly maintained as part of the continuous
dialogue. Nuclear professionalism means, among
other things, adhering to practices and instructions,
but above all, it means a responsible attitude in
everything that is done. The principles of nuclear
are part of TVO’s activity-based management system.
TVO’s equality plan discusses equality and separately
presents those courses of action that TVO uses to
ensure the prevention of all forms of discrimination
and unequal treatment within its processes and, on
the other hand, promotes the equal treatment of
personnel. TVO has no separate codes of conduct or
commitments for particularly sensitive groups within
its own workforce; instead, they cover the entire own
workforce.
Human rights
TVO is committed to respecting all internation
-
International Bill of Human Rights. TVO has intro
-
duced matters related to human rights as part of
the Company’s codes of conduct, practices and
governance system and arranged for the necessary
resources for functions related to human rights.
commitments are the UN Global Compact initiative
and TVO’s public Human Rights Policy, which
includes a commitment to human rights. TVO is
committed to operating according to the UN Guiding
Principles on Business and Human Rights and the
TVO’s Sustainability Team is responsible for the
due diligence process concerning human rights and
its development. The Sustainability Team prepares
the related decision proposals for the Management
Group and recommends them. The Management
Group is responsible for the decision-making related
to the due diligence process. Each function is respon
-
sible for implementing the actions and for the daily
leadership of human rights matters as regards their
own area of responsibility.
-
lines for Multinational Enterprises, and TVO is
committed to honouring the fundamental principles
Labour Organization (ILO). These include the right of
association, right to collective bargaining, prohibition
of the use of forced labour and child labour, prohibi
-
tion of discrimination in respect of employment and
occupation and occupational health and safety.
Engagement with persons included in the Compa
-
ny’s own workforce is explained in more detail in
the section Engagement with own workers and
workers’ representatives about impacts (S1-2).
Working conditions
Security of employment and working hours
TVO offers stable employment relationships to
its employees and, due to the nature of the oper
-
ations, the employment relationships are mainly
employment relationships secure the continuity of
operations and ensure the utilisation of a committed
and professional personnel’s skills in business. Good
and transparent practices related to personnel, such
as adherence to the principles of equality as well as
high-quality training, aim at maintaining personnel
commitment and stability. The nuclear energy
industry has several positions where training takes
place on the job; this means that long employment
relationships guarantee a higher level of expertise.
In addition to the Finnish employment legislation,
TVO follows the applicable practices concerning
terms of employment. TVO complies with the appli
-
cable collective labour agreements for the energy
sector. The entire personnel is included in a central
Human Resources management system.
TVO follows the Finnish working hour legislation and
working hour practices that have been locally agreed
with the personnel.
Adequate wages
According to TVO’s strategy, TVO offers compet-
itive rewards and encourages employees to work
that are, at a minimum, pursuant to the collective
labour agreements. The energy sector’s agreed
salary systems for technical and industrial salaried
employees and regular employees are based on the
job requirement categories and support the imple
-
mentation of an equal salary policy. Regular and
systematic evaluation on remuneration and salary
systems is carried out by an independent third party.
entire personnel, excluding very short employment
relationships.
Social dialogue and collective bargaining
Industrial co-operation is entered into in accordance
with the Finnish legislation. The goal for co-operation
is to develop the operations of the Company and the
-
ny’s decision-making as concerns their work, working
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
93
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
the meetings, the shop stewards, administrative
personnel representatives and TVO’s management
discuss questions from the personnel, development
Personnel representatives are included in the TVO
Group’s Management Group. TVO’s Management
Group makes the decisions, and the personnel repre
-
sentatives involved in the group offer the personnel’s
views to the Management Group. The Company has
freedom of association.
TVO complies with the applicable collective labour
agreements for the energy sector in its operations.
100 per cent of the employees, with the exception of
the management, fall under the scope of collective
agreements pursuant to the Employment Contracts
Act. Independent consultants may not be covered
by collective labour agreements, but TVO requires in
its contracts that salaried employees are covered by
collective agreements for the energy sector’s salaried
or senior salaried employees.
Work-life balance
TVO’s Code of Conduct guides towards promoting
well-being at work for the personnel and a good
work atmosphere for the work community. The
Code of Conduct encourages caring for physical
and mental well-being and maintaining a work-life
balance. The employees’ ability to reconcile work and
practices and a sabbatical leave system. There is
also a working time account system in place, and the
employees who are included in the scope of the total
compensation system. TVO allows for remote work
depending on the nature of the work.
Health and safety
Occupational health
The operation of the occupational healthcare
arranged for the Company’s own personnel is
guided by the Occupational Health Care Act and
related decrees. Furthermore, since the personnel
of a nuclear facility are involved, the operation of
occupational healthcare is also guided by the Nuclear
Energy Act and YVL Guides (YVL A.4). All TVO
employees are covered by occupational healthcare.
Subcontractor companies are responsible for the
occupational healthcare of their own employees.
The targets for actions taken with occupational
healthcare action plan, which is drawn up in collab
-
oration between the occupational health and safety
representatives, the Occupational Health and Safety
Manager, HR representatives and representatives
from occupational healthcare.
In addition to statutory services, TVO offers a signif
-
icantly more comprehensive selection of services
related to occupational health and working capacity.
TVO’s own personnel have access to an early
support model as well as models for substitutive
and lighter work. An intoxicant abuse programme
is in use. Occupational healthcare services focus
especially on supporting the proactive management
and maintenance of working capacity and risk-
based working capacity analyses. Furthermore, the
personnel have access to a low threshold digital
mental health service.
Well-being and health at work are promoted by the
comprehensive occupational healthcare services
available to all of the Company’s employees and the
comprehensive, supplementary insurance coverage.
In addition to the full-time group accident insurance,
the personnel have travel insurance and medical
expense insurance.
Occupational safety
Safety includes, among other things, plant safety,
radiation protection, occupational safety, safety
culture and preparation for crises and emergencies.
TVO’s occupational safety is guided by an occupa
-
tional safety management system that consists of
an occupational safety policy and the vital occupa
-
tional safety principles, standards, processes and
instructions. TVO’s safety management system
considers and meets the requirements of the Finnish
occupational safety legislation. TVO’s occupational
the requirements of the ISO 45001 standard. The
occupational safety principles cover all activities and
employees at TVO, both internal and external.
actions for the coming years. These actions are taken
in order to secure the continuous improvement of
activities are also regularly discussed in the Occupa
-
tional Health and Safety group. At the same time, this
meets the requirement in the Occupational Safety
And Health Act (738/2002, Section 9) concerning a
policy for action for occupational health and safety,
especially from the development perspective.
TVO’s key objectives include ensuring that Olkiluoto
is a safe place to work for all employees working in
the area. The Safety at Olkiluoto programme is used
and it is regularly monitored in the management
group for safety.
Occupational safety is developed as part of the
Safety at Olkiluoto programme. The development
work pays attention to the changes in ways of
working and the management system as well as
the development of safety culture and attitudes.
This way, the development of occupational safety
becomes organic, in that it continuously adapts to the
work and conditions and renews itself.
The SVPs of the business areas are responsible for
adhering to the occupational safety policies and the
implementation of the targets in accordance with the
roles and responsibilities for occupational safety are
“Occupational Health and Safety system for the TVO
Group”. The relevant content of the Occupational
Safety Manual’s procedures is described as part
of the induction training that is mandatory for all
Group personnel. The annual outage training, which
is mandatory for individuals participating in annual
outages, also discusses the hazards and risks in the
work environment. Furthermore, other targeted occu
-
topics. The trainings aim to ensure that employees
the safe performance of work.
Radiation safety
In all their radiation protection activities, TVO’s
personnel are committed to following the principle
of ALARA (As Low As Reasonably Achievable).
According to the principle, individual and collective
radiation doses are kept as low as possible through
practical measures. Limiting the doses and keeping
the level of radioactive releases as low as possible
are already taken into account when designing the
structures and functions. Each employee must take
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
94
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
radiation protection matters into account in their
own work. In addition to authority guidelines, the
development of radiation protection operations also
takes international recommendations into account.
Radiation protection activities are the responsibility
of the Radiation Protection Manager and, ultimately,
the responsible manager of the nuclear power plant.
The Radiation Protection Manual provides instruc
-
tions for radiation protection activities. All individuals
working in the radiation controlled area will complete
the radiation part of the induction training. As
regards radiation exposure, the general principles of
radiation protection will be followed.
Equal treatment and opportunities for all
Gender equality, equal pay for work of equal value
and diversity
According to its equality plan, TVO commits to
promoting equality and preventing discrimination
in all of its activities. This happens while taking the
needs of the workplace into account by developing
working conditions and the ways of working that
are followed when selecting personnel and making
decisions concerning personnel. The advancements
made in order to ensure equality are selected in a
proportional, while taking into account the operating
environment, resources and other conditions.
Training and skills development
Persons managing tasks that directly or indirectly
impact the safety of a nuclear facility are required
requirements and nuclear power technology, and
responsible tasks within their task area. The training
and skills development of own personnel are guided
by the strategy and Code of Conduct, among other
things. Competence management ensures and
everyone working in the Group according to each
position’s requirements. TVO promotes the compe
-
tences of its own workforce by offering opportunities
for training as well as chances to develop in their
work and profession. TVO supports the targets of
continuous learning by means of on-the-job learning
and training.
The Training Manual, YVL Guides, industry standards
and WANO and IAEA guidelines specify the mainte
-
nance, development and retention of competences
within the own workforce. According to the YVL
-
either in-house or acquired by other means.
The procedures in the Training Manual align the
guidelines and operating models for TVO’s personnel
development, capabilities, competence management
and training. The procedures are applied in all of
TVO’s organisation units.
In addition to permanent personnel, the procedures
also apply to temporary employees in employment
relationships lasting more than six months. As
regards other employment relationships and external
workforce, the requirements in the procedure are
procurement practices, within the applicable scope.
The training organisations are responsible for the
practical implementation of the principles related to
competence management for the Company’s own
workforce in accordance with instructions from the
Competence Management group and the Training
Manual. The Competence Management group
reports to the Management Group. The Competence
Management group decides on the objectives and
actions related to TVO’s competence management,
decides on the approval of the annual training
programme and monitors their implementation.
Prevention of violence and harassment at the
workplace
According to TVO’s Code of Conduct, no forms of
harassment or bullying or any use of violence will
be accepted in the work community. The activities
adhere to the Occupational Safety and Health Act,
which requires that the employer intervene in and
use available means to take measures for remedying
the situation. Should it become known that any
inappropriate behaviour or harassment has taken
place, actions will be taken immediately in order to
investigate the events and intervene in the activity.
TVO’s employees.
The target is to reach a situation where no forms of
violence or harassment occur at the workplace. The
work community is encouraged to engage in positive
interaction and the induction training, among other
things, explains the expectations for good behaviour
at work and for abstaining from any inappropriate
behaviour and harassment. This message is also
repeated as part of other safety communications,
such as the weekly safety conversation topics (Safety
Moments). Any inappropriate behaviour may be
for reporting activities in violation of the Code of
Conduct outlined under Corporate culture (G-1),
through the KELPO system or by contacting the line
supervisor or the HR or occupational health and
safety organisation.
Other work-related rights
Privacy
The leaking of data from the own workforce or other
violations of privacy are prevented by means of strong
information security. The Information Security Policy
is part of the Group-level policies, and its target is
personnel privacy protection, to ensure the availability
of correct and reliable information and to avoid damage
caused by the processing of data. The Corporate Safety
& Security competence centre is responsible for the
practical implementation of the Information Security
-
Engagement with own workers and workers’
representatives about impacts (S1-2)
TVO has multiple means of engagement in use with
its own workers and workers’ representatives about
impacts. The means of engagement are explained in
more detail in the section Corporate culture (G1-1).
Industrial co-operation
pursuant to the Co-operation Act where the employer
engages in dialogue with the personnel. The dialogue
meeting is chaired by the Company’s President and
management discuss questions from the personnel,
standing. Personnel representatives are included in
the TVO Group’s Management Group.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
95
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
TVO has a work community development plan
pursuant to the Co-operation Act in place. The goal for
the work community development plan is to support
systematic and long-term development of the work
-
place and the working community and to improve the
decision-making as concerns their work, working
conditions and position in the Company. The plan
is drawn up in collaboration with various experts
and personnel representatives at TVO and regularly
maintained as part of the continuous dialogue.
The themes of equality as well as the principles of
leadership and working are discussed in the joint
meetings of the management and personnel repre
-
sentatives (dialogue meetings, employment negotia-
tions, the TVO Group’s Management Group). Further-
more, their implementation is tracked in connection
with the personnel surveys.
Personnel survey
A personnel survey is carried out approximately
every 18 months. The HR function is responsible for
implementing the personnel survey. Alongside the
HR function, the senior management is responsible
for managing the results and considering them
in the decision-making. The results are reviewed
at different levels of the organisation and with
shop stewards. Supervisors receive coaching for
processing the results. On the basis of the results, the
work communities agree on the development actions
whose implementation is monitored in the business
functions. A safety culture survey is also regularly
carried out among the personnel.
Better Workplace activities
The goal of the Better Workplace activities is to boost
-
tional preconditions by developing issues pertaining
to the employees’ own work, their immediate work
community and the entire Company. Several devel
-
of meeting the goals, and their progress is tracked by
the Better Workplace group. The group convenes at
least six times per year. The group consists of repre
-
sentatives of the Management Group and personnel,
and it reports to the Management Group. The group
is chaired by the Company’s President and CEO.
Occupational Health and Safety group
The Occupational Health and Safety group convenes
regularly, approximately four times per year. The meet
-
ings are attended by the occupational health and safety
representatives, the Occupational Health and Safety
Manager and other select individuals who have been
chosen to be representative of the entire personnel. The
occupational health and safety representatives have
been chosen by employees, and they can be consid
-
ered to have an exact understanding of the situation of
the workers they represent. The Act on Occupational
Safety and Health Enforcement and Cooperation
on Occupational Safety and Health at Workplaces
(44/2006, Section 1) requires that the occupational
health and safety representative familiarise themselves
with the working environment at their place of work,
are related to the state of the work community and the
occupational health and safety regulations.
The meetings discuss matters related to the promo
-
tion of occupational safety. The occupational health
and safety representatives may suggest matters for
the meetings in addition to the standard agenda,
which is based on the expectations in the occupa
-
tional health and safety legislation regarding matters
to be discussed in the occupational health and safety
committee. The Occupational Health and Safety group
draws up an occupational health and safety action
plan for its two-year term that is reviewed annually.
On its basis, the Occupational Health and Safety
Manager determines the key development activities
related to occupational safety in co-operation with the
Occupational Health and Safety group. The Occupa
-
tional Health and Safety group reports regularly, at
least once per year to the dialogue meeting where the
Company’s senior management is also represented.
Radiation dose accounting
All radiation doses of individuals performing radiation
work are reviewed monthly and submitted to a radia
-
tion dose register maintained by the authority. TVO’s
own personnel can check their radiation doses in
the TAIKA system, which is maintained by TVO. The
radiation protection organisation and the radiation
dose registrars appointed for the task are responsible
for submitting the radiation doses.
Processes to remediate negative impacts and
channels for own workers to raise concerns (S1-3)
In its Human Rights Policy, TVO is committed to
remediating any detrimental impacts that it has
caused to its workforce, or impacts that it has
contributed to by means of its activities. TVO
expects its subcontractors to commit to remediating
the detrimental impacts that they have caused to
their employees.
TVO is committed to co-operation in judicial and
non-judicial proceedings and processes in order to
remediate the detrimental impacts. Furthermore, TVO
is also committed to cooperating with its suppliers
in order to remediate detrimental impacts which the
Company has not contributed to but which are directly
related to its operations via business relationships.
Processes are in place for rectifying any possible
adverse impacts, and the corrective actions are
advanced commensurate with the situation and
their implementation is monitored in accordance
with the process.
Any possible violations of the Code of Conduct,
such as inappropriate treatment, shall be reported
explained in more detail in the section Corporate
culture (G1-1).
The KELPO system maintained by TVO is used to
the responsible individuals and corrective actions
for them. KELPO is an open data system intended
for the entire personnel and subcontractors with
TVO’s data system credentials. Other individuals may
report observations by using the safety observation
card, and they are processed in the system. The
system can be used to make observations, report on
shortcomings and make suggestions for corrections
in relation to activities, matters or processes across
all of TVO. The observations are closed once the
necessary actions have been taken. The functionality
of the KELPO system is assessed as part of the
management review.
According to the security violation process, in case
activities that are in violation of procedures, regu
-
lations or expectations are observed, they must be
intervened in and the activity must be stopped, if
necessary. All cases will be investigated according
observed, this must be reported to the supervisor,
the security organisation or the shift supervisor.
Tasks important for safety must be under examina
-
tion, including the timely implementation of corrective
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
96
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
actions. If necessary, Corporate Safety & Security,
Occupational Safety or Radiation Safety will request
a security violation analysis regarding a matter. A
security violation analysis must also be made without
a separate request when the organisation itself
observes a violation that needs to be processed in
writing with the appropriate person(s). The security
violation and any possible actions are recorded in the
KELPO system.
processed in accordance with TVO’s quality control
processes and, if necessary, with the authority.
TVO does not separately assess its own workforce’s
trust towards the channels being used, but it does
regularly monitor how actively the channels are used
and how they function.
Actions (S1-4)
Working conditions
Security of employment and working hours
TVO offers regular, stable employment relationships
to employees and the majority of TVO’s own work
-
force is in a full-time employment relationship. TVO
follows the Finnish working hour legislation. Actions
related to security of employment and working hours
are continuous.
Adequate wages
TVO pays wages that are, at a minimum, pursuant
to the collective labour agreements. The Company
carries out regular wage benchmarking between the
Company’s internal functions and in comparison to
the sector and the national level. The workers and
salaried employees personnel groups employ a job
evaluation system pursuant to the collective labour
agreement. Actions related to wages are continuous.
Social dialogue and collective bargaining
TVO has a representative in Finnish Energy’s working
life committee. TVO participates in the collective labour
agreement negotiations of all of its personnel groups,
that is, TVO has a representative at each negotiation
table. TVO arranges employment relationship nego
-
tiations separately with each personnel group. All
personnel groups are represented in the TVO Group’s
Management Group. The actions are continuous.
TVO holds the statutory meetings for continuous
dialogue, and personnel representatives take part
in the work of the occupational health and safety
committee. A dialogue meeting is arranged four
stewards, administrative personnel representatives
and the Company’s management discuss ques
-
tions from the personnel, development proposals
Group’s Management Group includes personnel
regular employment relationship negotiations discuss
into in the other administrative bodies, such as the
Occupational Health and Safety group, the canteen
committee and the Better Workplace group. The
actions are continuous.
A representative from TVO takes part in the collec
-
tive labour agreement negotiations between the
labour market parties as part of the workgroups.
The locally agreed practices within collective labour
agreements are managed with personnel repre
-
sentatives during regular employment relationship
negotiation meetings. Employment relationship
negotiations are held on average every six weeks.
The actions are continuous.
Work-life balance
The employees’ ability to reconcile work and leisure
is supported according to the nature of the work, by
leave system, among other things. Furthermore,
TVO’s employees have access to an exercise, culture
supports the employees voluntarily maintaining their
available to the employees. The employees also have
access to several holiday locations. Communal events
promoting occupational well-being are regularly
arranged for the personnel. Actions related to work-
life balance are continuous.
Health and safety
Occupational health
TVO uses an early support model, and intoxicant
abuse programme as well as models for substitutive
and lighter work, the policies for all of which have
been recorded for use by the entire personnel. Further
-
more, the personnel have access to a low threshold
online mental health service. Supervisors, HR and
occupational healthcare work in close cooperation in
order to implement the models mentioned above and
to maintain the working capacity of the Company’s
own personnel. The impact of the actions is indicated
by, among other things, the low sick leave percentage
and the health percentage, which are followed each
year in cooperation with occupational healthcare.
An employer shall have a written action plan for
occupational healthcare (1383/2001, Section 11).
The minimum requirement is that the plan, which is
under the employer’s responsibility, contains infor
-
mation on the statutory services as well as informa-
tion on any possible other healthcare and medical
treatment services arranged by the employer. The
whenever required. The aim of the cooperation for
-
tions that promote work, working conditions, health,
working capacity and functional capacity. The basis
for the cooperation for occupational health lies in
identifying the occupational healthcare needs of the
workplace and verifying them.
At TVO, a health inspection is arranged for everyone
starting work which assesses working capacity in rela
-
tion to the requirements of the work and the predis-
posing factors occurring in the work. Occupational
healthcare services focus especially on supporting the
proactive management and maintenance of working
capacity and risk-based working capacity analyses. All
TVO employees are covered by occupational health
-
care. Subcontractor companies are responsible for the
occupational healthcare of their own employees.
Well-being and health at work are promoted by the
comprehensive occupational healthcare services
available to all of the Company’s own employees
and the comprehensive, supplementary insurance
coverage. In addition to the full-time group accident
insurance, the personnel have travel insurance and
medical expense insurance.
Supervisors are offered instruction and training in
leadership of working capacity and occupational
utilisation of the early support approach by means
of a separate training programme which has also
involved the employment pension company and as
part of the supervisor training. In 2024, supervisor
discussion events led by a work psychologist were
arranged which reviewed the challenges and oppor
-
tunities of supervisor work.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
97
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
and occupational health are assessed each year
through various reports. Furthermore, assessments are
also made when preparing the occupational healthcare
action plan and its related development activities.
Occupational safety
actions for improving occupational safety. The actions
have been selected in a manner where they have
positive impacts on the Company’s own employees as
well as the employees of suppliers working at Olkiluoto.
Actions have targeted the following areas:
»
The management’s ownership of and visible role in
occupational safety
»
Setting and reporting occupational safety goals – results-
driven leadership and control of activities: intervention in
case desired targets are not met
»
The line organisation’s responsibility for occupational
safety – caring for industrial safety and health is part of
all work
»
Regulations and guidelines – OHS system
»
Risk assessment and risk management
»
Occupational safety communications
»
Occupational safety training
All accidents and hazardous situations are investi-
gated. The investigation creates the prerequisites
possible shortcomings in safety leadership for the
purpose of corrective actions. A hazard investigation
is performed whenever the hazard that took place
has caused, or could have caused, an injury or
degradation of health. Hazards include occupational
accidents and near misses. The heads of organisation
units are responsible for the hazards and accidents
occurring to the personnel of their own organisation
being investigated and reported. A hazard investiga
-
tion is always performed with a scope commensurate
with the severity of the situation. For each occupa
-
tional accident, an event investigation is performed
that involves the supervisor of the injured person,
the occupational health and safety representative,
the injured person, a representative from the Occu
-
pational Health and Safety organisation and any
possible witnesses.
Radiation safety
The radiation doses incurred by TVO’s personnel are
monitored regularly, and the dose limit set by TVO
is substantially lower than the threshold values set
in the legislation. TVO has a Radiation Protection
team which ensures that the radiation exposure of
the personnel is pursuant to radiation protection
principles. Personnel receive induction in the form
of radiation protection training and instructions for
radiation protection. Radiation Protection controls
the work performed at the plant by means of the
radiation work permit and radiation work instruc
-
tions process. For example, Radiation Protection
in order to prevent personal contamination. Further
-
more, Radiation Protection performs radiation
measurements at the location and, if necessary,
implements additional protection in order to reduce
the collective dose of the personnel and to ensure a
safe working environment.
Research projects by the Finnish Institute of
Occupational Health
TVO participates in two research projects by the
FIOH in order to develop its current practices and
to receive new information on the management of
stress factors related to occupational safety and
worker health.
TVO participates in the project “Psykososiaalisten
tekijöiden hallinta työturvallisuudessa – PsykOSH”
(Management of psychosocial factors within occu
-
pational safety) that is coordinated by the FIOH and
funded by the Finnish Work Environment Fund and
the participating companies. The management of
psychosocial stress factors is a key factor in promoting
the occupational safety and health of workers and in
preventing negative effects. The aim of the research
project is to produce new information on the means
by which psychosocial factors are managed at work
-
places. This allows for identifying best practices for
managing psychosocial stress factors and preventing
their detrimental health impacts.
TVO participates in the TYÖN ÄÄNET (sounds of
work) research project that is coordinated by the FIOH
and funded by the Finnish Work Environment Fund
and the participating companies. The research helps
-
scapes that better support well-being at work, learning
to understand how the Occupational Safety and Health
Act could be better adhered to at industrial workplaces.
The research also produces means for managing
the noise environment. The industrial companies
participating in the research receive an immediate
opportunity to develop their soundscapes, while the
personnel of the companies receive an opportunity to
can be assumed to be a positive experience for them.
Equal treatment and opportunities for all
Gender equality, equal pay for work of equal value
and diversity
TVO is committed to promoting equality and
preventing discrimination in all of its activities. TVO
employs an equality plan that discusses equality and
separately presents those courses of action that TVO
uses to ensure the prevention of all forms of discrim
-
ination within its processes and, on the other hand,
promotes the equal treatment of personnel.
The equality status of the workplace is evaluated
continuously. The purpose of the evaluation is to
keep up to date on how equal the work community
within TVO is considered to be, and which areas for
improvement could possibly be found in relation to
equality. HR performs the evaluation by utilising the
personnel reports and key performance indicators
that are also created for other needs (these include
the personnel survey, safety culture questionnaire,
sustainability reporting and the Code of Conduct,
for example) and the matter is discussed during the
dialogue meetings.
The themes of equality as well as the principles of
leadership and working are discussed in the joint meet
-
ings of the management and personnel representatives
(dialogue meetings, employment negotiations, the TVO
Group’s Management Group). Furthermore, their imple
-
mentation is tracked in connection with the personnel
Through the Satakunta University of Applied
Sciences (SAMK), TVO is involved in the Silver
Strategies project that focuses on developing strat
-
egies for managing an ageing workforce. The main
target for the project is to improve the employment
opportunities of persons aged over 55 on the job
market, and to make it possible to extend careers
in the existing work. Another target for the project
is to develop shared non-discrimination strategies
and aggregates of measures which the companies
involved then implement. All told, this EU funded
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
98
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
project (Silver Strategies - Central Baltic) involves 36
different companies from Estonia, Finland and Latvia.
The project will cover the years 2024 and 2025.
Training and skills development
TVO’s competence management measures ensure
working at Olkiluoto according to each position’s
requirements and support the safe operation of the
nuclear power plant. The Competence Management
group is responsible for TVO’s training and for deter
-
mining the guidelines for skills development. The task
of the group is described in the section Training and
skills development (S1-1). The training organisa
-
tions implement activities pursuant to the guidelines
and the Training Manual. The competences required
-
national peer reviews, TVO’s training activities are
compared to industry standards and best practices.
The peer reviews are implemented according to plan
by the IAEA and WANO.
The actions for competence management include:
»
Construction of an annual training programme for TVO’s
entire personnel.
»
Initial and further induction forms to support induction
guidance plans.
»
Induction assessment discussions for new employees
and employees switching tasks.
»
Individual training plans for each employee of TVO and
»
Arranging the necessary supplementary training and
-
cates required for the task.
»
Arranging the Nuclear Professional Leader (NPL)
programme for developing supervisor skills.
»
Arranging the personal development programme
“Ydinjengi”.
Occupational health and safety training is a normal
part of the annual training programme. Trainings
related to occupational safety risks that have been
»
»
hot work card training and training for lifting and the use
of fall arrestors;
»
electrical key training related to electrical safety and the
SFS 6002 safety training that is compulsory for electrical
engineering professionals working in Finland;
»
ATEX training for people who work in explosive atmos-
pheres or design such facilities and equipment.
The forms of training being used are classroom
teaching, webinars, online training, hybrid sessions
and simulator training. The types of training that are
utilised include animations, games, virtual reality and
a bespoke escape room.
TVO participates in the implementation of a national
nuclear safety and waste management training
course (YJK), together with other key Finnish oper
-
ators in the nuclear industry. At the Nordic level,
collaboration takes place with Fortum and Swedish
nuclear power companies in the Nordic Nuclear
Trainee Programme (NNTP). The forms of coopera
-
tion with educational institutions and students include
class sponsor activities and apprenticeship training.
The employees’ performance, workload and coping
at work are monitored through navigation discus
-
sions with their immediate supervisor, arranged three
times a year. Navigation discussions also discuss
individual training plans and their implementation.
Actions to prevent violence and harassment at the
workplace
In accordance with its Code of Conduct, the
Company does not tolerate discrimination or harass
-
ment based on age, gender, ethnic background,
religion, life philosophy, opinion or other personal
characteristic. Any possible violations of the Code
of Conduct shall be reported in accordance with the
the section Corporate culture (G1-1).
Summaries regarding the instructions for reporting
inappropriate treatment and how to act in this situation
have been prepared for the personnel and the supervi
-
sors. These summaries can be found on the Company’s
intranet. The reporting channels and the expectations
to avoid all forms of harassment and inappropriate
behaviour, including violence, are communicated as
part of induction for all employees as well as through
other regular occupational safety communication.
Other work-related rights
Privacy
TVO’s practices for information security and data
protection are dimensioned in accordance with the
importance of the functions and the risk involved, and
the practices are based on regulations, instructions
and standards guiding information security, personal
registers, good data management practice and the
quality of data. An individual’s personal information
is protected against inappropriate processing, and
rights to them have only been granted to individuals
who, by virtue of their duties, require this information;
even then, this is done only to the extent required
by the duties. Personal data is only disclosed to
other parties subject to permission from the person
involved or due to legal requirements.
Individuals are provided with training and credentials
for the use of data and data systems under the
Company’s control that are meaningful in terms of
their duties. The use of data and data systems is
supervised. Everyone is responsible for adhering to
the information security and data protection practices
for their own part. Similarly, everyone is responsible
for reporting any observed deviations related to
information security or data protection without delay.
controls the processing of personal data in all EU
countries. At TVO, information security training
-
tion. The training focuses on what is meant by
personal data and their processing. The training
helps participants understand the key components
of the data protection legislation that entered into
force in 2018. The training is mandatory for super
-
visors and individuals who process personal data in
their work.
Over the course of the year, the actions listed under
the section Actions (S1-4) have been taken by HR,
Occupational Health and Safety, General Training,
Information Security and Radiation Protection,
among others. As regards actions related to worker
health and working capacity, collaboration has
taken place with HR, supervisors and occupational
healthcare. TVO’s Occupational Health and Safety
and HR participate in the project “Psykososiaalisten
tekijöiden hallinta työturvallisuudessa – PsykOSH”
(Management of psychosocial factors within occu
-
pational safety) that is coordinated by the FIOH and
funded by the Finnish Work Environment Fund and
the participating companies.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
99
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Targets (S1-5)
ESRS
Personnel survey (People Power Index) result at a good
level (AA), achieved by 2028.
Satisfactory + (A+) Satisfactory (A)
S1
Sick leaves (% of working time) below 3% annually. < 3% 2,70 % S1
Personal training plans realised by more than 90%. > 90% 96 %
S1
Level 2.5 in the TRIF
*
indicator describing accident
frequency achieved by 2028.
4 4,96
S1, S2
The highest individual radiation dose incurred at
Olkiluoto was less than half (<10 mSv) of the authority
limit (20 mSv) (continuous).
< 10 mSv 5.72 mSv
S1, S2
*
number of occupational accidents x 1,000,000/working hours completed.
TVO has set targets related to the Company’s own
workforce in connection with the work community,
occupational health, occupational safety, training
and personal radiation doses. The targets have been
discussed in the required stakeholder forums in the
presence of representatives from personnel groups
(such as in the dialogue meeting, the Occupational
Health and Safety group and the contractor forum) and
TVO has set a target for the level in the People
-
Power® personnel survey to reach AA by 2028,
with the interim goal for 2024 being to reach A+.
In addition to TVO’s employees, the target covers the
employees of Posiva Oy and Posiva Solutions Oy. For
its part, the target is related to well-being at work
and maintaining working capacity, as well as the
measurement thereof.
The PeoplePower® personnel survey is based on an
internationally widely researched model of dedica
-
tion. The development stage of the PeoplePower®
concept involved one of the world’s most comprehen
-
sive basic studies focused on personnel dedication,
with nearly 40,000 respondents in 31 countries. The
structural formula analyses based on this data have
been used to create the PeoplePower® research
concept that utilises global country standards. The
standard PeoplePower® indices (commitment, lead
-
ership, performance and dedication index) are based
on a deep and versatile structural formula analysis in
terms of their contents and structure. As a concept,
the PeoplePower survey has been statistically care
-
fully researched and validated by the research and
consulting company Eezy Flow Oy in Finland.
TVO monitors the amount of sick leaves among its
personnel, and the annual target for the sick leave
percentage has been set to less than 3%. In 2024,
the result was 2.7%. This target is used to monitor
the impact of the measures taken by the Company
together with its occupational healthcare on sick
leaves by the personnel. The sick leave percentage
is calculated by dividing absences due to illness
among the personnel by the regular working hours.
The result has not been validated by an outside party
other than the assurer of the Sustainability Statement.
TVO has set a target for the realisation rate of
individual training plans for the Company’s own
personnel to be more than 90% annually. In 2024,
each year by the Competence Management group.
The aim for the target is for TVO to have access
personnel. The basis for setting the target are YVL
TVO has set a target for the TRIF indicator describing
accident frequency to be less than 2.5 by 2028.
In addition to LTIs (lost-time injuries), the TRIF
indicator includes MTIs (medical treatment injuries)
and RWIs (restricted work injuries). The formula for
the calculation is the number of accidents per one
million working hours. The interim goal for 2024 was
4. The result from the TRIF indicator for 2024 was
4.96. In addition to TVO’s employees and contractor
employees, the target covers the employees of the
joint venture Posiva Oy and its subsidiary Posiva
Solutions Oy, and the calculation accounts for all
accidents taking place in the Olkiluoto area. The
result has not been validated by an outside party
other than the assurer of the Sustainability State
-
ment. The TRIF indicator was fully taken into use
alongside the LTI indicator in 2024, as there was a
need to track the frequency of all accidents, not only
those leading to absences.
As regards radiation safety, TVO has set a contin
-
uous target for the radiation dose received by an
individual at Olkiluoto to be clearly below the regu
-
latory limits. The target is for the highest individual
radiation dose received at TVO over the course of a
calendar year to be less than 10 mSv, that is, half of
the regulatory limit (20 mSv). In 2024, the highest
radiation dose received by an individual was 5.72
mSv. The target value set for radiation doses received
by individuals applies to all personnel doing radiation
work at Olkiluoto, and it is aligned with the ALARA
management, and it has been in force since 2007.
The highest personal doses at Olkiluoto vary at the
annual level and depend on the number of repairs
Characteristics of the undertaking’s employees
(S1-6)
Information concerning employees by gender
in 2024
*
Male 840
Female 242
Not reported 0
Employees in total
*
The information in the table has been reported according to the
Unless otherwise stated, the numbers of employees
are reported according to the end of the reporting
personnel during the year was 1,095 persons. The
making use of head count calculations. The numbers
of personnel are also reported in Note 8 to the
Average number
and Number of
personnel on 31 December).
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
100
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Information on employees by contract type,
disaggregated by gender
*
reported
Number of employees 242 840 0 1,082
Number of permanent employees 225 814 0 1,039
Number of temporary employees 17 26 0 43
Number of non-guaranteed hours
employees
0 0 0 0
Number of full-time employees 226 821 0 1,047
Number of part-time employees 16 19 0 35
*
The information in the table has been reported as head counts
from TVO’s service and the exit turnover percentage
was 3.0. The exit turnover is calculated by dividing
the number of permanent employees resigning
during the year by the number of personnel at the
end of the year.
as summer internships, have a substantial effect on
the variation in the total number of personnel during
the year. Personal data and employment data are
recorded in the personal data system. The personal
data is received from the person in question and the
employment data is acquired from the contract of
employment.
Collective bargaining coverage and social dialogue
(S1-8)
100 per cent of employees are covered by collective
bargaining agreements. Employee representation
according to the Co-operation Act is 100 per cent.
Coverage
Rate
Employees – EEA
(countries with
more than 50
employees,
than 10% of
total employees)
Employees – Non-
than 50 employees,
than 10% of total
employees)
the workplace (EEA
only) (countries
with more than
50 employees,
than 10% of total
employees)
0-19%
20-39%
40-59%
60-79%
80-100%
Finland Finland
Diversity metrics (S1-9)
Gender distribution in TVO’s Management
Group as head count and percentages
Female 4 31%
Male 9 69%
Age distribution of employees as head counts
and percentages
under 30 years old 110 10%
30–50 years old 671 62%
over 50 years old 301 28%
Personal data is recorded in the personal data
system, and the data is received from the person in
question.
Adequate wages (S1-10)
TVO pays its employees wages that are, at
a minimum, pursuant to the collective labour
agreements.
Training and skills development metrics (S1-13)
Information regarding participation in
results and career development assessments,
disaggregated by gender
Number of employees used in the
calculation
*
224 802 1,026
Number of employees participating in
regular results and career development
assessments
222 792 1,014
Percentage of employees participating in
regular results and career development
assessments (%)
99.1 98.8 98.8
*
The numbers of employees used in the calculation consider the per-
relationship for more than 6 months. Furthermore, persons who
have been absent (due to family leave, for example) for the entire
year of 2024 have been excluded.
As a rule, navigation discussions (assessment of
results and career development) are held between the
person and supervisor; in a few organisations, they
are held twice per year. The completed navigation
discussions are recorded in the HR application. The
reporting considers persons who have participated in
at least one discussion. Persons whose employment
relationship has lasted for less than 6 months at the
time of reporting or who have been absent for all of
2024, such as on family leave, are excluded from the
reporting. TVO’s President and CEO has also been
cent of the personnel participated in regular results
and career development reviews.
Information regarding the numbers of
training hours, disaggregated by gender
Number of employees used in the
242 840 1,082
Number of training hours for employees (h) 9,648 48,456 58,104
The average number of employee training
hours per employee (h/person)
40 58 54
Health and safety metrics (S1-14)
100 per cent of TVO’s own workforce belong to an
Health and safety metrics
Number of fatalities caused by work-related accidents
and illnesses for employees and value chain workers
on TVO's sites
0
Number of recordable occupational accidents for
employees (LTI)
4
Share of recordable occupational accidents for
employees (LTIF)
2.25
Number of recordable work-related cases of health
problems for employees
0
Number of days lost due to occupational accidents for
employees
17
Health and safety metrics have been calculated on the
basis of TVO’s employees. An indicator describing LTI
(Lost Time Incident) accident frequency has been used
in calculating the number and share of recordable
occupational accidents and the number of days lost,
which means that it includes lost time events. TVO
has no cases of occupational disease. The indicator for
days lost only includes the number of days lost due to
occupational accidents (and work-related fatalities).
The number of days lost due to work-related illness
cannot be separated from other sick leave days.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
101
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Work-life balance metrics (S1-15)
All of TVO’s employees are entitled to take family
leave. According to the Finnish Employment
Contracts Act, an employee is entitled to family leave
the leave in the manner provided for in the Act. The
the indicators concerning family leave.
Family leave metrics
Percentage of employees entitled to take family-
related leave
100%
Percentage of employees that took family-related
leave
7%
Percentage of wage earners that took family-related
leave, by gender
Female (%)
19%
Male (%) 81%
Remuneration metrics (pay gap and total
remuneration) (S1-16)
Remuneration metrics
Gender pay gap (%) 8.9%
Annual total remuneration ratio 5.48
The review of annual earnings takes into account the
total earnings of employees working full time for a
full calendar year, including any possible bonuses in
addition to the basic pay.
The gender pay comparison uses pay information for
regular working hours.
Incidents, complaints and severe human rights
impacts (S1-17)
Whistleblowing channel reports to Internal
Audit
Number of discrimination cases 0
Number of complaints made by employees in
the undertaking’s own workforce through the
undertaking’s channels
5
Amount of fees, penalties and damages due to
discrimination (€)
0
Severe human rights incidents
Number of severe human rights incidents related to
the undertaking’s workforce
0
Number of severe human rights questions and
incidents related to the undertaking’s own workforce
Guidelines for multinational enterprises have not been
followed.
0
Amount of fees, penalties and damages due to severe
human rights questions and incidents involving the
undertaking’s own workforce (€)
0
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
102
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Subtopic
EQUAL TREATMENT AND OPPORTUNITIES FOR ALL
Training
and skills
development
»
in annual outages by means of online annual outage training
and the requirements in the Code of Conduct
Actual positive
impact
Own operations
Actions
to prevent
violence and
harassment at
the workplace
»
Any possible cases of violence and harassment targeting the
external workforce
Potential negative
impact
Own operations
»
Any possible cases of violence and harassment targeting
workers in the value chain
Potential negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Diversity
»
TVO requires that its suppliers commit to non-discrimination
and the principles of equality
Actual positive
impact
Own operations
OTHER WORK-RELATED RIGHTS
Other work-
related rights
»
TVO requires that its suppliers respect human rights within the
Potential positive
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Child labour
»
Potential use of child labour in the upstream value chain
Potential negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Forced labour
»
Potential use of forced labour in the upstream value chain
Potential negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Material impacts, risks, and opportunities related to workers in the value chain
Subtopic
TYÖOLOT
Security of
employment
»
Potential poor security of employment for workers in the value
chain
Potential negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Working
hours
»
Potential neglect of working hours pursuant to the Working
Hours Act for workers in the value chain
Potential negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Adequate
wages
»
Potential underpayment for workers in the value chain
Potential negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Freedom of
association,
including the
existence of
work councils
»
Potential violations of the freedom of assembly and association
for workers in the value chain
Potential negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
Health and
safety
»
Promotion of safety culture, industrial safety and plant safety
among the external workforce at Olkiluoto
Actual positive
impact
Own operations
»
Occupational accidents and industrial safety failures among the
external workforce at Olkiluoto
»
Radiation received by the external workforce at Olkiluoto
Actual negative
impact
Own operations
»
Potential exposure of workers in the value chain to poor safety
conditions
Actual negative
impact
Upstream value chain
(nuclear fuel, equipment
and spare parts)
S2 WORKERS IN THE VALUE CHAIN
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
103
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
site area or general service work related to building
technology. Workers in the value chain also includes
employees from suppliers who work at the suppliers’
own premises and under their own supervision.
Material impacts, risks, and opportunities related to
workers in the value chain mainly apply to external
workforce at Olkiluoto and workers in the nuclear
fuel procurement chain, especially in the uranium
companies. No particularly vulnerable groups of value
value chain representatives in the double materiality
analysis. TVO operates according to the UN Guiding
Principles on Business and Human Rights and the
process for human rights and published a Human
Rights Policy that contains a commitment to human
rights. The Human Rights Policy is explained in more
detail in the section Policies (S1-1).
The material negative impacts related to workers in
accidents occurring to workers at Olkiluoto, other
matters related to occupational safety and radiation
doses differing from normal background radiation;
cases of violence and harassment have been iden
-
the radiation dose incurred by supplier employees
working at Olkiluoto results from annual outages,
when some employees work close to opened process
systems and radioactive components.
In the nuclear fuel procurement chain, potentially
poor safety conditions increase the occupational
accident risk of workers in the value chain; in mining,
this may involve collapses and accidents related to
vehicles or machinery, for example. Furthermore,
detrimental health impacts for employees if they are
not processed appropriately. Risks may be reduced
by means of occupational safety actions, such as by
providing employees with induction training in the
safe handling of chemicals and machinery and the
use of personal protective equipment.
The workers in the value chain for nuclear fuel
procurement may be subject to human rights risks. In
its Supplier Code of Conduct, TVO requires that its
suppliers adhere to human rights, and the supplier
may under no circumstances employ child labour or
forced labour, or enter into agreements with subcon
-
tractors or suppliers who employ such labour. The
suppliers’ ways of working and operating environ
-
ment are actively monitored during supplier eval-
uations, and no human rights violations have been
observed. TVO will provide feedback on the basis of
its evaluations and, if necessary, set requirements for
rectifying non-conformance.
TVO’s positive impacts concerning workers in the
value chain are related to promoting the occupational
safety of supplier employees and annual outage
employees working at Olkiluoto, as well as promoting
diversity and developing their competences. TVO’s
target is that no accidents will occur to any workers
in the Group. The occupational safety principles
cover all functions and workers, including supplier
employees working at Olkiluoto. In their contracts,
the suppliers commit to meeting the requirements
in the ISO 45001 Occupational Safety and Health
management system and the ISO 14001 Environ
-
mental Management System. Furthermore, the
competences of the workers participating in annual
outages are developed by means of online annual
outage training and the requirements of the Code of
Conduct. An acceptable completion of the training is
a prerequisite for working at Olkiluoto.
TVO’s strategy and business model consider the
impacts, risks and opportunities related to workers in
the value chain. The goal for the strategy is for safety
to be at a high level and for the supplier personnel
working in the Group to also be committed to a high
level of safety culture. Separate targets have been set
for the safety culture as part of the strategy. Further
-
more, targets have been set for the annual accident
frequency.
Policies (S2-1)
The policies regarding sustainability topics related
TVO’s Code of Conduct, Supplier Code of Conduct,
Human Rights Policy and Group-level policies. The
codes of conduct are explained in more detail in the
section Corporate culture (G1-1) and the Human
Rights Policy is explained in more detail in the section
Policies (S1-1). All of the policies listed above have
cover every material group of workers in the value
chain. The supplier must also ensure that their own
suppliers, subcontractors, consultants and partners
comply with the Code of Conduct’s principles. TVO’s
highest organisational level responsible for adher
-
ence to the Code of Conduct is the President and
CEO and the Management Group. The interests of
stakeholders have been considered while drawing up
the codes of conduct by ensuring that they corre
-
TVO’s expectations for activities are relayed to
suppliers during collaboration meetings, in the terms
of procurement contracts and by means of the Code of
Material impacts, risks and opportunities related
to value chain workers and their interaction with
the strategy and business model (S2.SBM-3)
The material impacts, risks, and opportunities
concerning workers in the value chain have been
upstream value chain, the materiality analysis covers
the nuclear fuel procurement chain workers in the
mining companies, enrichment plants, conversion
plants and in the manufacture of fuel assemblies.
The process also takes into account the workers of
the equipment and spare parts manufacturers and
the joint undertaking Posiva. In the upstream value
chain, the workers in the procurement chain for the
equipment and spare parts manufacturers cover the
procurement, manufacture, assembly and transport
of materials. The workers of the joint undertaking
nuclear fuel, work at Olkiluoto and are subject to the
same policies, processes and actions as TVO’s own
personnel. The value chain is described in the section
Value chain (ESRS 2 SBM-1).
Value chain workers who work at Olkiluoto are
external workers, such as temporary workforce
for the annual outage and supplier employees. For
example, the temporary external workforce during an
persons involved with documentation related tasks.
The workers of suppliers related to daily services on
TVO’s premises, such as the employees of storage,
transport, restaurant, security and building mainte
-
nance services as well as other support services, are
also counted as workers in the value chain. Workers in
the value chain also include supplier employees who
arrive at TVO’s premises to perform service work.
Such work may include, for example, service work
related to the plants, equipment service outside of the
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
104
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Conduct intended for suppliers. In its Supplier Code of
Conduct, TVO requires that the supplier shall respect
the right of their employees to associate freely and to
participate in the collective bargaining negotiations in
accordance with the applicable laws and regulations,
and that the suppliers respect human rights.
TVO’s Supplier Code of Conduct requires suppliers
to respect the rights of children and to refrain from
using or approving the use of child labour. The
supplier shall ensure that none of its locations or
functions employ or approve of forced labour in
any form. The Supplier Code of Conduct does not
requires that the supplier commit to respecting the
of its operations. The Supplier Code of Conduct is
pursuant to ILO’s standards where applicable.
TVO maintains contact with workers in the value
chain in various ways. These are explained in more
detail in the section Engaging with value chain
workers about impacts (S2-2).
TVO is not aware of any cases of non-respect of
the UN Guiding Principles on Business and Human
-
tional Enterprises that involve value chain workers
that would have been reported in its upstream and
downstream value chain.
The human rights risk assessment drawn up in
2024 supplements the existing processes in order
to identify and manage negative impacts, including
occupational safety processes concerning TVO’s
operations and the supplier evaluations and audits.
TVO has in place a reporting channel and processes
for reporting any possible violations of the Code of
Conduct. See Corporate culture (G1-1) for more
details. TVO is committed to remediating any detri
-
mental impacts that it has caused to its own workers,
workers in the value chain or to surrounding commu
-
nities, or impacts that it has contributed to by means
of its activities. TVO expects its subcontractors to
commit to remediating any detrimental impacts that
they have caused to their workers or the surrounding
communities. TVO is committed to co-operation in
judicial and non-judicial proceedings and processes
in order to remediate the detrimental impacts. TVO
is also committed to cooperating with its suppliers in
order to remediate detrimental impacts which it has
not contributed to but which are directly related to its
operations via business relationships.
The Fuel unit within the Electricity Production
business unit is responsible for TVO’s nuclear fuel
procurement. The procurement of other goods and
services is centrally handled by Procurement. The
human rights due diligence process is described in
the section Policies (S1-1).
Working conditions
Fair working conditions in the upstream value chain
In its Supplier Code of Conduct and Human Rights
Policy, TVO requires that its suppliers adhere to
human rights, which include
»
Right to work and adequate standard of living
»
Fair and just working conditions
»
Right to associate freely and to participate in the collec-
tive bargaining negotiations in accordance with the
applicable laws and regulations.
In its Supplier Code of Conduct, TVO requires that
the supplier promote good, safe and fair working
conditions. Suppliers shall provide their employees
with understandable written contracts of employ
-
relationship. The salary and terms shall be fair and
reasonable and they shall, at a minimum, be pursuant
to national laws or industry standards, whichever is
higher. Working hours shall meet the requirements
of national legislation. The supplier shall respect the
right of their employees to associate freely and to
participate in the collective bargaining negotiations in
accordance with the applicable laws and regulations.
The Supplier Code of Conduct is explained in more
detail in the section Corporate culture (G1-1).
TVO’s Human Rights Policy supplements TVO’s
Code of Conduct and Supplier Code of Conduct.
All of the management representatives, employees,
suppliers and partners of the TVO Group companies
are responsible for adhering to the Human Rights
Policy. TVO is committed to respecting all interna
-
International Bill of Human Rights and the Funda
-
the International Labour Organization (ILO). These
also include the right of association and the right
of collective bargaining. TVO requires that all of its
suppliers and partners commit to respecting these
rights and principles. The Human Rights Policy has
Human Rights Policy is explained in more detail in
the section Policies (S1-1).
Health and safety
Occupational safety and occupational health at
Olkiluoto
The value chain workers working in the Group are
subject to the same policies concerning occupational
safety and health as the Company’s own workforce.
The policies concerning the Company’s own workforce
are explained in the section Policies (S1-1). TVO
complies with the Finnish occupational health and
safety legislation in all its operations.
TVO is committed to offering a safe and healthy
working environment to everyone working in the
Group. The goal of TVOs occupational health and
safety activities is to be proactive in promoting
health and occupational safety. Leadership for safety
is based on the Group’s policies and values, which
supplier employees are also required to commit to.
Supplier employees shall adhere to TVO’s vital occu
-
pational safety principles that form the expectations
and guidelines for all safe activities and act as the
foundation for ensuring safety. Other, more detailed
The occupational safety of supplier employees
is developed as part of the Safety at Olkiluoto
programme. The Safety at Olkiluoto programme is
explained in the section Policies (S1-1).
Radiological safety at Olkiluoto
The radiation exposure of supplier employees
working at Olkiluoto is monitored similarly to TVO’s
own personnel. The aim is to minimise the exposure
of all personnel in accordance with the general
principles of radiation protection. In all their radiation
protection activities, the supplier employees working
at Olkiluoto also commit to the ALARA principle (As
Low As Reasonably Achievable), according to which
individual and collective radiation doses are kept as
low as possible by practical measures. The Radiation
Protection Manual provides instructions for radiation
protection activities. Policies related to radiation
protection are explained in more detail in the section
Policies (S1-1).
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
105
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Safety conditions in the upstream value chain
In its Supplier Code of Conduct, TVO requires that
its suppliers arrange for a safe and healthy working
environment for their employees. The Supplier Code
of Conduct is explained in more detail in the section
Corporate culture (G1-1).
TVO’s supplier evaluation requires that the suppliers
have in place an occupational health and safety
system pursuant to the ISO 45001 standard or an
equivalent system, where applicable. Working hour
tracking is part of functional occupational health
and safety activities. TVO has an indirect impact on
adherence to fair working conditions in the upstream
value chain. TVO’s supplier evaluation is described in
the section Relationships with suppliers (G1-2).
Equal treatment and opportunities for all
Training and skills development
Persons managing tasks that directly or indirectly
impact the safety of a nuclear facility are required
requirements and nuclear power technology, and
responsible tasks within their task area. Competence
-
tions and capabilities of everyone working in the
Group according to each position’s requirements. For
example, annual outage training ensures, for its part,
that everyone working at Olkiluoto understands the
TVO’s expectations for safe operation.
As a rule, while slightly depending on the task in
question, the same policies applied to the compe
-
tence management of the Company’s own workforce
also apply to the external workforce, including
individuals participating in the annual outage.
The policies for competence management are
described in more detail in the section Training and
skills development (S1-1).
Prevention of violence and harassment at the
workplace
In its Supplier Code of Conduct, TVO requires that
its suppliers arrange for a safe and healthy working
environment for their employees. Threats of violence,
physical punishments, physical or verbal abuse
and other forms of illegal harassment are expressly
prohibited. The supplier shall treat its employees
with respect and ensure that its employees have a
working environment where no harassment occurs.
The Supplier Code of Conduct applies to all supplier
employees, both at Olkiluoto and in the upstream
value chain. Training regarding expectations pursuant
to the Code of Conduct is provided during the induc
-
tion training and annual outage training, for example.
The Supplier Code of Conduct is explained in more
detail in the section Corporate culture (G1-1).
As regards supplier employees, the policies for
preventing violence and harassment at the work
-
place are the same as for TVO’s own workforce.
The policies for preventing violence and harassment
at the workplace are presented in the section
Policies (S1-1).
Diversity
In its codes of conduct, TVO requires that its
personnel and suppliers act fairly, honestly, justly
and equally in their relationships with internal and
external stakeholders. TVO requires that all suppliers
adhere to the principles of non-discrimination and
equality in all stages of their work and introduce
measures to ensure fair and equal treatment for all
employees. Suppliers are expected to have in place
clear practices that prevent discrimination based on
age, gender, ethnic background, religion, life philos
-
ophy, opinion or any other personal characteristic.
The Supplier Code of Conduct is explained in more
detail in the section Corporate culture (G1-1).
Other work-related rights
In the Supplier Code of Conduct, TVO requires that
the supplier respect the human rights of people within
that the suppliers adhere to human rights and legis
-
lation and, while working in Finland, to Finnish terms
of employment. The supplier may under no circum
-
stances employ child labour or enter into agreements
with subcontractors or suppliers who employ such
labour. The supplier may under no circumstances
employ forced labour or enter into agreements with
subcontractors or suppliers who employ such labour.
TVO’s Human Rights Policy supplements TVO’s
Supplier Code of Conduct. TVO is committed to
respecting all internationally recognised human rights
and the Fundamental Principles and Rights at Work
(ILO), including the prohibition on the use of forced
labour and child labour. TVO requires that all of its
suppliers and partners commit to respecting these
rights and principles. The Human Rights Policy has
Human Rights Policy is explained in more detail in
the section Policies (S1-1).
Engaging with value chain workers about impacts
(S2-2)
TVO has in place several means of engaging
with workers in the value chain. The areas for
improvement that are observed while engaging with
the workers are considered when developing the
Company’s ways of working. TVO does not have
a Global Framework Agreement or another type of
agreement with global union federations related to
the respect of human rights of workers in the value
chain and their right to bargain collectively.
Occupational safety
TVO has in place several mechanisms for hearing
workers and engaging them as regards matters
related to occupational safety and health. The means
of contact vary from practices that are used daily to
use refers to practices that are used when necessary,
such as prior to starting work. Contact takes place
directly with the workers.
Recurring mechanisms that are used routinely on a
daily basis include the following, for example:
»
»
»
Risk assessments
»
Post-job debriefs
»
OHS rounds
»
Safety observations
»
Meetings within organisations and business functions
»
Worksite meetings.
These are usually attended by the workers
performing the work and their supervisors. TVO’s
line organisation is responsible for following that
the practices are actively in use and that the matters
related to occupational safety and health brought
up in this context are handled according to TVO’s
process, such as by recording any development
proposals in the KELPO system. Contact mechanisms
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
106
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
that are used more rarely include contractor forum
meetings and occupational safety self-assessments.
Contractor forum
Four times a year, TVO’s Occupational Safety organ
-
isation organises a contractor forum at Olkiluoto
where the main focus group consists of the contact
persons and occupational safety representatives of
TVO’s major suppliers working at Olkiluoto. Among
other things, the contractor forum discusses safety
statistics, such as occupational accidents, near
misses, safety observations and safety deviations.
Topical occupational safety matters and instruc
-
tions and matters pertaining to the environment
are also discussed. Supplier representatives may
introduce topics for discussion at the meeting. The
Occupational Health and Safety Manager follows
the implementation and content of the meetings and
participates in the meetings at random intervals.
OHS rounds and TR measurements
Occupational health and safety (OHS) rounds are
regularly performed at Olkiluoto, and they also cover
supplier employees working at Olkiluoto. Rounds
are performed according to the annual plan and,
week in the form of a TR measurement (worksite
safety level indicator, abbreviation from the Finnish
for ‘house construction’). Workers and supervision
from both TVO and suppliers participate in the
rounds; on average, 3 to 5 people take part in each
round. The rounds consist of observing working
methods and working conditions and, if necessary,
intervening in any observed shortcomings either on
site or by reporting the observed shortcoming to the
responsible organisation, which is then tasked with
rectifying the shortcoming. Any workers encountered
during the rounds have the opportunity to discuss
matters and to present areas for improvement to
representatives from TVO’s organisation for the
purpose of further processing. TVO’s line organisa
-
tion is responsible for monitoring that the practices
are actively in use and that the matters related to
occupational safety and health brought up in this
context are handled according to TVO’s process,
such as by recording any development proposals in
the KELPO system.
Occupational safety self-assessments
The occupational safety self-assessment is sent each
year to representatives of suppliers working at Olki
-
luoto. The self-assessment is used to gather informa-
tion on supplier performance as well as for any possible
areas for improvement. The survey is carried out using
Forms and the responses are evaluated by TVO’s occu
-
pational safety organisation. The competence centre for
occupational and environmental safety is responsible
for drawing up and sending out the survey.
Radiation dose accounting
All radiation doses incurred by supplier employees
performing radiation work are reviewed monthly and
submitted to a radiation dose register maintained by
the supplier. The radiation protection organisation and
the radiation dose registrars appointed for the task
are responsible for submitting the radiation doses.
Induction training and annual outage training
Induction training concerns everyone working in the
Group. An acceptable completion of the induction
training is a prerequisite for receiving an access card.
Annual outage training is required for all individuals
participating in annual outages at the Olkiluoto
nuclear power plant. Without a completed annual
outage training, the individual has no access to the
site area where the plant units are located. A contact
is in regular contact with subcontractors prior to
starting the work, including by email. A dedicated
information event is also arranged prior to the annual
outage for subcontractors participating in it. TVO’s
training organisations are responsible for arranging
the induction training and annual outage training.
Nuclear fuel procurement
A systematic supplier evaluation process precedes
the closure of each supply contract; in addition to
the requirements set for the products, the process
also considers the reliability and responsibility of the
the value chain workers on the impacts of the suppli
-
er’s operation is also reviewed. Contact with value
chain workers takes place indirectly via an employer
representative at a minimum, or by means of a direct
interview. The supplier evaluation process also
intervals. All suppliers belonging to TVO’s procure
-
ment chain for nuclear fuel are assessed every 3–5
years pursuant to an annual supplier evaluation plan,
depending on the supplier and the previous assess
-
ment. The evaluations are planned according to the
supplier and its special characteristics, which makes
each evaluation unique.
Remote monitoring in Finland and visits to produc
-
tion sites both provide TVO with an opportunity to
examine the suppliers’ practices and to intervene in
their practices if necessary. The purpose of TVO’s
supplier evaluation is to ensure that suppliers pay
appropriate attention to environmental matters, the
well-being of personnel and quality management.
services are also considered, such as the impact of
the operations on the local community. As regards
the upstream value chain, the interviewees for the
supplier evaluations are commonly selected according
to the focus area of the evaluation in question and by
means of random selection, for example. The supplier
evaluation process is described in more detail in the
section Relationships with suppliers (G1-2).
TVO employs a supplier evaluation process and only
from suppliers who have passed the evaluation and
meet the strict requirements set by TVO. The head
of the Fuel unit of the Electricity Production business
unit, reporting to the SVP of Electricity Production,
has operational responsibility for maintaining contact
and considering the results in the ways of working.
Processes to remediate negative impacts and
channels for value chain workers to raise concerns
(S2-3)
Occupational safety
All individuals working in the Group, including the
external workforce, have the opportunity to raise
observations, remarks or deviations related to the
development of activities and occupational safety
by recording observations in the KELPO system
maintained by TVO or by using a paper form to make
an observation. The KELPO system is accessible to
those workers in the value chain who have access
to TVO’s data systems. Observations may also be
reported to the supervisor or the occupational health
and safety representative. If so desired, observations
may also be made anonymously, and the individual
being visible to anyone except for the person
processing the observations; this has been done in
order to ensure that the individuals are protected
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
107
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
against potential retaliation. The reporting practices
are explained to everyone as part of the mandatory
induction training.
The observations are processed in accordance with
the KELPO process. In case of a condition and situ
-
ation that poses a severe threat to safety, corrective
actions must be taken before resuming work. The aim
is also to raise key observations during the annual
outages in annual outage meetings and bulletins in
order to prevent similar events.
All accidents and hazardous situations are investi
-
gated. A hazard investigation is performed whenever
the hazard that took place has caused, or could have
caused, an injury or degradation of health. Hazards
include occupational accidents and near misses. The
heads of organisation units are responsible for the
hazards and accidents occurring to the personnel
of their own organisation being investigated and
reported. A hazard investigation is always performed
with a scope commensurate with the severity of
the situation. For each occupational accident, an
event investigation is performed that involves the
supervisor of the injured person, the occupational
health and safety representative, the injured person,
a representative from the Occupational Health and
Safety organisation and any possible witnesses.
All employees in Finland are required to have valid
occupational accident insurance. As the name
suggests, occupational accident and occupational
disease insurance will provide coverage for occupa
-
tional accidents and occupational diseases. The law
guarantees that the injured receives compensation
for medical care, loss of income and permanent
handicaps, among other things. It will also cover
rehabilitation which enables returning to the working
life. In case of death, survivors’ pension will offer
livelihood for the next of kin.
Furthermore, all employees working in Finland are
required to have occupational healthcare in Finland;
-
the necessary rehabilitation and treatment methods
for accidents or other forms of health degradation
due to work.
experience of a transparent reporting culture is
assessed as part of the safety culture survey. Further
-
more, employees have the possibility to raise concerns
or experiences through the occupational health and
safety representatives and shop stewards, who can
also raise matters independently if they observe any
shortcomings in the reporting culture. Also, workers
report with the occupational health and safety author
-
ities if they feel that the employer would not appropri-
ately process the matters they raise, and such contacts
the occupational health and safety representatives.
Radiation safety
processed in accordance with TVO’s quality control
processes and, if necessary, with the authority. As
regards radiation safety, the deviations are recorded
and, if necessary, it is also reported to STUK.
Violations of the Code of Conduct
All suppliers to TVO must adhere to the principles
in TVO’s Supplier Code of Conduct, and they
are encouraged to contact TVO’s supervisors or
managers in situations where the best course of
action is unclear. Any possible violations of the Code
of Conduct shall be reported in accordance with the
will result in appropriate consequences. The Code of
Conduct and adherence thereto is explained in more
detail in the section Corporate culture (G1-1). Value
chain individuals’ awareness of the Code of Conduct,
the related reporting and trust in the process are not
separately assessed. The instructions are also avail
-
able to stakeholders on TVO’s website in Finnish and
-
cation on this topic is directed to employees working
at Olkiluoto. The process for Code of Conduct
violations includes policies that protect persons using
the reporting channels against retaliation.
Actions in breach of procedures, regulations and
expectations
In case activities that are in violation of procedures,
regulations or expectations are observed, they must
be intervened in and the activity must be stopped, if
necessary. All cases will be investigated according to a
this must be reported to the supervisor, the security
organisation or the shift supervisor. Tasks important
for safety must be under examination, including the
timely implementation of corrective actions. If neces
-
sary, Corporate Safety & Security, Occupational Safety
or Radiation Safety will request a security violation
analysis regarding a matter. A security violation anal
-
ysis must also be made without a separate request
when the organisation itself observes a violation that
needs to be processed in writing with the appropriate
person(s). The security violation and any possible
actions are recorded in the KELPO system. Instruc
-
tions for the use of the KELPO system are provided
in the induction training, which is compulsory for
Nuclear fuel procurement
TVO’s expectations for activities are relayed to
suppliers during collaboration meetings, in the terms
of procurement contracts and by means of the Code of
-
uations, activities are compared to these expectations,
and interviews may be used to discuss whether the
employees of the supplier being evaluated are aware
of these. All suppliers belonging to TVO’s procurement
chain for nuclear fuel are assessed every 3–5 years,
depending on the supplier and the previous assess
-
ment. The evaluations are planned according to the
supplier and its special characteristics. The supplier
evaluation reports, which are also submitted to the
supplier, are used to record the positive and negative
or deviations observed, and a written response from
the supplier is expected. Contact with the supplier is
continuous, and development is followed up on during
the manufacturing supervision visits and re-evaluations.
The aim is to intervene in negative observations in
collaboration with the supplier. If the shortcomings are
can be observed, a procurement ban may be placed
TVO’s reporting channel for potential violations of
the Code of Conduct is maintained by an external
service provider and is open to everyone. The
reporting channel is explained in more detail in the
section Corporate culture (G1-1). All suppliers in
the nuclear fuel procurement chain have their own
reporting channels, where reports can also be made
anonymously; their functionality can be examined in
connection with the supplier evaluation.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
108
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Actions (S2-4)
TVO carries out several measures in order to imple-
ment corrective actions related to actual material
impacts related to workers in the value chain, and
causing positive impacts. TVO aims to ensure that
remediating the situations caused by negative
impacts related to the value chain and the implemen
-
actions are described in more detail in the following
paragraphs.
In decisions concerning the termination of business
agreements, the actual and potential impacts on
workers in the value chain are assessed and consid
-
ered on a per-case basis. TVO’s operations have
been stable and the Company aims at long-term
business agreements.
As regards the year 2024, TVO is not aware of any
severe human rights issues or violations related to
the upstream or downstream value chain.
TVO has adequate resources in place for managing
material impacts related to the value chain.
Working conditions
Fair working conditions in the upstream value chain
(including security of employment, working hours,
adequate wages and freedom of association)
-
istics of the supplier and its operating environment.
The contents and criteria of the supplier evaluation
may be changed on the basis of the risk assessment.
Observations from previous evaluations will affect
the re-evaluations. The requirements set in the
Supplier Code of Conduct are taken into account
during supplier evaluations. The actual supplier
evaluation may take place either as an evaluation
based on documentation or as an on-site audit. TVO
will provide feedback on the basis of its evaluations
and, if necessary, set requirements for rectifying
non-conformance. The supplier evaluation process
is described in more detail in the section Relation
-
ships with suppliers (G1-2). TVO requires that its
suppliers adhere to human rights, which include
»
Right to work and adequate standard of living
»
Fair and just working conditions
»
Right to associate freely and to participate in the collec-
tive bargaining negotiations in accordance with the
applicable laws and regulations.
Health and safety
Occupational safety and occupational health at
Olkiluoto
The suppliers’ operating environment and ways of
working are followed during supplier evaluations,
safety risks targeting supplier employees. For
example, the supplier may use training to ensure that
safely, and working conditions may be brought to
an acceptable level by technical means. However,
workers must always have the right to refuse work
that is considered dangerous. The supplier evaluation
process is described in more detail in the section
Relationships with suppliers (G1-2).
TVO encourages everyone working in the Group
to report any observations, remarks or deviations
related to occupational safety in the KELPO system.
The KELPO system is explained in more detail in the
section Actions (S1-4).
The activities of the supplier and its subcontractors
are monitored both during and after the work. Work
performance and its quality are assessed, and the
assessment will affect future agreements. If the activ
-
ities do not conform to the requirements, corrective
actions must be agreed on before the next order is
requirements, and they will be processed using the
safety/security violation process.
The supplier must provide TVO with all the
requested information related to the management
of occupational safety and the environment as
well as information pertaining to the supplier’s
management system, and allow TVO to perform
audits/inspections in order to verify compliance.
TVO also has the right to perform similar audits at
the worksites. It is the duty of the supplier to ensure
that the subcontractors have been made aware of
and inducted in TVO’s requirements. The supplier
is responsible for both their own employees and
any possible subcontractors and their employees
adhering to the agreement as well as laws and
regulations, and for supervising their adherence,
intervening if necessary and rectifying any possible
shortcomings, omissions and violations of this
procedure without delay.
Human activities play a key role in ensuring safety
throughout the process, from work planning to
expectations for human activities and behaviour
when working at a nuclear facility or in other tasks
related to it. It is important to assess the risks related
to human performance and the organisation and to
planning and implementation of the work.
Risk management plays a key role in ensuring
that the employees of both TVO and suppliers can
work safely and receive the necessary information
regarding any possible risks involved in the working
conditions. This is ensured by means of training and
the occupational safety document and plan included
in the agreement. A separate, written risk assess
-
ment and method description shall be prepared for
work involving a high risk. It is used to agree on the
performing the work safely. In addition to this, TVO
-
tion on site, the goal of which is to plan and schedule
work such that simultaneously occurring work does
not cause danger and that the necessary process
technical activities have been performed and secured
before work is started.
The safety rules and procedures are presented in
written form and they are binding to the project or
contract; they are drawn up by the developer for the
construction and maintenance stages (Government
the safety rules and procedures is kept up to date
throughout the project, and any changed informa
-
tion is relayed to the various parties involved in the
project in the manner established in the agreement.
Radiation protection
TVO regularly monitors the radiation exposure of
everyone working at Olkiluoto and ensures that
the dose constraints set in the legislation are not
exceeded. The dose limit set by TVO is substantially
lower than the threshold values set in the legislation,
and it also applies to suppliers working at Olkiluoto.
The Group has a Radiation Protection team which
ensures that the radiation exposure of the personnel
is pursuant to radiation protection principles.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
109
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Everyone working at Olkiluoto receives induction
in the form of radiation protection training and
instructions for radiation protection. Radiation
Protection controls the work performed at the plant
by means of the radiation work permit and radiation
work instructions process. For example, Radiation
the work in order to prevent personal contamination.
Furthermore, Radiation Protection performs radiation
measurements at the location and, if necessary,
implements additional protection in order to reduce
the collective dose of the personnel and to ensure a
safe working environment.
Safety conditions for workers in the upstream value
chain
The suppliers’ operating environment and ways of
working are followed during supplier evaluations,
safety risks targeting supplier employees. The actual
supplier evaluation may take place either as an
evaluation based on documentation or as an on-site
audit. TVO provides feedback on the basis of its
evaluations and, if necessary, sets requirements
for rectifying the deviations as described in the
section Processes to remediate negative impacts
and channels for value chain workers to raise
concerns (S2-3). The supplier evaluation process
is part of continuous operations, and it is described
in more detail in the section Relationships with
suppliers (G1-2).
Equal treatment and opportunities for all
Training and skills development
The annual training programme also includes a plan
for maintaining and developing the competences
of the external workforce. The annual training
programme contains information on the basic
training, refresher training and supplementary
training arranged by TVO as well as other necessary
training. Individual training plans are drawn up for
completing the necessary training. TVO also
promotes the competences of the workforce partic
-
ipating in annual outages by means of online annual
outage training and the requirements of the Code of
Conduct. The annual outage training is mandatory for
everyone participating in the annual outage. Further
-
part of competence retention and development. The
Matters related to training and skills development
and the forms and means of training are described
in more detail in the section Training and skills
development (S1-4).
Actions to prevent violence and harassment at the
workplace
TVO’s objective is to have a healthy and equal work
community that tolerates no discrimination and that
promotes the implementation of equality in practice.
TVO’s Code of Conduct commits to promoting good,
safe and equal working conditions, and no harass
-
ment or bullying is tolerated within the work commu-
nity. TVO is committed to the principles of equality in
all activities related to personnel.
Supplier evaluations allow for determining whether
the supplier’s actions are adequate for preventing
violence and harassment at the workplace and
following up on any possible corrective actions.
The following may be processed during supplier
evaluations:
»
The supplier’s policies, commitments, codes of conduct
and processes and how they compare to the UN’s princi
-
ples regarding business and human rights, for example;
»
The supplier’s internal communications and training;
»
Reporting channels for violations and whistleblower
safety;
»
Processes for investigating cases of violence and harass-
ment, supporting victims, corrective actions, follow-up
and transparency.
In order to ensure successful follow-up, TVO requires
transparency and reporting from its suppliers as well
as documentation concerning any possible corrective
actions. In case any shortcomings are observed, TVO
requires that the supplier develop its practices and
ensure their harmonisation with TVO’s requirements
for sustainability.
Diversity
TVO promotes diversity and equality by ensuring
that the value chain operates equally and free from
discrimination. The obligations for suppliers are
control the activities of suppliers pursuant to TVO’s
principles for sustainable business. TVO provides
suppliers with instructions related to sustainability
(Supplier Code of Conduct) that emphasise the
develops follow-up mechanisms in order to ensure
that suppliers adhere to the requirements. Among
others, these include the utilisation of regular audits
and supplier evaluations. These actions ensure that
the principles of non-discrimination and equality are
implemented in practice and support the Company’s
targets in building a sustainable value chain.
Other work-related rights
TVO by itself enters into negotiations and makes
procurement contracts with suppliers in every stage
of the nuclear fuel production chain. Even though the
-
tion of the workers are indirect, the direct contractual
relationship with the employer provides clearer
prerequisites for observing any possible violations
and intervening in them. TVO sets requirements for
its suppliers on the basis of the Code of Conduct and
assesses the supplier’s ways of working and oper
-
ating environment in its document-based supplier
evaluations and the on-site audits.
The risk assessments aim to identify the special char
-
acteristics of the supplier and its operating environ-
ment, and the contents and criteria for the supplier
evaluation are determined on their basis. The eval
-
uations review matters related to worker rights and
environmental responsibility. In addition to personnel
health and safety, the evaluation involves matters
related to safety culture, such as the safety of mining,
accidents and incidents, radiation safety, safety
equipment and working conditions, communication
on sustainability matters within the work community,
such as internal and public communication as well
as interaction with local communities. Furthermore,
matters related to environmental responsibility, such
as the impacts of operations on biodiversity, erosion,
natural resources such as water, energy consump
-
tion, and the measurement of such matters, authority
requirements and trends from the measurements are
discussed. TVO will provide feedback on the basis of
its evaluations and, if necessary, set requirements for
rectifying non-conformance. The supplier evaluation
process is described in more detail in the section
Relationships with suppliers (G1-2).
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
110
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Targets (S2-5)
ESRS
Level 2.5 in the TRIF
*
indicator describing accident
frequency achieved by 2028.
4 4.96
S1, S2
The highest individual radiation dose incurred at
Olkiluoto was less than half (<10 mSv) of the authority
limit (20 mSv) (continuous).
< 10 mSV 5.72 mSv
S1, S2
*
Number of occupational accidents x 1,000,000/working hours completed.
TVO has set targets related to accident frequency
and individual radiation doses that are reported in
the section Targets (S1-5). These targets cover
supplier employees working at Olkiluoto. Safety
statistics, including the meeting of objectives, are
discussed in the contractor forum arranged by TVO’s
Occupational Safety organisation where the main
focus group consists of the contact persons and
occupational safety representatives of TVO’s major
suppliers working at Olkiluoto. The contractor forum
is explained in more detail in the section Engaging
with value chain workers about impacts (S2-2).
TVO has not yet set any targets pursuant to ESRS
standards in relation to material impacts, risks and
opportunities in the upstream value chain. TVO’s
impact on workers in the upstream value chain is
indirect, taking place through the suppliers. The poli
-
cies related to material impacts, risks and opportuni-
ties in the upstream value chain and the effectiveness
of the actions are monitored by means of supplier
evaluations, in relation to which the target is for all of
and assessed in accordance with the procedures.
Supplier evaluations are reported on in the section
Relationships with suppliers (G1-2).
S3 AFFECTED COMMUNITIES
Material impacts, risks, and opportunities related to affected communities
Subtopic
COMMUNITIES’ ECONOMIC, SOCIAL AND CULTURAL RIGHTS
Clean water
and sanitation
»
Potential negative impacts on communities’ access to water and
sanitation from the nuclear fuel manufacturing chain
Potential negative
impact
Upstream value
chain (nuclear fuel)
Land-related
impacts
»
Negative impacts on people’s living environments from the nuclear
fuel manufacturing chain
Actual negative
impact
Upstream value
chain (nuclear fuel)
Safety-related
impacts
»
Negative impacts of uranium mines on local communities during
their operation and following the termination of operations
Actual negative
impact
Upstream value
chain (nuclear fuel)
RIGHTS OF INDIGENOUS PEOPLES
All
»
Potential violations of the rights of indigenous peoples related to
uranium mines
Potential negative
impact
Upstream value
chain (nuclear fuel)
Material impacts, risks and opportunities related
to affected communities and their interaction with
strategy and business model (S3.SBM-3)
The production of nuclear power requires raw
materials whose production, similarly to any indus
-
trial operations, causes negative impacts on local
communities. TVO’s strategy and business model
consider the impacts, risks and opportunities related
to affected communities. The aim for the strategy
and business model is for TVO to have high-quality
networks and a strong safety brand. Efforts are made
to mitigate the negative impacts to communities in
the upstream value chain by, for example, making
careful supplier choices and promoting sustainable
practices in collaboration with our partners. TVO
procures its nuclear fuel by using what is known as a
contracts are concluded for the different procurement
stages, typically with several suppliers for each stage;
each supplier must be approved through the supplier
evaluation. The procurement chain is described in
more detail in the section Strategy, business model
and value chain (ESRS 2 SBM-1).
TVO has assessed the material impacts, risks and
opportunities through the fuel procurement process
pursuant to the business model, and the assessment
has taken into account the local communities of
uranium mines and production facilities for uranium
-
sion-makers and non-government organisations.
There are approximately 50 uranium mines in 20
different countries, and some of them are located
on or nearby the land areas of indigenous peoples.
-
larly vulnerable communities.
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
111
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
The material negative impacts in TVO’s upstream
value chain are indirect through the activities of
the actors in the value chain, such as mines or fuel
production facilities. The double materiality analysis
did not identify positive impacts, risks or opportuni
-
ties related to affected communities. The impacts of
the upstream value chain on the affected communi
-
ties can be followed during supplier evaluations.
The harmful impacts of uranium mining on the
surrounding environment are similar to other mines,
and they depend on the scope and nature of the
operations, the proximity of housing and the actions
taken in order to limit the impacts. Open quarries
require large land areas, which may cause detrimental
impacts on other industrial and commercial activities
in the nearby areas. Quarrying may cause changes in
water circulation, which may impact the water access
and sanitation of local communities. As a result of
accidents or poor waste management, acidic mining
runoff, hazardous materials dissolved in it or chemi
-
leak into water systems and cause pollution even in
the long term. The pollution may result in health risks,
-
dation in the quality of life or a loss of cultural heritage
for the local communities. The foundations and
embankments of the waste pools and piles must be
appropriate, and their condition is closely monitored.
Appropriate waste management, emissions moni
-
toring and strict safety measures allow for reducing
the risk of these negative impacts. More than half of
raw uranium is currently produced using the solvent
extraction method (in-situ recovery, ISR), which has
underground mines. Environmental impacts in the
upstream value chain are explained in more detail
under Pollution (E2), among other sections.
Mining activities may infringe upon the land rights or
sacred areas of indigenous peoples, and it may limit the
opportunities for engaging in their culturally appropriate
way of life, such as herding. International agreements
secure the self-determination rights of indigenous
peoples and their right to practise their culture, and
ensuring that these rights are met requires special
care on behalf of the mining companies. The means to
achieve this include, for example, assessing the impacts
of mining together with representatives from indige
-
nous peoples, entering into partnership agreements
-
ness among the mining company’s own personnel
through training may also promote considering the
question of indigenous peoples within the operations.
Preventive actions may be taken in order to prevent
negative impacts on communities but, in the worst
case, remediating the potential damage may take
several decades. Even following the end of the
production stage, the mining area requires long-term
follow-up. Even if an area were restored following the
end of quarrying, it may take decades for the state of
the environment to recover.
Policies (S3-1)
Communities’ economic, social and cultural rights
The policies regarding sustainability topics related to
TVO’s Code of Conduct, Supplier Code of Conduct
and the Human Rights Policy. The codes of conduct
are explained in more detail in the section Corpo
-
rate culture (G1-1) and the Human Rights Policy
is explained in more detail in the section Policies
(S1-1). All of the policies listed above have been
cover all affected communities. TVO’s expectations
for activities are relayed during collaboration meet
-
ings with actors in the value chain, in the terms of
procurement contracts and by means of the Code of
Conduct intended for suppliers. The Fuel unit within
the Electricity Production business unit is responsible
for TVO’s nuclear fuel procurement.
the Code of Conduct or the Human Rights Policy in
the upstream value chain.
TVO’s Human Rights Policy, including the commit
-
ment to human rights, was published in 2024 and it
is available for access by the affected communities in
Finnish and English on TVO’s website. TVO’s Human
Rights Policy supplements TVO’s Supplier Code of
Conduct. TVO is committed to respecting all inter
-
International Bill of Human Rights and the Funda
-
the International Labour Organization (ILO), including
the prohibition on the use of forced labour and
child labour. TVO’s Human Rights Policy requires
that parties operate according to the UN Guiding
Principles on Business and Human Rights and the
requires that all of its suppliers and partners commit
to respecting these rights and principles.
TVO is committed to remediating any detrimental
impacts that it has caused to surrounding communi
-
ties, or impacts that it has contributed to by means of
its activities. TVO requires subcontractors to commit
to remediating any detrimental impacts that they
have caused to their workers or the surrounding
communities. TVO is committed to co-operation in
judicial and non-judicial proceedings and processes
in order to remediate the detrimental impacts. TVO
also commits to cooperating with suppliers in order
to remediate detrimental impacts which it has not
contributed to but which are directly related to its
operations via business relationships.
Clean water and sanitation
In its Supplier Code of Conduct and Human Rights
Policy, TVO requires that its suppliers adhere to
human rights, which include clean drinking water and
sanitation. Activities must adhere to all valid envi
-
ronmental laws and regulations and be implemented
in a manner where the potential environmental
impacts are kept as low as possible. Suppliers shall
have in place an environmental management system
pursuant to the ISO 14001 standard or an equivalent
system, where applicable.
Land-related impacts
In its Supplier Code of Conduct and Human Rights
Policy, TVO requires that its suppliers adhere to human
rights, which include the right to a healthy and safe
environment. Pollution of soil jeopardises this right,
which means that activities must be implemented while
preventing, eliminating or mitigating the risk of soil
pollution. Suppliers shall have in place an environmental
management system pursuant to the ISO 14001
standard or an equivalent system, where applicable.
Safety-related impacts
In its Supplier Code of Conduct and Human Rights
Policy, TVO requires that its suppliers adhere to
human rights, which include the right to a healthy
and safe environment. The negative impacts of
communities during their operation and following
the termination of operations must be kept as low
as possible. The supplier shall ensure that it has an
operating permit and a restoration plan. It must also
maintain these documents and adhere to them.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
112
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Rights of indigenous peoples
At the moment, TVO has no special provisions
concerning indigenous peoples. The supplier evalu
-
ations are customised according to the supplier and
its operating environment, which will also allow for
peoples. In its Supplier Code of Conduct and Human
Rights Policy, TVO requires that its suppliers adhere
to human rights, which include the right of self-de
-
termination for indigenous peoples. The realisation of
the right of self-determination for indigenous peoples
is secured by acquiring their free, prior and informed
consent (FPIC) prior to approving or executing projects
that affect the position or rights of indigenous peoples.
Engaging with affected communities about
impacts (S3-2)
The views of affected communities in the upstream
value chain are relayed to TVO indirectly as TVO
meets with suppliers, evaluates the operation of
suppliers or follows the media and the operating
environment. In its Supplier Code of Conduct and
Human Rights Policy, TVO requires that its suppliers
adhere to human rights in all of their operations.
TVO employs a supplier evaluation process and only
from suppliers who have passed the evaluation and
meet the requirements set by TVO. All suppliers
belonging to TVO’s procurement chain for nuclear
fuel are assessed every 3–5 years, depending on the
supplier and the previous assessment.
Activities in the nuclear fuel procurement chain
are subject to a licence that is supervised by local
authorities, who may also arrange hearings for
communities. Public reports are commonly published
regarding the supervision activities, and TVO follows
them as part of its supplier evaluation process.
TVO may receive information on the views or expres
-
sions of concern from the affected communities
(including indigenous peoples) through hearings
arranged by the local authorities, audits performed
by TVO or the reporting channel.
The head of the Fuel unit of the Electricity Production
business unit, reporting to the SVP of Electricity
Production, has operational responsibility for main
-
taining contact and considering the results in the
ways of working.
Processes to remediate negative impacts and
channels for affected communities to raise
concerns (S3-3)
TVO’s reporting channel for potential violations of the
Code of Conduct is open to everyone. All suppliers in
the fuel procurement chain have their own whistle
-
blowing channels, where reports can also be made
anonymously; their functionality can be examined
in connection with the supplier evaluation. The
reporting channel is explained in more detail in the
section Corporate culture (G1-1).
Affected communities’ awareness of the Code
of Conduct, the related reporting and trust in the
process are not separately assessed. The instruc
-
tions are also available to affected communities on
TVO’s website in Finnish and English. The process
for Code of Conduct violations includes policies
that protect persons using the reporting channels
against retaliation.
The supplier evaluation reports, which are also
submitted to the supplier, are used to record any
improvement or deviations, and a written response
from the supplier is expected. Contact with the
suppliers is continuous, and development is followed
up on during the next manufacturing supervision
visits, re-evaluations and other forms of collabora
-
tion. The aim is to intervene in negative observations
in collaboration with the supplier. If the shortcomings
-
opments can be observed, a procurement ban may
be placed on the supplier until the situation has been
in more detail in the section Relationships with
suppliers (G1-2).
Actions (S3-4)
TVO, by itself, enters into negotiations and makes
procurement contracts with suppliers in every stage
of the nuclear fuel production chain. Even though
affected communities are indirect, the direct contrac
-
tual relationship with the supplier provides clearer
prerequisites for observing any possible violations
and intervening in them.
TVO’s expectations for activities are relayed to
suppliers during collaboration meetings, in the terms
of procurement contracts and by means of the Code
evaluations, activities are compared to these expec
-
tations, and interviews may be used to discuss how
the communities affected by the supplier’s operations
experience the situation. All suppliers belonging
to TVO’s procurement chain for nuclear fuel are
assessed every 3–5 years, depending on the supplier
and the previous assessment. The evaluations are
planned according to the supplier and its special
characteristics and, as regards mining in particular,
the impacts of the operations on the local community
may be discussed. The supplier evaluation reports,
which are also submitted to the supplier, are used
as any possible areas for improvement or deviations
observed, and a written response from the supplier
is expected. Contact with the supplier is continuous,
and developments are followed up on during the next
manufacturing supervision visits, re-evaluations and
other forms of collaboration as well as through the
media. The aim is to intervene in negative observa
-
tions in collaboration with the supplier. If the short-
developments can be observed, a procurement ban
may be placed on the supplier until the situation has
In addition to its own supplier evaluations, the TVO
nuclear industry as part of international networks,
such as the World Nuclear Association (WNA).
In 2024, TVO has developed a tool for assessing the
country risks and sector risks of suppliers, updated
the Supplier Code of Conduct (Corporate culture
G1-1) and drawn up a Human Rights Policy (Policies
(S1-1)). TVO will continue to implement develop
-
ment activities in its supplier management processes
in order to promote the increasingly comprehensive
consideration of societal and environment-related
criteria in its supplier selections and to develop
communications regarding sustainability to the
suppliers as well as contract management. In 2024,
TVO did not implement any measures in order to
offer or enable any corrective actions that are related
to actual material impacts, but it has committed itself
to the Global Compact and SBTi initiatives which
provide positive impacts to affected communities.
TVO has not assessed the impact of these initiatives
on the affected communities. TVO uses the auditing
and Code of Conduct violation processes to specify
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
113
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
the necessary actions that are purposeful due to the
actual or potential impacts targeting the affected
communities. In 2024, TVO did not identify such
actions through its processes.
TVO carries out actions in order to avoid causing
or promoting, through its own practices, material
negative impacts on affected communities by,
for example, making careful supplier choices and
promoting sustainable practices in collaboration with
its partners.
the Code of Conduct or the Human Rights Policy as
regards the affected communities.
TVO has adequate resources for managing material
impacts on affected communities. The operating
expenditures related to supplier evaluation were not
material in magnitude in 2024.
Communities’ economic, social and cultural rights
Clean water and sanitation, land-related impacts,
security-related impacts and rights of indigenous
peoples
TVO, by itself, enters into negotiations and makes
procurement contracts with suppliers in every stage
of the nuclear fuel production chain. Even though
the affected communities in the upstream value
chain are indirect, the direct contractual relationship
with the supplier provides clearer prerequisites for
observing any possible violations and intervening
in them. TVO sets requirements for its suppliers on
the basis of the Code of Conduct and assesses the
supplier’s ways of working and operating environ
-
ment in its document-based supplier evaluations and
the on-site audits.
The risk assessments aim to identify the special charac
-
teristics of the supplier and its operating environment,
and the contents and criteria for the supplier evaluation
are determined on their basis. The evaluations review
matters related to human rights and environmental
matters pertaining to occupational health and safety,
the evaluation involves matters related to safety culture,
such as the safety of mining, accidents and incidents,
radiation safety, safety equipment and working
conditions, communication on sustainability matters
within the work community, such as internal and public
communication as well as interaction with local commu
-
nities. Furthermore, matters related to environmental
responsibility, such as the impacts of operations on
biodiversity, erosion, natural resources such as water,
energy consumption, and the measurement of such
matters, authority requirements and trends from the
measurements are discussed. TVO will provide feed
-
back on the basis of its evaluations and, if necessary,
set requirements for rectifying non-conformance. The
supplier evaluation process is described in more detail
in the section Relationships with suppliers (G1-2).
Targets (S3-5)
TVO has not yet set any targets pursuant to ESRS
standards in relation to material impacts, risks and
opportunities in the upstream value chain. TVO’s
impact on affected communities in the upstream
value chain is indirect, taking place through the
suppliers. The policies related to material impacts,
risks and opportunities in the upstream value chain
and the effectiveness of the actions are monitored by
means of supplier evaluations, in relation to which the
target is for all of TVO’s commercial partners to have
procedures. Supplier evaluations are reported on in
the section Relationships with suppliers (G1-2).
ENTITY-SPECIFIC SUSTAINABILITY TOPICS
Nuclear safety
Material impacts, risks, and opportunities related to nuclear safety
Subtopic
NUCLEAR SAFETY
Nuclear safety
»
Nuclear safety is maintained at a high level
Actual positive
impact
Own operations
»
Radioactive releases caused by a potential severe accident
»
Radioactive releases caused by a potential design basis accident
Potential negative
impact
Own operations
»
The costs and reputational damage from failures in the nuclear
safety of the plant units
Risk Own operations
»
Maintaining nuclear safety at a high level promotes the
acceptability of nuclear power and the potential service life
extension for OL1/OL2
Opportunity Own operations
Interests and views of stakeholders
In Finland, the safety of the use of nuclear energy is
monitored by STUK. In addition to safety oversight,
STUK is tasked with managing the supervision of
security and emergency preparedness arrangements at
nuclear power plants and nuclear material safeguards.
The starting point of the Nuclear Energy Act
(990/1987) is that the use of nuclear energy shall be in
line with the overall good of society, safe, and it must
not cause harm to people, the environment or prop
-
erty. The use of nuclear energy is subject to a licence,
and it involves several obligations for the licensee:
among other things, the licensee shall ensure the
safety of operations, manage the nuclear waste gener
-
ated during the operation and cover all the nuclear
obligation, pursuant to the Nuclear Energy Act, by
State Nuclear Waste Management Fund for each
calendar year. TVO collects the funds for this purpose
from the shareholders in the price of electricity.
The Nuclear Energy Act forms the basis for the
-
lations from STUK concerning the use of nuclear
energy. These regulations from STUK concern the
safety of nuclear power plants, security arrangements,
disposal of operating waste and spent nuclear fuel.
By virtue of the authority recorded in the nuclear
energy legislation, STUK publishes YVL Guides which
present the detailed safety requirements concerning
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
114
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
the use of nuclear energy and the practices for
oversight that STUK uses in its work.
Radiation safety is set forth in the Radiation Act
Radiation (1034/2018). According to the Nuclear
Liability Act (484/1972), the holder of a nuclear
power plant shall have nuclear liability insurance that
compensates for any damage caused by a possible
nuclear accident to outside parties, up to an upper
In addition to oversight by STUK, the implementation
The most important of these are the International
Atomic Energy Agency (IAEA) and the World Associ
-
ation of Nuclear Operators (WANO). The IAEA is an
organisation under the United Nations that aims to
promote the peaceful use of nuclear energy, radiation
safety and nuclear safety. WANO works to improve
safety through peer reviews and to exchange oper
-
ating experience between actors in the industry.
In addition to these external layers of oversight, the
licensee maintains in-house oversight, including inde
-
pendent oversight, in order to ensure nuclear safety.
This layered approach to oversight can be visualised
with the image to the right.
Each layer of oversight operates independently,
creating a situational picture of the state of nuclear
safety. Based on this situational picture, TVO further
develops the matters central to nuclear safety that
may be related to technical solutions at the plants,
administrative processes and the organisation’s
culture.
The onion graph indicates the currently used oversight model. The oversight model consists of the organisation’s self-monitoring,
Within Europe, the use and procurement of nuclear
materials is monitored by Euratom, which reports to
the European Commission, and the national regula
-
tory authority is STUK.
Supervision methods include authority inspections,
licence and permit requirements for operations
(permits are required, among other things, for the
possession, processing, use, storage, transport,
export and import of nuclear materials) as well as a
duty for record-keeping and reporting.
TVO also maintains active operating experience
(OpEx) activities that are intended to ensure that
lessons are learnt from internal and external plant
events in order to prevent their recurrence. External
operating experience regarding events taking place
outside of TVO are received from NordERF, WANO,
the IAEA and the NRC, for example.
The inclusion of local communities in decisions
is extensive and continues throughout the entire life
cycle of operations. TVO organises regular interaction
through various forums, such as the Cooperation
Committee for nearby municipalities. The Cooperation
Committee for nearby municipalities was established
in the 1970s at TVO’s initiative, and it has been active
ever since. The Committee is a forum for dialogue
and exchange of information, providing local munic
-
addition to representatives of TVO and Posiva, the
Committee includes representatives appointed by the
municipalities of Eurajoki, Rauma, Nakkila, Eura and
Pori. TVO also maintains close dialogue with Eurajoki
in the municipality’s own cooperation team.
A
U
T
H
O
R
I
T
Y
C
O
N
T
R
O
L
P
e
e
r
r
e
v
i
e
w
i
n
g
,
o
t
h
e
r
o
u
t
s
i
d
e
e
v
a
l
u
a
t
i
o
n
s
(
O
S
A
R
T
,
I
A
E
A
,
W
A
N
O
)
O
r
g
a
n
i
s
a
t
i
o
n
’
s
o
w
n
i
n
d
e
p
e
n
d
e
n
t
v
e
r
i
f
i
c
a
t
i
o
n
Organisations own
self-monitoring
(supervisory self-
monitoring)
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
115
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Policies
The management of and the efforts taken in relation to
organisation of TVO, including the Management Group,
the Business Units and the service functions. TVO’s
-
tors approves the Group’s strategic objectives and
operational guidelines, such as its values, Group-level
policies and the Code of Conduct. The most impor
-
tant aspects of safety, such as matters related to
the promotion of safety culture, are dealt with in the
Safety Committee appointed by the Board from among
its members. TVO’s Management Group is the highest
authority in the organisation that is responsible for
implementing the Nuclear Safety and Quality Policy.
TVO’s Group-level policies are based on the compa
-
ny’s values: sustainability, transparency, proactivity
and continuous improvement. The values lay the foun
-
dation for all activities at TVO. The Group-level policies
outline key objectives in adherence to safe operations.
Stakeholders have been considered when putting the
policies in place, and they are based on the Nuclear
Energy Act and authority requirements. In this respect,
the most important Group-level policy is the Nuclear
Safety and Quality Policy, which includes, among other
things, the following principles concerning nuclear
safety, nuclear material safeguards and quality. The
policies are available on TVO’s website.
Nuclear Safety
TVO commits to maintaining and developing oper-
implemented with awareness as regards safety,
quality and costs. This ensures the ability to generate
competitive electricity safely and reliably even in
the long term. The operation of the Group must not
cause harm to people, the environment or property.
Nuclear safeguards
TVO takes exact care of nuclear material and ensures
that it will not end up in the wrong hands.
Quality
TVO has high-quality ways of working that lay the
foundation for safe, economical operations. Nuclear
professionals working at TVO are expected to adhere
to procedures without compromise and to verify the
implementation of their own work. At the individual
level, this means adopting a carefully considered way
of working, that is, adherence to the STAR principle
(Stop, Think, Act, Review) and a questioning attitude
regarding even the most minor uncertainties. The
of their work and utilise the human error prevention
methods that are in use within the Group. Risk manage
-
ment is implemented on a regular and consistent
manner. Any risks affecting operation and, in particular,
phase. TVO considers its internal customers to be
as important as the external ones and performs all
work tasks in an appropriate and timely manner. TVO
develops cooperation with its suppliers in a manner
in which the safety, availability and eco-friendliness
of the plant units remain at a high international level.
Actions
In order to ensure nuclear safety, actions related to
peer reviews have been advanced during 2024.
Corrective actions have been advanced in a total of
leadership, radiation protection practices and preven
-
tion of recurring events, for example.
-
isation for any possible emergencies and operational
occurrences. Exercises are arranged regularly each
year, and their scope and duration vary according to
the goals of the exercise. The aim of the exercises,
among other things, is to test the functionality and
coverage of the instructions as well as to reinforce
the cooperation between the different actors. The key
cooperation partners for the emergency exercises are
STUK, the police and the rescue services.
In 2024, the decision was made to establish a new
Nuclear Safety Committee to replace the old Safety
Group; it will begin operations in 2025. TVO’s
Nuclear Safety Committee is an independent advi
-
sory expert group appointed by TVO’s President and
CEO. The committee supports TVO’s President and
CEO and the responsible manager for the Olkiluoto
power plant, convening on a regular basis to handle
safety-related issues and giving recommendations
thereon if necessary. The tasks of the Nuclear Safety
Committee include the following, for example:
»
To monitor the state of the safety culture and assess the
directions for its development.
»
To process plans related to maintaining and developing
nuclear safety and radiation safety.
»
To monitor the results from the plant’s safety indicators.
»
To monitor the assessments targeting the licensee’s
management system and safety culture as well as other
practices used for improving the management of safety
Pursuant to the Ministry of the Interior’s decree
774/2011 and the instructions issued by STUK, the
nuclear facility shall, in cooperation with the rescue
services and the Radiation and Nuclear Safety
Authority, deliver the instructions for a radiation
hazard to the nearby population every three years. The
instructions have also been published on the websites
of TVO, the municipality of Eurajoki and the City of
Rauma. For owners of holiday homes, it has been
sent to their address of permanent residence; owners
are asked to ensure that the instructions are taken to
the holiday home. In 2024, these instructions have
been distributed to homes and workplaces within the
municipality of Eurajoki (including Luvia) and in Rauma.
In 2024, in accordance with its strategy, TVO exam
-
ined the possibility of a service life extension and
power uprating at the OL1 and OL2 plant units. From
a nuclear safety perspective, the opportunities for
a service life extension were surveyed by means of
analyses related to ageing management and analyses
concerning the safety improvements related to power
uprating, for example. The analyses related to the
service life extension of the OL1 and OL2 plant units
will continue in the coming years. The periodic safety
assessment report must be submitted to the author
-
ities in 2028. Nuclear safety analyses that aim at the
periodic safety assessment in 2028 will be drawn
up in the coming years at the OL3 plant unit. The
analyses related to the safety assessments are part of
TVO’s operating expenditures and, in 2024, they were
not material in magnitude within TVO’s income state
-
ment. The costs of the safety assessments are also not
forecast to become material in the coming years.
The Olkiluoto nuclear power plants are continuously
kept in good condition in terms of production and
functionality according to the long-term investment
plan. TVO’s investments are related to securing
the availability and productivity of the plant units.
The nuclear safety of the plants is considered in all
investments.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
116
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Targets and indicators
ESRS
Safety culture survey result >4.3 (scale of 1 to 5) > 4.3 4.3
entity-
No events of INES level 1 or higher 0
2 INES level 1
events
entity-
The set targets have been derived from authority
requirements.
State of safety culture
TVO’s activity-based management system meets
the requirements for quality, the environment and
occupational health and safety. In order to ensure
safe operations, TVO systematically assesses the
level of its safety and safety culture, and all of the
employees are committed to a strong safety culture.
The state of the safety culture is regularly assessed
according to the IAEA’s procedure. TVO’s safety
culture is estimated to be at a level where the stra
-
tegic importance of safety has been recognised and
proactive practices are employed. TVO has continued
to employ various measures to maintain and develop
the safety culture.
TVO’s continuous target is to reach the highest
possible level of safety culture. For 2024, the target
was to achieve a result of > 4.3 (scale of 1 to 5) in the
safety culture survey concerning the entire personnel.
According to a safety culture survey performed
during the latter part of the year, the state of the
safety culture has grown stronger; the actual result
for safety culture was 4.3 (scale of 1 to 5).
In addition to TVO’s employees, the safety culture
survey targeted the employees of Posiva Oy and
Posiva Solutions Oy, and it was performed by the
Oy. The state of the safety culture is assessed in
accordance with the International Atomic Energy
Agency’s (IAEA) process.
Nuclear Safety
TVO regularly assesses the state of overall safety
in terms of production, nuclear safety, security and
service life management as well as leadership, the
organisation and personnel. The level of safety is
good. TVO regularly assesses and develops the
operation of the plant units by using internationally
applied safety indicators. The Olkiluoto nuclear
power plant units, OL1, OL2 and OL3, operated
safely throughout the year 2024.
accordance with the international INES scale (0–7).
TVO’s continuous nuclear safety target is “No events
degrading nuclear safety (INES level 1 or higher)”.
rated as INES level 1 (anomaly, exceptional incident
with safety effects) took place at the Olkiluoto plant.
The investigation of one event is still under way.
TVO analyses and investigates all events that may
-
tive actions for their causes. TVO publishes news
website. The two INES level 1 events from 2024 are
described below.
Shortcomings in connectors were observed at the
OL3 plant unit in 2023. Of the eight connectors
inspected, seven contained incorrect seals, in
addition to which one connector was completely
missing the seal. New seals were installed for all
connectors in connection with the inspections. The
fully operable under normal conditions, but they
might not necessarily have met the requirements for
accident conditions. The failure of these measure
-
ments during loss of coolant accidents could have
had a detrimental impact on operator actions while
not jeopardising accident management, however.
Situations where these measurements would
have been required are unlikely. TVO submitted
a preliminary operational event report to STUK in
January 2024 when the inoperability of the systems
event in May 2024.
dose rates during a repair on hoist equipment at
OL3 in June 2024. The exposure occurred during
the lifting of a test fuel element. The exposure was
so minor that no personal injuries resulted from
the event. TVO initiated actions in order to prevent
similar events immediately after the event occurred.
Going forward, all jobs including the handling of test
elements will be subject to the same administrative
requirements as the fuel handling itself. Furthermore,
the handling and markings of test elements will
waterline will always require the presence of Radia
-
tion Protection personnel. According to the interna-
level during the processing of the special report. Even
though the estimated basic rating for the event is 0,
TVO uprated the event by one since shortcomings
-
tive component.
The International Nuclear Event Scale (INES) is a
and nuclear accidents used by the International
Atomic Energy Agency (IAEA). The INES scale was
developed in international cooperation between the
IAEA and the Organisation for Economic Cooperation
experts from several countries. The scale is used by
approximately 70 countries.
The INES scale was taken into experimental use in
1990. For nuclear power plant events, the scale was
facilities, this took place in 1994. The use of the scale
was expanded in the 2000s to cover events related
to the transport, storage and use of radioactive
substances and radiation sources in addition to
events at nuclear facilities.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
117
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Cyber security
Material impacts, risks, and opportunities related to cyber security
Subtopic
CYBER SECURITY
Cyber security
»
Potential cyber security issues, such as attacks on administrative
systems or plant systems
Risk Own operations
Policies
Information security and cyber security are parts of
TVO’s safety culture. As a function, information secu
-
rity is part of the Corporate Safety & Security organ-
isation and cooperates with all the companies and
has the highest decision-making authority. Among
Group’s strategic objectives and operational guide
-
lines, such as its values, Group-level policies and the
Code of Conduct. Information security is one part of
TVO’s Sustainability Policy. The Sustainability Policy
is published on TVO’s website. According to the
Sustainability Policy, information security practices
are dimensioned according to the importance of the
TVO Group’s functions and the risk involved. The
and personnel privacy protection, to ensure the
availability of correct and reliable information and to
avoid damage caused by the processing of data.
The most important external stakeholders in main
-
taining cyber security are the authorities (including
STUK and the National Cyber Security Centre under
and service providers. Cooperation is also maintained
with international organisations such as the IAEA
and WANO. The stakeholders also include the
owners, some of whom are cooperated with. Coop
-
eration and information sharing also takes place with
other operators who are critical in terms of security
of supply.
The management system for information security is
the Information Security Manual, which is available
in the documentation management system to the
Group’s entire personnel and subcontractors with
data system credentials, similarly to the Group’s other
committed to information security and its develop
-
ment, is responsible for adhering to the guidelines at
the highest level. The management system is being
developed to match the ISO 27001 standard, and
this also takes into account the requirements of NIS2
(the European Union’s cyber security directive). Other
standards and recommendations are also in use as
regards the development of plant systems as well as
administrative systems. In part, the development work
is done based on recommendations from authority
assessments, among others, and practices are also
compared with the owners and other similar plants.
7.
6.
5.
4.
3.
2.
1.
0.
Accident
Incident
that impairs
safety
Deviation
Major accident
Serious accident
Accident with wider
consequenses
Accident with local
consequenses
Serious incident
Incident
Anomaly
INES scale
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
118
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Actions
Actions related to cyber security target the Compa-
ny’s own activities and, in terms of information
security, they geographically target Olkiluoto and
TVO’s other locations. A layered defence has been
used to minimise the opportunities of an external
operation. In practice, this means isolating systems
from public networks, isolating systems from each
other and using backup systems, for example. For
their part, physical means of access control also form
a security layer. Access to the administrative network
and systems is protected by technical means and by
means of continuous supervision. Information and
access thereto are protected by means of access
control, among other things. Continuity plans are in
place for TVO’s critical systems. Among other things,
TVO trains its employees and subcontractors with
compulsory information security training that needs to
be refreshed every three years. Furthermore, informa
-
tion security training for the site areas is a mandatory
requirement for receiving access into the area.
In 2024, TVO’s actions supported the policies.
Continuous communication, training and exercises
ensured the ability of every employee to identify
information security risks, to react to them and to
detect and report information security deviations.
Mandatory information security training sessions
were arranged for the entire personnel and subcon
-
tractors, and they were supplemented and developed
by means of the continuous improvement model.
TVO’s President and CEO reports on safety matters
and on any possible deviations during each meeting
Safety Committee also reviews in more detail the
safety oversight reports that are prepared every four
months for review by the Management Group.
Information safety is a part of the corporate safety
& security development project. One of the parts
of the project is the development of administrative
information security, and there are several individual
improvement projects for technical controls that
take into account continuity planning, recovery
and the management of vulnerabilities. Personnel
take part in both national and international training
sessions and exercises, and in-house exercises are
also arranged each year. Event management is being
harmonised with the practices of emergency prepar
-
edness, and this also involves crisis management.
Individual training measures have been prioritised
and scheduled for the next three years.
Information security activities are continuous and
TVO has reserved the necessary resources for them.
TVO’s long-term investment plans. The projects
are not material in scope in relation to TVO’s total
investments. TVO has not set any targets pursuant to
ESRS standards in relation to information security or
cyber security.
Availability
Material impacts, risks, and opportunities related to availability
Subtopic
AVAILABILITY
Availability
»
production
»
TVO’s stable and predictable electricity production evens out price
variations on the electricity market
Actual positive
impact
Own operations
»
Any possible unplanned unavailability (defects or disturbances)
and the secondary costs incurred by the owners as a result
»
Any possible unplanned unavailability (defects or disturbances)
and its negative impacts for electricity users"
Potential negative
impact
Downstream value
chain
»
Any possible unplanned unavailability (defects or disturbances)
will reduce the availability factor and incur costs
»
Potential reputational damage caused by disturbances in
availability and electricity production
Risk Own operations
»
High availability and good predictability for electricity production
may increase TVO’s competitiveness
Opportunity Own operations
When examining energy generation facilities, the
availability factor is one of the most commonly used
performance indicators. The indicator describes how
much energy could have been produced during the
period under review in relation to the amount of
energy produced at full power, without interruption.
The availability factor is decreased by energy gener
-
ation losses due to annual outages as well as defects
or operational occurrences at the plant unit.
Any unplanned unavailability will reduce the avail
-
ability factor, and it incurs costs to TVO and its
owners. Unavailability may be caused by sudden
defects, longer-standing operational occurrences at
the plant units or extensions of annual outages, and
they may cause reputational damage to the reliability
of TVO’s electricity production.
With good availability and a high availability factor,
electricity generation and evens out the price
variations in the electricity market. In 2024, approx
-
imately 28 per cent of all electricity consumed in
Finland was produced at Olkiluoto. TVO’s electricity
production is reliable, predictable, low in emissions
and weather-independent, which has resulted in
competitiveness for TVO’s owners. The electricity
generated by TVO is distributed all over Finland via a
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
119
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
chain of ownership, which consists of TVO’s principal
owner Pohjolan Voima as well as Finnish companies
and power utilities of 131 municipalities which own
Pohjolan Voima and receive the produced electricity.
Policies
The operating agreements for the OL1, OL2 and
OL3 plant units and the instructions for their appli
-
planning and operating the plant units as well as the
principles for the use of the plant units’ infrastructure.
-
ating Committee consisting of representatives from
owner companies for the purposes of operations
control and supervision.
TVO has a Production Policy which contains prin
-
ciples related to the operation and maintenance of
nuclear facilities as well as the increasing of produc
-
tion capacity. The goal for the operation and mainte-
nance activities is disturbance-free, predictable and
competitive electricity production. The Group follows
the development of nuclear power technology and
participates in international cooperation with plant
suppliers and nuclear facility companies. The Produc
-
tion Policy has been approved by the TVO Group’s
Management Group, which is also responsible for its
practical implementation.
According to the Production Policy, availability is
service life management, appropriate testing and
inspection activities, the high-quality planning and
implementation of annual outages and by ensuring
the availability of spare parts. The activities are
continuous and TVO has secured the necessary
Actions
The continuous good condition of the Olkiluoto
nuclear power plant and production that is as
disturbance-free as possible during the operating
cycles is ensured by means of annual outages that
are implemented at regular intervals. Each year,
refuelling outages and service outages alternate at
of operation, outages at OL3 can also be performed
every 18 or 24 months. In 2024, OL1 had a service
outage, where the major jobs included, for example,
service on the main transformer and generator
breaker, control rod drive replacements and service
on the feed water pumps, condensate pumps and
two recirculation pumps. Some of the containment’s
electrical penetrations and parts of the reactor I&C
were also replaced at the plant unit.
In 2024, TVO examined the possibility of a service
life extension and power uprating at the OL1 and
OL2 plant units. The current operating licence
extends until 2038, and opportunities for extending
the service life by 10 or 20 years are being analysed.
At the same time, a potential power uprating of 80
MW per plant unit is being examined.
The Olkiluoto nuclear power plant units are contin
-
uously kept in good condition in terms of their
production and functionality according to the long-
term investment plan. TVO’s investments are mainly
related to securing the availability and productivity of
the plant units. TVO has drawn up scenario calcula
-
tions in relation to the investment plans for the plant
units’ service life extension and power uprating. The
scenario calculations have also examined the funding
-
Targets and indicators
ESRS
Availability factor for the OL1 and OL2 plant units
90-95%
OL1 89.2%
OL2 84.9%
entity-
85-90% OL3 76.1%
entity-
The availability factor describes how much energy
could have been produced during the period under
review in relation to the amount of energy produced
at full power, without interruption. The availability
factor is decreased by energy generation losses due
to annual outages, defects or operational occurrences
at the plant unit. The availability factor has been
set as one of TVO’s strategic indicators, and it has
also been set as a factor in the Group’s performance
bonus system.
The target for the availability factor of the OL1 and
average, and 85–90% for the OL3 plant unit.
The targets differ between OL1, OL2 and OL3, in
particular, due to the length of annual outages and
the differing characteristics of the plants. OL3 is a
newer plant unit and its operation is still stabilising,
which means that the number of defects observed
at OL3 may be higher than at the OL1 and OL2 plant
units; this has also been considered in the target
values for the availability factors.
In 2024, the availability factor for OL1 was 89.2
per cent, while OL2 had 84.9 per cent and OL3 had
76.1 per cent, which means that the targets were
not achieved. The amount of electricity delivered to
shareholders was 23,222 GWh. The lower produc
-
tion volumes, compared to the previous year, were
affected by the extended annual outages in 2024 and
the production of OL2 being at a lower power level.
The target setting for the availability factors is done
each year in connection with the annual planning,
when the assumptions for the factor calculations
are locked in. The targets are continuous. The
determination of the availability factor takes into
account the planned outage lengths according to the
long-term plans as well as the assumptions based on
experience and actual results regarding the number
of defects and operational occurrences as well as
the amount of planned unavailability. The quantities
used for calculating the availability factor are covered
by direct measurements. Each year, the availability
factor target is discussed by TVO’s committees and
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
120
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Governance information (G)
G1 BUSINESS CONDUCT
Material impacts, risks, and opportunities related to business conduct
Subtopic
CORPORATE CULTURE
Corporate
culture
»
Acting in accordance with the principles of sustainable business
(Code of Conduct and policies)
Actual positive
impact
Own operations
»
Potential neglect of the principles of sustainable business (Code
of Conduct and policies) in the company’s own operations
Potential negative
impact
Own operations
»
Acting in accordance with the principles of sustainable business
(Code of Conduct and policies) in the upstream value chain
Potential positive
impact
Upstream value
chain
»
Potential neglect of the principles of sustainable business (Code
of Conduct and policies) in the upstream value chain
Potential negative
impact
Upstream value
chain
RELATIONSHIPS WITH SUPPLIERS
Relationships
with suppliers
»
A high-quality procurement process allows for the safe, long-term
operation of the plant units as well as competitive and reliable
production
Opportunity Own operations
»
Failures in supplier relationships or dependency from a supplier
or services that are essential for operations
»
Degradation of expertise available in the supplier network
Risk
Upstream value
chain
POLITICAL ENGAGEMENT
Political
engagement
»
by participating in the activities of industry associations
Actual positive
impact
Own operations
»
Regulatory reform may ease regulatory requirements and lower
costs
»
increase positive attitudes towards nuclear power
Opportunity Own operations
Corporate culture (G1-1)
Corporate culture is made up by the organisation’s
practices and individuals’ attitudes. TVO’s mission is
to generate climate-friendly electricity for its share
-
holders safely and competitively, thereby creating
well-being for all of Finland. TVO’s vision is to be
TVO’s employees, suppliers and subcontractors are
committed to an uncompromising safety culture. In
practical work, safety culture means operating in
accordance with the principles of nuclear profession
-
alism and TVO’s values in a responsible, proactive
and transparent manner that is based on continuous
improvement. TVO’s corporate culture is created,
developed, promoted and assessed on the basis of
the Company’s mission, vision and values. Nuclear
professionalism and leadership are systematically
in order to reinforce expectations. The expectations
for a nuclear professional are part of TVO’s activi
-
ty-based management system. TVO also has in place
a safety culture programme that aims to achieve
the IAEA’s highest safety culture level, i.e. to create
a learning organisation. TVO’s culture of leadership
and activities are developed in the Better Workplace
-
ations and ensuring good operational preconditions
by developing issues pertaining to the employees’
own work, their immediate work community and all
of TVO. Corporate culture is assessed by means of
a personnel survey and safety culture questionnaire
that is implemented regularly; targets have also been
set for both of these. No target pursuant to the ESRS
standard has been set for corporate culture.
TVO has considered matters related to sustaina
-
bility as part of the Company’s codes of conduct,
practices and governance system and arranged for
the necessary resources for functions related to
sustainability. The principles of sustainable business
are described in the TVO Group’s Code of Conduct,
which is approved by the Company’s Board of
Directors and applies to the entire personnel as well
as all partners and subcontractors. The Management
Group is responsible for adhering to these principles.
Separate codes of conduct have been drawn up for
the TVO Group’s personnel as well as suppliers and
stakeholders. The TVO Group’s Code of Conduct
complies with the OECD Guidelines for Multinational
Enterprises, and has been discussed in a dialogue
meeting and approved by the Board of Directors.
TVO considers any non-compliance with its Code
of Conduct unacceptable. The codes of conduct
are published on TVO’s website at
code-of-conduct.
TVO’s principles of sustainable business include,
as part of TVO’s corporate culture, respect of
human rights and a completely negative attitude
misconduct, discrimination and unhealthy political
the internal guidelines “Practical recommendations
related to the company’s hospitality” and “Course of
Principles for anti-corruption and anti-bribery are
included in TVO’s Code of Conduct, and they are
consistent with the anti-bribery and anti-corruption
principles of the United Nations Convention against
Corruption.
The TVO Group’s subcontractors and stakeholders
enclosing the Code of Conduct with the contracts
signed with suppliers and partners. The Code of
Positive impact on the environment or society
Negative impact on the environment or society
Opportunity for TVO’s business
Risk for TVO’s business
Actual
Potential
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
121
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Conduct is part of the induction training required
for obtaining an access card for the Olkiluoto area.
The induction training concerns the TVO Group’s
personnel and suppliers working at Olkiluoto, and it
must be repeated at regular intervals.
The Company’s own personnel have received
communications and training regarding the Code of
Conduct on TVO’s intranet, and training regarding it
is provided in the mandatory induction training which
needs to be retaken at regular intervals. Similarly,
suppliers working at Olkiluoto have received commu
-
nications and training regarding the Code of Conduct
during the the mandatory induction training which
needs to be retaken at regular intervals. For other
suppliers, the key contents of the Code of Conduct
has been explained as part of the procurement
requirements, by enclosing the Code of Conduct with
the contract, for example. The Code of Conduct and
its related process are communicated to the Compa
-
ny’s own workforce and suppliers working in the
Group during annual outages in particular, but also at
other times when necessary.
A person reporting potential violations of the Code
of Conduct may select the most suitable manner of
reporting on the basis of the conditions related to the
incident. Misconduct may be reported to the super
-
visor, to a member of the company’s management or
to Internal Audit. Internal Audit may be contacted by
means of a publicly available whistleblowing channel,
email, telephone, personal discussion or letter. All
and, at the whistleblower’s request, anonymously
by an internal auditor. Internal Audit, which has
received the necessary training for receiving these
reports, is responsible for investigating activities in
violation of the Code of Conduct. The measures are
in accordance with the applicable law transposing
Directive (EU) 2019/1937 of the European Parliament
and of the Council(121). Instructions and a process
description are available for investigating activities in
violation of the Code of Conduct; they ensure that the
-
blowers are protected. If a suspected violation of the
Code of Conduct is received from outside of the whis
-
tleblowing channel, it is routed into Internal Audit’s
investigation process and investigated without delay,
-
cially sensitive to bribery or corruption.
Via the internal auditor, the suspected Code of
Conduct violation will advance to pre-analysis, clas
-
is determined to be well-founded, the matter and
its proposed actions will proceed for processing by
TVO’s management and, if necessary, to the Finance
Committee, TVO’s Board of Directors and the authority.
Any events that violate the Code of Conduct are
addressed by supervisors and the management.
The individual found to be in violation of the Code of
Conduct will be subject to appropriate disciplinary
action. Internal Audit will regularly report to the
Finance Committee and TVO’s Board of Directors on
the received reports.
If a supplier is found to be in breach of the Code
of Conduct, the supplier is provided instructions in
supplier must take the corrective actions pursuant to
the instructions without delay. TVO reserves the right
to cancel orders, interrupt future orders or terminate
the contract with the supplier if the Code of Conduct
violations are material.
Activity-based management system
TVO’s activity-based management system covers the
production operations at the Olkiluoto nuclear power
plant, maintenance and development of production
capacity, construction of additional production
capacity and the related steering and resourcing
functions. The system meets the requirements of
international quality management, environmental
and health and safety standards, and it has been
Ab. The general part of the activity-based manage
-
ment system also acts as the licensee’s quality
management system that has been approved by
the Radiation and Nuclear Safety Authority. The
implementation, functionality and effectiveness of
the activity-based management system is regularly
tracked through internal audits and management
reviews.
TVO’s activity-based management system meets
the requirements of the following procedures and
standards, among others:
»
Quality management system ISO 9001:2015, STUK YVL
A.3 Leadership and management for safety
»
Environmental management system ISO 14001:2015
»
»
Occupational health and safety management system ISO
45001:2018.
Relationships with suppliers (G1-2)
TVO requires that its business partners and their
personnel working in the Group commit to a high
level of safety culture and high-quality ways of
working. TVO only purchases products and services
from suppliers it has evaluated and approved, and
the selection particularly favours Finnish and local
companies. The backgrounds of the suppliers are
checked in terms of statutory client’s obligations,
-
cial information that is essential as regards business
continuity.
The purchased products and services acquired by
TVO must meet TVO’s requirements concerning
safety, quality and the environment. The general
requirements are described in the general purchase
terms. The requirements set for suppliers depend
on the object of purchase. TVO’s suppliers generally
apply a level of requirements in accordance with
the ISO 9001 quality management system, ISO
14001 environmental management system and the
ISO 45001 occupational health and safety system
(OHS). TVO also requires that contracting parties use
operating methods that comply with TVO’s Supplier
Code of Conduct and its policies. The Supplier
Code of Conduct is explained in more detail in the
section Corporate culture (G1-1). When working
in the Group, suppliers are expected to adhere to
safe working practices that are described in the
occupational safety instructions for suppliers that
are delivered to the supplier when an order is made.
to the management system standard, they must
demonstrate the adequacy of their management
system level by other means. TVO generally reserves
the right to terminate assignments that do not meet
the set requirements.
TVO maintains regular dialogue with the suppliers,
both during daily collaboration and through separate
supplier meetings, the contractor forum, feedback
events and various assessments. The assessments
ensure that suppliers adhere to TVO’s requirements.
If necessary, TVO has the right to audit the manage
-
ment systems for quality, safety, information security
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
122
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
and the environment as well as the operations of
the supplier and its subcontractors to the extent it
considers necessary. The supplier is obligated to
ensure that the above-mentioned right is included
in all contracts between the supplier and its
subcontractors in the entire supply chain. In order to
validate the operations of TVO’s suppliers and their
subcontractors, STUK may participate in the audits.
Any possible corrective actions are taken together
with the supplier on the basis of the assessment
results. For contracts being renewed, the supplier’s
meeting of previous requirements and commitment
for TVO’s safety and the potential risks inherent to
its production operations. The availability of essential
products and services is ensured by means of close
collaboration with suppliers and long-term contracts.
The key supplier approach is a central part of the
Company’s internal supplier management. The
approach allows for anticipating disturbances and
minimising risks. This is achieved by means of contin
-
uous dialogue and by monitoring supplier perfor-
mance. Collaboration between the procurement
organisation and key internal stakeholders ensures
that, in strategic areas in particular, any possible
disturbances and risks in the supply chain can be
quickly reacted to and the continuous development of
suppliers can be supported. Supplier performance is
regularly assessed as part of the quality control and
procurement processes. If necessary, these assess
-
ments are supplemented by means of different risk
surveys and analyses, such as sector and country risk
analyses or SWOT analyses for key suppliers.
The key suppliers selected in supplier relationship
management have access to a service guidance
model that supports supplier performance develop
-
supplier and rapid solution of problems.
Four times a year, TVO’s Occupational Safety
organisation organises a contractor forum where the
main focus group consists of the contact persons
and occupational safety representatives of TVO’s
suppliers working at Olkiluoto. Among other things,
the contractor forum discusses safety statistics,
such as occupational accidents and near misses as
well as safety observations and safety deviations.
Topical occupational safety matters and instructions
and matters pertaining to the environment are also
discussed.
In 2024, TVO has developed a tool for assessing the
country risks and sector risks of suppliers, updated
the Supplier Code of Conduct and updated the
Group-level policies. TVO will continue to imple
-
ment development activities in its procurement and
supplier management processes in order to promote
the increasingly comprehensive consideration of soci
-
etal and environment-related criteria in its supplier
selections and to develop communications regarding
sustainability and contract management.
The competences of the procurement personnel are
developed in accordance with the annual training
plan, and TVO has ensured that the company has
adequate resources for managing supplier relation
-
ships. In accordance with their duties, procurement
personnel participate in training that covers, among
other things, procurement tasks, risk management,
sustainability, category leadership, negotiation skills
and identifying counterfeit products. A separate
training is arranged for key supplier activities.
TVO has not set any targets pursuant to ESRS
standards in relation to material impacts, risks and
opportunities for supplier relationships. The policies
related to material impacts, risks and opportunities
for supplier relationships and the effectiveness of the
actions are monitored by means of supplier evalua
-
tions, in relation to which the target is for all of TVO’s
assessed in accordance with the procedures.
Payment practices
TVO promotes sustainable and equal partnership in
its supply chain and supports business continuity for
SMEs by adhering to policies that prevent payment
delays (for SMEs in particular), thereby supporting
the suppliers. A clear payment term policy ensures
that payments are made according to agreement and,
by virtue of the activity management system and
automatic approval processes, invoices are processed
set at 30 days. Open communication and pre-emp
-
delay of any possible problems with processing.
TVO participates in discussions within society at the
EU level and the national level, especially in Finland
and Brussels. TVO is registered in the EU’s Trans
-
parency Register (REG number 352103717639-15).
TVO’s Board of Directors is responsible for the Group
having access to representation of interests that is
meaningful for its business activities. TVO’s President
and CEO, assisted by the Group’s Management
Group, follows their progress. The targets and main
messaging for the representation of interests are part
strategy is discussed in its entirety within TVO’s
Management Group and reported to the Board of
Directors annually. TVO has set targets related to
stakeholder trust, TVO’s transparency and attitudes
towards nuclear power, and these are reported in the
section Interests and views of stakeholders (ESRS
2 SBM-2).
TVO does not support political activities and, thereby,
it does not participate in seminars arranged for the
purpose of fundraising for political candidates, for
example. During the past reporting period, TVO
has not appointed any members of administrative,
management and supervisory bodies that would
have held a similar position within public administra
-
tion during the two years prior to the appointment. In
2024, TVO made no donations and gave no mone
-
tary support towards political activities.
TVO’s Communications competence centre reports
to the Group’s management and Board of Directors
and focus areas for representation of interests, TVO
has carried out a regulatory risk assessment. These
risks have also been considered in TVO’s materiality
analysis that is based on double materiality. TVO
-
tives, such as the technical screening criteria for the
taxonomy for sustainable economic activities, the
electricity market reform, the Net-Zero Industry Act,
the Fit for 55 package and legislation related to green
have been Finland’s positions on the EU initia
-
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
123
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
tives mentioned above, a total reform of the rules
concerning nuclear energy, actions promoting the
exception to limits on right to interest deduction and
regulation of the power threshold to what is called
dimensioning failure. TVO supports the EU’s environ
-
mental objectives and the target of climate neutrality
by 2050.
follows:
electricity. Approximately 30 per cent of Finland’s
electricity comes from one island that manages the
entire life cycle of nuclear power.
TVO is preparing investment decisions for extending
the service life of two plant units. The investment
will only be realised if the prerequisites for operation
have been ensured until the end of the service lives:
1. The reform of the Finnish Nuclear Energy Act must
ensure a high level of nuclear safety while also enabling
the industry’s new ways of working that improve
2. Fingrid must develop the national grid in a manner where
Overall, it is curious that the costs for grid load limita
-
tion can be retroactively allocated to a single company
following the investment decision. This results in uncer
-
tainty regarding new nuclear power plant units.
3. The current nuclear power plant units were constructed
on market terms, and their operational prerequisites must
not be degraded by subsidising new nuclear power.
4. The right to deduct interests was limited from the begin
-
ning of 2019 (Act on the Taxation of Business Income,
Section 18 a). In order to secure TVO’s operational
prerequisites and future investments, the right to deduct
interests must be restored for nuclear power.
5. Regulations must be technology neutral and treat nuclear
power equally to other clean energy sources. For example,
the status of hydrogen produced with nuclear power must
6. The clean transition requires more public and private
(such as the taxonomy for sustainable economic activities)
must take nuclear power projects into account on even
terms with other clean energy sources.
7. The current focusing of electricity production in Western
Finland must not form an obstacle to constructing a new
nuclear power plant unit at Olkiluoto.
8.
sustainable production of nuclear power. An operating
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
124
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
In this chapter:
Financial
statements
...........................................126
..................................
127
..............................
128
.....................
169
...........................................183
..............................................................
184
...189
..............................................
191
.................................... 192
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
125
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
TVO Group (IFRS) (M€) 2024 2023 2022 2021 2020
Turnover 897 876 358 299 275
5)
82 106 -48 -20 0
16 14 10 12 12
251 179 47 44 45
1)
91 461 312 578 56
2,278 2,252 2,218 2,063 2,043
3)
629 929 929 929 929
2)
6)
4,613 4,750 4,831 4,337 4,281
2)
728 728 651 711 716
1,336 1,289 1,294 1,368 1,030
9,126 9,229 9,171 8,662 8,181
4)
32.3 31.2 30.7 31.3 31.7
1,095 1,057 1,031 1,004 984
1)
2)
3)
4)
5)
29
6)
2223
2024 2023 2022 2021 2020
1)
82 106 -48 -20 0
2)
-6 -13 36 17 6
1)
9 25 0 0 0
-1 0 2 -1 3
84 118 -10 -4 9
84 118 -10 -4 9
1)
29
2)
(M€) 2024 2023 2022 2021 2020
1,525 1,458 1,436 1,451 1,479
1,438 1,525 1,458 1,436 1,451
1,081 1,035 1,000 1,010 1,030
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
126
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
2024 2023 2022 2021 2020
Turnover 895 873 353 294 271
83 118 -10 -4 8
110 111 70 61 64
-17 106 100 41 28
351 266 37 38 34
1)
68 449 339 220 52
1,164 864 864 861 861
383 299 181 193 197
2)
4,457 4,610 4,798 4,277 4,180
3)
629 929 929 929 929
2)
728 728 651 711 716
7,625 7,714 7,602 7,156 6,995
4)
31.6 30.0 28.4 30.8 31.7
1,092 1,055 1,029 1,002 983
1)
2)
3)
4)
2024 2023 2022 2021 2020
6,939 7,417 6,918 7,393 7,299
6,602 6,855 7,522 7,021 7,264
9,681 10,361 1,876 0 0
23,222 24,633 16,316 14,414 14,563
0 0 0 0 82
Total 23,222 24,633 16,316 14,414 14,645
2024 2023 2022 2021 2020
89.1 95.4 89.1 95.1 93.7
84.8 88.3 96.8 90.4 93.3
70.4 75.2 16.9 - -
Total capacity factor
1)
79.0 82.8 67.6 92.8 93.5
1)
2024 2023 2022 2021 2020
28.0 30.8 19.9 16.8 18.1
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
127
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| | |||
| Restated | |||
EUR 1,000 | Note | | |
Turnover | 3,4 | ||
| 5 | ||
| 6 | ||
| 7 | - | - |
| 8 | - | - |
| 4,9 | - | - |
| 10 | - | - |
| |||
| 11 | ||
1) | 11 | - | - |
1) | - | - | |
| |||
1) | |||
| 12 | - | |
1) | |||
| | |||
1) | |||
1) 29 |
| | |||
| Restated | |||
EUR 1,000 | Note | | |
1) | |||
| | |||
| | |||
1) | 11 | - | - |
| - | - | |
| |||
| | |||
| | |||
1) 29 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
128
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| | ||||
| Restated | Restated | |||
EUR 1,000 | Note | | | 1 Jan 2023 |
| Assets | ||||
| Non-current assets | ||||
| | 13 | |||
| 14 | |||
| 17 | |||
| 15 | |||
| 18 | |||
| 20 | |||
| 24 | |||
Total non-current assets | ||||
| Current assets | ||||
| | 19 | |||
| 3, 17 | |||
| 20 | |||
| ||||
Total current assets | ||||
Total assets | ||||
| | ||||
| | ||||
| | 21 | |||
| 21 | |||
| 21 | |||
1) | 21 | |||
| 21 | |||
1) | 21 | |||
Total equity |
| Restated | Restated | |||
EUR 1,000 | Note | | | 1 Jan 2023 |
| | ||||
| | ||||
| | 24 | |||
| 22 | |||
| 22 | |||
| 22 | |||
| 20, 22 | |||
| ||||
| | ||||
2) | 22 | |||
| 20, 22 | |||
| 3, 23 | |||
| 23 | |||
2) | 23 | |||
| ||||
| ||||
| ||||
1) 29 | ||||
2) 2223 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
129
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| | |||||||||
| | | | | | |||||
EUR 1,000 | Note | | | | 1) | | Retained earnings 1) | | |
Equity as originally proposed 1 Jan 2024 | |||||||||
1) | - | ||||||||
Restated equity 1 Jan 2024 1) | 29 | ||||||||
| |||||||||
| | |||||||||
| | - | - | - | ||||||
| - | - | - | ||||||
| - | - | - | ||||||
| |||||||||
Equity 31 Dec 2024 | 21 | ||||||||
| | | | | | |||||
EUR 1,000 | Note | | | | 1) | | Retained earnings 1) | | |
12023 | |||||||||
1) | - | ||||||||
12023 1) | 29 | ||||||||
1) | |||||||||
| | |||||||||
1) | - | - | - | ||||||
| - | - | - | ||||||
312023 1) | 21 |
1)
29
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
130
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| | ||||
| Restated | ||||
EUR 1,000 | Note | 2024 | 2023 | EUR 1,000 Note 2024 |
| Operating activities | ||||
2) | ||||
| | ||||
| | ||||
2) | ||||
| ||||
| - | - | ||
1) | - | |||
| - | |||
| | ||||
| | - | - | ||
| - | |||
| - | |||
| - | - | ||
| ||||
| - | |||
| ||||
| Investing activities | ||||
| | - | - | ||
| ||||
| - | - | ||
| ||||
| - | |||
| - | - |
| Restated | |||
| 2023 | |||
| Financing activities | |||
| | |||
| - | - | |
| - | - | |
| - | - | |
| |||
| - | - | |
| - | - | |
| - | ||
1 | |||
31 Dec | 18 | ||
1) | |||
2) 29 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
131
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
132
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
REVENUE RECOGNITION PRINCIPLES
Other income
-
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
134
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES SUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| Years | |
10 | |
10 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
137
REPORT OF THE BOARD OF DIRECTORS KEY FIGURES SUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Climate-related risks and opportunities
2
-
-
-
-
2
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
140
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
SEGMENT STRUCTURE IN THE TVO GROUP
Segment calculation principles
EUR 1,000 | 2024 | 2023 |
897,412 | 876,204 |
EUR 1,000 | 2024 | 2023 |
-239,099 | -169,356 | |
-239,099 | -169,356 | |
-12,171 | -9,773 | |
700 | 455 | |
Total (IFRS) | -250,570 | -178,674 |
EUR 1,000 | ||
4,963 | 18,624 | |
64,083 | 64,928 |
EUR 1,000 | 2024 | 2023 |
64,928 | 23,033 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
141
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 | 2024 | 2023 |
83,615 | 118,216 | |
83,615 | 118,216 | |
6,139 | 12,998 | |
1) | -58,916 | -58,386 |
2) | 38 | -1,514 |
43,980 | 29,291 | |
4,510 | 3,007 | |
2) | 1,471 | 2,068 |
796 | 173 | |
Total (IFRS) 1) | 81,633 | 105,853 |
1)
2)
EUR 1,000 | 2024 | 2023 |
7,625,539 | 7,713,972 | |
7,625,539 | 7,713,972 | |
1,428,851 | 1,375,844 | |
84,524 | 155,782 | |
41,621 | 43,892 | |
-60,863 | -60,863 | |
2,279 | -3,110 | |
3,854 | 3,059 | |
Total (IFRS) | 9,125,805 | 9,228,576 |
EUR 1,000 | 2024 | 2023 |
5,942 | 18,949 |
EUR 1,000 | 2024 | 2023 |
895,252 | 872,868 | |
2,160 | 3,336 | |
Total | 897,412 | 876,204 |
EUR 1,000 | 2024 | 2023 |
5,676 | 18,784 | |
266 | 165 | |
Total | 5,942 | 18,949 |
GROUP-WIDE DISCLOSURES
EUR 1,000 | 2024 | 2023 |
-111,759 | -96,168 | |
-111,759 | -96,168 | |
46,026 | -19,532 | |
1) | -58,916 | -58,386 |
43,980 | 29,291 | |
925 | 671 | |
Total (IFRS) 1) | -79,744 | -144,124 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
142
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 2024 2023
0 7,143
| | ||
EUR 1,000 | 2024 | 2023 |
| 1,240 | 1,108 |
| 11,729 | 10,092 |
| 838 | 704 |
Total | 13,807 | 11,904 |
EUR 1,000 | 2024 | 2023 |
113,830 | 70,015 | |
9,156 | 7,613 | |
CO 2 | 105 | 100 |
1) | 10,286 | 63,674 |
-4,664 | 40,472 | |
45,816 | 40,337 | |
Total | 174,529 | 222,211 |
| |
| EMPLOYEE BONUS SYSTEM |
| |
| |
| |
2024 2023
898 859
197 198
Total 1,095 1,057
2024 2023
887 856
195 189
Total 1,082 1,045
INFORMATION ABOUT GEOGRAPHICAL AREAS
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
143
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 | 2024 | 2023 |
517 | 449 | |
43 | 38 | |
Total | 560 | 487 |
25,211 | 18,477 | |
210,344 | 148,548 | |
2,284 | 1,389 | |
12,171 | 9,773 | |
Total | 250,010 | 178,187 |
Total | 250,570 | 178,674 |
EUR 1,000 | 2024 | 2023 |
59,326 | 29,244 | |
16,293 | 12,197 | |
3,999 | 3,490 | |
87,059 | 54,159 | |
17,153 | 14,483 | |
2,500 | 1,186 | |
8,388 | 7,425 | |
4,565 | 4,948 | |
896 | 969 | |
35,067 | 32,018 | |
Total | 235,246 | 160,119 |
| EUR 1,000 | ||
2024 | 2023 | |
237 | 199 | |
19 | 12 | |
1) | 195 | 51 |
Total | 451 | 262 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
144
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
1) | 106 | -240 |
Total 2) | -79,744 | -144,124 |
EUR 1,000 | 2024 | 2023 |
1) | ||
30,454 | 65,681 | |
15,938 | 29,376 | |
2,760 | 2,474 | |
0 | 2,049 | |
Transferred items, total | 18,698 | 33,899 |
11,756 | 31,782 | |
11,756 | 31,782 |
1)
EUR 1,000 | 2024 | 2023 |
| 0 | 13 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
145
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 | Total | ||||||
12,075 | 1,481,519 | 5,666,539 | 131,255 | 92,366 | 507,103 | 7,890,857 | |
0 | 1,223 | 47,070 | 285 | 37,454 | 19,902 | 105,934 | |
0 | -3,090 | -12,693 | -179 | 0 | 0 | -15,962 | |
-1 | 0 | -6,641 | 0 | 0 | 0 | -6,642 | |
0 | 0 | 20,825 | 0 | -20,825 | 0 | 0 | |
12,074 | 1,479,652 | 5,715,100 | 131,361 | 108,995 | 527,005 | 7,974,187 | |
0 | 248,908 | 1,121,547 | 51,169 | 0 | 112,164 | 1,533,788 | |
0 | 0 | -6,641 | 0 | 0 | 0 | -6,641 | |
0 | 25,211 | 210,344 | 2,284 | 0 | 12,171 | 250,010 | |
0 | 274,119 | 1,325,250 | 53,453 | 0 | 124,335 | 1,777,157 | |
Book value 31 Dec 2024 | 12,074 | 1,205,533 | 4,389,850 | 77,908 | 108,995 | 402,670 | 6,197,030 |
12,075 | 1,232,611 | 4,544,992 | 80,086 | 92,366 | 394,939 | 6,357,069 |
| 2023 | |||||||
EUR 1,000 | Total | ||||||
12,075 | 301,129 | 1,418,997 | 55,190 | 5,427,099 | 515,420 | 7,729,910 | |
0 | 1,021 | 31,477 | 1,280 | 406,493 | 19,830 | 460,101 | |
0 | -2,628 | -7,899 | 0 | -260,416 | -28,147 | -299,090 | |
0 | 1,181,997 | 4,223,964 | 74,785 | -5,480,810 | 0 | -64 | |
12,075 | 1,481,519 | 5,666,539 | 131,255 | 92,366 | 507,103 | 7,890,857 | |
0 | 233,059 | 980,897 | 49,780 | 0 | 102,391 | 1,366,127 | |
0 | -2,628 | -7,898 | 0 | 0 | 0 | -10,526 | |
0 | 18,477 | 148,548 | 1,389 | 0 | 9,773 | 178,187 | |
0 | 248,908 | 1,121,547 | 51,169 | 0 | 112,164 | 1,533,788 | |
Book value 31 Dec 2023 | 12,075 | 1,232,611 | 4,544,992 | 80,086 | 92,366 | 394,939 | 6,357,069 |
12,075 | 68,070 | 438,100 | 5,410 | 5,427,099 | 413,029 | 6,363,783 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
146
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| Buildings and | |||
| EUR 1,000 | progress | ||
0 | 2,019 | 68,831 | |
0 | 449 | 163 | |
0 | -730 | -3,950 | |
Book value 31 Dec 2024 | 0 | 1,738 | 65,044 |
EUR 1,000 | 2024 | 2023 |
730 | 586 | |
3,950 | 2,498 | |
Total | 4,680 | 3,084 |
985 | 397 | |
39 | 40 | |
723 | 742 |
| Buildings and | |||
| EUR 1,000 | progress | ||
70,228 | 2,311 | 170 | |
474 | 294 | 457 | |
-70,702 | 0 | 70,702 | |
0 | -586 | -2,498 | |
Book value 31 Dec 2023 | 0 | 2,019 | 68,831 |
EUR 1,000 | 2024 | 2023 |
44,326 | 2,753 | |
1,259 | 44,647 | |
Total | 45,585 | 47,400 |
-
LEASES
Amounts recognised in the balance sheet
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
147
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| 2024 | |||||
EUR 1,000 | CO 2 emission rights | ||||
Acquisition cost 1 Jan | 114 | 22,536 | 4,182 | 168 | 27,000 |
Increase | 105 | 418 | 0 | 414 | 937 |
Decrease | -108 | 0 | 0 | 0 | -108 |
Acquisition cost 31 Dec | 111 | 22,954 | 4,182 | 582 | 27,829 |
Accumulated depreciation and impairment charges according to plan 1 Jan | 0 | 20,743 | 3,742 | 0 | 24,485 |
Accumulated depreciation from deduction | 0 | 0 | 0 | 0 | 0 |
Depreciation for the period | 0 | 518 | 42 | 0 | 560 |
Accumulated depreciation and impairment charges according to plan 31 Dec | 0 | 21,261 | 3,784 | 0 | 25,045 |
Book value 31 Dec 2024 | 111 | 1,693 | 398 | 582 | 2,784 |
Book value 1 Jan 2024 | 114 | 1,793 | 440 | 168 | 2,515 |
| 2023 | |||||
EUR 1,000 | CO 2 emission rights | ||||
Acquisition cost 1 Jan | 129 | 22,150 | 3,843 | 352 | 26,474 |
Increase | 100 | 661 | -248 | 64 | 577 |
Decrease | -115 | -275 | 275 | 0 | -115 |
Transfer between categories | 0 | 0 | 312 | -248 | 64 |
Acquisition cost 31 Dec | 114 | 22,536 | 4,182 | 168 | 27,000 |
Accumulated depreciation and impairment charges according to plan 1 Jan | 0 | 20,569 | 3,429 | 0 | 23,998 |
Accumulated depreciation from deduction | 0 | -275 | 275 | 0 | 0 |
Depreciation for the period | 0 | 449 | 38 | 0 | 487 |
Accumulated depreciation and impairment charges according to plan 31 Dec | 0 | 20,743 | 3,742 | 0 | 24,485 |
Book value 31 Dec 2023 | 114 | 1,793 | 440 | 168 | 2,515 |
Book value 1 Jan 2023 | 129 | 1,581 | 414 | 352 | 2,476 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
148
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| 2024 | ||||||
EUR 1,000 | ||||||
Acquisition cost 1 Jan | 1,167 | 413,247 | 1,423,839 | 21,315 | 0 | 1,859,568 |
Acquisition cost reduction of the OL3 project | 0 | -1,031 | -3,543 | -51 | 0 | -4,625 |
Acquisition cost 31 Dec | 1,167 | 412,216 | 1,420,296 | 21,264 | 0 | 1,854,943 |
Accumulated depreciation and impairment charges according to plan 1 Jan | 960 | 26,637 | 112,427 | 2,202 | 0 | 142,226 |
Depreciation for the period | 12 | 6,779 | 51,939 | 365 | 0 | 59,095 |
Accumulated depreciation and impairment charges according to plan 31 Dec | 972 | 33,416 | 164,366 | 2,567 | 0 | 201,321 |
Book value 31 Dec 2024 | 195 | 378,800 | 1,255,930 | 18,697 | 0 | 1,653,622 |
Book value 1 Jan 2024 | 207 | 386,610 | 1,311,412 | 19,113 | 0 | 1,717,342 |
| 2023 | ||||||
EUR 1,000 | ||||||
Acquisition cost 1 Jan | 1,167 | 27,122 | 95,394 | 2,402 | 1,702,465 | 1,828,550 |
Increase | 0 | 0 | 0 | 0 | 31,129 | 31,129 |
Decrease | 0 | 0 | 0 | 0 | -111 | -111 |
Transfer between categories | 0 | 386,125 | 1,328,445 | 18,913 | -1,733,483 | 0 |
Acquisition cost 31 Dec | 1,167 | 413,247 | 1,423,839 | 21,315 | 0 | 1,859,568 |
Accumulated depreciation and impairment charges according to plan 1 Jan | 948 | 22,019 | 77,443 | 1,950 | 0 | 102,360 |
Depreciation for the period 1) | 12 | 4,618 | 34,984 | 252 | 0 | 39,866 |
Accumulated depreciation and impairment charges according to plan 31 Dec | 960 | 26,637 | 112,427 | 2,202 | 0 | 142,226 |
Book value 31 Dec 2023 | 207 | 386,610 | 1,311,412 | 19,113 | 0 | 1,717,342 |
Book value 1 Jan 2023 | 219 | 5,103 | 17,951 | 452 | 1,702,465 | 1,726,190 |
1)
CAPITALISED BORROWING COSTS INCLUDED IN PROPERTY, PLANT AND EQUIPMENT, AND INTANGIBLE ASSETS
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
149
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| Current | ||
| Cash and cash equivalents | 15,226 | 13,938 |
6,524 | 13,891 | |
Total current assets | 21,750 | 27,829 |
0 | 0 | |
-14,900 | -22,070 | |
Total current liabilities | -14,900 | -22,070 |
| Non-current | ||
| Assets | 70 | 79 |
0 | 0 | |
Total non-current liabilities | 0 | 0 |
Net assets | 6,920 | 5,839 |
2024 | 2023 | |
Turnover | 80,204 | 118,223 |
Depreciation and impairment charges | -9 | -20 |
Interest income | 164 | 78 |
-15 | -192 | |
1,351 | 296 | |
-270 | -61 | |
1,081 | 235 | |
2024 | 2023 | |
5,839 | 5,604 | |
1,081 | 235 | |
Dividend distribution | 0 | 0 |
6,920 | 5,839 | |
Interest in joint venture | 4,865 | 4,070 |
4,865 | 4,070 |
EUR 1,000 | 2024 | 2023 |
4,865 | 4,070 | |
31 Dec | 4,865 | 4,070 |
60 | |||
74 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
150
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| 2024 | ||||||
EUR 1,000 | Note | |||||
| Non-current assets | ||||||
Loans and other receivables | 728,034 | 728,034 | 728,034 | 17 | ||
1,692 | 1,692 | 1,692 | 18 | |||
66,893 | 66,893 | 66,893 | 20 | |||
19,871 | 19,871 | 19,871 | 20 | |||
8,611 | 8,611 | 8,611 | 20 | |||
| Current assets | ||||||
| Trade and other receivables | 205,080 | 205,080 | 205,080 | 17 | ||
494 | 494 | 494 | 20 | |||
5,504 | 5,504 | 5,504 | 20 | |||
Cash and cash equivalents | 313,121 | 313,121 | 313,121 | |||
87,258 | 15,807 | 1,246,235 | 1,349,300 | 1,349,300 | ||
| Non-current liabilities | ||||||
727,500 | 727,500 | 727,500 | 22 | |||
3,999,199 | 3,999,199 | 4,023,580 | 22 | |||
0 | 0 | 0 | 20 | |||
5,490 | 5,490 | 5,490 | 20 | |||
6,114 | 6,114 | 6,114 | 20 | |||
| Current liabilities | ||||||
1) | 602,132 | 602,132 | 602,132 | 22 | ||
22,395 | 22,395 | 22,395 | 23 | |||
Other current liabilities 1) | 81,118 | 81,118 | 81,118 | 23 | ||
97 | 97 | 97 | 20 | |||
412 | 412 | 412 | 20 | |||
46 | 46 | 46 | 20 | |||
5,999 | 6,160 | 5,432,344 | 5,444,503 | 5,468,884 |
1)
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
151
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| 2023 | ||||||
EUR 1,000 | Note | |||||
| Non-current assets | ||||||
Loans and other receivables | 784,734 | 784,734 | 784,734 | 17 | ||
1,692 | 1,692 | 1,692 | 18 | |||
1) | 132,491 | 132,491 | 132,491 | 20 | ||
14,372 | 14,372 | 14,372 | 20 | |||
1) | 22,213 | 22,213 | 22,213 | 20 | ||
| Current assets | ||||||
| Trade and other receivables | 95,973 | 95,973 | 95,973 | 17 | ||
201 | 201 | 201 | 20 | |||
3,354 | 3,354 | 3,354 | 20 | |||
Cash and cash equivalents | 287,684 | 287,684 | 287,684 | |||
147,064 | 27,259 | 1,168,391 | 1,342,714 | 1,342,714 | ||
| Non-current liabilities | ||||||
727,500 | 727,500 | 727,500 | 22 | |||
4,278,295 | 4,278,295 | 4,197,754 | 22 | |||
36 | 36 | 36 | 20 | |||
14,217 | 14,217 | 14,217 | 20 | |||
5,607 | 5,607 | 5,607 | 20 | |||
| Current liabilities | ||||||
2) | 444,665 | 444,665 | 444,665 | 22 | ||
22,793 | 22,793 | 22,793 | 23 | |||
Other current liabilities 2) | 119,381 | 192,659 | 192,659 | 23 | ||
6,459 | 6,459 | 6,459 | 20 | |||
248 | 248 | 248 | 20 | |||
20,712 | 5,855 | 5,592,634 | 5,619,201 | 5,538,659 |
1)
2)
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
152
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
1,692 | |||
Total | 101,373 | 1,692 | |
Total | 12,159 |
1,692 | |||
Total | 172,631 | 1,692 | |
Total | 26,567 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
153
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| 2023 | |||
EUR 1,000 | |||
172,631 | -26,567 | 146,064 | |
-26,567 | 26,567 | 0 |
master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in
EUR 1,000 | 2024 | 2023 |
Nuclear waste management loan receivables | 727,500 | 727,500 |
Loan receivables | 504 | 504 |
Other receivables | 30 | 56,730 |
Total | 728,034 | 784,734 |
EUR 1,000 | 2024 | 2023 |
57,324 | 57,324 | |
232,341 | 232,341 | |
71,798 | 71,798 | |
16,037 | 16,037 | |
350,000 | 350,000 | |
Total | 727,500 | 727,500 |
-
EUR 1,000 | 2024 | 2023 |
Trade receivables | 5,942 | 18,949 |
126,389 | 31,589 | |
Other receivables | 72,749 | 45,435 |
Total | 205,080 | 95,973 |
| 2024 | |||
EUR 1,000 | |||
101,373 | -12,159 | 89,214 | |
-12,159 | 12,159 | 0 |
EUR 1,000 | 2024 | 2023 |
Interest receivable nuclear waste management | 32,171 | 24,561 |
Accrued insurance costs | 2,046 | 1,919 |
| 86,300 | 0 |
| 5,872 | 5,109 |
Total | 126,389 | 31,589 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
154
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 | 2024 | 2023 |
1,692 | 1,692 |
EUR 1,000 | 2024 | 2023 |
501,745 | 564,859 | |
Book value | 171,911 | 183,183 |
329,834 | 381,676 | |
171,911 | 183,183 | |
Nuclear fuel | 308,052 | 293,197 |
11,310 | 10,552 | |
Total | 491,273 | 486,932 |
| 2024 | |||
EUR 1,000 | |||
| Interest rate swaps | |||
8,045 | -6,114 | 1,931 | |
19,871 | -5,902 | 13,969 | |
Non-hedges | 60,065 | 60,065 | |
6,070 | -46 | 6,024 | |
Non-hedges | 853 | -97 | 756 |
| Non-hedges | 6,469 | 6,469 | |
Total | 101,373 | -12,159 | 89,214 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
155
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 | 2024 | 2023 |
13,496 | -317 | |
Nominal value | 905,000 | 705,000 |
Due date | 02/2025–12/2033 | 02/2025–12/2033 |
891,154 | 705,129 | |
The degree of hedging | 1:1 | 1:1 |
The change of the basic value in valid hedging instruments since 1.1. | 13,813 | 26,087 |
The effectiveness of the hedge used to determine the change of value for the hedged item | -13,975 | -26,526 |
2.67% | 3.88% |
THE EFFECT OF HEDGE ACCOUNTING IN FINANCIAL POSITION AND RESULT
1)
EUR 1,000 | 2024 | 2023 |
1,931 | 13,608 | |
Nominal value | 550,000 | 650,000 |
Due date | 02/2025–09/2032 | 01/2025–09/2032 |
The degree of hedging | 1:1 | 1:1 |
The change of the basic value in valid hedging instruments since 1.1. | -11,677 | -26,719 |
The effectiveness of the hedge used to determine the change of value for the hedged item | 11,677 | 26,719 |
2.41% | 2.85% |
1)
EUR 1,000 | 2024 | 2023 |
6,070 | 6,696 | |
-46 | -592 | |
Nominal value | 41,058 | 60,109 |
Due date | 01/2025–01/2028 | 01/2024–01/2028 |
The degree of hedging | 1:1 | 1:1 |
The change of the spot value in valid hedging instruments since 1.1. | 208 | -5,638 |
The effectiveness of the hedge used to determine the change of value for the hedged item | -208 | 5,638 |
1.23 | 1.25 |
| 2023 | |||
EUR 1,000 | |||
Interest rate swaps 1) | |||
18,871 | -5,263 | 13,608 | |
14,372 | -14,217 | 155 | |
Non-hedges | 119,087 | 119,087 | |
6,696 | -592 | 6,104 | |
Non-hedges | 569 | -82 | 487 |
| Non-hedges | 13,036 | -6,413 | 6,623 |
Total | 172,631 | -26,567 | 146,064 |
1)
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
156
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
SHARE CAPITAL
EUR 1,000 | |||
31 Dec 2023 | 1,360,000,000 | 600,365 | 242,383 |
1,360,000,000 | 600,365 | 242,383 |
A series | 680,000,000 | 680,000,000 |
B series | 680,000,000 | 680,000,000 |
Total | 1,360,000,000 | 1,360,000,000 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
157
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 | 2024 | 2023 |
| Non-current interest-bearing liabilities | ||
727,500 | 727,500 | |
Bonds | 3,655,059 | 3,458,390 |
62,881 | 488,048 | |
Loans from others | 280,000 | 287,210 |
Lease liabilities | 1,259 | 44,647 |
11,604 | 19,859 | |
Total | 4,738,303 | 5,025,654 |
| Current interest-bearing liabilities | ||
| Current portion of bonds | 239,277 | 342,530 |
226,104 | 26,104 | |
Current portion of lease liabilities | 44,326 | 2,753 |
Accrued interests 1) | 92,425 | 73,278 |
555 | 6,708 | |
Total | 602,687 | 451,373 |
Total | 5,340,990 | 5,477,027 |
1)
EUR 1,000 | 2024 | 2023 |
Advances received | 67,225 | 68,063 |
22,395 | 22,793 | |
Accruals and deferred income and other liabilities 1) | 81,118 | 119,381 |
Total | 170,738 | 210,237 |
EUR 1,000 | 2024 | 2023 |
1) | 11,300 | 29,100 |
23,977 | 24,126 | |
Accruals related to CO 2 emission rights | 111 | 114 |
25,335 | 25,350 | |
Other 1) | 20,395 | 40,691 |
Total | 81,118 | 119,381 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
158
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 | 2024 | 2023 |
1,959,700 | 1,918,200 | |
1,437,800 | 1,525,100 | |
1,525,100 | 1,457,900 | |
434,600 | 460,300 | |
45,753 | 43,737 |
waste management plan covering the management of spent nuclear fuel and operating waste and decommis
-
The total cost estimate based on a new nuclear waste management technical plan and schedule was updated
ASSETS AND LIABILITIES CONCERNING THE NUCLEAR WASTE MANAGEMENT OBLIGATION
EUR 1,000 | 2024 | 2023 |
1,080,552 | 1,035,276 | |
1,289,352 | 1,294,345 | |
48,304 | 21,327 | |
-58,177 | -83,900 | |
Changes due to discounting | 56,741 | 57,580 |
1,336,220 | 1,289,352 | |
The discount rate % | 4.0 | 4.0 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
159
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 | 2024 | 2023 |
727,500 | 727,500 | |
596,250 | 557,740 |
EUR 1,000 | 2024 | 2023 |
Bank guarantees | 550 | 550 |
EUR 1,000 | 2024 | 2023 |
Investment commitments | 114,900 | 117,500 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
160
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
CO
2
EMISSION RIGHTS
2
-
-
| 2024 | |||||
EUR 1,000 | |||||
12,507 | 54,897 | 4,703 | 1,342 | 0 | |
759,040 | 1,697 | 612,390 | 593,127 | 255,717 | |
Total | 771,547 | 56,594 | 617,093 | 594,469 | 255,717 |
| 2023 | |||||
EUR 1,000 | |||||
10,834 | 82,050 | 3,582 | 6,694 | 0 | |
737,598 | 7,944 | 614,542 | 854,106 | 0 | |
Total | 748,432 | 89,994 | 618,124 | 860,800 | 0 |
PENDING COURT CASES AND DISPUTES
t CO
2
2024
EUR 1,000 t CO
2
2023
EUR 1,000
Total annual emissions from production facilities 1,742 1,528
1,643 1,615
1)
1,550 105 1,450 100
1)
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
161
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 | 2024 | 2023 |
373 | 348 | |
1,736 | 1,706 | |
282 | 280 | |
179 | 175 | |
Total | 2,570 | 2,509 |
EUR 1,000 | 2024 | 2023 |
| Board of Directors on 31 December 2024 | ||
Tiina Tuomela | 35 | 41 |
46 | 49 | |
34 | 37 | |
29 | 32 | |
Tapio Korpeinen | 40 | 40 |
44 | 37 | |
34 | 36 | |
30 | 32 | |
34 | 37 | |
30 | 0 | |
31 Dec 2022 | 0 | 1 |
Total | 356 | 342 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
162
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
6)
| 2023 | ||||||
EUR 1,000 | 2024 | 2025 | 2026 | 2027 | 2028– | |
1) | 28,474 | 426,104 | 26,104 | 26,104 | 19,028 | 525,814 |
2) | 17,251 | 15,577 | 1,878 | 1,153 | 429 | 36,288 |
3) | 727,500 | 727,500 | ||||
24,560 | 31,604 | 31,518 | 25,378 | 24,764 | 137,824 | |
Bonds 1) 4) | 348,943 | 500,000 | 650,000 | 675,000 | 1,632,247 | 3,806,190 |
97,860 | 95,085 | 84,511 | 77,144 | 168,801 | 523,401 | |
Loans from others 4) | 280,000 | 280,000 | ||||
14,083 | 14,083 | 14,083 | 14,083 | 116,346 | 172,678 | |
Lease liabilities | 2,771 | 44,133 | 516 | 503 | 11 | 47,934 |
Other liabilities | 105,839 | 105,839 | ||||
Interest rate derivatives 5) | 2,918 | 1,357 | 1,382 | 1,377 | 3,548 | 10,581 |
Total | 642,699 | 1,127,943 | 809,992 | 820,742 | 2,972,674 | 6,374,049 |
297 | 199 | 209 | 705 |
1)
2)
3)
4)
5)
6)
| 2024 | ||||||
EUR 1,000 | 2025 | 2026 | 2027 | 2028 | 2029– | |
1) | 226,104 | 26,104 | 26,104 | 11,818 | 290,130 | |
2) | 6,209 | 1,453 | 882 | 312 | 8,857 | |
3) | 727,500 | 727,500 | ||||
32,171 | 32,270 | 21,945 | 22,437 | 22,777 | 131,600 | |
Bonds 1) 4) | 239,580 | 650,000 | 675,000 | 600,000 | 1,722,247 | 3,886,827 |
116,550 | 111,501 | 104,147 | 85,685 | 183,595 | 601,478 | |
Loans from others 4) | 280,000 | 280,000 | ||||
14,815 | 14,815 | 14,815 | 14,815 | 107,383 | 166,641 | |
Lease liabilities | 44,300 | 597 | 593 | 36 | 59 | 45,585 |
Other liabilities | 92,213 | 92,213 | ||||
Interest rate derivatives 5) | 2,332 | 2,987 | 2,982 | 1,711 | 1,279 | 11,291 |
Total | 774,273 | 839,727 | 846,467 | 736,814 | 3,044,839 | 6,242,121 |
143 | 143 |
1)
2)
3)
4)
5)
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
163
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| 2024 | 2023 | |||
EUR 1,000 | ||||
-4,106 | -6,011 | |||
- 10 | 4,106 | 6,011 | ||
1 % upward parallel shift in interest rates 1) | -3,529 | 17,742 | -4,260 | 22,320 |
1 % downward parallel shift in interest rates 1) | 3,529 | -17,369 | 4,260 | -31,463 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
164
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
| EUR 1,000 | 2024 | 2023 | ||||
20,000 | 19,998 | 2.80 | 8.5.2024 | |||
191,848 | 191,704 | 2.00 | 8.5.2024 | |||
239,580 | 239,252 | 500,000 | 495,096 | 2.13 | 4.2.2025 | |
650,000 | 649,030 | 650,000 | 648,211 | 1.13 | 9.3.2026 | |
600,000 | 592,152 | 600,000 | 586,737 | 2.63 | 31.3.2027 | |
75,000 | 74,827 | 75,000 | 74,769 | 3.60 | 14.12.2027 | |
600,000 | 598,126 | 600,000 | 597,585 | 1.38 | 23.6.2028 | |
23,000 | 22,952 | 23,000 | 22,943 | 3.50 | 3.5.2030 | |
600,000 | 602,192 | 600,000 | 607,041 | 4.75 | 1.6.2030 | |
45,000 | 44,909 | 45,000 | 44,897 | 3.90 | 31.3.2032 | |
150,000 | 149,711 | 150,000 | 149,674 | 4.19 | 13.9.2032 | |
20,000 | 19,877 | 20,000 | 19,862 | 3.88 | 8.11.2032 | |
90,000 | 89,913 | 3.49 | 29.10.2029 | |||
600,000 | 605,837 | 4.25 | 22.5.2031 | |||
135,000 | 12,171 | 2.38 | 15.2.2024 | |||
315,000 | 28,389 | 15.2.2024 | ||||
500,000 | 45,061 | 29.10.2024 | ||||
500,000 | 45,061 | 1.56 | 29.10.2024 | |||
1,000,000 | 87,268 | 1,000,000 | 90,123 | 23.1.2029 | ||
1,300,000 | 113,157 | 1,300,000 | 117,160 | 5.20 | 23.1.2029 | |
Total | 3,889,203 | 3,796,482 |
EUR 1,000 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034– | |
| institutions | 226,104 | 26,104 | 26,104 | 11,818 | 290,130 | ||||||
Bonds | 239,580 | 650,000 | 675,000 | 600,000 | 284,247 | 623,000 | 600,000 | 215,000 | 280,000 | 4,166,827 | |
Lease liabilities | 44,300 | 597 | 593 | 36 | 11 | 48 | 45,585 | ||||
Total | 509,984 | 676,701 | 701,697 | 611,854 | 284,258 | 623,048 | 600,000 | 215,000 | 280,000 | 4,502,542 |
EUR 1,000 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034– | |
| revolving credit | |||||||||||
111,111 | 888,889 | 1,000,000 | |||||||||
Bilateral bank loan | 200,000 | 200,000 | |||||||||
Total | 200,000 | 111,111 | 888,889 | 1,200,000 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
165
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 | 2024 | 2023 |
1) | 32.3 | 31.2 |
2) | 31.5 | 30.0 |
1) | ||
2) | ||
EUR 1,000 | 2024 | 2023 |
Cash and cash equivalents | 313,121 | 287,684 |
Liabilities | 5,190,821 | 5,329,782 |
Leases | 45,585 | 47,401 |
Net debt | 4,923,285 | 5,089,499 |
EUR 1,000 | |||||
Net debt 1 Jan 2023 | -5,391,707 | -49,566 | -5,441,273 | 353,203 | -5,088,070 |
111,962 | 3,799 | 115,761 | -65,519 | 50,242 | |
Acquisitions - leases | -1,634 | -1,634 | -1,634 | ||
1) | -50,037 | -50,037 | -50,037 | ||
Net debt 31 Dec 2023 | -5,329,782 | -47,401 | -5,377,183 | 287,684 | -5,089,499 |
152,677 | 5,179 | 157,856 | 25,437 | 183,293 | |
Acquisitions - leases | -3,363 | -3,363 | -3,363 | ||
1) | -13,716 | -13,716 | -13,716 | ||
Net debt 31 Dec 2024 | -5,190,821 | -45,585 | -5,236,406 | 313,121 | -4,923,285 |
1)
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
166
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Joni Juuri , Master of Social Sciences, has been appointed Chief Financial Officer (CFO) and
hedges in the consolidated statement of comprehensive income as well as the fair value and other reserves
-
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
167
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 | |||
| Equity | |||
600,365 | 600,365 | ||
242,383 | 242,383 | ||
228,727 | -177,233 | 51,494 | |
929,300 | 929,300 | ||
216,742 | 177,233 | 393,975 | |
Total equity | 2,217,517 | 2,217,517 |
EUR 1,000 | |||
Change in fair value of interest rate swaps | -58,146 | -58,146 | |
-85,978 | -58,146 | -144,124 | |
163,999 | -58,146 | 105,853 |
EUR 1,000 | |||
| Equity | |||
600,365 | 600,365 | ||
242,383 | 242,383 | ||
138,799 | -119,087 | 19,712 | |
929,300 | 929,300 | ||
177,114 | 177,233 | 354,347 | |
163,999 | -58,146 | 105,853 | |
Total equity | 2,251,960 | 2,251,960 |
EUR 1,000 | |||
163,999 | -58,146 | 105,853 | |
| Other comprehensive items | |||
-89,928 | 58,146 | -31,782 | |
-89,928 | -31,782 | ||
74,071 | 74,071 |
EUR 1,000 | |||
163,999 | -58,146 | 105,853 | |
13 | 13 | ||
85,978 | 58,146 | 144,124 | |
Depreciation and impairment charges | 178,674 | 178,674 | |
-173 | -173 | ||
-42,303 | -42,303 | ||
24 | 24 | ||
-34,838 | -34,838 | ||
35,319 | 35,319 | ||
93,986 | 93,986 | ||
-63,464 | -63,464 | ||
Interest received | 17,041 | 17,041 | |
-13 | -13 | ||
434,243 | 434,243 |
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
168
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Income statement
EUR 1,000 Note 1 Jan-31 Dec 2024 1 Jan-31 Dec 2023
Turnover 2 895,252 872,868
Work performed for own purpose 3 0 7,143
Other income 4 15,465 14,685
Materials and services 5 -146,758 -264,408
Personnel expenses 6 -90,063 -84,256
Depreciation and impairment charges 7 -239,099 -169,356
Other expenses 8 -239,602 -162,515
195,195 214,161
Financial income and expenses 9 -111,759 -96,168
83,436 117,993
Appropriations 10 -83,436 -117,993
Income taxes 0 0
0 0
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
169
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Balance sheet
EUR 1,000 Note 31 Dec 2024 31 Dec 2023
Intangible assets
11 2,784 2,515
Tangible assets 11 5,865,946 6,036,939
Investments 12
Holdings in group companies 8 8
Holdings in joint ventures 1,011 1,011
Other shares 3,976 3,976
Other receivables 728,035 733,030 784,735 789,730
6,601,760 6,829,184
Inventories
13 491,273 486,932
Current receivables 14
Trade receivables 5,676 18,784
Other receivables 70,806 43,931
Prepayments and accrued income 143,073 219,555 47,879 110,594
Cash and cash equivalents 312,752 287,017
1,023,580 884,543
7,625,340 7,713,727
EUR 1,000 Note 31 Dec 2024 31 Dec 2023
Share capital
15 600,365 600,365
Share premium reserve 15 232,435 232,435
Statutory reserve 15 9,948 9,948
Reserve for invested non-restricted equity 15 300,000 0
Retained earnings (loss) 15,16 20,939 20,939
15,16 0 0
1,163,687 863,687
The difference between depreciation according to plan and
tax depreciation
383,037 299,423
Non-current liabilities
17,18 4,234,587
Bonds 3,647,247 3,457,247
64,026 490,130
Shareholders' loans 629,300 929,300
Other loans 1,007,500 5,348,073 1,014,710 5,891,387
Current liabilities 19
Bonds 239,580 348,943
226,104 26,104
Advances received 67,222 68,063
Trade payables 24,165 22,779
Other liabilities 25,358 25,370
Other accruals 148,114 730,543 167,971 659,230
6,078,616 6,550,617
7,625,340 7,713,727
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
170
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 2024 2023
195,195 214,161
1)
239,079 169,380
Changes in working capital
2)
-66,351 94,675
-138,847 -94,142
Interest received 36,744 17,040
265,820 401,114
Acquisition of non-current assets
-84,877 -281,135
Proceeds from sale of shares 0 220
Proceeds from sale of non-current assets 20 0
Loan receivables granted 0 -73,772
-84,857 -354,687
Withdrawals of long-term loans
686,826 1,250,408
Repayment of long-term loans -835,467 -1,352,229
Increase in short-term interest-bearing liabilities 11,080 89,020
Repayment of short-term interest-bearing liabilities -18,290 -99,160
Group contribution received 623 192
-155,228 -111,769
EUR 1,000 2024 2023
25,735 -65,342
Cash and cash equivalents 1 Jan 287,017 352,359
31 312,752 287,017
1)
Depreciation and write-downs
239,099 169,356
Gain (-) or loss (+) from divestment of non-current assets -20 24
239,079 169,380
2)
Changes in working capital
Increase (-) or decrease (+) in inventories
-4,341 35,319
Increase (-) or decrease (+) in non-interest-bearing receivables -30,991 -34,582
Increase (+) or decrease (-) in short-term non-interest-bearing liabilities -31,019 93,938
-66,351 94,675
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
171
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
1 Accounting principles
VALUATION PRINCIPLES
Non-current assets and their depreciation
Non-current assets have been capitalised in the
direct acquisition cost less grants received, accu
-
mulated depreciation and impairment charges, and
compensation, if any. Depreciation according to plan
is calculated on a straight-line basis according to the
estimated useful economic lives.
The depreciation periods are as follows:
Years
OL1, OL2 and OL3 nuclear power plant units:
Basic investment OL1 and OL2
61
Plant investment OL3 10–60
Investments made according to the modernisation
programme
16–35
Automation investments associated with the
modernisation
15
Additional investments 10
Buildings and structures 10–40
TVO’s share in the Olkiluoto gas turbine power plant 30
Valuation of inventories
Materials and supplies have been valued at direct
acquisition cost, nuclear fuel according to calculated
fuel consumption, and supply stocks at average
acquisition cost. If the replacement value of inven
-
tories on 31 December is lower than the original
acquisition cost, the inventory will be valueted at the
replacement cost and the difference will be entered
in the books as an expense.
CO
2
emission rights
Carbon dioxide (CO
2
) emission rights are included in
the intangible assets. Emission rights are recognised
at historical cost. The current liability for returning
emission rights is recognised at the carrying value
of possessed emission rights. If there is a shortfall, a
current liability is recognised to cover the acquisition
of the missing emission rights. This current liability
is valued at the current market value of the emission
rights at the balance sheet date. The cost of the
emission rights is recognised in the income statement
under costs of materials and services. The gains
from the sales of emission rights are refunded to the
equity holders of the Company.
Research and development costs
Research and development costs associated with
production activity are entered as annual costs for
the year in which they were incurred.
Items denominated in foreign currency
Transactions in foreign currency have been entered at
the relevant exchange rate or at the transaction rate for
purchase and sale of foreign currency. On the balance
sheet date, exchange rate differences on foreign
currency accounts have been entered in the income
Money market instruments
Money market instruments comprise shares in short-
They are valued in the balance sheet at their original
-
The Company applies hedge accounting. Derivative
balance sheet. Their nominal values and fair values are
presented in the Notes to the Financial Statements.
managed with interest rate swaps. Interest costs
of these instruments have been entered on accrual
income and expenses.
Payments of foreign currency denominated inven
-
tory acquisitions have been hedged with currency
derivatives. The realised exchange rate differences
to adjust the acquisition cost of inventories. Cross
currency swaps have been used to hedge foreign
currency denominated long-term loans.
ITEMS RELATED TO NUCLEAR WASTE
MANAGEMENT LIABILITY
The nuclear waste management obligation is
provided for in the Nuclear Energy Act. The obligation
covers all future costs from nuclear waste handling,
including the decommissioning of nuclear power
fuel, and the risk margin, decommissioning being
assumed to start at the end of the year in question.
The Ministry of Economic Affairs and Employment
liability for nuclear waste management for the current
year and the target reserve for the next year.
The company liable for nuclear waste management
shall pay its contribution to the Finnish State Nuclear
Waste Management Fund, so that the company’s
share in the Fund on 31 March is equal to the
calendar year in question.
According to the Nuclear Energy Act Section 52 c,
which entered into force on 1 May 2021, a three
percent protected portion shall be added to the Fund
target of the calendar year for a party with a nuclear
waste management obligation. The protected portion
in the Nuclear Energy Act Section 42 and the Fund’s
-
able, the party with a nuclear waste management
obligation must supplement the shares in the Fund
by paying more nuclear waste management fee
for the part that the loss surpasses the protected
portion. If the Fund’s investment activities are prof
-
itable, the Fund reimburses the party with a nuclear
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
172
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
protected portion.
In addition, a party with a nuclear waste management obligation shall supply the Finnish State Nuclear Waste
day of March, the total amount of the collateral security corresponds with the protected portion for the part
by the party with a nuclear waste management obligation, which is not needed to cover the protected portion
business day of April in the same calendar year.
The annual contribution to the Finnish State Nuclear Waste Management Fund and costs from nuclear
waste management and services are entered as annual expenses. The nuclear waste management fee is
based on the Company’s proposal. If the nuclear waste management fee set by the Finnish State Nuclear
Waste Management Fund differs from the amount proposed by the Company, the difference is entered in the
The nuclear waste management liability and TVO’s funding target obligation to the Finnish State Nuclear
Waste Management Fund are presented in the Notes to the consolidated Financial Statements.
The Company must supply the Ministry with guarantees to cover for the difference between the legal nuclear
waste management liability and the Company´s share in the Finnish State Nuclear Waste Management Fund,
as well as for unforeseen expenses in nuclear waste management. Guarantees are presented in the Notes to
the consolidated Financial Statements.
The amendment to the Nuclear Energy Act concerning the investment activities of the Finnish State Nuclear
Waste Management Fund entered into force on 1 January 2022. With the amendment, the amount of
relending available to a party with a nuclear waste management obligation was limited to 60 percent, and the
investment activities were expanded to also include other asset classes than Finnish government bonds. TVO
uses the right to borrow funds back, and lends them further to its shareholders.
EUR 1,000 2024 2023
Olkiluoto 1 and Olkiluoto 2 216,580 370,163
Olkiluoto 3 678,672 502,705
895,252 872,868
Olkiluoto 1
6,939 7,417
Olkiluoto 2 6,602 6,855
Olkiluoto 3 9,681 10,361
23,222 24,634
EUR 1,000 2024 2023
Personnel expenses related to OL3 0 7,143
4 Other income
EUR 1,000 2024 2023
Rental income 1,240 1,108
Sales of services 13,387 12,873
Other income 838 704
15,465 14,685
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
173
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 2024 2023
Purchases, accrual basis
Nuclear fuel
113,830 70,015
Materials and supplies 9,156 7,613
Increase (-) or decrease (+) in inventories -4,664 40,472
118,322 118,100
CO
2
emission rights 105 100
Nuclear waste management
Contribution to the Finnish State Nuclear Waste Management Fund
1)
-75,606 27,746
Nuclear waste management services 58,177 78,232
-17,429 105,978
External services 45,760 40,230
146,758 264,408
Consumption
Nuclear fuel
110,246 111,464
Materials and supplies 8,076 6,636
118,322 118,100
1)
2024 2023
895 857
Manual workers 197 198
1,092 1,055
2024 2023
885 854
Manual workers 195 189
1,080 1,043
Personnel expenses
EUR 1,000 2024 2023
Wages and salaries 76,270 70,787
Pension expenses 12,215 11,030
Other compulsory personnel expenses 1,578 2,439
90,063 84,256
Key management compensations are presented in Note 26 in the TVO Group consolidated
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
174
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 2024 2023
Depreciation according to plan
Other capitalised long-term expenses
560 487
Buildings and construction 24,973 18,218
Machinery and equipment 211,252 149,241
Other tangible assets 2,314 1,410
239,099 169,356
8 Other expenses
EUR 1,000 2024 2023
Maintenance services 59,326 29,244
Regional maintenance and services 16,293 12,197
Research services 3,999 3,490
Other external services 87,059 54,160
Real estate tax 17,153 14,483
Rents 6,895 3,621
ICT expenses 8,386 7,425
Personnel related expenses 4,560 4,943
Corporate communication expenses 893 967
Other expenses 35,038 31,985
239,602 162,515
PricewaterhouseCoopers Oy (EUR 1,000) 2024 2023
Auditing 229 191
Tax services 19 12
Other services
1)
195 51
443 254
1)
EUR 1,000 2024 2023
From joint ventures
0 97
From others 32,171 24,560
32,171 24,657
From others
12,184 13,532
12,184 13,532
44,355 38,189
To the Finnish State Nuclear Waste Management Fund
32,171 24,560
To others 123,943 151,307
Capitalised interest costs 0 -41,510
156,114 134,357
-111,759 -96,168
Financial income and expenses include exchange rate gains (+) and losses (-) (net)
1)
103 -9
1)
Financial Statements for 2023 restated.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
175
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
10 Appropriations
EUR 1,000 2024 2023
Group contribution 178 223
The difference between depreciation according to plan and tax depreciation,
increase (-) or decrease (+) -83,614 -118,216
-83,436 -117,993
EUR 1,000
expenses
Intangible
rights
Other capitalised
long-term expenses
Advance
payments Total
Acquisition cost
1 Jan 2024 54,011 114 27,381 168 81,674
Increase 0 105 419 414 938
Decrease 0 -108 0 0 -108
Transfer between categories 0 0 0 0 0
Acquisition cost 31 Dec 2024 54,011 111 27,800 582 82,504
Accumulated depreciation according to plan 1 Jan 54,011 0 25,149 0 79,160
Accumulated depreciation from deduction 0 0 0 0 0
Depreciation according to plan 0 0 560 0 560
312024 0 111 2,091 582 2,784
Accumulated depreciation difference 1 Jan 0 0 1,196 0 1,196
Change in depreciation difference 0 0 -103 0 -103
Accumulated depreciation difference 31 Dec 0 0 1,093 0 1,093
Undepreciated acquisition cost in taxation 31 Dec 2024 0 111 998 582 1,691
EUR 1,000
Land
and water
areas
Building and
Machinery
and
equipment
Other
tangible
assets
Advance
payments Total
Acquisition cost
1 Jan 2024 12,075 1,504,967 5,715,452 132,278 91,206 7,455,978
Increase 0 773 45 863 285 36 585 83 506
OL3-project acquisition decrease 0 -3,090 -12,693 -179 0 -15,962
Decrease -1 0 -6,641 0 0 -6,641
Transfer between categories 0 0 20,825 0 -20,825 0
Acquisition cost 31 Dec 2024 12,074 1,502,650 5,762,806 132,384 106,966 7,516,881
Accumulated depreciation according to plan 1 Jan 0 247,770 1,120,743 50,524 0 1,419,037
Accumulated depreciation from deduction 0 0 -6,641 0 0 -6,641
Depreciation according to plan 0 24,973 211,252 2,314 0 238,539
312024 12,074 1,229,907 4,437,452 79,546 106,966 5,865,946
Accumulated depreciation difference 1 Jan 0 29,009 264,204 5,014 0 298,227
Change in depreciation difference 0 58,995 22,841 1,881 0 83,717
Accumulated depreciation difference 31 Dec 0 88,004 287,045 6,895 0 381,944
Undepreciated acquisition cost in taxation 31 Dec 2024 12,074 1,141,903 4,150,407 72,651 106,966 5,484,002
Share of machinery and equipment from book value 31 Dec 2024 3,907,694
Share of machinery and equipment from book value 31 Dec 2023 4,042,226
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
176
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000
Holdings
in group
companies
Holdings
in joint
ventures
Other stocks
and shares
Loan
receivables,
others
Long-term
receivables Total
Acquisition cost 1 Jan 2024 8 1,011 3,976 728,005 56,730 789,730
Increase 0 0 0 0 0 0
Decrease 0 0 0 0 -56,700 -56,700
Acquisition cost 31 Dec 2024 8 1,011 3,976 728,005 30 733,030
312024 8 1,011 3,976 728,005 30 733,030
727,500 727,500
Group companies Group share, %
TVO Nuclear Services Oy, Eurajoki 100
Joint ventures Holding of the parent company, %
Posiva Oy, Eurajoki, A series 60
Posiva Oy, Eurajoki, B series 74
EUR 1,000 2024 2023
Replacement cost
501,745 564,859
Book value 171,911 183,183
329 834 381,676
Raw uranium and natural uranium 171,911 183,183
Nuclear fuel 308,052 293,197
Supplies 11,310 10,552
491,273 486,932
EUR 1,000
expenses
Other
capitalised
long-term
expenses
Buildings and
Machinery
and
equipment
Other
tangible
assets Total
Acquisition cost
1 Jan 2024 11,046 1,167 430,517 1,481,727 22,313 1,946,770
OL3-project acquisition decrease 0 0 -1,031 -3,543 -51 -4,625
Acquisition cost 31 Dec 2024 11,046 1,167 429,486 1,478,184 22,262 1,942,145
Accumulated depreciation according to plan 1 Jan 11,046 960 26,829 113,919 2,214 154,968
Depreciation according to plan 0 12 7,070 54,178 382 61,642
312024 0 195 395,587 1,310,087 19,666 1,725,535
Accumulated depreciation difference 1 Jan 0 207 40,632 90,293 2,179 133,311
Change in depreciation difference 0 -12 33,156 87,374 1,603 122,121
Accumulated depreciation difference 31 Dec 0 195 73,788 177,667 3,782 255,432
Undepreciated acquisition cost in taxation 31 Dec 2024 0 0 321,799 1,132,420 15,884 1,470,103
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
177
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 2024 2023
Trade receivables
5,676 18,784
Other receivables 70,806 43,931
76,482 62,715
Receivables from group companies
481 927
Receivables from joint ventures 4,702 3,580
Accrued interest costs 46,483 38,768
Accrued insurance costs 2,046 1,919
Finnish State Nuclear Waste Management Fund 86,300 0
Other prepayments and accrued income 3,061 2,685
143,073 47,879
219,555 110,594
EUR 1,000 2024 2023
Share capital 1 Jan 600,365 600,365
Share capital 31 Dec 600,365 600,365
Share premium reserve 1 Jan 232,435 232,435
Share premium reserve 31 Dec 232,435 232,435
Statutory reserve 1 Jan 9,948 9,948
Statutory reserve 31 Dec 9,948 9,948
Reserve for invested non-restricted equity 1 Jan 0 0
Change 300,000 0
Reserve for invested non-restricted equity 31 Dec 300,000 0
1 Jan 20,939 20,939
31 Dec 20,939 20,939
0 0
1,163,687 863,687
EUR 1,000 2024 2023
Reserve for invested non-restricted equity 300,000 0
Retained earnings 20,939 20,939
0 0
320,939 20,939
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
178
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 2024 2023
Bonds 3,647,247 3,457,247
64,026 490,130
US Private Placements loans 280,000 280,000
Other loans 0 7,210
3,991,273 4,234,587
Shareholder loans
1)
629,300 929,300
Loan from the Finnish State Nuclear Waste Management Fund
2)
727,500 727,500
5,348,073 5,891,387
1)
Subordinated loans
2)
Lent further to the shareholders
Currency Capital 2024
EUR 1,000
2024 Capital 2023
EUR 1,000
2023
Maturity
date
EUR 20,000 20,000 8.5.2024
1)
EUR 191,848 191,848 8.5.2024
1)
EUR 239,580 239,580 500,000 500,000 4.2.2025
1)
EUR 650,000 650,000 650,000 650,000 9.3.2026
EUR 600,000 600,000 600,000 600,000 31.3.2027
EUR 75,000 75,000 75,000 75,000 14.12.2027
EUR 600,000 600,000 600,000 600,000 23.6.2028
EUR 23,000 23,000 23,000 23,000 3.5.2030
EUR 600,000 600,000 600,000 600,000 1.6.2030
EUR 45,000 45,000 45,000 45,000 31.3.2032
EUR 150,000 150,000 150,000 150,000 13.9.2032
EUR 20,000 20,000 20,000 20,000 8.11.2032
EUR 600,000 600,000 22.5.2031
EUR 90,000 90,000 29.10.2029
EUR 315,000 30,732 15.2.2024
1)
EUR 135,000 13,171 15.2.2024
1)
SEK 500,000 46,624 29.10.2024
1)
SEK 500,000 46,568 29.10.2024
1)
SEK 1,000,000 84,459 1,000,000 84,459 23.1.2029
SEK 1,300,000 109,788 1,300,000 109,788 23.1.2029
3,886,827 3,806,190
Current portion of bonds
1)
239,580 348,943
3,647,247 3,457,247
BONDS
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
179
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Currency Capital 2024
EUR 1,000
2024 Capital 2023
EUR 1,000
2023
Maturity
date
EUR 105,000 105,000 105,000 105,000 15.12.2033
EUR 85,000 85,000 85,000 85,000 15.12.2035
EUR 90,000 90,000 90,000 90,000 15.12.2038
280,000 280,000 280,000 280,000
Collateral received 0 0 7,210 7,210 30.11.2024
280,000 280,000 287,210 287,210
EUR 1,000 2024 2023
2,347,300 1,569,457
EUR 1,000 2024 2023
Advances received
67,222 68,063
Trade payables 24,165 22,779
91,387 90,842
Bonds
239,580 348,943
226,104 26,104
465,684 375,047
Tax settlements
25,335 25,350
Other expenses 23 20
25,358 25,370
Liabilities from group companies
1 0
Liabilities from joint ventures 1,342 6,694
Finnish State Nuclear Waste Management Fund 11,300 29,100
Accrued interests 94,711 80,513
Accrued personnel expenses 23,977 24,093
CO
2
emission rights 111 114
Unbilled services 16,601 27,386
Other accrued expenses 71 71
148,114 167,971
730,543 659,230
OTHER LOANS
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
180
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
EUR 1,000 2024 2023
Leasing liabilities falling due in less than a year 44,839 3,899
Leasing liabilities falling due later 562 44,515
45,401 48,414
EUR 1,000 2024 2023
Bank guarantees 550 550
EUR 1,000 2024 2023
Liability for nuclear waste management according to the Nuclear Energy Act
1)
1,959,700 1,918,200
TVO's funding target obligation 2025 (2024) to the Finnish State Nuclear Waste
Management Fund
1,437,800 1,525,100
Collateral for nuclear waste management liabilities 596,250 557,740
Pledged promissory notes to the Finnish State Nuclear Waste Management Fund 727,500 727,500
1)
the Ministry of Employment and the Economy at the end of the year.
20 Commitments
TVO has the right to redeem the lease object for EUR 42.7 million in 2025.
PENDING COURT CASES AND DISPUTES
See note 25
EUR 1,000 2024 2023
Interest rate swaps (nominal value)
2,075,000 2,275,000
Fair value 75,491 132,378
Forward foreign exchange contracts (nominal value)
41,058 60,109
Fair value 6,780 6,590
Cross-currency swaps (nominal value)
194,247 331,337
Fair value 6,469 6,623
Risk management principles, principles for the recognition of derivatives as well as details of derivatives are
the hedged risk and hedging instrument will perfectly match with each other. In documents regarding these
hedging relationships, the hedged risks and hedging instruments are extensively described and the effective
-
ness between them is demonstrated.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
181
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
2024
Number
2023
Number
2024
EUR 1,000
2023
EUR 1,000
12
1
Jan 680,000,000 680,000,000 115,600 115,600
Change 0 0 0 0
31
Dec 680,000,000 680,000,000 115,600 115,600
3
1
Jan 680,000,000 680,000,000 484,765 484,765
Change 0 0 0 0
31
Dec 680,000,000 680,000,000 484,765 484,765
1,360,000,000 1,360,000,000 600,365 600,365
According to the Articles of Association, TVO delivers electricity to its shareholders on the so-called Mankala
principle, i.e. it delivers the electricity produced or procured to its shareholders in proportion to their share
-
divided into series of shares. The balance sheet, which will be presented to the Shareholders’ Meeting, speci
-
2024
t CO
2
2024
EUR 1,000
2023
t CO
2
2023
EUR 1,000
Total annual emissions from production facilities 1,742 1,528
Possessed emission rights 1,643 1,615
Emission rights bought
1)
1,550 105 1,450 100
1)
The purchases of the emission rights are included in materials and services. The emission rights that company possesses on 31 December
are included in intangible rights on the balance sheet and emission right reductions.
23 CO
2
emission rights
TVO’s CO
2
emissions are generated by the releases of the reserve boilers and the emergency diesel gener-
ators. In principle TVO has, on December 31, emission rights at least the same amount as the actual annual
emissions are. If the actual emissions exceed the amount of the emission rights that company possesses, the
company has booked the expense for exceeding emission rights at the market value on December 31.
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
182
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Declarations of Board of Directors and signatures to
the report of Board of Directors and Financial Statements
Declarations of Board of Directors
Signatures for the Report of the Board of Directors and Financial Statements
The auditor’s note
Pasi Karppinen
Petra Lundström
Esa Kaikkonen
Anders Renvall
Jarmo Tanhua
Kaarlo Höysniemi
Tapio Korpeinen
Tiina Tuomela
Ilkka Tykkyläinen
Hannu Jokinen
Timo Rajala
Rami Vuola
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
183
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Auditor’s Report (Translation of the Finnish Original)
Report on the Audit of the Financial Statements
OPINION
»
»
What we have audited
»
»
BASIS FOR OPINION
Independence
OUR AUDIT APPROACH
Overview
»
»
»
»
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
184
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Materiality
Overall group materiality
How we determined it
Rationale for the materiality benchmark applied
How we tailored our group audit scope
KEY AUDIT MATTERS
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
185
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Key audit matter How our audit addressed the key audit matter
VALUATION OF OLKILUOTO 3 PLANT UNIT
ASSETS AND PROVISIONS RELATED TO THE NUCLEAR WASTE MANAGEMENT OBLIGATION
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
186
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE MANAGING DIRECTOR FOR THE
FINANCIAL STATEMENTS
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
»
»
»
»
»
»
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
187
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Other Reporting Requirements
APPOINTMENT
OTHER INFORMATION
OTHER STATEMENTS
NOTIFICATION IN ACCORDANCE WITH SECTION 7:8.2 OF THE SECURITIES MARKET ACT
REMARK
PricewaterhouseCoopers Oy
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
188
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
OPINION
1.
2.
BASIS FOR OPINION
Assurance Report on the Sustainability Report
AUTHORISED GROUP SUSTAINABILITY AUDITOR’S INDEPENDENCE AND QUALITY MANAGEMENT
RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE MANAGING DIRECTOR
»
»
»
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
189
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
INHERENT LIMITATIONS IN THE PREPARATION OF A SUSTAINABILITY REPORT
RESPONSIBILITIES OF THE AUTHORISED GROUP SUSTAINABILITY AUDITOR
»
»
DESCRIPTION OF THE PROCEDURES THAT HAVE BEEN PERFORMED
»
»
»
»
»
»
PricewaterhouseCoopers Oy
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
190
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
To the Management of
Teollisuuden Voima Oyj
MANAGEMENT’S RESPONSIBILITY FOR THE ESEF
FINANCIAL STATEMENTS
Independent Auditor’s Reasonable Assurance Report on
Teollisuuden Voima Oyj’s ESEF Financial Statements
OUR INDEPENDENCE AND QUALITY
MANAGEMENT
OUR RESPONSIBILITY
OPINION
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
191
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Financial information in 2025
INTERIM REPORT FOR JANUARY–MARCH 2025
INTERIM REPORT FOR JANUARY–JUNE 2025
INTERIM REPORT FOR JANUARY–SEPTEMBER 2025
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
192
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
ESEF-report
Basic company information
T eollisuuden Voima Oyj
Finland
Public Limited Company
Finland
T öölönkatu 4, 00100 Helsink
Olkiluoto, 27160 EURAJOKI
Production of electricity with nuclear power
T eollisuuden Voima Oyj
T eollisuuden Voima Oyj
REPORT OF THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS 2024
193
REPORT OF THE BOARD OF DIRECTORS KEY FIGURESSUSTAINABILITY STATEMENT GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS FINANCIAL INFORMATION
Teollisuuden Voima Oyj