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Helen increases emission-free electricity generation

Helen is increasing its share of nuclear power produced in Olkiluoto. Helen’s subsidiary Oy Mankala Ab is purchasing the shares of Teollisuuden Voima Oyj (TVO), which are owned by the Loiste Group. In future, Helen will have more emission-free electricity as a result of the share transaction with the Loiste Group.

Helen is preparing to phase out the use of coal by 2029 in accordance with the Government’s policy. The target is to achieve carbon neutrality by year 2035. The objective is to reduce the carbon-dioxide emissions of energy production and to increase the use of emission-free energy.

- In addition to the electricity generation of the power plants in Helsinki, Helen produces a significant amount of electricity through its power assets. Helen has power assets in hydro, wind and nuclear power. Through the power assets, Helen’s electricity production is diverse and can meet different situations of the electricity market. As a result of the share transaction, we will have more emission-free electricity in the future, sums up Helen’s Director Harri Mattila.

Secure electricity production throughout the year

As heating is becoming electrified, the need for emission-free electricity is constantly growing. Nuclear power enables guaranteed and stable electricity generation throughout the year. In addition to nuclear power, Helen produces emission-free electricity with renewable energy: hydro and wind power and solar energy. Helen also invests strongly in increasing wind power: last year it invested in two new wind farms. Helen’s aim is to increase wind power production fivefold by 2022.

Distribution of Helen’s electricity production in 2030

Nuclear power technology is constantly developing

Small modular reactors, SMRs, have the potential of being part of the new future of nuclear energy. SMRs are small and safe because their safety systems rely on gravity and on design solutions based on physical laws. Due to these properties, it is possible to locate the power plant close to population centres.  

Based on Helen’s studies, small modular reactors are a cost-effective, carbon-neutral production alternative suitable for the generation of district heat. It is possible to replace a large amount of combustion-based production with SMEs while reducing emissions at the same time.    

Helen is taking active part in the development and utilisation of the operational preconditions of SMR technology in district heat as part of the two-year EcoSMR (Finnish Ecosystem for Small Modular Reactors) project funded by Business Finland. The project brings together Finnish actors to develop business around the possibilities of small modular reactors.

Facts: 

  • Helen buys shares of Teollisuuden Voima Oyj from the Loiste Group via its subsidiary, Oy Mankala Ab.
  • Helen Group owns about 10 per cent of TVO’s shares.
  • As heating becomes electrified, nuclear power guarantees stable and secure electricity generation.
  • Nuclear power is also a technology of the future. Small modular reactors, SMRs, are currently studied.
  • Helen is involved in the EcoSMR project coordinated by VTT.
  • According to the Loiste Group, it will now focus on the energy infrastructure business, i.e. electricity network and district heating operations, and therefore it is the right time to sell the shares of Teollisuuden Voima Oyj.
Published: 06.07.2021 08:20
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