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Annual Report 2007 Annual Report 2007 Teollisuuden Voima Oyj

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Annual Report 2007 Annual Report 2007 Teollisuuden Voima Oyj 2007 Annual report Teollisuuden Voima Oyj Electricity safely and reliably for almost 30 years. Knowledge and skills are transferred to the new generation according to plan. Concrete casting continued at the Olkiluoto 3 construction site. Until its final place- ment, the used fuel is stored in interim storage. 2 TVO • Annual Report 2007 Annual Report 2007 Teollisuuden Voima Oyj TVO as a Company 4 Vision, Mission and Values 4 Areas of Focus 4 Group Structure 4 Company Shareholders and Holdings 5 TVO Policies 5 Review by the President and CEO 6 2007 in Brief 8 Teollisuuden Voima Oyj Key Figure Graphs 9 Report of the Board of Directors 11 Operating Environment 11 Main Events 11 Administrative Principles 12 Administrative Bodies 12 Group Structure 13 Financial Performance 13 Financing 13 Internal Supervising and Internal Auditing 13 Risk Management 14 Share Capital and Share Issues 14 Olkiluoto Nuclear Power Plant 15 Annual Outages 15 Meri-Pori 15 Olkiluoto 3 15 Nuclear Waste Management 16 Research and Development 17 Investment 17 Assessment of the OL4 Nuclear Power Plant Unit’s Environmental Impacts 17 Safety and Environmental Issues 17 Personnel 18 Subsidiaries 19 Associated and Joint Venture Companies 19 Major Events after the End of the Year 19 Prospects for the Future 19 Proposals to the Annual General Meeting 19 TVO figures 20 Financial statements 2007 21 The Financial Statements of the TVO Group 22-55 The Financial Statements of the Parent Company 56-69 Proposals to the Annual General Meeting 70 Signatures for the Report of the Board of Directors and Financial Statements 71 Auditor’s Report 72 Board of Directors 73 Management Group 74 Basic Organization 75 Committees of the Board of Directors, and Auditors 76 Financial Publications 77 Contact Information Back cover TVO • Annual Report 2007 3 TVO as a Company Teollisuuden Voima Oyj (TVO) is a public company that electricity. This is achieved by keeping the units in good was established in 1969 and which produces electricity condition and up-to-date and by ensuring the expertise for its shareholders at cost price. TVO’s nuclear power of the personnel, a good working atmosphere and well- plant produces about one sixth of the electricity used in being at work. Finland. Continuous improvement Electricity is generated at the two Olkiluoto nuclear The Company encourages personnel to update their power plant units Olkiluoto 1 and Olkiluoto 2 (OL1 and professional skills, and to improve working methods OL2) at Eurajoki and at the Meri-Pori coal-fired power and working conditions. Continuous development im- plant in Pori. proves safety and profitability. Areas for improvement A new unit, Olkiluoto 3 (OL3), is under construction are actively sought in equipment, operating methods at Olkiluoto. and guidelines. If problems are found, corrective actions are taken immediately. Vision A world-class nuclear power company highly valued by Areas of Focus the Finnish society. TVO has two primary areas of focus 1. To keep the existing nuclear power plant units safe, Mission up-to-date, in good condition, reliable and competitive To produce electricity for shareholders safely, reliably in terms of their production costs. and economically while preserving the environment. 2. To implement the OL3 project safely and to a high Values standard, and by fulfilling the technical requirements Responsibility in line with the set timetable and cost estimate. Responsibility at TVO means above all that electricity is produced safely. A culture that places a high value on Group Structure safety is a priority and a common concern for the en- TVO is part of the Pohjolan Voima Group, whose par- tire personnel. The rules that have been agreed upon are ent company is Pohjolan Voima Oy. The subgroup of strictly obeyed. The operations at TVO call for high and TVO comprises the parent company Teollisuuden Voi- uncompromising quality. TVO understands its responsi- ma Oyj and the subsidiaries TVO Nuclear Services Oy bility towards promoting local well-being. (TVONS), Olkiluodon Vesi Oy and Perusvoima Oy, as Transparency well as the joint enterprise Posiva Oy. Personnel working at TVO are open, cooperative and The business concept of TVONS is to market and sell fair, and do not put their own interests before those of consultancy services based on TVO’ s nuclear power ex- the Company. The Company communicates openly pertise. The business concept of Olkiluodon Vesi Oy is about its operations and cooperates constructively and to ensure the supply of raw water to the Olkiluoto power in a businesslike manner with stakeholders with the aim plant units. Perusvoima Oy had no operations in the year of achieving good interaction. under review. TVONS, Olkiluodon Vesi Oy and Perus- Proactivity voima Oy are fully owned by TVO. The Company’s operations are based on consistent plan- The business concept of Posiva Oy is the management ning, which takes the long-term span of the operations of spent nuclear fuel from the Olkiluoto and Loviisa into account. TVO aims to prevent any incidents from nuclear power plants. TVO has a 60% shareholding in occurring that might affect safety or the availability of Posiva Oy. 4 TVO • Annual Report 2007 TVO is committed to adhering to a culture that places a high value on safety and ethical principles. Company Shareholders and Holdings TVO Policies The Company has three share series. The A series en- The Company’s operation takes into account the ap- titles the holder to the electricity generated by the ex- proved operating principles and Company-level policies. isting OL1 and OL2 nuclear power plant units. The B TVO and its personnel operate in line with the policies series entitles the holder to the electricity that will be determined by the Company. generated by the OL3 nuclear power plant unit now un- The policies are grouped under four headings: nu- der construction. The C series entitles the holder to the clear safety and quality, social responsibility, production electricity generated by the TVO share in the Meri-Pori and corporate security. coal-fired power plant. The policy of nuclear safety and quality comprises nuclear safety, radiation protection, safeguards of nucle- Company shareholders and holdings (%) 31.12.2007 ar material, and quality. The social responsibility policy comprises the envi- A series B series C series Total ronment, procurement, personnel, occupational safety, and communications. The production policy comprises plant operation and maintenance and an increase in production capacity. The corporate security policy comprises the safety of production and operations, the security of people and operating premises, rescue and emergency services, and information security. Electricity consumption in Finland and TVO’s production share TWh 120 TVO’s nuclear power plant produced about one sixth of the electricity used in Finland in 2007. Estimate 100 80 60 OL1 and OL2 OL3 40 20 0 1960 1970 1980 1990 2000 2010 2015 660 MW320 MW 420 MW 680 MW 720 MW 1 1 1 1 2 0 0 7 TVO • Annual Report 2007 5 Review by the President and CEO The OL3 reactor island site in summer 2007. 6 TVO • Annual Report 2007 Controlling climate change is one of the biggest chal- During the year under review, the production of nu- lenges of humankind. The decisions made in 2007 on the clear electricity at Olkiluoto was safe, reliable and cost- preventive measures and means against climate change efficient. The total production of the existing power plant will significantly affect the operational environment of units, 14.4 terawatt hours, was the highest in the history the energy industry in the coming years worldwide, in of the company and the capacity factors were also excel- Europe, and nationally. The energy industry, including lent on an international scale. The annual outages were TVO, has in recent years tried to anticipate the measures carried out with expertise and the power plant units required for reducing carbon dioxide emissions, and were found to be in good condition. In order to achieve has and will continue to invest substantially in carbon record results an important success factor is skilled dioxide-free production. and motivated personnel, which is also a significant With the decision made in the spring of 2007, the competitive advantage for TVO. European Union has committed itself to reducing On the OL3 project, the engineering, construction greenhouse emissions by 20% in relation to the level in work, subcontracting and main equipment manufacturing 1990 by the year 2020. In January 2008, the European and installing continued. In August, the plant supplier re- Commission published a climate and energy package, ported that taking into account the agreed-upon, progres- a legislative proposal which includes country-specific sive safety factors in the construction of the reactor will objectives for promoting renewable energy sources and take longer than stated in the original contract schedule reducing greenhouse emissions, as well as a proposal for and informed that the main construction work would con- developing an emissions trading system. The package tinue until the winter of 2009. This was predicted to post- also includes information about the recovery and pone the start of the operation of the OL3 until 2011. In storage of carbon dioxide. December, the plant supplier defined the previous fore- The goals for reducing greenhouse emissions and the cast and confirmed that the power plant unit would be liabilities for increasing renewable energy sources are completed in the summer of 2011. extremely challenging and demanding for Finland. The The assessment of the environmental impact of the climate negotiations directed by the UN will continue in Olkiluoto 4 power plant unit, which started up at the be- 2009, and after that we will find out what kinds of emis- ginning of the year 2007, as well as other reports regard- sion reductions the EU will commit to in the future.
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