Finland grants Posiva nuclear waste disposal licence through 2070
Fortum's jointly owned disposal company must complete commissioning and pass a STUK inspection before operations can begin.
Ines Halvorsen
On Thursday, Finland granted a licence covering up to 6,500 uranium tonnes of spent fuel to privately held Posiva Oy, jointly owned by Fortum Oyj HELFORTUM and Teollisuuden Voima Oyj. Fortum's subsidiary holds 40 per cent of Posiva's A shares and 26.38 per cent of its B shares, according to Posiva's ownership disclosure.
The government licence covers fuel from the Olkiluoto and Loviisa nuclear plants and runs through the end of 2070. The owners, TVO and Fortum Power and Heat Oy, remain responsible for ensuring sufficient funding for operations, the government said on Thursday.
Fortum shares HELFORTUM were up 0.26 per cent in Helsinki as of 6:29 p.m. EEST on Thursday, at €22.97.
Posiva must finish commissioning tests and inspections that Finland's Radiation and Nuclear Safety Authority, STUK, must verify and approve before final disposal begins. The company gave no detailed start-up schedule in its Oct. 22 release.
"Despite the decision on the operating licence issued by the Government, Posiva may not start operating the facility before STUK has conducted the inspection," the Ministry of Economic Affairs and Employment said in its Oct. 22 notice.
Licence Requires Further Safety Reviews
The authorization covers an above-ground encapsulation plant and the Onkalo repository, excavated more than 400 metres below ground at Olkiluoto in Eurajoki. The ministry calls it the world's first final disposal facility for spent nuclear fuel to receive an operating licence.
The government granted the licence following STUK's favourable safety statement dated Aug. 4. According to the ministry, that assessment found the facility met the requirements of Finland's Nuclear Energy Act and Decree.
Under the Oct. 22 authorization, Posiva may possess, process, store and dispose of the specified spent fuel. The licensed amount corresponds to approximately 3,300 disposal canisters, with a planned maximum disposal rate of 60 canisters annually once operations are established.
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The licence also permits handling of specified low-level and intermediate-level nuclear waste, subject to a total limit of 3,000 cubic metres. No more than 1,500 cubic metres may be designated for final disposal. The waste provisions include material from operation and decommissioning of the owners' nuclear facilities, as well as waste generated by the encapsulation plant and repository.
The licence also allows limited disposal of certain other radioactive waste generated in Finland, including material from healthcare and research institutions.
TVO describes itself as an unlisted electricity producer operating the three Olkiluoto reactors in its March 31 investor presentation. The presentation identifies Fortum Power and Heat Oy as a wholly owned Fortum subsidiary.
The ministry estimates disposal operations will continue into the 2120s, beyond the current licence's term. It says the repository will then be backfilled and closed, with responsibility for the spent fuel transferred to the state after closure under the Nuclear Energy Act.
Posiva must submit a periodic safety assessment and an updated long-term safety justification to STUK within ten years of Thursday's licence grant. The next disposal milestone remains completion of commissioning and STUK's statutory inspection; Posiva's Oct. 22 announcement sets no date for first disposal.
