Finland's Fortum starts using U.S. nuclear fuel in bid to reduce Russian dependence (updated)

Fortum Oyj

02/09/2024 09:48

(Adds quotes in paragraphs 2-3, background in paragraphs 4-6)
       LOVIISA, Finland, Sept 2 (Reuters) - Finnish utility
Fortum  FORTUM.HE  said on Monday it has successfully started
using nuclear fuel from U.S.-based Westinghouse Electric as it
seeks to replace Russian nuclear fuel at its Loviisa power plant
in Finland.
    "The loading of the new fuel is a significant milestone that
guarantees a reliable Western alternative for fuel," Fortum said
in a statement, adding that the first batch from Westinghouse
had been loaded during the power plant's annual outage in
August.
        "The safe and reliable operation of our Loviisa Nuclear
Power Plant is crucial for Finland's security of supply," it
said.
        The Loviisa site has depended on nuclear fuel it sources
from TVEL, a subsidiary of Russian state-owned power company
Rosatom, but Fortum began looking to replace the Russian fuel in
2022 after Moscow's full-scale 
    invasion
     of Ukraine.
  
        Fortum's two nuclear reactors in Loviisa account for
around 10% of Finland's total power production. The Nordic
country has expressed concerns over potential interruptions in
fuel deliveries from Russia after its decision to 
    join
     NATO last year. 
  
        Fortum's CEO Markus Rauramo said on Monday the company
would respect its existing contracts with TVEL, which are
running until 2027 and 2030.
  

 (Reporting by Anne Kauranen and Elviira Luoma in Loviisa,
editing by Stine Jacobsen and Louise Rasmussen)
 ((anne.kauranen@thomsonreuters.com; +358401895560;))