Finnish power utility Fortum is seeking to accelerate the restructuring of the Russian territorial generating company, TGC-1, in which it has a 29.45% stake and is negotiating its participation in the Fennovoima joint venture in Finland.
In December 2014, Fortum and Gazprom reached an agreement on the restructuring of TGC-1 (Gazprom holds 51.8%), by transferring hydropower assets (40 plants, about 3 GW, 12-13 TWh/year produced on average) to a new company in which Fortum would take a 75% stake in partnership with Rosatom (25%). In turn, Fortum would take up to 15% in the Fennovoima nuclear power project in Finland. Fennovoima is a consortium of Finnish industrials and Rosatom (34%), which plans to develop a 1,200 MW nuclear power project, Hanhikivi, in northern Finland. It will feature a AES-2006 pressurized water reactor supplied by Rosatom. Fennovoima is expected to file for a construction licence by June 2015. The project could be commissioned in 2024. So far, negotiations have not come to conclusions and Fortum is now seeking to accelerate the process.
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