Finland’s Fennovoima, which is building the Hanhikivi-1 NPP in northern Finland using Russian technology says its main priority in 2017 is to deliver the planning documentation to the Radiation and Nuclear Safety Authority (Stuk) so a construction licence can be issued in 2018. Fennovoima said in its annual corporate responsibility report, released on 5 April, that construction is planned to begin in 2018 for commercial operation in 2024. In January 2017 Fennovoima said the Hanhikivi project was on schedule with a supplier of the instrumentation and control (I&C) systems to be chosen this year. Hanhikivi-1 will be a 1,200MWe AES-2006-design VVER pressurised water reactor. The Hanhikivi-1 is being built using the Mankala principle, a business model used in the Finnish electricity sector. Shareholders are responsible for the fixed costs of the power company, including servicing of debt. In return, shareholders have the right to buy the electricity produced, at cost, in accordance with their respective share in the company. Industrial shareholders use the electricity for themselves and electric companies sell it to customers. Fennovoima recorded losses of €7.4m ($7.9m) in 2016, but had no turnover because the Hanhikivi project is in the development phase and the company does not yet own any revenue-generating assets.
