TVO

What TVO does

TVO (Teollisuuden Voima Oyj) is a Finnish unlisted public limited company (julkinen osakeyhtiö, Business ID 0196656-0) that owns and operates the Olkiluoto nuclear power plant in Eurajoki, Finland, with a secondary office in Helsinki. Its core activity is the generation of climate-friendly baseload electricity from three reactor units on a single site: two legacy boiling-water reactors (OL1, OL2) and one pressurised-water reactor (OL3, EPR-type), the latter having begun regular commercial operation on 16 April 2023. In 2025 Olkiluoto produced approximately 23.41 TWh, equivalent to about 28% of all electricity consumed in Finland, and the company employs between 1,001 and 5,000 people.

TVO does not sell electricity on the open market. Instead, it delivers output to its shareholder-owners — Finnish industrial and power companies — on a cost-price basis (omakustannusperiaate, the Mankala principle), under long-term offtake arrangements proportional to equity ownership. Its technology stack is anchored in nuclear safety engineering rather than software: OL3 features a four-train redundant safety system with a diversity principle, a double-walled reactor containment building designed to withstand a large passenger aircraft impact, a core-melt retention area, and compliance with EUR, IAEA and Finnish STUK requirements. Spent fuel is managed through Posiva, jointly owned with Fortum, which operates the Onkalo geological repository at 430 m depth using copper canisters and bentonite clay, designed for 100,000-year isolation.

The group's broader business lines sit around this core generation asset. TVO Nuclear Services Oy (TVONS) markets operations, maintenance, plant lifetime management, nuclear safety, waste management and new-build (NPP and SMR) services externally. Adjacent offerings include the Olkiluoto Visitor Centre, the DigiVierailu digital visit product, and OppiNet, an online training environment for partners. Capital is raised primarily through green bonds (e.g., a EUR 600 million seven-year issuance in May 2024 under a Green Bond Framework published June 2023) and concessional debt (a EUR 90 million EIB loan signed October 2025), aligned with EU climate and energy-policy objectives. Governance underwent refresh in 2025–2026 with a new CEO (September 2025) and Board changes including a new Chair (Petra Lundström) at the March 2026 AGM.

Name

TVO

Legal name

Teollisuuden Voima Oyj

Website

https://tvo.fi

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

TVO is a Finnish unlisted utility that operates the three-reactor Olkiluoto nuclear power plant (~28% of Finland's electricity in 2025), delivering baseload power to its industrial and power-company shareholders at cost under the Mankala principle.

Ownership category

akta.pro rank

Product category

Nuclear Power Generation

NAICS

Nuclear Electric Power Generation (221113)

SIC

Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Nuclear Power Plant Operations & Maintenance (O&M) (EUACADAO)

Keywords

• Nuclear power generation
• Baseload electricity supply
• Spent fuel disposal
• Nuclear plant operations
• Nuclear services

Headquarters

HQ city

Eurajoki

HQ country

Finland

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Electricity sales to shareholders at cost (Mankala model): TVO supplies electricity to its owners — Finnish industrial and power companies — on a cost-price basis (omakustannusperiaate / Mankala principle). The company does not sell electricity on the open market to maximise profit; instead, generation costs (fuel, operations, financing, depreciation) are passed through to shareholders in proportion to their ownership shares. This yields long-term, stable, contractually fixed offtake revenue rather than market-rate revenue.
2. Green bond financing (capital markets funding): TVO raises debt capital via green bonds earmarked for green projects under its Green Bond Framework (published June 2023), e.g., a EUR 600 million seven-year green bond issued May 2024. Proceeds finance or refinance qualifying green investments. This is a financing instrument rather than an operating revenue stream but supports capex on the plant fleet.

Pricing tiers

Go-to-market motion1 record

Core offering

TVO operates the Olkiluoto nuclear power plant in Eurajoki, Finland, comprising two boiling-water reactor units (OL1 and OL2) and one pressurised-water reactor unit (OL3), and delivers the generated baseload electricity to its Finnish industrial and power company shareholders on a long-term cost-price basis (Mankala principle). Around the plant it offers related satellite services through its TVONS nuclear services subsidiary (operations, maintenance, plant lifetime management, nuclear safety, waste management, NPP/SMR new-build projects), the Olkiluoto Visitor Centre, the DigiVierailu digital-visit product, and the OppiNet partner e-learning platform, and jointly participates in Posiva's Onkalo deep geological spent-fuel repository.

Product overview

TVO (Teollisuuden Voima Oyj) is an unlisted public limited company whose core offering is the generation of climate-friendly baseload electricity at a single platform — the Olkiluoto nuclear power plant in Eurajoki, Finland — delivered to its owner-customers on a cost-price (Mankala) principle. The platform comprises three generating units: the two legacy boiling-water reactors Olkiluoto 1 (OL1) and Olkiluoto 2 (OL2), and the newer pressurised-water reactor Olkiluoto 3 (OL3), which began regular commercial operation on 16 April 2023. Wrapping the nuclear platform are several satellite offerings: the Olkiluoto Visitor Centre (Vierailukeskus) and DigiVierailu digital-visit product for public outreach; the TVONS subsidiary service suite covering Operations, Maintenance and Plant Lifetime Management, Nuclear Safety, Waste Management, New-build projects (NPP and SMR), Accommodation village and Visit-request handling; the OppiNet online training environment for partners; and, through group companies, Finland's first geological spent-fuel repository at Onkalo.

Differentiator

Problem solved

Functional benefit

Brands

• TVONS (TVO Nuclear Services): Nuclear services arm offering operations, maintenance, plant lifetime management, nuclear safety, waste management, and new-build projects (NPP and SMR); also operates an accommodation village and provides training (OppiNet).

Products and services

• Olkiluoto 1 (OL1) One of TVO's two original boiling-water-reactor (BWR) generating units at the Olkiluoto site in Eurajoki, Finland, supplying baseload nuclear electricity to TVO's shareholder-customers as part of the Olkiluoto nuclear power plant.
• Olkiluoto 2 (OL2) TVO's second boiling-water-reactor (BWR) unit at Olkiluoto, producing baseload nuclear electricity alongside OL1 and OL3 for shareholder-customers.
• Olkiluoto 3 (OL3) TVO's third and newest generating unit at Olkiluoto and the first pressurised-water reactor (PWR / EPR) in Finland, producing baseload nuclear electricity using a primary-circuit pressurised water loop that transfers heat via steam generators to high- and low-pressure turbines driving a generator.
• Olkiluodon Vierailukeskus (Olkiluoto Visitor Centre) Public visitor and educational facility at Olkiluoto, open daily, where visitors can learn about nuclear power generation, the plant units and the nuclear fuel journey 'from rock to rock', including guided tours and a science-and-technology summer programme.
• TVONS (TVO Nuclear Services Oy) Wholly-owned TVO Group subsidiary that markets TVO's nuclear-industry expertise externally across service lines including Operations, Maintenance and Plant Lifetime Management; Nuclear Safety; Waste Management; New-build projects (NPP and SMR); Accommodation village services; and Visit-request handling.
• OppiNet (online training environment) TVO's online training environment for partners and subcontractors, used together with classroom 'Tulokoulutukset' to provide the safety and operational training required to work at the Olkiluoto site.
• DigiVierailu TVO's digital-visit offering, providing an online alternative to on-site visits to the Olkiluoto Visitor Centre and plant for those who cannot travel to the site.

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Fortum: Finnish state-controlled energy group that jointly owns Posiva with TVO and operates the Loviisa nuclear power plant. Directly comparable as a Finnish nuclear generator serving industrial shareholders under cost-of-service principles, with overlapping waste-disposal ownership via Posiva.
• Vattenfall: Swedish state-owned utility operating multiple nuclear reactors including Ringhals and Forsmark. Highly comparable as a Nordic baseload nuclear operator with similar regulatory environment (STUK-equivalent), grid connection to Nordpool, and large-scale BWR/PWR fleet operations.
• Bruce Power: Canadian nuclear operator running the Bruce Nuclear Generating Station (8 CANDU reactors) on long-term, contractually-priced offtake arrangements to provincial utilities. Closely mirrors TVO's Mankala-style closed-loop ownership/offtake structure and multi-unit baseload nuclear economics.
• Ontario Power Generation (OPG): Provincial Crown corporation operating Pickering and Darlington nuclear stations and pursuing SMR deployment. Comparable as a publicly owned, vertically integrated nuclear operator with closed-loop electricity supply, lifetime-extension programmes, and adjacent waste-management expertise.
• ČEZ Group: Czech integrated utility operating the Dukovany and Temelín nuclear plants and pursuing new-build at Dukovany. Comparable as a Central European nuclear operator with multi-reactor fleet, ongoing lifetime extensions, and public-policy-backed new-build pipeline.

Broad incumbents

• EDF (Électricité de France): France's state-owned integrated utility and the world's largest nuclear operator, including the EPR fleet. Comparable as a major European nuclear generator with extensive spent-fuel management capabilities; the EPR at OL3 was supplied by an Areva/EDF-led consortium, making EDF a natural design and operational peer.
• Uniper: German energy utility historically operating nuclear assets and now focused on conventional generation and trading. Comparable as a large European baseload operator with nuclear expertise and exposure to Nordic power markets through its Swedish operations.
• Constellation Energy: Largest US nuclear operator following its 2022 spin-off from Exelon. Comparable as a pure-play, multi-reactor nuclear operator benefiting from clean-energy policy support and competing in liberalised power markets, providing a useful contrast to TVO's Mankala cost-price model.
• KEPCO (Korea Electric Power Corporation): South Korean state-owned integrated utility with a large PWR fleet and active new-build programme. Comparable as a national nuclear operator with significant EPR/Korean-standard PWR operating experience and ambitions to export reactor technology and services.

Others

• Posiva Oy: Joint venture between TVO and Fortum operating the Onkalo deep geological spent-fuel repository. Comparable as an adjacent nuclear-waste-disposal operator already inside TVO's group, and a likely commercialisation vehicle for Finnish nuclear waste expertise internationally.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/tvo_fi
• YouTubeyoutube.com/channel/UCAxV1l77J3DiOil9MvbDcdw
• Facebookfacebook.com/olkiluodonvierailukeskus
• LinkedInlinkedin.com/company/teollisuuden-voima-oy
• Instagraminstagram.com/olkiluoto_fi

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds4 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TVO