TVO is a non-listed public limited liability company owned by Finnish industrial and energy companies. According to TVO’s Articles of Association, the Company operates in the fields of power plant and transmission system construction and acquisition as well as generation, relay and transfer of electricity primarily to the Company’s shareholders in accordance with the terms set in the Articles of Association.
TVO operates on a cost-price principle (Mankala principle). TVO's goal is not to make profit or pay dividends. The shareholders are charged incurred costs on the price of electricity and thus in principle the profit/loss for the period under review is zero, unless specific circumstances dictate otherwise. The shareholders pay variable costs based on the volumes of energy supplied and fixed costs in proportion to their ownership, regardless of whether they have made any use of their share of the output or not. Because of the Company's operating principle, key indicators based on financial performance will not be presented. See “The cost-price principle” in the Notes to the consolidated financial statements.
TVO is owned by six shareholders, some of which, like TVO, operate on the Mankala principle. Electricity generated by TVO serves the needs of numerous Finnish industry and energy companies, some of which are owned also by 132 Finnish municipalities. TVO generates about 17 percent of all electricity consumed by Finns.
TVO’s operations are founded on strong safety culture and securing the safety of production. TVO’s activity-based management system covers production activities at the Olkiluoto nuclear power plant, maintaining and developing production capacity, additional construction of production capacity and functions required to control and resource these activities. The system meets the requirements of international quality control, environmental, occupational health and occupational safety standards and has been certified by DNV GL Business Assurance Finland Oy Ab. The general part of the activity-based management system also acts as the licensee’s quality control system approved by the Radiation and Nuclear Safety Authority in Finland (STUK). The implementation, functionality and efficiency of the activity-based management system is regularly monitored with internal audits and management reviews.
TVO’s Corporate Governance system is described in a separate report. TVO’s principles of responsible operating practices are described in TVO’s Code of Conduct (Chapter 16) Responsibility).
The objectives of TVO’s strategy include predictable and competitive price of electricity, solid safety brand and satisfied customers. The goal is to maintain a competitive average electricity production cost and to ensure that the operability of the plant units meets the Company’s goals. Safety culture is maintained at a high level and safety is systematically upheld and developed at all stages of nuclear power lifecycle.
