HELSINKI, April 1 (Reuters) - A plan by Fennovoima to build a nuclear reactor in Finland could be at risk of falling through as Outokumpu (OUT1V.HE: Quote), the company's biggest industrial owner, eyes other nuclear stakes instead, a Finnish paper reported.
Steelmaker Outokumpu has held talks with forestry group UPM-Kymmene (UPM1V.HE: Quote) about acquiring some of its shares in other nuclear projects in the country, Tekniikka & Talous newspaper reported on Friday, quoting unnamed industry sources.
UPM-Kymmene owns part of utility company Teollisuuden Voima (TVO), which is currently building the much-delayed Olkiluoto 3 reactor in Western Finland, and holds a principle permit for its next reactor, Olkiluoto 4.
The Finnish paper cited sources as saying Outokumpu may be interested in a smaller, cheaper cut of Olkiluoto 4 over a stake in new nuclear company Fennovoima.
UPM-Kymmene's chief financial officer, Tapio Korpeinen, said in the paper his company's forestry plants would not need as much electricity as they are set to have in TVO, but declined to say if UPM would reduce its stake.
Outokumpu, which owns about 10 percent of Fennovoima and has appeared as its strongest promoter, declined to comment on the report.
Fennovoima expects its plant to cost 4 billion to 6 billion euros ($5.69 billion-$8.53 billion). It's biggest owner, German utility E.ON (EONGn.DE: Quote), said earlier this week it will seek to incorporate into future projects what has been learned from Japan's Fukushima nuclear disaster, but assured it remained committed to Fennovoima.
Last July, the Finnish parliament gave permission to TVO and the Fennovoima consortium to construct new nuclear reactors, taking Finland's total reactors to seven.
Fennovoima has not yet chosen a location or a supplier for its reactor. (Reporting by Jussi Rosendahl; Editing by Steve Orlofsky,sourced Reuters)
Steelmaker Outokumpu has held talks with forestry group UPM-Kymmene (UPM1V.HE: Quote) about acquiring some of its shares in other nuclear projects in the country, Tekniikka & Talous newspaper reported on Friday, quoting unnamed industry sources.
UPM-Kymmene owns part of utility company Teollisuuden Voima (TVO), which is currently building the much-delayed Olkiluoto 3 reactor in Western Finland, and holds a principle permit for its next reactor, Olkiluoto 4.
The Finnish paper cited sources as saying Outokumpu may be interested in a smaller, cheaper cut of Olkiluoto 4 over a stake in new nuclear company Fennovoima.
UPM-Kymmene's chief financial officer, Tapio Korpeinen, said in the paper his company's forestry plants would not need as much electricity as they are set to have in TVO, but declined to say if UPM would reduce its stake.
Outokumpu, which owns about 10 percent of Fennovoima and has appeared as its strongest promoter, declined to comment on the report.
Fennovoima expects its plant to cost 4 billion to 6 billion euros ($5.69 billion-$8.53 billion). It's biggest owner, German utility E.ON (EONGn.DE: Quote), said earlier this week it will seek to incorporate into future projects what has been learned from Japan's Fukushima nuclear disaster, but assured it remained committed to Fennovoima.
Last July, the Finnish parliament gave permission to TVO and the Fennovoima consortium to construct new nuclear reactors, taking Finland's total reactors to seven.
Fennovoima has not yet chosen a location or a supplier for its reactor. (Reporting by Jussi Rosendahl; Editing by Steve Orlofsky,sourced Reuters)
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