Funds ready for final disposal
As companies responsible for nuclear waste management, Posiva owners TVO and Fortum will be collecting the funds for the final disposal arrangement in electricity rates and setting them aside for future use. This provide society at large with a financial guarantee that nuclear waste management, including final disposal, can be handled under all circumstances.
In accordance with the Nuclear Energy Act, the Government’s nuclear waste management fund was established in 1988 a state off-budget fund operating under the Ministry of Economic Affairs and Employment (TEM). The fund’s purpose is to collect, store and safely invest the funds that will be eventually required for managing nuclear waste.
The fund capital is formed by the annual payments of those responsible for nuclear waste management and the fund yields. The Ministry determines the cost responsibility at current price levels each year based on reports provided by the organisations responsible for nuclear waste management. The total amount of collect funds must always match the costs of all pending nuclear waste management measures.
The nuclear waste management costs covered by the fund also include research and development expenses and the costs of regulatory control and administration.
The costs related to the final disposal of nuclear waste and spent nuclear fuel will be collected in nuclear electricity rates from the owners of TVO and Fortum and deposited in the State Nuclear Waste Management Fund for future use. The fund will be used to cover the final disposal of nuclear waste accumulated in Finland.