Atomic Insights: Innovation in Nuclear Energy 2024
Interview with Emma Wong
24 years ago, in December 2000, TVO - a Finnish nuclear company - applies to the Finnish cabinet for a decision-in-principle on a new unit to their existing nuclear power plant. This unit was called Olkiluoto 3.
They receive the decision-in-principle in 2002, and a full license to build in 2005. Construction begins the same year, in 2005 and was supposed to last for 5 years. The plant was suppose to generate 1600 MW of energy in 2010.
Instead of five years, the construction took 18 years. I remember hearing about all of the little problems with welding, screws, trouble with the workers, all of this on the news over and over again. Finnish people were rolling our eyes like “this is the worst project we’ve ever seen”.
The plant finally began commercial operation in May 2023.
Hand in hand with the delays, the budget kept increasing. What was supposed to cost 3 billion euros, ended up costing 11 billion euros.
Here’s a quote from Wikipedia: “Olkiluoto 3 was supposed to be the first reactor of 3+ generation which would pave the way for a new wave of identical reactors across Europe that were safe, affordable, and delivered on time. The delays and cost overruns have had knock-on effects in other countries”.
It’s clear we cannot keep using fossil fuels, and it’s clear that wind and solar alone can’t fulfill all of the increasing energy needs that we have. So something has to be done: We need INNOVATION.
Today I’ve invited someone who knows everything about nuclear energy, innovation, and their economic impact.
Emma Wong is Principal Leader in Nuclear Engagement, Strategy, and Innovation at the Electric Power Research Institute (EPRI). She just finished her secondment as the Senior Nuclear Technology and Innovation Advisor to the OECD’s Nuclear Energy Agency in the Division of Nuclear technology Development and Economics.
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From the Archives
Energy Transition in America Explained through Infrastructure
On November 15, 2021, President Joe Biden signed into law a 1.2 trillion dollar bill, the Infrastructure Investment and Jobs Act. How will this law and its budget affect the transition toward cleaner energy and a healthier environment? In the studio Rao Konidena, author of Modern Electricity Systems: Engineering, Operations, and Policy.
Section One: Tools - Infrastructure
Chapter from my audiobook Government and Innovation - the Economic Developer’s Guide to Our Future. This free chapter from my audiobook talks about large infrastructure projects, including Olkiluoto 3, and their amazing ROI.
