Financial statement for 2024 of National Nuclear Waste Management Fund has been adopted
The Ministry of Economic Affairs and Employment has adopted the financial statement of the National Nuclear Waste Management Fund for 2024 and decided on the recognition of the profit of the Fund as revenue. The Fund consists of two separate funds, the Financial Provision Fund and the Research Fund for Nuclear Energy Expertise.
The purpose of the National Nuclear Waste Management Fund is to ensure that the society has sufficient funds and competence to arrange nuclear waste management under all circumstances, if necessary. The Fund is not part of the Budget, and it operates under the Ministry of Economic Affairs and Employment.
At the end of 2024, the balance sheet total of the Financial Provision Fund was about EUR 3.1 billion. The fund’s profit from the financial period, EUR 197,620,326.57, will be added to the fund shares of the entities responsible for waste management in proportion to their respective assets available to be used by the fund during the calendar year. The entities responsible for waste management are Fortum Power and Heat Oy, Teollisuuden Voima Oyj and VTT Technical Research Centre of Finland Ltd.
In addition, the fund was preparing for the possible launch of Posiva Oy’s operations in 2025. The funds allocated to Posiva under the fund shares of Fortum Power and Heat and Teollisuuden Voima in the Financial Provision Fund will be transferred to Posiva during 2025.
Funds are collected to the Financial Provision Fund included in the National Nuclear Waste Management Fund to prepare for a situation where the State would become liable for the future costs of nuclear waste management. The capital of the Financial Provision Fund is composed of nuclear waste management fees and returns from lending and investment operations. The entities responsible for waste management, i.e. those whose activities produce nuclear waste, are obliged to pay nuclear waste management fees.
The EUR 3.1 billion in assets in the fund at the end of the financial period that has now been completed cover the costs of the remaining waste management of all nuclear waste generated in Finland. This amount also includes the dismantling costs of the existing nuclear facilities.
Assets from the fund have been re-lent to the companies responsible for nuclear waste management, invested in serial bonds of the Republic of Finland and invested in the fixed income and stock market through asset managers.
The deficit of the Research Fund for Nuclear Energy Expertise, EUR 886,745.43, will be deducted from the capital of the Research Fund. Funds are collected annually to be used for funding research activities in the sector. In 2024 about EUR 7.97 million were collected for research.
The fund allocated EUR 8,146,467 in funding for research projects on nuclear safety and nuclear waste management through the SAFER2028 research programme. EUR 412,573 was granted to the administrative project of the programme. The other administrative costs of the Research Fund amounted to EUR 74,310.
Inquiries:
Miia Saarimäki, Senior Specialist, MEAE, tel. +358 295 047 033
Sami Eriksson, Director of the Fund, tel. +358 295 047 231