The continuing descent of power prices has prompted Finland’s Teollisuuden Voima (TVO) to announce the laying off of 13 per cent of is staff.

Reuters reports that the nuclear power consortium wants to cut up to 110 jobs, due to lower power prices and soaring costs from its delayed Olkiluoto 3 nuclear reactor project.
Olkiluoto engineers and equipment
Olkilouto has been delayed to the point that its newly scheduled opening will take place in 2018, ten years later than planned.

“Electricity market price has dropped and there are no signs of improvement in the coming foreseeable future. In addition, costs related to nuclear power production have increased and the delay of Olkiluoto 3 project has caused remarkable additional costs,” TVO chief executive Jarmo Tanhua said in a statement.

The delayed site has also thrown TVO’s plan to build a fourth Olkiluoto unit in doubt as Finland’s government recently rejected TVO’s application to extend the permit.