FORTUM TO INVEST EUR 185 MILLION IN TVO'

Fortum Corporation STOCK EXCHANGE RELEASE
18 December 2003 1 (1)


FORTUM TO INVEST EUR 185 MILLION IN TVO'S NEW NUCLEAR POWER PLANT UNIT


Fortum will participate in the new fifth nuclear power plant unit in Finland
with a share of approximately 25%; thus Fortum´s investment as an equity share
will be EUR 185 million during 2004 - 2009, entitling to approximately 400 MW
of the plant´s capacity. Fortum will also give a shareholders' loan of
EUR 40 million to the project.

Teollisuuden Voima Oy (TVO) has today made the investment decision
about building the approximately 1,600 MW pressurised water reactor
unit and signed an agreement with a consortium including Framatome
ANP and Siemens. The power plant will start operations in 2009.


Fortum Corporation
Carola Teir-Lehtinen
Senior Vice President, Corporate Communications


Further information:
Tapio Kuula, President, Power and Heat Sector, +358 10 45 24112


Distribution:
Helsinki Exchanges
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