Stock exchange release
21.4.2010 at 19.15 EET
Finnish Government to make a negative decision-in-principle on Fortum's nuclear
The Finnish Government has today 21 April 2010 decided that it will give a
negative decision-in-principle on Fortum's application concerning the
construction of a new nuclear power plant unit, Loviisa 3, on the island of
Hästholmen in Loviisa. Formally, the decision will be made in early May. Fortum
very much regrets the Government's decision. Loviisa 3 would have been
undeniably the best choice for the whole Finnish society and it would have
required a positive decision now. Fortum currently has two nuclear power units
in Loviisa with operating licenses only until the latter part of the 2020s.
Fortum's strategy calls for increasing CO2-free power generation and the
company will continue to execute its strategy regardless of the Government's
negative decision. In order to develop its business, Fortum needs new CO2-free
generation capacity to replace aging power plants and to fulfill the growing
Despite the negative decision-in-principle, nuclear power will continue to be
important to Fortum in the future. The company's strong nuclear competence will
be needed in the modernisation of Swedish nuclear power plants as well as to
secure the safe and reliable operation of Loviisa's two existing units.
Fortum's expertise is also in demand in several new nuclear power projects. The
company's willingness to participate in nuclear projects abroad has been
enquired and these opportunities are being investigated.
The preparatory work done for Loviisa 3 can be utilised in these upcoming
projects. The Finnish Government's negative decision-in-principle will not have
an impact on personnel. Fortum will continue to need the expertise of its
highly-skilled personnel in the planning and execution of new projects now and
for many years to come.
Executive Vice President, Corporate Relations and Sustainability
President and CEO Tapio Kuula: +358 10 452 4112
NASDAQ OMX Helsinki