Fortum, ROSATOM and NEK sign Memorandum of Understanding on cooperation in Belene nuclear power project

Fortum Corporation
Press release
30 November 2010

Fortum, ROSATOM and NEK sign Memorandum of Understanding on cooperation in
Belene nuclear power project

Fortum Corporation, the Russian State Atomic Energy Corporation ROSATOM and NEK
(the national Bulgarian utility Natsionalna Elektricheska Kompania EAD) have
signed a Memorandum of Understanding on cooperation in the development of
nuclear power plant Belene in Bulgaria.

According to the Memorandum of Understanding Fortum is endeavoring to
participate in the Belene nuclear power plant project in Bulgaria by providing
competences in nuclear technology and safety. In relation to technology
services, Fortum has reserved an opportunity to obtain a 1 per cent share of
the equity in the Project Company that will be established and will be the
owner of the power plant and the electricity generated by it.

“It seems that the Belene project is clearly moving ahead. Therefore Fortum is
also interested to offer its nuclear competences to the project and to reserve
an opportunity to obtain a 1 per cent equity stake in the Project Company” says
Matti Ruotsala, Executive Vice President of Fortum Corporation.

The exact size of the equity capital is subject for negotiations between
shareholders, the major shareholders to be the national Bulgarian utility
company NEK and ROSATOM's subsidiaries.

The Belene nuclear power plant will be constructed in northern Bulgaria near
the town of Belene. According to plan, the power plant will consist of two
Russian VVER-type pressurized water reactors with a 1,050 MW capacity each.

Fortum has extensive experience and an excellent track record in building,
operating, maintaining and upgrading nuclear power plants. Fortum has also a
long history of joint-ownerships and industrial development of nuclear power in
Finland and Sweden, and is internationally recognized for its expertise in
nuclear safety and waste management.

Fortum Corporation
Corporate Communications

Further information:
Matti Ruotsala, Executive Vice President, Fortum, tel. +358 40 048 7052
Anne Brunila, Executive Vice President, Fortum, tel. +358 40 081 3952

Further information on the Belene project:

About Fortum
Fortum's purpose is to create energy that improves life for present and future
generations. We provide sustainable solutions that fulfil the needs for low
emissions, resource efficiency and energy security, and deliver excellent value
to our shareholders. Our activities cover the generation, distribution and sale
of electricity and heat as well as related expert services.

Fortum's operations focus on the Nordic countries, Russia and Baltic Rim area.
In the future, the fast-growing, liberalizing Euro-Asian energy markets provide
additional growth opportunities. In 2009, Fortum's sales totalled EUR 5.4
billion and operating profit was EUR 1.8 billion. We employ approximately
11,000 people. Fortum's shares are quoted on NASDAQ OMX Helsinki.
Further information: