Stock Exchange Release
5 February 2009, 08.05 EET
Fortum submits application for the construction of a new nuclear power plant
unit in Loviisa
- A press conference will be held today at 10.30 (EET) at Fortum's head
office at Keilaniementie 1, Espoo.
Fortum has today, 5 February 2009, submitted to the Government of Finland an
application for a decision-in-principle concerning the construction of a new
nuclear power plant unit on the island of Hästholmen in Loviisa. Fortum already
has two nuclear power plant units on the island. According to plan, the new unit
will be operational in 2020. Its designed service life is at least 60 years. The
application presents five different plant alternatives, all of which will fulfil
stringent Finnish safety standards once completed.
Fortum's project is in line with the overall good of society
The Loviisa 3 project supports the Finnish Government's climate and energy
strategy presented to the Parliament in November 2008. Construction of the
nuclear power plant unit reduces dependency on energy imports, replaces retiring
electricity production in the coming decades and ensures carbon dioxide-free and
stable base-load electricity production at a predictable cost in Finland.
Loviisa 3 will be designed to allow for combined heat and power production. The
location in the vicinity of the Helsinki metropolitan area offers possibilities
for extensive utilisation of district heat.
In addition to nuclear power, Fortum is committed to promoting renewable energy
production, such as hydro and wind power and the utilisation of biomass-fuels,
and energy conservation. With these methods, it is possible to achieve virtually
carbon dioxide-free electricity production. Already today over 90% of Fortum's
power generation in the EU is carbon dioxide-free.
Fortum generates power to the market where it is available to all who need
Fortum is a strong Finnish nuclear power expert
Fortum has long experience in nuclear power plant design, construction and
operation as well as a solid track-record of expertise. The company has over 600
professionals working in its current nuclear power functions. The Loviisa
nuclear power plant has been in operation for over 30 years, and is in terms of
safety and availability, one of the best in the world. The Loviisa 3 project is
important for maintaining and increasing Finnish nuclear power know-how.
Loviisa is an excellent location for the new nuclear power plant unit
A thorough environmental impact assessment has been completed for Loviisa 3. The
assessment indicates that a new nuclear power plant unit can be constructed on
the island of Hästholmen in Loviisa. The area owned by Fortum is already zoned
for a new nuclear power plant unit. The construction of the unit will not cause
any changes to land ownership or protective zones, nor does it require any
The employment impact of the Loviisa 3 investment is about 21,000 man-years. The
project has a significant impact on employment and the economy, particularly in
Itä-Uusimaa and Kymenlaakso regions.
Fortum has a ready solution for final disposal of nuclear waste
The new nuclear power plant unit's low- and intermediate-level radioactive waste
will be disposed of on Hästholmen island by utilising existing solutions and by
expanding the repository on the island.
Spent fuel will be placed in a final repository at Olkiluoto in Eurajoki. Posiva
Oy, which is jointly owned by Fortum and Teollisuuden Voima Oyj (TVO), will
handle the practical implementation of the final disposal. Posiva has filed an
environmental impact assessment on expanding the final repository with Loviisa
3's waste. The repository at Olkiluoto allows for the final disposal of the
spent fuel of Fortum and TVO's existing operational plants and their new units
that are now being planned.
Fortum has the resources to implement the new nuclear power plant unit
The total costs of the new, 1,000-1,800-megawatt nuclear power plant unit are
EUR 4-6 billion, depending on the size and type of plant selected. The estimate
is based on Fortum's previous experience and the knowledge it has gained as a
nuclear power producer. Fortum's know-how and financial resources enable the
implementation of the Loviisa 3 project in accordance with the planned schedule
and without public funding.
Senior Vice President, Corporate Communications
Mikael Lilius, President and CEO, Fortum Corporation, tel. +358 10 452 9100
Tapio Kuula, Senior Vice President, Fortum Corporation, tel. +358 10 452 4112
Matti Ruotsala, President, Fortum Generation, tel. +358 40 048 7052
Additional information online:
NASDAQ OMX Helsinki
Invitation to press conference
Fortum will hold a press conference (in Finnish) about the Loviisa 3 project
today, 5 February 2009, at 10.30 (EET) at its head office at Keilaniementie
1, Espoo. The press conference will be webcasted live on Fortum's web site. A
press conference about Fortum's 2008 financial results will immediately follow.
The webcast can be viewed on Fortum's web site at www.fortum.com/investors.