Press release

Fortum interested in building a full-scale wave power site off the Swedish west coast

17 February 2009, 12:51 EET

Fortum Corporation
Press release

Fortum interested in building a full-scale wave power site off the Swedish west coast Fortum and a Swedish wave power equipment supplier Seabased Industry have submitted an application of interest to the Swedish Energy Agency for investment support of a full-scale wave power site with 500 aggregates and capacity of 10 MW, representing an estimated total investment of close to EUR 25 million. Fortum has together with the University of Uppsala previously invested in a test site for wave power outside the coast of Lysekil in Sweden. “We see wave power as an important part of tomorrow's energy system. Wave power is still under development, but we find it so interesting that we are now investigating the possibilities of developing a full-scale wave power site,” says Göran Hult Head of Fortum's hydropower. Water in movement contains a lot of energy and has potential to be utilised most of the time. Estimates show that the relatively calm Baltic Sea alone could generate some 24 TWh electricity representing close to the total amount of electricity consumed annually by all Swedish households.   The wave power site concerned in the application of interest is estimated to cost close to EUR 25 million. Fortum hopes that the Swedish Energy Agency will contribute with partial financing. A large-scale site would enhance a more rapid development of wave power to commercial production.   “A precondition for the Swedish Government's ambitious goal to expand the electricity certificate system to 25 TWh is that all available renewable energy sources are utilised. And we believe wave power has very large potential,” emphasises Göran Hult.   Fortum Corporation Corporate Communications For more information please contact Göran Hult, Vice President, Fortum Generation AB, +46 70 344 5498 Stefan Brandt, Head of Department, Fortum Generation AB, +46 70 631 6786 Agneta Molinder, Press Officer Fortum, +46 70 344 5332 Background: The Swedish Energy Agency is commissioned to support and stimulate the continuing development of commercially viable renewable energy production through investment support. As a first step in this process, the agency has called for applications of interests. Fortum will reach its decision after the Swedish Energy Agency has decided on the application. Seabased Industry AB is an Uppsala-based company developing new technology for capturing energy from ocean waves. The company is closely associated with the wave power research at the University of Uppsala. Fortum is a leading energy company focusing on the Nordic countries, Russia and the Baltic Rim area. Activities cover the generation, distribution and sale of electricity and heat and the operation and maintenance of power plants. Our vision is to be the benchmark power and heat company excelling in sustainability. In 2008, Fortum's sales totalled EUR 5.6 billion and operating profit was EUR 2.0 billion. The company employs approximately 16,000 people. Fortum's shares are quoted on NASDAQ OMX Helsinki. Further information: