Stock exchange release

Fortum submits application for the construction of a new nuclear power plant unit in Loviisa

05 February 2009, 08:05 EET

Fortum Corporation 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      
compulsory acquisitions.                                                        

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.                                                     

Fortum Corporation                                                              
Maria Romantschuk                                                               
Senior Vice President, Corporate Communications                                 

Additional information:                                                         
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                                                             
Key media                                                                                                                                

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