Stock exchange release

Finnish Government to make a negative decision-in-principle on Fortum's nuclear application

21 April 2010, 19:15 EEST

Fortum Corporation
Stock exchange release
21.4.2010 at 19.15 EET

Finnish Government to make a negative decision-in-principle on Fortum's nuclear application 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 electricity demand. 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. Fortum Corporation Anne Brunila Executive Vice President, Corporate Relations and Sustainability Further information: President and CEO Tapio Kuula: +358 10 452 4112 Distribution: NASDAQ OMX Helsinki Key media