Stock exchange release

Fortum estimates approx. EUR 700 million one-time negative impact on net profit due to planned closure of OKG nuclear units 1 and 2 in Sweden

30 September 2015, 14:20 EEST



OKG AB's Board of Directors has today decided to invite an Extraordinary shareholders' meeting on 14 October 2015 in order to be able to make a decision on the closing of the units 1 and 2 in Oskarshamn nuclear power plant in Sweden. In OKG AB, E.ON is the majority owner and can decide on the closing of units.

For unit 1 the decision would mean that the unit would be taken out of operation and transferred into service mode after the applied environmental permit estimated to be received during 2017 – 2019. The exact timing depends on the environmental permit process.

For unit 2, which has been out of operation since June 2013 due to extensive safety modernization, the decision would mean that it would not be returned into operation. The closing process for the units is estimated to take several years.

Fortum has evaluated the financial impact of the decision based on the currently available information from OKG AB. Fortum estimates that the decision will have a one-time negative impact of approximately EUR 700 million on its third quarter 2015 net profit.

Fortum owns approximately 45.5% of the shares in OKG AB through its Swedish subsidiaries. Karlstad municipality in Sweden is a shareholder in one of these subsidiaries, which gives it an indirect ownership of approximately 2.1% of the OKG shares. Excluding Karlstad municipality's interest, Fortum's ownership is 43.4%, which reflects the share of electricity produced that Fortum can sell further to the market.

When all units were operating, Oskarshamn's three nuclear power units provided approximately 10% of the Swedish electricity generation. The total production capacity of the units is 2,511 megawatts (MW) of which Fortum's share is 1,090 MW. The biggest and newest unit 3, with capacity of 1,400 MW, will continue its operation (Fortum's share 608 MW). Oskarhamn 1 was commissioned in 1972, Oskarshamn 2 in 1974 and Oskarshamn 3 in 1985.

Fortum Corporation
Helena Aatinen
Senior Vice President, Corporate Communications

Further information:
Tiina Tuomela, EVP, Nuclear and Thermal Power Division, Fortum
Call back requests and media:
Helena Aatinen, SVP, Corporate Communications, Fortum, tel. +358 10 45 20480
Analysts and investors: Sophie Jolly, VP, Investor Relations, Fortum,
tel. +358 10 45 32552

Nasdaq Helsinki
Key media

Fortum’s purpose is to create energy that improves life for present and future generations. Fortum’s expertise is in CO2-free and efficient electricity and heat production. The company also offers energy-related products and expert services to private and industrial customers and energy producers. Fortum’s main areas of operation are the Nordic and the Baltic countries, Russia and Poland. In 2014, the annual sales (excluding the divested electricity distribution business) totalled EUR 4.1 billion, and comparable operating profit was EUR 1.1 billion. The company employs approximately 8,000 people. Fortum’s share is listed on Nasdaq Helsinki.