Fortum and TVO to cooperate with Siemens Energy in the field of carbon capture and storage

Joint press release 
Fortum / TVO / Siemens                                      
14 October 2009                                                                 
Fortum and TVO to cooperate with Siemens Energy in the field of carbon capture  
and storage                                                                     

Siemens Energy has been selected as the capture technology partner for the      
FINNCAP - Meri-Pori Carbon Capture and Storage (CCS) project by the owners of   
Meri-Pori power plant, Finnish utilities Fortum and Teollisuuden Voima Oyj      
(TVO). The coal-fired power plant is located at Pori in Western Finland and has 
an installed capacity of 565 MW. The CCS demonstration is planned to treat      
approximately 50 percent of Meri-Pori's flue gas and to capture 90 percent of   
the CO2 it contains. Therefore it reduces the plant's CO2 emissions by some 1.25
million tonnes annually. Meri-Pori's CCS demonstration is among the largest     
post-combustion capture projects yet announced in Europe. Fortum and TVO plan to
apply for the European Flagship Programme with Siemens capture technology       
combined to a ship transportation and geological storage solution. The selection
for the first tranche of the Flagship Programme is expected to take place in    
2011 and the final investment decision in 2011-2012. The plant is scheduled to  
be in operation in 2015.                                                        

“We have selected Siemens post-combustion carbon capture technology for our CCS 
plant, out of several other technologies”, says Tapio Kuula, President and CEO  
of Fortum. “The Siemens technology seems especially promising in terms of energy
efficiency and emissions control. Meri-Pori CCS plant is one of the key projects
in Fortum's CO2-reduction programme."                                           

“Fortum's and TVO's decision to use our solution is a breakthrough for the      
second-generation post-combustion capture technology in the market“, said       
Michael Süß, CEO of Siemens Energy Fossil Power Generation. “The choice shows   
that European suppliers for CCS technology are leading the world market.        
Considering the whole project concept, we are convinced that Meri-Pori is one of
the top candidates for the European Flagship Programme, and we are proud that   
Meri-Pori will apply Siemens technology for carbon capture.”                    

“Several major prospective suppliers competed for the capture plant. Siemens'   
proposal has convinced us with environmentally and financially sound solutions,”
adds Mikko Iso-Tryykäri, Fortum's Project Leader for Meri-Pori CCS Plant. “We   
are looking forward to launching the project together with Siemens.” Developing 
CO2 capture technology to Meri-Pori power plant supports Fortum's and TVO's     
targets in climate change mitigation. Approximately 92 percent of Fortum's      
European power production (total 52 TWh) was CO2-free in 2008 and CCS is        
considered as an important technology in achieving the company's long-term      
target of becoming a CO2-free energy company. At Olkiluoto nuclear power plant  
TVO produces annually some 14.5 terawatt-hours of CO2-free electricity, which   
stands for approximately 16 percent of Finland's electricity consumption.       

“Partnering with Fortum and TVO is a great opportunity for us to bring our      
amino-acid salt based capture technology to commercial scale. Therefore, we     
value Fortum's early commitment to our technology for this important CCS        
demonstration project,” stated Nicolas Vortmeyer, Head of Siemens Energy Fossil 
Power Generation New Technologies. The development of Siemens' post-combustion  
capture technology is funded by the German Federal Ministry of Economics and    
Technology and part of the COORETEC initiative.                                 

The technology for CO2 capture from the flue gas of power plants is an important
feature of the Siemens environmental portfolio. In 2008, revenue from the       
products and solutions of Siemens environmental portfolio was nearly EUR 19 
billion, which is equivalent to around a quarter of Siemens total revenue.      

Press contacts:                                                                 

Fortum                                                                          
Mikko Iso-Tryykäri, phone: +358 (0)50 453 2650, mikko.iso-tryykari@fortum.com

Teollisuuden Voima Oyj                                                          
Anna Lehtiranta, phone: +358 (0)2 8381 5200, anna.lehtiranta@tvo.fi
Juhani Ikonen, phone: +358 (0)2 8381 5210, juhani.ikonen@tvo.fi         

Siemens AG	                                                                     
Alfons Benzinger, phone: +49 (0)9131 18-70 34, alfons.benzinger@siemens.com
Gerda Gottschick, phone: +49 (0)9131 18-8 57 53, gerda.gottschick@siemens.com

Siemens Osakeyhtiö	                                                             
Kirsi Rejman, phone:+358 (0)50 68 407, kirsi.rejman@siemens.com              
Eetu Helminen, phone: +358 (0)40 537 6597, eetu.helminen@siemens.com    

The Siemens Energy Sector is the world's leading supplier of a complete spectrum
of products, services and solutions for the generation, transmission and        
distribution of power and for the extraction, conversion and transport of oil   
and gas. In fiscal 2008 (ended September 30), the Energy Sector had revenues of 
approximately EUR22.6 billion and received new orders totaling approximately    
EUR33.4 billion and posted a profit of EUR1.4 billion. On September 30, 2008,   
the Energy Sector had a work force of approximately 83,500. Further information 
is available at: www.siemens.com/energy.                                        

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 13,500 people.    
Fortum's shares are quoted on NASDAQ OMX Helsinki. Further information:         
www.fortum.com                                                                  

Teollisuuden Voima Oyj is a Finnish nuclear power company founded in 1969 for   
safe and reliable production of electric energy to the Finnish society at a     
reasonable price. The nuclear power generated at TVO's Olkiluoto plants         
accounted in 2008 for ca. one sixth of the total energy consumption in Finland. 
Clean energy production not only benefits the Finnish society but also          
contributes to the global reduction of environmental impact.

About Us

Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 9,000 professionals in the Nordic and Baltic countries, Russia, Poland and India, and 62% of our electricity generation is CO2 free. In 2016, our sales were EUR 3.6 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com

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