Fennovoima invites Toshiba to direct negotiations and assesses mid-sized option

25.2.2013

Fennovoima proceeds to a new phase in its process for selecting the plant supplier.

Fennovoima Board of Directors has decided to invite Toshiba to direct negotiations. The proposal of Toshiba for Fennovoima’s Hanhikivi 1 nuclear power plant unit is a 1600 MW boiling water reactor EU-ABWR. The direct negotiations with Toshiba will commence immediately.

In addition, Fennovoima Board has decided to start assessing whether a mid-sized plant option would be feasible for Fennovoima. Fennovoima regards mid-sized reactors from Toshiba as well as from Areva and Rosatom as potentially suitable alternatives.

The reason for launching the assessment concerning mid-sized reactor options is changes in Fennovoima’s ownership structure. The current owners' need for Fennovoima's electricity has not changed and the owners want to ensure the realization of the project.

In January 2012, Fennovoima received bids for a nuclear power plant supply from Areva and Toshiba. Negotiations have been on-going through the year and final updates on the bids were received at the end of January 2013. As a result of an overall evaluation, Fennovoima Board of Directors decided to terminate the on-going bidding process and proceed in the new supplier selection process as described above.

Fennovoima’s target is to select the plant supplier during 2013.

For more information:

Chairman of Fennovoima Board, CEO of Fennovoima's owner Voimaosakeyhtiö SF Pekka Ottavainen, tel. +358 20 757 9247
Fennovoima CEO Juha Nurmi, tel. +358 20 757 9214
Fennovoima Chief Nuclear Officer Juhani Hyvärinen, tel. +358 20 757 9208

More information for suggesting a mid-sized power plant is available on Fennovoima internet site: www.fennovoima.fi/en/fennovoima/plant

Fennovoima is constructing new nuclear power in order to produce reasonably priced electricity for the Finnish trade and industries and for Finnish households, help Finland to move toward energy self-sufficiency and increase competition in electricity markets.