Fennovoima's press release October 9, 2008

FENNOVOIMA ENVIRONMENTAL IMPACT ASSESSMENT REPORT COMPLETED
Work continues at three location sites

Fennovoima Ltd today, Thursday October 9, submitted its Environmental Impact Assessment (EIA) Report to Finland’s Ministry for Employment and the Economy. The report contains an assessment of the environmental impact at three alternative location sites of the Fennovoima nuclear power plant throughout its entire lifecycle.

Alternative location sites for the Fennovoima nuclear power plant are Pyhäjoki, Ruotsinpyhtää and Simo. Concerning Ruotsinpyhtää, the EIA Report includes assessment of two sites. Fennovoima assigned implementation of the EIA process to Pöyry Energy Oy.

The EIA Report assesses the impact of the project on community structure and the regional economy, landscape and cultural environment, living conditions, comfort and health, groundwater, water systems, fishing and nature sites.

Environmental impacts of the project’s construction and operation phases are dealt with separately in the assessment report. In addition to construction work on the plant itself, the construction phase also includes a navigation channel and harbor quay, cooling water structures, road connections and power lines.

Inspection regarding impact during operations includes the impacts of cooling water and wastewater, radioactive emissions, waste management, noise, transportation and commuter traffic, as well as combined effects with other known projects. The impacts of irregular and accident situations are also assessed, as well as impacts crossing the boundaries of Finland.

In its conclusion to the report Fennovoima states that the project does not involve at any of the location sites such hazardous environmental impacts that would prevent its implementation. Fennovoima is therefore continuing project preparation at all three location sites.

Fennovoima will be submitting its application for a Government Decision-in-Principle by the start of 2009. Fennovoima’s objective is to begin construction of the nuclear power plant around 2012, and electricity production by 2020.

The complete EIA Report can be found on the Fennovoima website, www.fennovoima.fi.

Further details can be obtained from Mrs. Marjaana Vainio-Mattila, Environmental Manager, +358 20 757 9206 and Mr. Timo Kallio, EVP Construction, +358 20 757 9207.