Government nuclear power license granted for Fennovoima

May 6, 2010

The Finnish Government has given Fennovoima a Decision-in-Principle regarding construction of a nuclear power plant. The Government made its formal decision today on May 6. Fennovoima appreciates the Government's view that the nuclear power project is for the overall good of the Finnish society. Fennovoima is essential for its shareholders as they are in genuine need for own, reasonably-priced electricity. − We are pleased and happy that the Government has confidence in us and we hope that Parliament will share the view of the Government. We, Fennovoima's shareholders, are strongly committed to this vital project and motivated in proceeding to its implementation without delay, says Juha Rantanen, Chairman of the Board of Fennovoima. Fennovoima was established in 2007 and it has 64 shareholders: companies representing trade and industry and dozens of local electricity utilities. To support their expertise, Finnish founding companies chose E.ON, one of the world's biggest energy companies, as the expert partner for the project. According to the Decision-in-Principle of the Government, Fennovoima is to apply for a construction license for the nuclear power plant within five years and to elaborate its plans for final depositing of spent fuel within six years. If Fennovoima is granted a Decision-in-Principle by Parliament, the company will examine the possibility to cooperate with the current operators responsible for nuclear waste management. In case cooperation is not possible, Fennovoima will plan its own final disposal facility. Fennovoima submitted its Decision-in-Principle application for the Government in January 2009. The Radiation and Nuclear Safety Authority Finland gave its positive statement on the application later that year. If Parliament ratifies the Decision-in-Principle of the Government, Fennovoima will build a nuclear power plant in Northern Finland, in either Pyhäjoki or Simo. In both municipalities the majority of the residents and the decision makers want Fennovoima's nuclear power plant to be located in their region. The reactor supplier will be Areva or Toshiba. Fennovoima will choose the location of the nuclear power plant in the beginning of 2011 at the latest. According to the plans, the excavation work at the chosen site will start in 2012 and the construction of the plant in 2014. The aim is that Fennovoima's nuclear power plant produces electricity in 2020. Further information: Manager, PR and International Communications Tiina Tigerstedt tel. +358 (0)20 757 9211 www.fennovoima.fi