Owners made final commitment to Fennovoima

April 15, 2014

Fennovoima’s owners Voimaosakeyhtiö SF and RAOS Voima Oy have today on April 15th made the binding decision to construct and finance Fennovoima’s nuclear power plant in Pyhäjoki.

Fennovoima supports Finland’s competitiveness and the operations of its owner companies. The project increases Finland’s self-sufficiency in electricity generation and strengthens the security of supply. According to the agreed schedule, the power plant will generate electricity for its owners at cost price starting from 2024. The power plant will employ directly thousands of people during construction period and generates durable demand for various services in Finland and especially in Northern Ostrobothnia.

The Fennovoima general meeting that was held today has nominated a new board. The Chairman of the Board is Juhani Pitkäkoski, Senior Vice President of M&A of Caverion Corporation and the Vice Chairman is Anastasia Zoteeva, Deputy Director General for Business Development of Rusatom Overseas. The Members of the Board are Aimo Eloholma, former Board Chairman of Megafon (Russia); Esa Lager, former CFO of Outokumpu Oyj; Juha Mäkitalo, Attorney-at-Law; Stefan Storholm, CEO of Katternö Group and Djurica Tankosic, President of Global Nuclear of Worley Parsons. The Deputy Members of the Board are Antti Koskelainen, Energy Director of Outokumpu Oyj and Jussi Lehto, CEO of Keravan Energia.

The former Chairman of the Board of Fennovoima Pekka Ottavainen will continue in his position as the CEO of Voimaosakeyhtiö SF, the majority owner of Fennovoima.

RAOS Voima Oy, the subsidiary of JSC Rusatom Overseas and a part of the State Atomic Energy Corporation Rosatom, became Fennovoima's owner in March 2014 with a share of 34 %. Fennovoima’s majority owner Voimaosakeyhtiö SF aims at keeping its ownership in Fennovoima in the current 66 %.

The Ministry of Employment and the Economy of Finland is preparing a proposal for Fennovoima’s application to supplement the Decision-in-Principle. If the Government approves the supplement, the application will proceed to Parliamentary ratification.

For more information:

CEO of Voimaosakeyhtiö SF Pekka Ottavainen, tel. +358 20 757 9247

Chairman of the Board of Fennovoima Juhani Pitkäkoski through Manager, PR and International Communications Tiina Tigerstedt, tel. +358 20 757 9211

Deputy Director General for Business Development of Rusatom Overseas Anastasia Zoteeva, through Director, Social Responsibilities Irina Kibina, +7 495 730 0873 ext. 5269

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.