FORTUM CANCELS RESERVE POWER PLANT PROJECT

Press Release

Fortum announced in December 2006 its plan to invest in a new reserve power plant in Inkoo, Finland, in conjunction to the existing power plant. The project was planned to be realised in co-operation with a partner/partners. Such a co-operation did, however, not develop as planned, which affects the decision to realise the project. Consequently the financial pre-requisites of the project have changed substantially and Fortum has decided to cancel it.

"The decision to discontinue the investment plan was also influenced by the power plant's increased construction costs, as well as already initially challenging financial basis ", says SVP Tapio Kuula from Fortum.

In December 2006, Fortum started to plan a new 250–300 megawatt gas turbine power plant in con-junction to the existing power plant in Inkoo, Finland, by launching a public bidding process and submitting an environmental permit application. The intention was to take the power plant into use in the turn of 2008–2009 to serve as a reserve power plant during peak consumption periods.

Fortum Corporation
Corporate Communications


Further information:
Pekka Päätiläinen, President, Fortum Generation, +358 50 453 2740
Tapio Kuula, Senior Vice President, Fortum Corporation, +358 50 452 4112