Fortum to discontinue Meri-Pori carbon capture and storage project
Fortum Corporation Press release 27 October 2010
Fortum to discontinue Meri-Pori carbon capture and storage project For the past couple of years, Fortum and Teollisuuden Voima (TVO) have collaborated on the Finncap project, the aim of which has been to build a large-scale demonstration plant for carbon capture and storage (CCS) at the companies' jointly-owned Meri-Pori power plant. Based on studies that have been done and on the company's updated strategy, Fortum has now decided to not continue with the project. Consequently, the Finncap project will not pursue being part of the European Union's CCS demonstration programme, the application period of which will begin soon. TVO withdrew from the project earlier this autumn. Also the technological and financial risks related to the project contributed to Fortum's decision. Acceptance into the EU programme would have covered only a portion of the costs of the approximately EUR 500-million project. In addition to EU funding, the project would have required national funding from Finland and significant investments from the companies participating in it. ”Finncap has been one of the biggest and most progressive CCS research projects in the world. According to Fortum's updated strategy, coal condensing is not within the core of the company's operations; in light of this the risks grew too extensive”, notes Matti Ruotsala, Executive Vice President, Power Division. ”For these reasons we cannot continue the project. According to our strategy, we focus on carbon dioxide-free hydro and nuclear power, as well as resource efficient combined heat and power production. However, Fortum will actively monitor the development of CCS technology by participating in various projects in collaboration with other players in the sector," he concludes. Fortum Corporation Corporate Communications Additional information: Mikko Iso-Tryykäri, Project manager, tel. +358 (0)50 453 2650, mikko.iso-tryykari@fortum.com