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FORTUM TO INVEST EUR 185 MILLION IN TVO'

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Fortum Corporation    STOCK EXCHANGE RELEASE
                      18 December 2003              1 (1)


FORTUM TO INVEST EUR 185 MILLION IN TVO'S NEW NUCLEAR POWER PLANT UNIT


Fortum will participate in the new fifth nuclear power plant unit in Finland 
with a share of approximately 25%; thus Fortum´s investment as an equity share 
will be EUR 185 million during 2004 - 2009, entitling to approximately 400 MW 
of the plant´s capacity. Fortum will also give a shareholders' loan of 
EUR 40 million to the project.

Teollisuuden Voima Oy (TVO) has today made the investment decision 
about building the approximately 1,600 MW pressurised water reactor 
unit and signed an agreement with a consortium including Framatome 
ANP and Siemens. The power plant will start operations in 2009. 



Fortum Corporation
Carola Teir-Lehtinen
Senior Vice President, Corporate Communications



Further information:
Tapio Kuula, President, Power and Heat Sector, +358 10 45 24112



Distribution:
Helsinki Exchanges
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