Fortum to participate in the Fennovoima project with 6.6 per cent share – TGC-1 restructuring negotiations in Russia still not concluded
FORTUM CORPORATION STOCK EXCHANGE RELEASE 5 August 2015 at 09.00 EET
Fortum has decided to participate in the Fennovoima nuclear power project in Finland with 6.6 per cent share and on the same terms and conditions as the other Finnish companies currently participating in the project. Participation will be carried out through Voimaosakeyhtiö SF.
”Fennovoima is an important project for the Finnish society. At the same time, nuclear power is one of the key areas in Fortum’s strategy and our core competence together with hydro power and combined heat and power production”, says Fortum’s Interim CEO and CFO Timo Karttinen.
“With our participation, Fennovoima project will be able to utilize Fortum’s wide expertise of the nuclear sector and our technical know-how. At the same time Fortum will be able to continue its good long term cooperation with Rosatom and develop further its own expertise along with the project. Our target has not been to build a greenfield site for nuclear power in Finland as we already have two own nuclear power units in Loviisa and Fortum holds a share in Olkiluoto units. Our decision enables, however, Fennovoima project to proceed within the timeline the Finnish government has set to the project”, says Mr Karttinen.
Situation in the Territorial Generating Company TGC-1 restructuring negotiations in Russia remain unchanged. Despite of continued negotiations it has not up till now been possible to find a jointly approved solution.
Fortum, Gazprom Energoholding and Rosatom signed in December 2014 a protocol to start negotiations on the restructuring process of TGC-1 ownership in Russia. Fortum has a 29.5 per cent holding in TGC-1.
Fortum Corporation
Helena Aatinen
Senior Vice President, Corporate Communications
Further information:
Timo Karttinen, Interim CEO and CFO, Fortum,
Call back requests tel. +358 10 452 4121/Gun Wangel (today at 11.00 – 12.00 EET)
Media: Helena Aatinen, SVP, Communications, Fortum, tel. +358 10 452 0480
Investors and analysts: Sophie Jolly, VP, Investor Relations, Fortum, tel. +358 10 453 2552
Distribution:
Nasdaq Helsinki
Key media
www.fortum.com
Fortum
Fortum’s purpose is to create energy that improves life for present and future generations. Fortum’s expertise is in CO2-free and efficient electricity and heat production. The company also offers energy-related products and expert services to private and industrial customers and energy producers. Fortum’s main areas of operation are the Nordic and the Baltic countries, Russia and Poland. In 2014, the annual sales (excluding the divested electricity distribution business) totalled EUR 4.1 billion, and comparable operating profit was EUR 1.1 billion. The company employs approximately 8,000 people. Fortum’s share is listed on Nasdaq Helsinki. www.fortum.com