Espoo, Finland, 2013-09-05 09:48 CEST (GLOBE NEWSWIRE) -- PRESS RELEASE 5 September 2013
Fortum has signed a collaboration agreement with the Russian State Atomic Energy Corporation ROSATOM and Rolls-Royce Plc. in the area of nuclear power development. The collaboration will jointly investigate the feasibility of ROSATOM's VVER-type reactors for the UK new build programme. Fortum has not made any investment decisions related to new nuclear in the UK.
During the first phase, the partners will launch preparatory work towards Generic Design Assessment of a VVER-type power plant and site licensing. Both are part of the wider approvals process required for new nuclear reactors in the UK. First commercial contracts between the parties have been signed.
In the UK, the current fleet of nuclear power plants is nearing the end of its lifetime. At the same time, the country aims to radically decrease its CO2 emissions. Thus, the UK government is preparing mechanisms that would enable new nuclear plants to be built in the UK.
“In this project our role and contribution is to support the work by bringing on board our nuclear competence in various areas such as safety and waste management on commercial terms,” says Matti Ruotsala, Executive Vice President of Fortum Corporation. "We see the nuclear programme in the UK as a really interesting opportunity to utilise our wide expertise."
Fortum has extensive experience in building, operating, maintaining and upgrading nuclear power plants. Fortum is internationally recognised for its know-how in nuclear safety and waste management and has a successful track-record of operating the Russian VVER-type reactors for over 30 years at its Loviisa nuclear power plant in Finland. Fortum provides expert nuclear services and products that can be used in supporting various preparatory and analytical work, licensing and overall nuclear new build programmes.
ROSATOM is one of the largest nuclear power plant and nuclear fuel cycle service providers globally, as well as the world’s second largest nuclear generator.
Rolls-Royce has significant nuclear skills, a large existing nuclear supply chain and a long-standing presence in a number of key phases of the nuclear programme.It has significant experience in safety licensing services and Generic Design Assessments of nuclear power plant designs in the UK.
The collaboration agreement is a continuation to the strategic cooperation between ROSATOM and Fortum, based on the Memorandum of Understanding signed in 2010.
Matti Ruotsala, Executive Vice President, Fortum, tel. +358 40 048 7052
Fortum's purpose is to create energy that improves life for present and future generations. Fortum provides sustainable solutions that fulfil the needs for low emissions, resource efficiency and energy security, and delivers excellent value to shareholders. Fortum’s activities cover the generation, distribution and sales of electricity and heat as well as related expert services.
Fortum's operations focus on the Nordic countries, Russia, Poland and the Baltics. In the future, the integrating European and fast-growing Asian energy markets provide additional growth opportunities. In 2012, Fortum’s sales totalled EUR 6.2 billion and comparable operating profit was EUR 1.7 billion. Fortum employs approximately 10,400 people. Fortum’s shares are quoted on NASDAQ OMX Helsinki.
Further information: www.fortum.com