Fortum and Areva-Siemens Consortium agreed to discontinue the automation modernisation project agreement at Loviisa nuclear power plant in Finland

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| Source: Fortum
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Espoo, Finland, 2014-05-21 11:15 CEST (GLOBE NEWSWIRE) -- Fortum Corporation, Press release, 21 May 2014                            

Fortum and Areva-Siemens Consortium have agreed on discontinuation of the current automation modernisation project agreement. Areva-Siemens Consortium will complete the ongoing agreed and resized work in cooperation with Fortum. Fortum is convinced that a new solution to continue the modernisation work will be found without a delay.

Modernisation of the Loviisa nuclear power plant's automation started in 2005. The reactor control system and automation for auxiliary systems were completed at unit 1 in 2008 and at unit 2 in 2009. During the planning and testing of the next phase of the current automation modernisation agreement, it appeared that the implementation of the current project would have been further delayed from its original time schedule and would have taken too long to complete.

Fortum is looking for a new solution for the modernisation of automation in order to secure the safe and reliable operation of the Loviisa nuclear power plant until the end of the plant's operational licenses. Unit 1 at Loviisa power plant has an operational license to 2027 and unit 2 to 2030.

Discontinuation of the current agreement will not affect the safety, reliable operation or the personnel at the plant. Loviisa power plant employs some 500 persons. The power plant is an important industrial employer in the local society.

Fortum Corporation
Corporate Communications

For additional information, please contact:
Tiina Tuomela, Executive Vice President, Nuclear and Thermal Power division, Fortum Corporation, tel. +358 50 453 4120


Background information for the journalists:
In 2013, the load factor at Fortum's fully-owned Loviisa nuclear power plant was 92.5%. On an international scale this was excellent compared to the worldwide load factor for pressurised water power plants of approximately 83% last year. The plant produced a total of 8.04 terawatt hours, which is approximately 9% of Finland’s total electricity production. With the electricity produced, 6 million tonnes of CO2 emissions are avoided annually.

Fortum has a historically large investment program in progress at Loviisa. In addition to the modernisation of automation, Fortum is modernising the turbines and enhancing the safety of the nuclear power plant with new air-cooling towers. In 2013, Fortum invested EUR 60 million into the Loviisa nuclear power plant.

Fortum
Fortum’s purpose is to create energy that improves life for present and future generations. Catering to the versatile needs of our customers, we generate, distribute and sell electricity and heat, and offer related expert services. Our operations focus on the Nordic and Baltic countries, Russia and Poland. In 2013, Fortum’s sales totalled EUR 6.1 billion and comparable operating profit was EUR 1.6 billion. We employ approximately 8,800 people. Fortum’s shares are traded on the NASDAQ OMX Helsinki. www.fortum.com