E.ON backed Finnish nuclear project applies to government for decision on new nuclear power plant

Today the Fennovoima project team submitted its application to the Finnish government for a decision-in-principle on the construction of a nuclear power plant.

E.ON has a 34% share in the project which aims to construct a new 1,500-2,500MW nuclear power plant in Finland. Other shareholders include Power Company SF made up of regional and local energy companies and Finnish industrial, retail and service enterprises.

Once built, the new nuclear power plant would help secure the energy supply of Finland. Today nuclear power provides close to one quarter of Finland’s electricity.

As a European leader in nuclear power, E.ON is on board as the nuclear expert, and alongside its other industrial partners, it has the necessary expertise and resources to build the power plant.

E.ON Chief Executive, Dr. Wulf Bernotat said: “We are seeing nuclear power play an increasingly important role in providing a reliable and CO2 free supply of electricity. We are keen to develop the next generation of nuclear power stations across Europe. In Finland, today the Fennovoima project has reached an important milestone. The new power plant will improve the functioning of the wholesale markets by increasing electricity supply and by introducing new players into electricity production. The increased competition will benefit all end users of electricity. Also in the UK, today we have demonstrated our commitment to play a lead role in developing new nuclear power stations through our JV with RWE. The partnership, announced today, will focus on identifying possible sites, and securing and developing new nuclear power plants.”

The Fennovoima project team is presenting three site alternatives for the nuclear power plant: in the municipalities of Pyhäjoki, Ruotsinpyhtää and Simo. The alternative sites fulfill the requirements for constructing a nuclear power plant and are suitable for the project. Once the decision-in-principle has been ratified by Finnish parliament, the project team will select the final power plant site. Fennovoima power plant aims to be operational by 2020. This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group management and other information currently available to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON AG does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments.