(UPM, Helsinki, 24 June, 2015 at 11:00 EET) –
The Extraordinary General Meeting of Teollisuuden Voima Oyj (TVO) has today
decided not to apply for a building permit for Olkiluoto 4 nuclear power plant,
because, due to the delays in Olkiluoto 3 project (OL3), there are no
possibilities to do that within the timeframe set in the government
decision-in-principle. UPM has participated to the tendering and planning phase
of the project as a shareholder.
The Finnish Government decided in September
2014 not to grant an extension to the Government decision-in-principle from 2010
which allows TVO to apply for a building permit to Olkiluoto 4 nuclear power
plant. According to the decision-in-principle the application for OL4 building
permit must be submitted by the end of June 2015.
UPM owns 44.3% of Pohjolan Voima Oy (PVO),
which is a majority shareholder (58,5%) in Teollisuuden Voima Oyj.
UPM still thinks that OL4 project would be
positive for Finland’s competitiveness and if realized, it would have a
significant impact on economy and employment in Finland.For
further information please contact:
Tapio Korpeinen, CFO, UPM, tel. +358 204
UPM, Media Relationstel. +358
(0)40 588 3284Mon–Fri
UPM leads the reformation of
the bio and forest industries. We are building a sustainable future in six
business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Paper Asia, UPM
Paper Europe and North America and UPM Plywood. Our products are made of
renewable raw materials and are recyclable. We serve a global base of customers.
We employ approximately 20,000 people and our annual sales are approximately EUR
10 billion. UPM's shares are listed on NASDAQ OMX Helsinki. UPM – The Biofore
Company – www.upm.com
UPM Energy is a significant
operator in the Finnish and Scandinavian electricity market. With the total
electricity generation capacity of 1 610 MW UPM Energy is the second largest
electricity producer in Finland. Our operations include electricity generation,
and operations in both physical electricity and financial portfolio management.
UPM Energy employs approximately 70 energy professionals. www.upm.com/en/products/energy