UPM reserves nearly 29 per cent of the new Finnish nuclear power unit's capacity

Archive 18.12.2003 0:00 EET

UPM-Kymmene makes an approx. 470 MW capacity reservation of the new Finnish nuclear power unit via its associated company Pohjolan Voima. UPM's contributed capital will be approx. EUR 40 million. UPM's holding in Pohjolan Voima is approx. 42 per cent.

The new nuclear power unit will secure stable and competitive electricity price for UPM's own mills in Finland. It will also assist the management of the Group's carbon dioxide balance. The new unit will replace coal condensing capacity and UPM's share of imported electricity from Russia. In addition, it will cover UPM's moderately growing power demand.

For more information, please contact:
Mr Heikki Sara, Executive Vice President, Strategy, tel. +358 204 15 0040

UPM-Kymmene Corporation
Corporate Communications
December 18, 2003