(UPM, Helsinki, 25 September 2014 at 14.45 EET) – The Government of Finland has today decided not to grant extension to the decision-in-principle of the Olkiluoto 4 nuclear power plant unit (OL 4) of Teollisuuden Voima Oyj (TVO).
TVO applied for the extension as TVO is not in the position to take the project forward in the original schedule as determined in the decision-in-principle. According to the decision-in-principle, the application for a building permit for the OL 4 must be filed latest in June 2015.
UPM has participated in the bidding and engineering phase of OL 4. UPM considers that the investment would, if executed, support Finland’s competitiveness and have significant economic and employment impact.
”As a Finnish corporation, it is hard for us to understand how this decision is in the best interest of the Finnish society”, says Tapio Korpeinen, CFO of UPM.
UPM has a 44.7% shareholding in Pohjolan Voima Oy, which is a majority shareholder (58.5%) of TVO.
Through the renewing of the bio and forest industries, UPM is building a sustainable future across 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 our customers worldwide. The group employs around 21,000 people and its annual sales are approximately € 10 billion. UPM shares are listed on NASDAQ OMX Helsinki. UPM – The Biofore Company – www.upm.com