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Teollisuuden Voima Oyj does not apply for a building permit for OL4 project within the June deadline

Press Release 24.7.2015 14:00 EEST

(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 15 0004

UPM, Media Relations
tel. +358 (0)40 588 3284
Mon–Fri from 9:00–16:00


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