Pohjolan Voima Oyj - Other information disclosed according to the rules of the Exchange

Pohjolan Voima Oyj's joint venture Teollisuuden Voima announces: OL3 EPR's schedule work continues

Pohjolan Voima Oyj's joint venture Teollisuuden Voima announces: OL3 EPR's schedule work continues

Pohjolan Voima Oyj’s joint venture Teollisuuden Voima Oyj (TVO) has received interim information of the rebaseline schedule for the commissioning of the OL3 EPR plant unit from the plant supplier Areva-Siemens Consortium. The schedule work is estimated to be completed in August 2020.

The new management of Areva, the plant supplier party, is preparing a financial solution to complete the project according to an upcoming schedule. TVO is also negotiating with the plant supplier Areva-Siemens consortium on the terms of completing the OL3 project. The rebaseline schedule work of the plant supplier Areva–Siemens consortium is still in progress and is being actively taken forward.

The new management of Areva actively continues working on a plan, with support of all parties, to secure funding until the end of the OL3 project. TVO has participated in the discussion of Areva-Siemens consortiums measures and has a positive attitude towards their progress.

TVO, a 57% owned joint venture of PVO, produces electricity with two nuclear power plant units located in Olkiluoto, Eurajoki (OL1 and OL2).

OL3 plant supplier consortium is constructing the plant unit under a fixed-price turnkey contract. The supplier consortium companies, AREVA GmbH, AREVA NP SAS and Siemens AG, have joint and several liability for the contractual obligations until the end of the guarantee period of the plant unit. According to the Global Settlement Agreement from 2018 OL3 plant supplier consortium is committed to ensure the adequacy of the funding reserved to finalize the OL3 EPR project as well as all warranty periods. For this purpose a fund mechanism financed by Areva Companies was established to cover all the costs of finalizing OL3 EPR project.

Distribution:
Nasdaq HelsinkI
www.pohjolanvoima.fi

Riitta Larnimaa, EVP Communications and Public Affairs, Pohjolan Voima Oyj, +358 50 438 2466, riitta.larnimaa@pvo.fi

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Pohjolan Voima in brief:

Pohjolan Voima is a versatile and skilful Finnish energy company. Our shareholders are also our customers: a wide range of Finnish industrial and energy companies. We produce electricity and heat at cost price to our customers with hydropower, thermal power and nuclear power. Our share of the total electricity generation in Finland is approximately 20%. Already 94% of our electricity generation is carbon neutral.

We create decisive power to strengthen competitiveness and contribute to a better tomorrow.
Pohjolan Voima – Decisive Power.

www.pohjolanvoima.fi

Attachments:

2020-07-02-pohjolan-voima-oyj-stock-exchange-release-002.pdf