Outokumpu confirmed its binding commitment to the Fennovoima nuclear project and announced that it will increase its share in Fennovoima to 12.5%. The capacity reservation increases from 119MW to 150MW, which equals Outokumpu’s original targeted capacity in the new nuclear power plant.
Says Outokumpu CEO Mika Seitovirta, “Fennovoima is strategically important to Outokumpu. Our plants in Tornio are the single-largest-consumer of electricity in Finland. We want to ensure a stable, predictable and low-carbon energy source at production cost to our operations in Finland. We also see that Fennovoima increases energy self-sufficiency in Finland and ensures continued competition in the Nordic electricity market.”
Outokumpu’s total estimated investment is EUR 210M, taking into account the total investment of the project and the capital structure of Fennovoima. Investment is expected to be realised during ten years in 2014–2023, with nearly half of it at the end of the construction phase in 2022–2023. The Fennovoima nuclear power plant is expected to be in commercial use in 2024.