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POHJOLAN VOIMA OYJ STOCK EXCHANGE RELEASE 26 MARCH 2021

The Radiation and Nuclear Safety Authority has given a fuel loading permit for Pohjolan Voima Oyj’s joint venture Teollisuuden Voima Oyj’s OL3 plant unit

Pohjolan Voima Oyj’s joint venture Oyj (TVO) has announced that the Radiation and Nuclear Safety Authority (STUK) has given a fuel loading permit for the Olkiluoto 3 (OL3) plant unit today on March 26, 2021. By giving this permit, STUK has verified TVO’s readiness to begin the fuel loading.

– This is the most significant step in the commissioning of the plant unit so far. OL3 is one of the world’s largest and most modern nuclear power plants. The systems have now been rigorously tested, and we will be able to begin fuel loading soon, says TVO’s OL3 Project Director, Jouni Silvennoinen.

– Fuel loading means that OL3 is now a nuclear power plant. TVO’s role in the OL3 project expands. Our skilled nuclear professionals are now ready to deploy Finland’s greatest act for the climate, says TVO’s Senior Vice President, Electricity Production Marjo Mustonen.

– As TVO’s shareholder we are pleased with the fact that STUK has given the fuel loading permit and the commissioning of the plant unit is progressing. OL3 is a significant step on our way towards carbon neutral electricity production, says Pohjolan Voima’s President and CEO Ilkka Tykkyläinen.

The fuel arrived in Olkiluoto in 2018. During the fuel loading, 241 fuel assemblies, comprising of 128 tons of uranium, are transferred from storage into the reactor’s pressure vessel. The plant unit has the full procedures of a nuclear power plant in use.

As communicated previously, the electricity production of OL3 starts in October this year, and regular electricity production starts in February 2022. According to the commissioning program, the plant unit will produce 1-3 terawatt hours of electricity with varying power output during the time which begins with the connection to the grid and ends with the start of regular electricity production. OL3 is to produce approximately 14 percent of Finland’s demand for electricity.

Areva continues to prepare a financial solution for the completion of the project until the end of the guarantee period. TVO continues negotiations with the Areva-Siemens consortium about the terms of the project completion.

Distribution:
Nasdaq Helsinki
www.pohjolanvoima.fi

Further enquiries:

Ilkka Tykkyläinen, President and CEO, Pohjolan Voima Oyj, +358 40 670 6056, ilkka.tykkylainen@pvo.fi

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