Fortum Loviisa nuclear plant life extension to 2050 with EUR 1 billion upgrade for Nordic baseload

Fortum has secured an operating license for its Loviisa nuclear power plant in Finland that runs through 2050, extending the life of two 1970s-era reactors. The site has a total net capacity of roughly 1 GW and produces about 8 TWh per year, covering around 10 percent of Finland's electricity consumption. Fortum plans to invest approximately EUR 1 billion over the coming decades in safety upgrades, system refurbishments, and nuclear waste management. Loviisa's output is weather-independent, which helps stabilize the Nordic power grid as Finland adds more wind capacity. The plant also reduces reliance on electricity imports. Fortum highlights the plant's high availability factors and low unplanned outage rates. The long license horizon allows Fortum to phase major maintenance outages and spread costs across multiple decades, improving cash flow visibility for the company's low-carbon generation strategy.