Google-Fortum Nuclear PPA Could Accelerate Loviisa Retrofits

On September 9, 2026, World Nuclear News and Eurasia Review reported that Google and Fortum signed a 22-year power purchase agreement covering 50% of the Loviisa nuclear plant's capacity from 2030 through 2049. The long-term revenue may support nuclear life-extension spending and change the competition for stable Finnish electricity.[1][2]

The agreement begins at a smaller level in 2028 and reaches half of the plant's capacity in 2030. Loviisa generated 7.9 TWh in 2025, so the full commitment represents about 3.95 TWh a year. Fortum said the deal should add about 1.4 percentage points to group comparable return on net assets once fully effective.[1][3]

Why a nuclear life extension needs contracted revenue

Keeping an older nuclear plant open requires more than continued operation. Turbines, automation systems and seawater pumps must be replaced so the units can generate safely through their extended licenses. Loviisa's two VVER-440 reactors have 1,014 MW of combined capacity and supply about one-tenth of Finland's electricity. Its life-extension program totals about €1 billion, with roughly €700 million still subject to project-by-project investment decisions.[1][2]

A long-term PPA commits a buyer to future volumes. For the plant owner, it fixes part of future revenue and may make projects that were still waiting for approval easier to justify.

How the PPA may reach equipment orders and industrial power costs

The first link is Fortum's post-2030 revenue. Management said the plant could not continue producing after 2030 without significant life-extension investment.[1]

The second link is equipment spending. Work scheduled across the 2026-2028 outages includes eight low-pressure turbines, turbine automation and main seawater pumps. The low-pressure turbine project is described as the largest single item in the turbine-island modernization.[4][5]

A second chain runs in the opposite direction. Google also plans €13 billion of Finnish data-center and related infrastructure investment in 2027-2028. Finland had signed about 5 GW of data-center grid connections, while the average first-half spot price rose from €38.7/MWh in 2025 to €71.7/MWh in 2026.[1][6] New inflexible load and long-term contracting may affect the forward purchasing cost of electricity-intensive industry.

Companies that may be affected

Doosan Skoda Power (DSPW.PR) makes and retrofits steam turbines and already holds the Loviisa low-pressure turbine project.[4][5] Annual revenue is about CZK 5.45 billion, while a comparable retrofit award at Temelin was worth several billion Czech crowns.[7][8] Approval of more Loviisa work may benefit orders and backlog, but the additional scope may still go to another supplier.

Outokumpu (OUT1V.HE) makes stainless steel and ferrochrome in Finland. Its Tornio complex uses about 4 TWh a year, roughly 4% of national electricity demand.[9] Each sustained €10/MWh increase on that volume equals €40 million of annual cost, against 2025 group adjusted EBITDA of €167 million.[10] Power purchasing costs may come under pressure, depending on hedges and contracts beyond 2030.

UPM-Kymmene (UPM.HE) owns Finnish hydro and nuclear interests through UPM Energy, with 1,900 MW of total generation capacity.[11] The Google-Fortum agreement provides a comparable tenor for firm power. UPM may benefit if it signs a similar long-term contract, but available uncommitted volume and management's contracting choice remain unknown.

As direct parties, Fortum (FORTUM.HE) and Google's parent Alphabet (GOOGL) provide context for the completed transaction; they are not the second-order hypotheses in this article.[1][3]

How to verify the chain

The nearest checkpoint is Doosan Skoda Power's September 24 report on order intake and backlog, followed by Fortum's third- and fourth-quarter disclosures on approvals for the remaining life-extension projects. Then watch Outokumpu's energy-cost commentary, any UPM Energy long-term power contract, and Finnish 2028-2030 forward prices.

The equipment-order chain breaks if Fortum says the investment would have proceeded without the PPA or awards the incremental turbine work to another supplier. The Outokumpu leg also fails if renewable additions and the retained Loviisa supply lower Finnish forward prices.

This is a map of possible transmission chains, not a stock recommendation.

Sources

[1] World Nuclear News · September 9, 2026 · https://www.world-nuclear-news.org/articles/google-signs-up-for-electricity-from-finnish-nuclear-power-plant [2] Eurasia Review · September 9, 2026 · https://www.eurasiareview.com/09092026-fortum-and-google-partner-to-drive-sustainable-growth-for-finland-sign-nuclear-power-purchase-agreement/ [3] Investing.com · September 9, 2026 · https://ca.investing.com/news/stock-market-news/fortum-shares-surge-on-longterm-nuclear-power-deal-with-google-4831940 [4] World Nuclear News · March 8, 2026 · https://www.world-nuclear-news.org/articles/upgrading-of-loviisa-turbine-island-begins [5] Fortum · March 8, 2026 · https://www.fortum.com/energy-production/nuclear-power/plants/loviisa/lifetime-extension-loviisa-nuclear-power-plant/loviisa-power-plant-turbine-modernisation-increase-electricity-output-and-improve-safety [6] Solnet · August 20, 2026 · https://www.solnet.group/blog/did-you-notice-spot-electricity-prices-nearly-doubled-in-finland [7] World Nuclear News · September 16, 2025 · https://www.world-nuclear-news.org/articles/doosan-skoda-temelin-supply-generators [8] StockAnalysis · September 9, 2026 · https://stockanalysis.com/quote/pra/DSPW/statistics/ [9] Mining & Metal News · May 27, 2026 · https://www.miningmetalnews.com/20260527/3430/steelmaker-outokumpu-warns-over-finlands-future-electricity-supply [10] Outokumpu · February 5, 2026 · https://www.outokumpu.com/en/news/2026/outokumpu-financial-statements-release-2025-%E2%80%93-year-ended-weak-with-headwinds-in-business-area-europe;-more-favorable-dynamics-expected-in-2026-3717174 [11] UPM Energy · accessed September 9, 2026 · https://www.upmenergy.com/electricity-generation/