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PRESS RELEASE 23 Dec 2005

JAAKKO PÖYRY GROUP AWARDED EUR 1.5 MILLION HYDROPOWER CONTRACT IN LATVIA


Electrowatt-Ekono Ltd, which is part of the Jaakko Pöyry Group's Energy business group, has been awarded a hydropower contract by Latvenergo, Latvia, in cooperation with Fortum Service and two local partners to provide owner's engineering services for the Plavinas hydropower plant reserve spillway project. The value of Electrowatt-Ekono's services is EUR 1.5 million.

The project site is located at the Plavinas hydropower plant on the Daugava River, about 90 km east of Riga and is part of a cascade of three hydropower schemes. Electrowatt-Ekono has already performed with its partner the previous dam safety studies for the entire cascade identifying a priority list of rehabilitation measures needed to assure the long-term safety of these schemes.

Electrowatt-Ekono is a major foreign market player in the rehabilitation of dam and hydropower schemes in Eastern Europe and is currently expanding its engineering capacity in its local operations in Eastern Europe.

The Energy business group, operating under the brand name Electrowatt-Ekono, had net sales of EUR 146 million in 2004. Electrowatt-Ekono has offices in 22 countries and employs 1500 experts worldwide.

JAAKKO PÖYRY GROUP OYJ

Satu Perälampi

Investor Relations Manager

Additional information by:

Knut Sierotzki, Head Hydropower International, Deputy President Hydropower, Electrowatt-Ekono, Zurich, Switzerland

Tel. +41 76 356 2808

Richard Pinnock, CEO, Electrowatt-Ekono, Zurich, Switzerland

Tel. +41 76 356 2451

www.poyry.com

www.ewe.ch

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