Fortum

The key regions of Fortum's presence are the countries of the North, Europe the Baltic states, and Poland.

Aktivs

NPP

• Loviisa NPP is the 1st nuclear power plant in Finland, which by 2022 provides more than 10% of electricity in the country.

2024

Sobering up and unexpected demand for compensation from Russia for the loss of its assets in the country

In February 2024, it was revealed that Fortum Oyj was seeking compensation from Russia for what it calls the "illegal seizure" of its assets, less than a year after the Finnish company said it would write off the remainder of its unit's value in the country.

The company initiated arbitration proceedings, citing "violations" by Russia of obligations under investment agreements.

New NPP construction plan and site search for it

Finnish energy concern Fortum plans to build a new nuclear power plant (NPP) with a capacity of 1000-1600 MW, which is comparable to the capacity of the Olkiluoto-3 nuclear power plant. The company said this at a press conference in Helsinki on January 22, 2023. By the end of 2024, Fortum should complete a study of the conditions for new nuclear facilities in Finland and Sweden, which began at the end of 2022. At this stage, the company is considering six options for nuclear power plants, which include both large nuclear reactors with a capacity of up to 1600 MW, like the third power unit of the Olkiluoto NPP, and small modular reactors (SMR) with a capacity of 300-500 MW. Read more here.

2023: Loss of control over Russian operations, $2 billion asset write-down

By May 2023, Fortum lost control of its operations in the Russian Federation, the Russian segment will not be reflected in the reporting in the second quarter of 2023. The company will completely write off Russian assets, estimates a net loss from Russian projects at €2 billion.

2022

Losses of €1.7 billion due to a reduction in activities in Russia

The total losses of Finnish companies, whose shares are traded on the stock exchange in Helsinki, due to the reduction or closure of business in the Russian Federation against the background of the Russian special operation in Ukraine in 2022 amounted to about 4 billion euros. Fortum, YIT, Nokian Tyres and Finnair lost a lot of all the money. The biggest losses were suffered by the Finnish energy state company Fortum, which invested about €5 billion in cooperation with Russia. The company's losses are estimated at €1.7 billion, the company cannot sell its Russian assets. The company has become the only one in Finland whose losses are estimated at billions of euros. Such data in early March 2023 cited the newspaper Helsingin Sanomat. Read more here.

Refusal to sell assets in Russia with their valuation below 5 billion euros

Finnish energy company Fortum valued its Russian assets at 5 billion euros, if the sale deal does not meet these expectations, then they will not sell business in Russia yet, Fortum Chairman Veli-Matti Reinikkala said in August 2022.

Fortum refuses to finance Uniper's daughter in Germany amid soaring gas prices

On July 19, 2022, it became known that the Finnish energy concern Fortum will no longer finance its German subsidiary, Uniper said the Minister for EU Affairs and State Property of the Cabinet of Ministers Finland Tyutti Tuppurainen. The controlling stake in the energy company belongs to the state.

Now Uniper is experiencing problems due to a shortage of natural gas and rising prices. A couple of weeks ago, the company, being the largest importer of Russian gas in the country, asked the German government for help.

Write-off of 2 billion euros of assets in Russia amid conflict in Ukraine

In May 2022, it was announced that Finnish Fortum would write off more than 2 billion euros of assets related to Russia amid the conflict in Ukraine.

2014

The corporation's sales volume for 2014 (excluding the sold power grid business) amounted to 4.1 billion euros, comparable operating profit - 1.1 billion euros. The company employs about 8,400 people. Fortum shares are listed on the NASDAQ Helsinki stock exchange. The corporation's central office is located in Espoo, Finland.