Fortum’s purpose is to create energy that improves life for present and future generations. We provide sustainable solutions that fulfil the needs for low emissions, resource efficiency and energy security, and deliver excellent value to our shareholders. Our activities cover the generation, distribution and sales of electricity and heat as well as related expert services.
Fortum’s operations focus on the Nordic countries, Russia, Poland and Baltic Rim area. In the future, the integrating European and fast-growing Asian energy markets provide additional growth opportunities. In 2011, Fortum’s sales totalled EUR 6.2 billion and comparable operating profit was EUR 1.8 billion. We employ approximately 10,800 people. Fortum’s shares are quoted on NASDAQ OMX Helsinki.
Operations in Russia are focused on power and heat generation and sales
Fortum’s Russia Division includes OAO Fortum and Fortum’s slightly over 25%-holding in TGC-1 that operates in north-west Russia. OAO Fortum currently comprises eight power plants, mainly gas-fired CHP capacity. Its operations are based in the metals producing area of Urals and the oil and gas rich Western Siberia. The company also owns and operates trunk heat networks in several cities in Russia. The total installed capacity of OAO Fortum and its affiliates at year-end 2010 was 2,785 MW electricity and 13,796 MW heat. The electricity produced is sold in the wholesale market and heat in the local markets. The Russian power market reform has proceeded as announced by the government and the wholesale electricity market was liberalised in the beginning of 2011.
Investment programme advances
OAO Fortum has committed to implementing an Russia is the fastest growing Fortum market investment programme that will increase its electricity production by ~2,800 MW to ~5,100 MW. The programme is a key driver for solid earnings growth in Russia.
Fortum has advanced the schedule of its Russian investment programme as a result of the recovering electricity demand and the development of the capacity market. The intention is to finalise the programme in 2014.
In December 2010, Fortum inaugurated a new unit at its Tyumen CHP-1 power plant in Western Siberia. The new unit was the first of seven units in Fortum’s investment programme and begun its commercial operation in February 2011. Two other units started their commercial operation in 2011. Also the construction of the new power plant in Nyagan in the North Urals region continued. Once completed, the plant will have three natural gas-fired units with a 418-MW electricity production capacity each.
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