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Fortum

Fortum Oyj
Public (Oyj)
Traded as Nasdaq HelsinkiFUM1V
Industry Electricity
Predecessor Imatran Voima (IVO)
Founded 1998
Headquarters Espoo, Finland
Area served
Nordic and Baltic countries, Poland, Russia
Key people
Sari Baldauf (Chairman), Pekka Lundmark (President and CEO)
Products Electric power
Heat
Revenue €6.056 billion (2013)
€1.712 billion (2013)
Profit €1.204 billion (2013)
Total assets €24.420 billion (end 2013)
Total equity €10.662 billion (end 2013)
Number of employees
9,900 (end 2013)
Website www.fortum.com

Fortum Oyj is a Finnish energy company focusing on the Nordic and Baltic countries, Poland and Russia. Fortum operates power plants, including co-generation plants, and generates and sells electricity, heat and steam. In addition, it has stakes in gas companies Gasum in Finland and Eesti Gaas in Estonia. The company also provides other energy related services and products. Fortum is listed on the NASDAQ OMX Helsinki stock exchange and shares the number one position in the Carbon Disclosure Project's (CDP) Nordic climate index.

The predecessor of Fortum was Imatran Voima, which was founded in 1932 to operate the Imatrankoski hydroelectric power plant in Imatra. Imatran Voima acquired and built a number of other power plants, such as the largest hydroelectric power plants along the Oulujoki river, Inkoo and Naantali coal-fired powerplants and the Loviisa nuclear power plant. Fortum Corporation was founded in 1998. It was created from the merging of Imatran Voima and Neste Oy, the Finnish national oil company. Most of Neste's assets were divested into a separate stock-listed company Neste Oil in 2005.

In 2007, Fortum acquired 25.66% stake in TGK-1, operating in northwest Russia. In 2008, Fortum privatized the power and heat generation company TGK-10 (now: OAO Fortum), operating in central and northern Russia.

In 2011, Fortum sold its 25% stake in the Finnish transmission system operator Fingrid. In December 2013 Fortum announced the sale of its distribution network in Finland to Suomi Power Networks. Suomi Power Networks is owned by First State Investments (40%), Borealis Infrastructure (40%), Keva (12,5%) and LähiTapiola (7,5%). In the same year it sold its Norwegian electricity distribution network and also its stakes in Fredrikstad Energi and Fredrikstad Energi Nett to the Hafslund Group and heat business to iCON Infrastructure Partners II, L.P. fund.


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