Fortum President made a statement about Russian business

03.03.2022       

President and CEO Markus Rauramo made a statement where, in part, noted: "Fortum CorporationTogether with our subsidiary Uniper, we have 12 power plants in Russia with a combined electricity generation capacity of 15.5 gigawatts (GW) and a heat generation capacity of 10 .2 GW. In 2021, we generated 71.9 terawatt hours (TWh) of electricity and 19.1 TWh of heat in Russia. The carrying value of our Russian generating assets and participation in the Nord Stream gas pipeline project — 2" is approximately 5.5 billion euros. In 2021, our Russian operations generated approximately €500 million in LFL operating income, which corresponds to approximately 20% of the Group's LFL operating income. In addition, Uniper's long-term gas contracts are around 370 TWh/year, and about half of that comes from Russia.
Most importantly, we have about 7,000 employees in Russia. Many of our colleagues from other European countries interact with them, and the events of recent days have been unpleasant and difficult for all of us. In this unprecedented situation, we have focused our primary focus on the well-being of our employees and ensuring continuity of supply to consumers in all countries where we operate.
All of our operations are now running as normal so we can meet our obligations to consumers. The situation is very dynamic and evolving daily, if not hourly, and it is very difficult to predict the extent of the impact on our operations in the future. It goes without saying that we comply with all applicable laws and regulations, including sanctions, and prepare for various scenarios. In the event that an escalation of events prevents us from fulfilling our obligations to supply energy to our European customers, we will work with the relevant regulators and governments, to find a joint solution.
I would also like to point out that business cannot continue as if nothing had happened. For the moment, we have stopped all new investment projects in Russia until further notice and will continue to reduce our presence in thermal generation in Russia.

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