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27 Jan 2023


Fortum response

...Fortum has taken the following action:

  • As announced in early March 2022, Fortum has stopped all new investment projects in Russia and is not providing any new financing to its Russian subsidiaries. PAO Fortum has been segregated from the rest of Fortum's operations in the spring 2022 and operates independently.
  • As announced on 12 May 2022, Fortum is preparing a controlled exit from the Russian market, with potential divestments of its Russian operations as the preferred path. We have been intensively working on the exit since, the completion is not fully under Fortum's control as any major transaction in the energy sector is subject to approvals by both the Russian Government Commission and the Russian President.
  • As announced on 21 September 2022, Fortum agreed to fully divest Uniper to the German State. The divestment was completed 21 December 2022.
  • Fortum has replaced Russian fuels in our other operating countries. We don’t buy fossil fuels, pellets or biomass from Russia for our power plants.
  • For our Loviisa nuclear power plant in Finland, we currently procure fuel from the Russian fuel company TVEL. The current contract is valid until the end of our current operating licenses, i.e. until 2027 and 2030. The power plant has plenty of fuel in storage, even for a couple of years. On 3 March 2022, we announced the decision to apply for new operating licences for the Loviisa power plant until 2050. A new tendering process for nuclear fuel will be initiated simultaneously. On 22 November 2022, Fortum announced that we have signed an agreement with Westinghouse Electric Company for the design, licensing, and supply of a new fuel type for the Loviisa power plant. Taking the new fuel into use is a multi-year project requiring regulatory approvals.
  • Fortum complies with all applicable laws and regulations, including sanctions. We conduct our sustainability and compliance assessment for our counterparties to prevent any linkages with sanctioned individuals or entities.
  • Fortum has delivered material (e.g. three power units and two related automation units) to help Ukraine’s energy infrastructure and energy supply. All support given by Finnish companies is channeled through the Finnish Ministry of Economy and Employment.
  • In March 2022, Fortum donated EUR 200,000 to the Red Cross. The donation is directed to support humanitarian relief actions in Ukraine and for refugees in the neighboring countries. In addition Fortum is supporting Polish charities which help Ukrainian refugees with EUR approximately 80,000. Fortum’s employees are encouraged to carry out two days of voluntary work annually during paid hours, and one of the voluntary work themes is to work for charities supporting refugees from Ukraine.