Fortum divests its minority share in a Norwegian electricity supplier

Fortum has signed a contract according to which the company will sell its 24.5% ownership of the Northern Norwegian electricity supplier Ishavskraft AS to other shareholders of the company: Alta Kraftlag SA, Ymber AS, Repvåg Kraftlag SA and Luostejok Kraftlag SA. The fifth owner of the company is Troms Kraft. The sales gain from the transaction will be booked in Fortum's 2011 fourth quarter financial result. The divestment will not have a significant impact on Fortum's financial result. The transaction will take effect on 28 October 2011.

Ishavskraft AS was established by five local energy companies in Finnmark and Nord-Troms in June 1997. Fortum became Ishavskraft’s shareholder in 2000 with 49% shareholding. Currently, Ishavskraft AS has approximately 90,000 customers, a turnover in excess of 1.7 billion NOK and more than 20 employees in the cities of Alta and Tromsø.

The divestment is in accordance with Fortum's ambition to focus on its own consumer brand.

For additional information, please contact:
Hans Kristian Rød, Fortum Holding, tel. +47 90118612,
email: hans.rod@fortum.com