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Competition authority approves Fortum's St. Petersburg Generation Company acquisition

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Fortum Corporation        Stock Exchange Release        17 October 2006


Competition authority approves Fortum's St. Petersburg Generation Company
acquisition

The Russian competition authority has today given its approval to the agreement
Fortum has made with ABN AMRO Finance ZAO entitling Fortum to purchase
approximately 12.5 percent of OAO St. Petersburg Generating Company. Fortum
expects to close the acquisition during this week. Once concluded, this
transaction will increase Fortum's ownership in Territorial Generation Company-1
from the current approximately 18 percent to slightly over 25 percent. Fortum's
stock exchange release on the acquisition was published on 10 October 2006.

Fortum Corporation
Carola Teir-Lehtinen
Senior Vice President, Corporate Communications

Further information:
Kari Kautinen, Vice President, +358 50 45 32174 or +7 812 9048282

Distribution:
Helsinki Stock Exchange
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