Fortum’s statement on our businesses in Russia

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Fortum will update this statement as necessary as the situation evolves. Fortum Group will publish its full-year 2021 results on 3 March at approximately 9 EET. Any possible material updates before that would be announced with a relevant release.  

The geopolitical situation has changed dramatically today in Europe. As a company with long business ties and broad operations in Russia, we very much regret Russia’s attack on Ukraine and follow the situation with the highest attention. We Europeans know from our history that war is the worst way to resolve political conflicts and we know what great suffering war causes people. 

In this situation our primary focus is with our employees and customers. We are in the business of providing security of supply of energy, and our customers depend on us for power, heat and gas. All our operations are currently running normally. 

We are also monitoring the development of sanctions and potential counter-sanctions closely, and are preparing for various scenarios. Energy production in Russia has not been sanctioned, and therefore our operations there have not been directly impacted.  

Our subsidiary Uniper is a financing partner of the Nord Stream 2 gas pipeline. On Tuesday 2 February, the German government halted the certification process of Nord Stream 2 and the US has put Nord Stream 2 AG, which is a Swiss subsidiary of Gazprom, and its CEO under sanction on 23 February. Uniper is analysing what financial or legal implications these decisions may have for Uniper.  

We do not want to speculate on possible future sanctions or how the situation will evolve. Still, it is obviously clear that we are complying with all applicable laws and regulations, including sanctions. As listed companies, Fortum and Uniper will announce any material direct impacts to the companies as appropriate and in a timely manner. 

About our operations in Russia 

Fortum has over sixty years of experience operating in Russia. Together with our subsidiary Uniper, our approximately 7,000 employees in Russia produce power and heat in 12 power plants to the local communities and industries from local fuels – mainly gas – in different parts of the country. We have also enabled a start for the green transition in Russia with our wind and solar power investments. Uniper is also a significant importer of natural gas to Central Europe from several markets, including Russia, and is the third-largest gas storage operator in the European market and the largest in Germany.  

Fortum's Russia division has seven thermal power plants in Russia with the most modern and efficient capacity on the market. They generate electricity and heat for the Tyumen region in western Siberia and in the Urals for the Chelyabinsk region. We also have a large, electricity-only gas-fired power plant in Nyagan, Khanty-Mansiysk. Power plants mainly use natural gas as fuel, and our Russia division is planning to end the use of coal this year.  

Uniper’s subsidiary Unipro has five power plants across the country. Of Unipro's power plants, four use natural gas as fuel and one uses coal.  

Fortum Corporation 

Fortum is a European energy company with activities in more than 40 countries. We provide our customers with electricity, gas, heating and cooling as well as smart solutions to improve resource efficiency. Together with our subsidiary Uniper, we are the third largest producer of CO2-free electricity in Europe. Close to 20,000 professionals and a combined balance sheet of approximately EUR 60 billion, we have the scale, competence and resources to grow and to drive the energy transition forward. Fortum's share is listed on Nasdaq Helsinki and Uniper's share on the Frankfurt Stock Exchange.