Annual Report 2014 | Suomeksi |

Strategy realisation in 2014

Step by step towards the future

Build on the strong Nordic core:


  • Loviisa Nuclear Power Plant automation renewal renegotiated and continued with a new partner, Rolls-Royce. Automation modernisation project agreement with Areva-Siemens Consortium discontinued.
  • Investing in Fortum's associated company Turun Seudun Energiantuotanto Oy´s (TSE) new multifuel CHP plant in Naantali. Commissioning of the new power plant planned for autumn 2017.
  • Refurbishment at Imatra hydropower plant started, covering two of the plant's seven units. The refurbishment will increase the capacity of the power plant from 178 to 192 MW and will improve safety and reliability.
  • Construction of a heat pump at Suomenoja Power Plant, Espoo, utilising wastewater for heat production


  • Continued investments in dam safety improvement project at Höljes hydro power plant in Värmland


  • Finnish electricity distribution business
  • Norwegian electricity distribution and heat businesses
  • Grangemouth power plant, UK
  • Several divestments of non-core assets as part of the efficiency programme: Tohkoja wind power project in Kalajoki, Finland; ownership in Karlshamns Kraft AB, Sweden; shareholdings in Gasum Oy, Finland and AS Võrguteenus Valdus, Estonia
  • Continuing to prepare and evaluate possibilities to divest Swedish electricity distribution business

Expertise in nuclear power operations and nuclear waste issues:

  • Extended deliveries of selective ion exchange materials for the purification of radioactive liquids at the damaged Dai-ichi nuclear power plant in Fukushima, Japan
Create solid earnings growth in Russia:
  • Commissioning of the third unit at Nyagan power plant (418 MW)
  • Full scale commissioning of new gas turbines at Chelyabinsk CHP-1 (2 x 44 MW)
  • Successful participation in Capacity Auction for 2015
  • Protocol signed with Gazprom Energoholding to start a restructuring process of the ownership of TGC-1. The restructuring would increase Fortum’s hydro portfolio by 60%.
  • Focus on completing the remaining part of the investment programme during 2015
Build a platform for future growth:
  • Further development of pyrolysis technology in order to produce advanced biomass based fuels in co-operation with Finnish consortium of Fortum, UPM and Valmet
  • Comissioning of Kapeli 10 MW solar project in India in December
  • Continued development of Fortum Charge & Drive business: established market leadership in both Norway/Nordic countries with key partnerships and deals won, e.g. Renault and VW. Expanding the Charge & Drive network. Fortum already has some 50 charging stations in Finland, 90 in Sweden and nearly 200 in Norway. More than 100 stations are fast chargers.
  • A partnership agreement with Cleantech Invest Plc on business development activities, potential future cleantech investments as well as information sharing
  • Continued involvement in wave power technology development: co-operation with Seabased AB in Sweden and Wave Hub in the UK; acquiring a minority share of 13.6% in the Finnish wave energy developer Wello Oy
  • Collaboration with St1, aiming at building Finland’s first industrial-scale geothermal pilot heat plant

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