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Concept
Fortum
Summary
Fortum Oyj is a Finnish state-owned energy company located in Espoo, Finland. It mainly focuses on the Nordic region. Fortum operates power plants, including co-generation plants, and generates and sells electricity and heat. The company also sells waste services such as recycling, reutilisation, final disposal solutions and soil remediation and environmental constructions services, and other energy-related services and products e.g. consultancy services for power plants and electric vehicle charging. Fortum is listed on the Nasdaq Helsinki stock exchange.
In 2020 Fortum was the biggest company in Finland by its revenue. The majority of its income came from Uniper that became Fortum's subsidiary in March 2020. Uniper was nationalised by Germany on the for 8 billion euros. Fortum is Europe's third-largest producer of carbon-free electricity, Europe's second-largest producer of nuclear power and one of the largest gas suppliers.
The predecessor of Fortum was Imatran Voima (IVO), which was founded in 1932 to operate the Imatrankoski hydroelectric power plant in Imatra.
The construction of the Imatra power plant began already in 1922 as well as the power lines from Imatra to Helsinki and the power plant was opened in May 1929. Finnish Government made a decision to establish Imatran Voima Osakeyhtiö (IVO) in May 1932.
Imatran Voima acquired and built a number of other power plants, such as the largest hydroelectric power plants along the Oulujoki river, Ingå and Naantali coal-fired powerplants and the Loviisa nuclear power plant.
In 1997, a merger agreement was made between Neste and IVO.
Fortum Corporation was founded in 1998. It was created from the merging of Imatran Voima and Neste Oy, the Finnish national oil company.
In 2003, Fortum bought parts of Fredrikstad Energi and Fredrikstad Energi Nett in a swap deal with E.ON.
In 2005 most of Neste's assets were divested into a separate stock-listed company Neste Oil.
In 2007, Fortum acquired 25.66% stake in TGK-1, operating in northwest Russia.
Official source
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