Fortum

The predecessor of Fortum was Imatran Voima (IVO), which was founded in 1932 to operate the Imatrankoski hydroelectric power plant in Imatra.{{Cite book|last=Vuorinen|first=Asko|title=Imatran Voimasta Fortumiksi 1932-2013|year=2015|isbn=9789526705774}}

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.{{citation needed|date=July 2021}}

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.{{Cite web|date=1998-06-17|title=IVO-Neste Yhtymästä Fortum|url=https://www.mtvuutiset.fi/artikkeli/ivo-neste-yhtymasta-fortum/5431626|access-date=2021-07-29|website=mtvuutiset.fi|language=fi}}

In 2003, Fortum bought parts of Fredrikstad Energi and Fredrikstad Energi Nett in a swap deal with E.ON.{{cite web |title=Fortum i mål i Fredrikstad Energi |url=https://www.nettavisen.no/nyheter/fortum-i-mal-i-fredrikstad-energi/1879388.html |language=no|date=2003}}

In 2005 most of Neste's assets were divested into a separate stock-listed company Neste Oil.{{Cite web|date=2005-03-11|title=Fortumin omistajat saavat kevään jakautumisessa Neste Oilin osakkeita|url=https://www.ts.fi/uutiset/1074030714|access-date=2021-07-29|website=Turun Sanomat|language=fi}}

In 2007, Fortum acquired 25.66% stake in TGK-1, operating in northwest Russia.{{cite news | url = http://uk.reuters.com/article/tgk-1-fortum-idUKL1691603820070216 | archive-url = https://web.archive.org/web/20160305142120/http://uk.reuters.com/article/tgk-1-fortum-idUKL1691603820070216 | url-status = dead | archive-date = March 5, 2016 | title = Russia seen blocking Fortum from TGK-1 control | work = Reuters | date=2007-02-16 | access-date=2014-08-29}}

In 2008, Fortum privatized the natural gas, power and heat generation company TGK-10 (now: {{ill|OAO Fortum|fi}}), operating in central and northern Russia.{{cite news |url = https://www.bloomberg.com/news/articles/2008-02-28/fortum-buys-russian-generator-tgk-10-for-1-2-billion |title = Fortum Buys Russia Utility TGK-10, May Pay $3 Billion |first = Yuriy |last = Humber | work = Bloomberg | date = 2008-02-28 |access-date = 2014-08-29 |url-status = live |archive-url = https://web.archive.org/web/20140903084216/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afFO2T_7ItzU |archive-date = 2014-09-03}}

In 2011, Fortum sold its 25% stake in the Finnish transmission system operator Fingrid.{{cite news | url = http://uk.reuters.com/article/fortum-upm-idUKLDE70P1DS20110126 | archive-url = https://web.archive.org/web/20160306222606/http://uk.reuters.com/article/fortum-upm-idUKLDE70P1DS20110126 | url-status = dead | archive-date = March 6, 2016 | title = Utilities Fortum, PVO to sell stakes in Fingrid | first = Jussi | last = Rosendahl | work = Reuters | date=2011-01-26 | access-date=2014-08-29}} In December 2013 Fortum announced the sale of its distribution network in Finland to Suomi Power Networks (later named Caruna), owned by First State Investments (40%), Borealis Infrastructure (40%), Keva (12,5%) and LähiTapiola (7,5%).[http://yle.fi/uutiset/fortum_myy_sahkoverkot_255_miljardilla/6980971 Fortum myy sähköverkot 2,55 miljardilla]. 12.12.2013 yle, viitattu 21.12.2013 {{in lang|fi}}

In 2012, Fortum shared the number one position in the Carbon Disclosure Project's Nordic climate index.{{cite web | url = https://www.cdp.net/CDPResults/CDP-Nordic-260-Climate-Change-Report-2012.pdf | title = CDP Nordic 260 Climate Change Report 2012 | publisher = Carbon Disclosure Project | access-date = 2014-03-18}}

In 2013, Fortum opened two new CHP utilities using waste as a fuel in Klaipėda, Lithuania,{{cite web | title= Fortum openes combined heat and power plant in Klaipeda, Lithuania| url= http://www.climateactionprogramme.org/news/fortum_openes_combined_heat_and_power_plant_in_klaipeda_lithuania/| publisher= Climate Action| date= 2013-05-17 | access-date=2014-05-13}} and {{interlanguage link|Brista|sv|Bristaverket}}, Sweden{{cite web| title= Fortum opens new waste-to-energy CHP plant in Stockholm, Sweden| url= http://www.oilandgasobserver.com/news/fortum-opens-new-waste-to-energy-chp-plant-in-stockholm-sweden/029734| work = Oil & Gas Observer| date= 2013-12-06| access-date= 2014-05-13| archive-url= https://web.archive.org/web/20140514171544/http://www.oilandgasobserver.com/news/fortum-opens-new-waste-to-energy-chp-plant-in-stockholm-sweden/029734| archive-date= 2014-05-14| url-status= dead}} as well as new biomass-fuelled CHP plants in Jelgava, Latvia,{{cite web | title= Fortum starts up biomass plant | url= http://www.baltictimes.com/news/articles/33439/#.U3IIfvtXPAM | newspaper = The Baltic Times| date= 2013-09-19 | access-date=2014-05-13}} and Järvenpää, Finland.{{cite web | title= Fortum's biofuel-fired CHP plant inaugurated in Järvenpää | url= https://www.fortum.fi/en/mediaroom/Pages/fortums-biofuel-fired-chp-plant-inaugurated-in-jarvenpaa.aspx | publisher= Fortum Corporation | date= 2013-06-14 | access-date= 2014-05-13 | archive-url= https://web.archive.org/web/20140514061828/https://www.fortum.fi/en/mediaroom/Pages/fortums-biofuel-fired-chp-plant-inaugurated-in-jarvenpaa.aspx | archive-date= 2014-05-14 | url-status= dead }} In June, Fortum acquired a 5 MW solar power plant in the state of Rajasthan in India.{{cite web | title= Fortum Buys India Solar Plant, Plans More Investment | url= https://www.bloomberg.com/news/2013-06-11/fortum-buys-india-solar-plant-plans-more-investment.html | work = Bloomberg | date= 2013-06-11 | access-date=2014-04-17}} In September Fortum signed an agreement with Rosatom and British Rolls-Royce Engines to develop nuclear power.{{Cite web|title=Fortum inks nuclear, wind power deals with UK firms|url=https://yle.fi/uutiset/osasto/news/fortum_inks_nuclear_wind_power_deals_with_uk_firms/6817040|access-date=2021-07-29|website=Yle Uutiset|date=5 September 2013|language=en}}

In 2014 Fortum sold its Norwegian electricity distribution network and also its stakes in Fredrikstad Energi and Fredrikstad Energi Nett to the Hafslund Group. The heat business was sold to iCON Infrastructure Partners II, L.P. fund.{{cite news |url = https://www.reuters.com/article/fortum-oyj-hafslund-idAFWEB00LE220140409 |title = Fortum sells Norwegian electricity distribution business to Hafslund | work = Reuters |date = 2014-04-09 |access-date = 2014-08-29}} Since 2015 the electrical distribution network in Sweden is owned by Ellevio.{{citation needed|date=July 2021}}

In 2015 Fortum connected its first greenfield solar park, under the Jawaharlal Nehru National Solar Mission (JNNSM) Phase II initiative, in Madhya Pradesh.{{cite news|url= http://timesofindia.indiatimes.com/business/india-business/Fortum-launches-its-first-greenfield-solar-project-in-India/articleshow/46004952.cms |title=Fortum launches its first greenfield solar project in India - Times of India|newspaper=The Times of India |date=24 January 2015 |publisher=timesofindia.indiatimes.com}}{{cite news|url= http://timesofindia.indiatimes.com/business/india-business/Fortum-connects-10MW-solar-power-plant-in-Madhya-Pradesh-to-grid/articleshow/45731475.cms |title=Fortum connects 10MW solar power plant in Madhya Pradesh to grid - Times of India|newspaper=The Times of India |date=2 January 2015 |publisher=timesofindia.indiatimes.com}}

In 2015, Fortum completed the divestment of its electricity distribution network in Sweden, thus completing the divestment of electricity distribution business.{{citation needed|date=July 2021}} In 2016, Fortum acquired Grupa DUON S.A, an electricity and gas sales company in Poland, and Ekokem Corporation, a leading Nordic circular economy company specialised in material and waste recycling, final disposal solutions, soil remediation and environmental construction.{{citation needed|date=July 2021}}

In 2017, the 100 MW plant in Pavagada solar park was connected to the grid. It was the first of a series of planned gigawatt-scale plants facilitated by reverse auctions in India.{{cite web|access-date=2018-04-20|title=Fortum connects 100-MW solar plant to grid in India|url=https://www3.fortum.com/media/2017/12/fortum-connects-100-mw-solar-plant-grid-india|website=www3.fortum.com|archive-date=2018-04-20|archive-url=https://web.archive.org/web/20180420212953/https://www3.fortum.com/media/2017/12/fortum-connects-100-mw-solar-plant-grid-india|url-status=dead}} In September, Fortum announced it would buy E.ON's 47% stake in German power company Uniper.{{cite news | url = https://www.bloomberg.com/news/articles/2017-09-20/fortum-is-said-to-near-bid-for-eon-s-fossil-fuel-spinoff-uniper | title = Fortum Plans $9.7 Billion Bid for EON Fossil-Fuel Arm Uniper | work = Bloomberg | date=2017-09-20 | access-date=2017-10-22}} Fortum increased its stake to 75% in spring 2020.{{Cite web|last=Lähteenmäki|first=Pekka|title=Fortum lataa miljardipanokset tuuleen ja aurinkoon ja hyökkää sitten vetybuumiin – "Olemme saman murroksen äärellä, jossa olimme kymmenen vuotta sitten uusiutuvissa"|url=https://www.talouselama.fi/uutiset/fortum-lataa-miljardipanokset-tuuleen-ja-aurinkoon-ja-hyokkaa-sitten-vetybuumiin-olemme-saman-murroksen-aarella-jossa-olimme-kymmenen-vuotta-sitten-uusiutuvissa/60417379-c3cc-4e43-862c-68d79a06edb0|access-date=2021-07-29|website=Talouselämä|date=11 December 2020 |language=fi}} Uniper mainly uses oil, natural gas and coal to supply electricity.{{cite web |title=Sustainability at Uniper - Data Overview |url=https://cr.uniper.energy/en/data-overview/ |archive-url=https://web.archive.org/web/20180724154111/https://cr.uniper.energy/en/data-overview/ |archive-date=24 July 2018 |date=2018 |url-status=live}}

In 2020 Fortum and Kværner informed that they would cooperate on a Carbon capture and storage project for waste incineration at Klemetsrud energigjenvinningsanlegg.{{cite web |title=Kværner og Fortum vil samarbeide om CO2-fangst |url=https://www.fjernvarme.no/kvaerner-og-fortum-vil-samarbeide-om-co2-fangst |website=www.fjernvarme.no |date=2020}}

In 2020 Fortum was the biggest company in Finland by its revenue.{{Cite web|last=Talouselämä|title=TE500|url=https://www.talouselama.fi/te500|access-date=2021-07-29|website=Talouselämä|language=fi}} The majority of its income came from Uniper{{Cite web|date=2021-05-12|title=Osavuosikatsaukset {{!}} Uniper veti Fortumin tuloksen yli miljardiin euroon alkuvuonna|url=https://www.hs.fi/talous/art-2000007972358.html|access-date=2021-07-29|website=Helsingin Sanomat|language=fi}} that became Fortum's subsidiary in March 2020.{{Cite web|last=|first=|title=Fortum paransi tulostaan loppuvuonna, taustalla tytäryhtiö Uniperin vahva suoritus|url=https://ilkkapohjalainen.fi/uutiset/talous/fortumin-tulos-yli-kaksinkertaistui-loppuvuonna-taustalla-tytaryhtio-uniperin-vahva-suoritus-1.12676788|access-date=2021-07-29|website=Ilkka-Pohjalainen|language=fi}}

In 2021 Fortum sold its business in Estonia, Latvia and Lithuania to Partners Group.{{Citation needed|date=September 2023}}

On 21 September 2022, Fortum announced that Uniper is to be fully divested to the German state.{{cite web|url=https://www.fortum.com/media/2022/09/fortum-fully-divest-uniper-german-state |title=Fortum to fully divest Uniper to the German State}} Under the agreement, Uniper plans to issue 4.7 billion new ordinary registered shares, which the Federal Republic of Germany plans to subscribe at a nominal value of EUR 1.70 per share. The German state-owned KfW bank will provide Uniper with additional liquidity support as required until this EUR 8 billion capital increase is completed. Uniper was thus nationalised by Germany on the 21 September 2022 for 8 billion euros.{{cite web | url=https://www.fortum.com/media/2022/09/fortum-fully-divest-uniper-german-state | title=Fortum to fully divest Uniper to the German State }}

At completion of the capital increase, the Germans plans to buy all of Fortum's approximately 293 million shares in Uniper for EUR 1.70 per share, i.e. for a total of EUR 0.5 billion. At that point, change of control clause in the financing agreement will be triggered and the buyer will provide the financing for the redemption of Fortum's EUR 4 billion shareholder loan granted to Uniper and the release of the EUR 4 billion parent company guarantee.{{cn|date=August 2024}}

The parties have also agreed that Fortum will have a right of first offer in case Uniper intends to divest all or parts of its Swedish hydro and nuclear assets until the end of 2026.{{cn|date=August 2024}}

In April 2023, Fortum's Russian assets were transferred under external management by decree of the President of Russia, as a response to the confiscation of Russian property in Europe. Fortum considered the decision illegal and wrote off assets from the balance sheet, recording a loss of 1.7 billion euros.{{Cite web|url=https://www.rbc.ru/business/26/04/2023/644934889a79478ebe088715 |title="Юнипро» и "Фортум" возглавили менеджеры «Роснефти" |language=ru |date=2023-04-06 |website=RBC}}{{Cite web |url=https://www.rbc.ru/business/11/05/2023/645c872c9a79478bb778362f |title=Fortum спишет российские активы на €1,7 млрд |language=ru|date=2023-05-11 |website=RBC}}

In July 2023 Russia announced it was changing the name of the Russian business to Forward Energo.{{cite web |title=Fortum's Russian business to be renamed Forward Energo after seizure -company |website=Reuters |url=https://www.reuters.com/article/fortum-russia/fortums-russian-business-to-be-renamed-forward-energo-after-seizure-company-idUKS8N388018 |date=24 July 2023}}

In February 2024 Fortum launched arbitration proceedings against Russia, seeking compensation for its assets seized by Russian authorities.{{Cite web |title=Finnish energy giant Fortum files legal action against Russia |url=https://yle.fi/a/74-20076676 |website=Yle|date=27 February 2024 }}

File:Imatrankoski power plant.jpg hydroelectric power plant.]]

Hydropower is one of the most significant renewable electricity production form for Fortum. In 2021 Fortum owned or co-owned over 150 hydropower plants in Finland and Sweden, including power plants on the Dalälven, Indalsälven and Ljusnan rivers in central Sweden and on the Oulujoki, Kemijoki and Vuoksi rivers in Finland.{{Cite web|title=Vesivoimalaitokset|url=https://www.fortum.fi/tietoa-meista/yhtiomme/energiantuotantomme/voimalaitoksemme/vesivoimalaitokset|access-date=2021-07-29|website=fortum.fi|language=fi}}

In 2021 Fortum owned the nuclear power plant in Loviisa, Finland. Its nuclear assets also cover Sweden with a 43% share ownership in the Oskarshamn Nuclear Power Plant and 22% of three Forsmark Nuclear Power Plants. Furthermore, Fortum owns a 27% stake in the Teollisuuden Voima, which operates three nuclear power plants at Olkiluoto.{{Cite web|title=Ydinvoimalaitokset|url=https://www.fortum.fi/tietoa-meista/yhtiomme/energiantuotantomme/voimalaitoksemme/ydinvoimalaitokset|access-date=2021-07-29|website=fortum.fi|language=fi}}

Fortum produces and sells heat in Nordic countries and Poland, operating with 4 plants combining production of heat (district heating) and electric power.

Fortum sells electricity, electricity products and services to over 2 million consumers predominantly in the Nordics and Poland. In 2014, Fortum closed its 1,000 MW coal power plant at Ingå (Finland) and demolished it in 2020.{{cite web |last1=Andersen |first1=Ina |title=Her rives Nordens største kullkraftverk |url=https://www.tu.no/artikler/her-rives-nordens-storste-kullkraftverk/488727 | work =Teknisk Ukeblad |language=no |date=27 March 2020}} The company also owns and operates about {{convert|1200|km|abbr=on}} of district heat network in Finland, {{convert|2400|km|abbr=on}} in Sweden, {{convert|860|km|abbr=on}} in Poland and {{convert|480|km|abbr=on}} in Russia.{{citation needed|date=July 2021}}

The company has stated that its ambition is to build a small photo-voltaic solar portfolio to gain experience in different solar technologies and in operating in the Indian power market.{{cite web | title= Fortum launches solar power production in India by acquiring a 5-MW photo-voltaic solar power plant | url= http://www.fortum.com/en/mediaroom/Pages/fortum-launches-solar-power-production-in-india-by-acquiring-a-5-mw-photo-voltaic-solar-power-plant.aspx| publisher= Fortum Oyj | date= 2013-06-11 | access-date=2014-04-17}} Fortum also sells solar power kits in the Nordic countries.{{citation needed|date=July 2021}}

In 2014 Fortum had the biggest market share of ecolabelled electricity in Finland.{{cite web|url=http://www.ekoenergia.fi/uutiset/ekoenergian-osuus-sahkomarkkinoilla-uuteen-ennatykseen |title=EKOenergy | The European ecolabel for electricity |publisher=Ekoenergia.fi |date=2014-02-03 |access-date=2014-03-07}} Nowadays, they no longer offer ecolabelled electricity in Finland.{{Cite web |date=8 May 2024 |title=List of all Authorised EKOenergy Sellers |url=https://www.ekoenergy.org/wp-content/uploads/List-of-all-Authorised-EKOenergy-Sellers.pdf |website=EKOenergy label}}

After acquiring a majority stake in Uniper in 2020, Fortum will become one of the EU's worst emitters of greenhouse gas emissions, asserted a report backed by major European environmental groups in 2019."[https://yle.fi/uutiset/osasto/news/fortumuniper_among_europes_worst_polluters_say_ngos/10728601 Fortum/Uniper among Europe's worst polluters, say NGOs]". YLE. 2019-04-08. Retrieved 2020-04-05.' Extinction Rebellion Finland accused Fortum for greenwashing for continuing and scaling up its fossil fuel business, for example opening (through Uniper) Dateln4 coal-fired power plant in Germany in 2020 and suing the Netherlands on the basis of the Energy Charter Treaty for banning coal.{{citation needed|date=July 2021}}

In February 2014, Fortum equipped three schools with solar-powered infrastructure in Bhilwara, India, where they had a solar plant.{{cite web|url=http://news.webindia123.com/news/articles/India/20140209/2336719.html |title=Finland Ex President Halonen visits Fortum plant in Bhilwara|publisher=news.webindia123.com}}

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