FOCUS IN NORTHERN EUROPE - FORTUM TO SELL POWER GENERATION ASSETS IN THE UK AND IRELAND

Fortum´s intention is to divest power generation assets in the UK and Ireland. The majority of these assets are already in full operation, but some are nearing completion or in an advanced stage of development.

 

Fortum's high quality power production portfolio in the UK and Ireland is an attractive combination of power generation business and is an excellent platform for growth for a buyer seeking to enter or expand in these markets. Fortum has selected Groupe BNP Paribas as financial advisor in this project.

 

This strategic decision is based on Fortum's intention to focus its activities in the Northern European markets. The purchase of the energy assets of Stora Enso and the planned divestiture of power generation assets in the UK and Ireland constitute a reallocation of its capital to focus on its core business in its selected geographical area.

 

Fortum is one of the largest energy companies in Northern Europe.  In 1999 Fortum net sales totalled EUR 8,232 million and operating profit EUR 721 million. The average number of employees was 17.461.

 

In electricity distribution, sales and trading, and power and heat generation Fortum is one of the leading companies in the Nordic markets with flexible, environmentally preferred generation assets and choices of fuel.  In the oil and natural gas sector Fortum operates in production of oil and gas, refining, distribution and marketing.

 

Fortum Corporation's shares are quoted on the Helsinki Exchanges.

 

Fortum Corporation

 

 

Antti Ruuskanen

Corporate Executive Vice President, Communications

 

Distribution:

Helsinki Exchanges

Key Media

 

Further Information:

Kari Huopalahti, Executive Vice President, Corporate Development, tel. +358 10 45 24050

Juha Laaksonen, Corporate Executive Vice President, CFO,
tel. +358 10 45 24519

Antti Ruuskanen, Corporate Executive Vice President, Communications, tel. +358 10 45 24850