FORTUM ACQUIRES HEAT OPERATIONS OF VATTENFALL IN ESTONIA AND LATVIA

Fortum and Vattenfall have made an agreement, according to which Fortum acquires heating operations of Vattenfall in Estonia and Latvia. The related contracts were signed on 21 December, 2006.

                                   

Vattenfall will sell 100 percent of the shares in Vattenfall Estonia AS to Fortum Termest AS and 100 percent of the shares in Vattenfall Latvia SIA to Fortum Holding B.V. The transactions are subject to the approval of the Estonian and Latvian Competition Authorities.

 

The  acquired company in Estonia provides district heat and natural gas in the city of Pärnu. Its district heat network is the fourth biggest in Estonia. The annual heat sales is 190 gigawatthours (GWh), the net sales euro 5.4 million, and number of personnel 58. The district heat business in Pärnu will be integrated to the current countrywide heat operations of Fortum Termest AS.

 

The acquired company in Latvia provides heat to Riga Airport. The annual heat sales is around 12 GWh and net sales around euro 0.5 million. The acquisition provides a platform for Fortum to the Latvian heat market.

 

Fortum Corporation
Corporate Communications

 

 

Further information:

 

Risto Riekko, President, Fortum Heat, tel. +358 50 453 4485

Jaakko Vähä-Piikkiö, Country Manager, Fortum Heat, tel. +358 50 453 2009