Fortum will exchange the shares it owns in the hydropower company Gulsele Kraft AB into the Kemijoki Oy hydropower share that Graningeverkens AB (publ) has leased from Fortum. Gulsele's 31.7 per cent share of ownership equals to 44.4 MW of hydropower capacity and to an annual production rate of 220 GWh. Kemijoki Oy's hydropower share leased from Fortum by Graninge also corresponds to an annual production rate of 220 GWh and is thus equal to Gulsele's capacity.
This arrangement connects with the agreement closed in November, 1997 between Fortum Power and Heat Oy (then Imatran Voima Oy) and Graningeverkens AB (publ), according to which Graninge sold to Fortum its share in the Swedish Gullspång Kraft and received from Fortum in return, besides a monetary payment, also a long-term lease for a hydropower share in Kemijoki Oy. The agreement contained the possibility to exchange Kemijoki's lease into corresponding Swedish hydropower capacity.
Fortum's Swedish subsidiary Fortum Power and Heat AB purchased from Birka Energi AB all of the stocks in Hudiksvalls Energihandel Holding AB, which through Hudiksvall Energihandel AB owns 31.7 per cent in Gulsele Kraft AB. Fortum Power and Heat AB sold Hudiksvall Energihandel Holding to Graninge. Graninge in turn sold its Kemijoki lease back to Fortum's Finnish subsidiary Fortum Power and Heat Oy.
Gulsele's other shareholders are Vattenfall AB, Birka Energi AB and Sydkraft AB. Fortum's share in Kemijoki's hydropower stocks is 61,58 per cents.
Corporate Executive Vice President, Communications