Fortum invests in automatic meter management in Sweden

Fortum Corporation Stock Exchange Release 31 May 2006

Fortum invests in automatic meter management in Sweden

Fortum has signed a service agreement over the delivery of an automated meter
management (AMM) system in Sweden with Telenor Cinclus AS. Approximately 835,000
households and small businesses in Fortum's Swedish network areas will be within
the system by the end of 2008. The first meters will be installed in 2006. By
law, all electricity customers in Sweden must be guaranteed monthly meter
reading by 2009.

The service agreement with Telenor Cinclus includes the metering equipment, the
system, maintenance and collection of meter readings over the years 2006-2016,
as well as several options for future development and upgrading. The total value of
the procurement is approximately 2.2 billion Swedish kronor (approximately EUR
240 million).

The procurement is part of Fortum's investment program aiming at further
improving services to customers. Based on two-way communication, the AMM system
includes a variety of features that exceed legislative requirements such as the
possibility of real time readings, meter reading by the hour and change of
supplier on the same day. Fortum has also previously announced a EUR 700 million
investment plan to further improve its electricity distribution networks.

Fortum Corporation
Carola Teir-Lehtinen
Senior Vice President, Corporate Communications

Further information:
Christian Lundberg, Senior Vice President, +46 70 344 5807

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