FORTUM CORPORATION PRESS RELEASE 2 October 2014
Fortum has agreed to sell its UK-based subsidiary Grangemouth CHP Limited to
its long term customer INEOS Industries Holdings Ltd. Grangemouth CHP Limited
owns and operates a natural gas-fired combined heat and power (CHP) plant
located at Grangemouth in Scotland.
Commissioned in 2001, the Grangemouth power plant's power generation capacity
is 145 megawatts (MW) and heat generation capacity 257 MW. It provides
electricity and steam to INEOS’ petrochemical and refining plant. Excess
electricity is sold to the national grid. Fortum will continue to provide
operations and maintenance (O&M) services at the power plant.
"The Grangemouth CHP plant is a highly efficient and modern power plant, and as
INEOS has a long term plan to develop the Grangemouth site, this was a good
opportunity for both companies. We look forward to continuing our good
cooperation with INEOS by providing O&M services at the site", says Sasu
Valkamo, Vice President, Nuclear and Thermal Power Division at Fortum.
The total sales price is approximately GBP 54 million (corresponding to
approximately EUR 70 million). The sale has a positive impact on Fortum's Power
and Technology segment's financial performance, and the final sales gain will
be booked in the segment's fourth quarter 2014 results.
The transaction is part of Fortum’s efficiency programme launched in October
2012 and aiming at the disposal of non-core assets. The core of Fortum’s
strategy lies in our strong expertise in CO2-free hydro and nuclear power and
resource-efficient combined heat and power production. We operate in the energy
markets of our geographical home, and develop our electricity sales by
providing innovative customer offerings for smarter energy use.
Sasu Valkamo, Vice President, Nuclear and Thermal Power Division, tel. +358 50
Richard Longden, Communications Manager, INEOS, tel. +41 799 626 123
Fortum’s purpose is to create energy that improves life for present and future
generations. Catering to the versatile needs of our customers, we generate,
distribute and sell electricity and heat, and offer related expert services.
Our operations focus on the Nordic and Baltic countries, Russia and Poland. In
2013, Fortum’s sales totalled EUR 6.1 billion and comparable operating profit
was EUR 1.6 billion. We employ approximately 8,800 people. Fortum’s shares are
traded on the NASDAQ OMX Helsinki. www.fortum.com