Fortum's comment to Energy Market Inspectorate's (Energimarknadsinspektionen) decision upon electricity net prices

Fortum Oyj
Press release
17.12.2008

Fortum's comment to Energy Market Inspectorate's (Energimarknadsinspektionen)
decision upon electricity net prices

The Swedish Energy Market Inspectorate's (Energimarknadsinspektionen) and the
Swedish energy companies have agreed to finalize the ongoing court cases
regarding net prices. For Fortum this means that we will adjust our net prices
for the years 2003-2008. About EUR 11 million will be credited the customers
during a 2 year period.

The customers in the Stockholm City area will get a one-time repayment of EUR 2
million in total. For the customers on the West Coast this means that the
planned price increase is withdrawn.

”Fortum has chosen to accept the decision, that the Energy Market Inspectorate
has made for the whole Swedish industry, but our opinion is still that the net
prices have been reasonable for the settled period (2003-2008). We will now
focus on the future regulatory model together with the regulator,” says Håkan
Grefberg, President, Business Unit Fortum Distribution, and continues ”Fortum is
pleased that the ongoing court cases are finally settled. The process has been
going on for a long period increasing the unclarity for the customers”.

We will now concentrate on the new net fee model which means an approval of the
net fees in advance. This model will apply from 2012. Fortum will contribute
actively with our knowledge in order to get a clear model for the future.

Stockholm

Fortum will pay back EUR 2 million to private and business customers in
Stockholm City as a consequence of the decision from the Swedish Energy Market
Inspectorate. Fortum divides the one time repayment between approximately
465 000 customers. The amount for an individual customer depends on the tariff-
fuse and power demand.

West Coast

Fortum will refrain from price increases in the West Coast area to a value of
EUR 9 million as a consequence of the decision from the Swedish Energy Market
Inspectorate. Therefore, the previously announced price increase is withdrawn on
the West Coast net area from January 1st 2009.

Fortum Oyj
Corporate Communications


For more information, please contact

Mika Paloranta, Investor Relations, Fortum, phone: +358 50 452 4138
Ari Koponen, Fortum Distribution, phone: +358 50 453 1254