Quarterly summary of events

Since 2022 we have gathered the major events and announcements during the latest quarter to this page.

Pre January-September 2022 Interim Report

Announcements during Q3 2022


On 29 August 2022, Fortum announced that the company is in talks with its majority owner, the Finnish State, on how to secure the company’s liquidity needs until the hedged power contracts go to delivery and collaterals are released. Fortum’s main exposure relates to Nordic system 2023 futures contracts. Fortum has also reached out to the Nordic market regulators and authorities, and urges them to take immediate action to stabilise the market because a default of even a smaller market participant would be difficult to manage under the current extreme price levels and could cause severe disturbances to the Nordic power system. In the longer term, regulatory changes are necessary to the implementation of the EU EMIR-regulation (The European Market Infrastructure Regulation), which set the legal framework for margining and collateral requirements. To the release

On 6 September 2022, Fortum announced that the company had agreed with its majority owner, the Finnish State (ownership 50.76%), on a bridge financing arrangement with which the company aims to ensure access to sufficient liquidity resources if power prices and, with it, collateral requirements continue to rise significantly on the Nordic commodities exchange Nasdaq. The incremental liquidity facility of EUR 2.35 billion is provided by the Finnish state-owned holding company Solidium. The term of the liquidity facility is one year, and it matures in full within one year from signing. The first tranche of a minimum of EUR 350 million must to be drawn latest on 30 September 2022 in order for the arrangement to remain effective thereafter. The last required tranche may be drawn by 31 March 2023. A directed share issue without payment, which entitles Solidium to subscribe up to 8.97 million new ordinary registered shares in Fortum, is a condition subsequent for the drawdown of the liquidity facility. The new shares, amounting to 1% of Fortum’s share capital, will be issued without payment after the execution of the share issue. As a consequence, the shares under control of the Finnish state would increase to 51.26% correspondingly diluting the ownership of other shareholders. To the release

On 26 September 2022, Fortum announced that the company will draw on the liquidity facility provided by the Finnish State and that an Extra­or­dinary General Meeting will be convened to resolve on a directed share issue without payment to Solidium. To the release

On 26 September 2022, Notice to the Extra­or­dinary General Meeting of Share­holders of Fortum Corpo­ration was published. To the release

Uniper stabilisation and divestment

On 8 July 2022, Fortum’s subsidiary Uniper applied for stabil­i­sation measures in Germany – talks with the German Government continue. To the release

On 14 July 2022, Talks with German Government over stabil­i­sation of Fortum’s subsidiary Uniper continued – no decisions made yet. To the release

On 22 July 2022, Fortum, its subsidiary Uniper and the German government agreed on a comprehensive stabilisation package to provide financial relief to Uniper. To the release

On 29 August 2022, Uniper drew down EUR 2 billion under its existing credit facility with the German state-owned KfW Bank, thereby utilising the EUR 9 billion facility in full. Furthermore, Uniper had requested an extension of the KfW credit facility by additional EUR 4 billion as the discussions with the German Government and Fortum on the implementation of the company’s stabilisation package are still ongoing. To the release

On 14 September 2022, Talks between German Government, Fortum and Uniper over long-term solution for Uniper continued. To the release

On 20 September 2022, trading with Fortum’s share on Nasdaq Helsinki was suspended and the company announced that negotiations regarding an alternative solution to the July stabilization package for Uniper are ongoing. With reference to information published on Bloomberg, Fortum confirmed that the negotiations were in the final stages and that the elements of the agreement under negotiation include a sale of Fortum’s Uniper shares to the German State, return of the financing Fortum granted to Uniper as well as a planned capital injection by the German State to Uniper. No final agreement was in place. To the release

On 21 September 2022, Fortum announced that the company, the German Government and Uniper have signed a further agreement in principle for a long-term solution that will allow the German State to take full control of Uniper to secure energy supply in Germany. Upon completion, the agreement enables Fortum to divest Uniper and refocus on clean Nordic power generation as its core business. It replaces the initial Uniper stabilisation agreement between the same parties, signed in July 2022. As a consequence of the agreement, Fortum will deconsolidate Uniper and report it as discontinued operations in the third quarter 2022 interim report. Fortum’s financials for the continuing operations will not include any impacts from Uniper’s operations. To the release

Rating changes

On 5 July 2022, S&P Global Ratings placed Fortum's and Uniper's credit ratings on Credit Watch Negative. To the release 

On 29 July 2022, S&P Global Ratings affirmed Fortum’s subsidiary Uniper’s long-term rating of BBB- with negative outlook following German government support. To the release

On 3 August 2022, S&P Global Ratings affirmed Fortum’s long-term rating of BBB following Uniper support package, outlook negative. To the release

On 5 August 2022, Fitch affirmed Fortum’s long-term rating of BBB with negative outlook on Uniper’s stabil­i­sation plan. To the release

Other announcements

On 21 July 2022, Fortum announced that the company and GIG (Green Investment Group, a specialist green investor within Macquarie Asset Management), had made a decision to invest in a new Waste-to-Energy plant in Glasgow, Scotland, through a 50/50 joint venture. When fully commissioned, the South Clyde Waste-to-Energy plant is expected to have a processing capacity of 350,000 tonnes of waste per year. This processing capacity represents the annual amount of waste of about 700,000 individuals. The plant is expected to have a power generation capacity of 45 MWe gross, corresponding to the average annual electricity consumption of approximately 90,000 homes. To the release

On 10 June 2022, Fortum announced that the company had sold its 30% ownership in Recharge AS (Recharge), a public charging point operator (CPO) for electric vehicles, to Infracapital, the infrastructure equity investment arm of M&G Plc. Upon completion, Infracapital will own 100% of Recharge, which is the largest charging network in the Nordic region with more than 4,600 connectors at 830 locations. The transaction price was approximately EUR 80 million. To the release

On 1 September 2022, Fortum announced that the head of Fortum's Russia division, Alexander Chuvaev stepped down from his position at the company's Executive Management Team as of 1 September 2022. Alexander Chuvaev has been a member of Fortum's Executive Management since 2009. However, Mr Chuvaev continues in his position as the Head of the Russia division and still reports to Fortum’s President and CEO. To the release

On 1 September 2022, Fortum announced that the company had divested its e-mobility business Plugsurfing to Fleetcor Technologies, Inc., a leading global business payments company. The transaction price is approximately EUR 75 million on a cash and debt free basis and Fortum expects to record a tax-exempt capital gain of approximately EUR 50 million in the Other segment’s third-quarter 2022 results. To the release

On 15 September 2022, The following members were appointed to Fortum Shareholders' Nomination Board: Ms. Maija Strandberg, Senior Ministerial Adviser, Financial Affairs, Prime Minister’s Office, Ownership Steering Department (Chair), Mr. Risto Murto, President and CEO, Varma Mutual Pension Insurance Company, Mr. Jouko Pölönen, President and CEO, Ilmarinen Mutual Pension Insurance Company, and Mr. Veli-Matti Reinikkala, Chair of Fortum's Board of Directors. To the release

On 30 September 2022, Fortum’s Board of Directors decided to launch the savings period for the year 2023 under its Employee Share Savings (ESS) programme. The objective of the ESS programme is to motivate Fortum employees to invest in Fortum shares and retain ownership in the company and to align the employees’ interests with its shareholders. The participants of the ESS programme will invest a part of their monthly salary and based on this investment will, as a gross reward, be granted one matching share for each two purchased savings shares after approximately three years from the beginning of the savings period. To the release

Transactions in the comparison period 2021

Comparable operating profit in Q3 2021 includes:

  • no transactions

Comparable operating profit Q1−Q3 2021 included:

  • EUR 2 million from the sale of the Sørfjord wind park in January 2021 (Generation segment Q1/2021)
  • EUR 17 million from the sale of the 116-MW Capacity Supply Agreement (CSA) backed solar power project to the joint venture with the Russian Direct Investment Fund (RDIF) (Russia segment Q1/2021)

Operating profit in Q3 2021 includes:

  • EUR 2,350 million from the sale of the 50% stake in Stockholm Exergi Holding AB
  • EUR 254 million gain from the sale of the district heating business in the Baltics
  • EUR 50 million gain from the sale of eight small hydropower plants in Sweden

Operating profit Q1−Q3 2021 included:

  • EUR 50 million tax-exempt capital gain of from the divestment of eight small hydropower plants in Sweden (Generation segment Q1/2021)
  • EUR 2,350 million from the sale of the 50% stake in the Swedish district heating and cooling company, Stockholm Exergi Holding AB (City Solutions segment Q3/2021)
  • EUR 254 million gain from the sale of the district heating business in the Baltics (City Solutions segment Q3/2021)
  • EUR 50 million gain from the sale of eight small hydropower plants in Sweden (Generation segment Q3/2021)

Geopolitical situation

Fortum is closely monitoring the developments caused by Russia’s attack on Ukraine, which has increased the geopolitical tensions, uncertainties and risks in the operating environment. The company is complying with all applicable laws and regulations, including sanctions, and preparing for various scenarios. 

As announced in early March, Fortum has stopped all new investment projects in Russia and is not providing any new financing to its Russian subsidiaries. On 12 May 2022, in connection to the Q1 2022 interim report, we announced that we are preparing a controlled exit from the Russian market, with potential divestments of its Russian operations as the preferred path.  We have already made decisions to replace Russian fuels in our other operating countries.

Financial calendar for 2022

  • Silent period prior to January–September Interim Report: 11 Oct–10 Nov 2022
  • January–September Interim Report: 10 Nov 2022 at approx. 9.00 EET

Uniper’s January–September Quarterly Statement: 3 Nov 2022

Contact by phone

Contact Fortum's IR team