Fortum is the third-largest CO2-free power generator in Europe and the second-largest power generator and the largest electricity retailer in the Nordic countries. Globally, we are one of the leading heat producers. Our investment in Uniper increased the CO2-free power generation by approximately 60%, making us the third-largest CO2-free generator in Europe.

Read more in Fortum CEO's Business Review 2021

​Changing markets

Sustainability and CO2-free power generation have been part of Fortum’s strategy for several decades. We believe that the energy system needs to transform into a system with substantially lower emissions, higher resource efficiency, and a higher share of power generation based on renewables. The transformation will not happen overnight, and we must provide customers with a secure energy supply at a competitive price during the transition towards lower emissions. Fortum strives to contribute to a more sustainable world. 

Market areas and energy production

Fortum generates electricity and heat in an environmentally benign manner using different energy sources. The company has energy production in the Nordic countries, Russia, Poland and Great Britain. Uniper has power generation mainly in Germany, Russia, the United Kingdom, Sweden, and the Netherlands, as well as heat and steam production mainly in Germany, the Netherlands, and Russia.

Fortum has increased annual CO2-free power generation from around 15 TWh in 1990 to 44 TWh in 2019, 64 TWh in 2020, and 75 TWh in 2021.  The development has not always been linear, as it includes organic growth, investments, and divestments and variations in hydropower generation also impact the annual figures. With approximately 20% of Uniper’s power generation capacity being hydro and nuclear power, Fortum’s CO2-free power generation increased by approximately 60% through the Uniper investment.

Fortum also has power generation based on fossil fuels, mainly gas, but also coal-fired power generation. In Europe, Fortum has a clear path to exit the use of coal in power generation and has committed to be carbon neutral in European generation by 2035 at the latest (Scope 1 and 2 emissions). Fortum is committed to reduce the indirect greenhouse gas emissions of its up and downstream business − Scope 3 GHG emissions − by 35% by 2035 at the latest. Fortum is also committed to carbon neutrality in all operations by 2050 at the latest (Scope 1, 2, and 3 emissions), in line with the goals of the Paris agreement.

Electricity market prices

Energy market data