Reporting structure

Fortum's segment reporting is based on business operations combined with one segment based on geographical area. Following the consolidation of Uniper as a subsidiary on 31 March 2020, Fortum has revised its reportable segments and reports Uniper as a separate segment. Fortum's reportable segments under IFRS are Generation, Russia, City Solutions, Consumer Solutions and Uniper. Other Operations includes corporate functions, R&D and technology development projects.

Generation

Generation is responsible for Nordic power generation. The segment comprises CO2-free nuclear, hydro, and wind power generation, as well as power portfolio optimisation, trading, market intelligence, thermal power for the capacity reserve, and global nuclear services. The segment does not include the Nordic hydro and nuclear power generation or the trading activities of Uniper. As of February 2022, Generation is responsible for Uniper’s hydro asset management and dispatch activities in Sweden. The segment includes Generation’s proportionate share of OKG.

Russia

The Russia segment comprises power and heat generation and sales in Russia. The segment includes Fortum’s fully owned power plants, its joint ventures for renewable power generation and joint ventures for power and heat sales, as well as Fortum’s more than 29% holding in TGC‑1. These joint ventures and the associated company are accounted for using the equity method. The segment does not include Uniper’s Russian subsidiary Unipro.

City Solutions

City Solutions is responsible for sustainable solutions for urban areas. The segment comprises heating, cooling, waste-to-energy, and other circular economy solutions, as well as solar power generation, services, and development of new biomass-based businesses. The business operations are located in the Nordics, Poland, and India. The segment does not include the operations of Fortum’s subsidiary Uniper.

Consumer Solutions

Consumer Solutions is responsible for the electricity and gas retail businesses in the Nordics, Poland and Spain, including related customer service and invoicing businesses. Fortum is the largest electricity retail business in the Nordics, with approximately 2.2 million customers across different brands in Finland, Sweden, Norway, Poland and Spain. The business provides electricity, as well as related value-added and digital services, mainly to retail customers.

Uniper

The Uniper segment comprises Fortum’s majority ownership in Uniper, a subsidiary of Fortum. Uniper is a leading international energy company with activities in more than 40 countries. Its business is the secure provision of energy and related services. Its main activities include power generation in Europe and Russia as well as global energy trading and optimisation, which Uniper reports in three businesses – European Generation, Global Commodities, and Russian Power Generation – in its financial statements. Approximately 50% of the power generating capacity is gas-based, 25% coal-based, approximately 15% hydro- or nuclear-based, and 10% is other. The segment includes Uniper’s proportionate share of OKG.

Reports and presentations

Fortum's financial reports and presentations