As announced in early March 2022, Fortum has stopped all new investment projects in Russia and is not providing any new financing to its Russian subsidiaries. In May 2022 we announced that we are preparing a controlled exit from the Russian market, with potential divestments of our its Russian operations as the preferred path. We have already made decisions to replace Russian fuels in our other operating countries.
Fortum in Russia
After the beginning of the Russia-Ukraine war, Fortum has stopped all new investment projects in Russia and is not providing any new financing to its Russian subsidiaries. Fortum is in the process to implement a controlled exit from the Russian market, with potential divestments of its Russian operations as the preferred path.
Fortum in Russia
Fortum has over sixty years of experience operating in Russia. Our current business there, as in our other main markets, is providing security of supply, and our customers depend on us for power and heat. We have also built over 1 GW of wind and solar power in Russia, together with our JV partners.
Fortum's Russia division has seven thermal power plants in the Ural region and Western Siberia. They have a total power generation capacity of 4.7 gigawatts (GW) and heat production capacity of 7.6 GW. Six of the plants produce both electricity and heat for the market, while one plant produces only electricity.
In wind and solar power, Fortum Russia has a portfolio of 3.4 GW of wind and solar plants together with our partners. Over 1 GW is currently in operation, the rest is under construction or development.
Fuel purchases from Russia
Due to the war in Ukraine, we are looking for alternatives to fuel sourced from Russia.
In Finland, we do not buy fossil fuels, pellets or biomass from Russia for our power plants in Espoo and Meri-Pori.
For our Loviisa nuclear power plant in Finland, we currently procure fuel from the Russian fuel company TVEL. The current contract is valid until the end of our current operating licenses, i.e. until 2027 and 2030. The power plant has plenty of fuel in storage, even for a couple of years. On 3 March 2022, we announced the decision to apply for new operating licences for the Loviisa power plant until 2050. A new tendering process for nuclear fuel will be initiated simultaneously.
On 22 November 2022, we announced that we have signed an agreement with Westinghouse Electric Company for the design, licensing, and supply of a new fuel type for the Loviisa power plant. Taking the new fuel into use is a multi-year project requiring regulatory approvals.