Our history

​Fortum was founded in 1998. The plan was to create a new energy group by combining the businesses of state owned Imatran Voima (IVO) and the listed company Neste Oyj.

2016: In February 2016, we launched our new vision, strategic cornerstones and updated financial targets. In April we adjusted our operational model to better enable strategy implementation. Our new vision and mission go beyond just clean energy production, they express our commitment to fuel and resource efficiency and how we enable our stakeholders, customers and society to make sustainable choices. During the year we acquired the Polish electricity and gas sales company DUON, made investments in wind power in Sweden, Norway and Russia, and acquired Ekokem, a leading Nordic circular economy company. In addition, we divested the Tobolsk power plant and completed our extensive investment programme in Russia.

2015: In April, Pekka Lundmark was appointed President and CEO of our company. He started in the beginning of September 2015. In June, we completed the divestment of its Swedish electricity distribution business. In August, we announced the decision to participate in Fennovoima nuclear power project in Finland with 6.6 per cent share. As part of our investment programme in Russia, we started commercial operation of Chelyabinsk GRES power plant's unit 1 in Russia in December. We also announced starting a wind farm project in Ulyanovsk, Russia with a total capacity of 35 MW.​

2014: In March, we completed the divestment of its Finnish electricity distribution business. In May, the divestment of the Norwegian electricity distribution business was completed. Evaluation and preparation of the divestment of the Swedish electricity distribution business continued as planned. As part of our investment programme in Russia, launched in 2008, the third unit at Nyagan power plant was completed and started commercial operation at the end of the year. In December, we and Gazprom Energoholding signed a protocol to start a restructuring process of their ownership of TGC-1, a Territorial Generating Company in Russia. Our hydro portfolio would increase by 60% through the restructuring. Subject to successful restructuring, We are ready to take a minority stake in the Finnish Fennovoima nuclear project. Efficiency programme, launched in 2012, was successfully finalised at the end of the year.

2013: We inaugurated five new production facilities in Northern Europe and two in Russia. Our efficiency programme increasing flexibility and securing competitiveness progressed as planned. We made good progress in sustainability and safety in 2013. Fortum received a special award for innovation from the Global District Energy Climate Awards organisation for the fast pyrolysis technology development investment project and was ranked as the best company in the Nordic climate index. We had our lowest-ever total recordable incidents (TRIF) among own personnel. In addition, our customer satisfaction improved and we served more retail customers in the Nordic countries at the end of 2013 than ever before. The assessment of our electricity distribution business was completed, and we announced that the Finnish networks will be sold. The possible further divestment opportunities within the electricity distribution business will be evaluated country by country. See Realisation of our strategy in 2013 (video)

2012: In order to ensure the company’s strategic flexibility and competitiveness and to enable the company to continue to reach its financial targets in the future, we launched an efficiency programme in the autumn of 2012. Water reservoirs were at high levels throughout the year resulting in an all-time high in our hydro production. We decided to invest approximately EUR 500 million into a new biofuel-fired combined heat and power plant (CHP) in Stockholm, Sweden. Also smart electricity solutions and services were successfully launched.

2011: We started preparation for the tender process for hydropower concessions in France and continued to invest in the development of wave and solar power. The post Fukushima safety assessments showed all our fully and partly owned nuclear power plants are safe. New biomass-fired CHP (combined heat and power) plant was inaugurated in Pärnu in Estonia. Several new CHP plants were under construction in the Baltic region, Finland and Sweden. In addition, two companies were acquired in Poland and new pricing solutions to customers were launched in Finland and Sweden. The rollout of smart metering to the network customers in Finland started, and in Sweden our grids were opened to enable customers to sell their own produced electricity. We also finalised the divestment of its district heat operations and heat production facilities outside the Stockholm area in Sweden. The ongoing investment programme in Russia continued to proceed well. A new unit at Chelyabinsk, as well as two new units in Tyumen and Tobolsk, were commissioned.

2010: We acquire 40% in one of Europe's biggest onshore wind farm projects in Blaiken, Sweden and the decision to participate in French hydropower concessions bids. New biomass-fired heat plants are inaugurated in Hanko, Finland and in Częstochowa, Poland. In addition, we announce the acquisition of two Polish power and heat companies. In Russia the first new unit of investment programme  inaugurated at Tyumen CHP plant. The Finnish Government gives a negative decision-in-principle on our nuclear application. Fortum starts installments of new automatic meters for its 620,000 network customers in Finland and participates  in the development of  the smart grids in the new ecological Norra Djurgårdstaden district under construction in Stockholm.

2009: We submit application for the construction of a new nuclear power plant unit in Loviisa, Finland and initiates Environmental Impacts Assessment procedures for five wind turbines on the island of Bergö in Maalahti municipality in Finland. Our new combined heat and power plants (CHP) in Espoo, Finland and Tartu, Estonia are inagurated. In addition, we prepare for the commission of its CHP-plant in Częstochowa, Poland, in 2010 and establishes trading operations in Warsaw. Installments of new automatic meters for our 844,000 customers in Sweden are completed and a similar project is launched in Finland. Large-scale research and development initiatives during the year include electric car technology, smart grids and carbon capture and storage.

2008: We acquire the Russian Territorial Company 10 (TGC-10) through a share auction organised as part of the Russian power sector reform. The acquisition significantly increases our power generation capacity and doubles the heat production capacity. Large-scale research and development initiatives during the year include developing a recharging network for electric cars in Espoo, Finland, and Stockholm, Sweden, and testing carbon capture and storage. We sells our share in Jyväskylän Energiantuotanto Oy and expand heat businesses in Poland and the Baltic countries.

2007: We commence Environmental Impacts Assessment (EIA) on a new nuclear power unit possibly to be built in Loviisa, Finland, and decides to build a new combined heat and power plant in Espoo, Finland. New, tight specific emissions targets are set for power and heat generation and a new Energy Efficiency Solutions unit and a new Renewables unit within our Power Generation business are established. Heat businesses in Poland and the Baltic countries are expanded.

2006: The Finnish Competition authority confirms its approval of the transactions by which we acquire 99.8% of the shares of E.ON Finland Oyj. We sign an important heat contract in Norway and divests its Hämeenlinna and Haapavesi power plants in Finland.

2005: Oil businesses are separated from Fortum in April. The name of the new oil company becomes Neste Oil Corporation. We sign an agreement with the City of Espoo over the acquisition of E.ON Finland and acquires heat businesses in Poland. Stake in Lenenergo is increased to 33%.

2004: Ownership in Russian energy company OAO Lenenergo is increased to slightly over 30% of the share capital. Jacobs Engineering purchased a part of Neste Engineering.

2003: We makes the decision to participate in TVO's new nuclear power plant unit in Finland with a 25% share (EUR 185 million). We commence preparations to separate its oil business into a new company and subsequently to list the new company on the Helsinki Stock Exchange. We are included in Dow Jones Sustainability Indexes.

We increase our stake in Norwegian energy company Hafslund. E.ON and Fortum swap assets worth nearly EUR 800 million. We decrease the sulphur level of our gasoline delivered to the domestic markets.

2002: We sell our Norwegian EP business to Eni and commission two new tankers from China. We introduce a new business approach to the Nordic power and heat industry and sells its Omani oil production assets. A new unit for the production of cleaner gasoline begins operation at Naantali.

2001: An agreement is signed with the City of Stockholm on the purchase of Birka Energi. IVO Transmission Engineering Oy is sold. Fortum Petroleum AS is awarded an oil and gas exploration licence (30% share) in the northern North Sea.

2000: Electricity generation capacity increases over 10% as result of the acquisition of Stora Enso’s power assets and Wesertal. Länsivoima Oyj merges with Fortum Corporation at the end of September. Gas production begins in October at the Åsgard field in Norway. The restructuring of Power Plant Engineering and R&D begins.

1999: Fortum's new organisation becomes effective on 1 January. The operations of Imatran Voima Oy are transferred to the name of Fortum Power and Heat Oy. Fortum Service Oy and Fortum Engineering Oy begin operation.

White water rafting at Oulujoki river in Finland in 1910:​​​​