Fortum's Esa Hyvärinen at Finnish-Russian Energy Days: Heat reform will have a significant impact on the efficiency of Russia's energy markets

PRESS RELEASE, 2 December 2014

In his opening speech today at the Finnish-Russian Energy Days in Helsinki, Fortum’s Senior Vice President, Corporate Relations, Esa Hyvärinen, emphasised the importance of Russian heat sector reform. Heat reform, which the Russian Government approved in October, is an essential element in the country's efforts to improve its energy efficiency. Implementation of the reform will begin next year and will be completed by 2023 at the latest. A key goal of the reform is to create incentives for investments, which will secure the functionality and efficiency improvements of the heat sector and will keep the heating bills of citizens at a moderate level.

“Consistent implementation of heat reform would bring significant added value to Russian society overall”, Hyvärinen noted in his speech. According to Hyvärinen, Russia’s successful reformation of the electricity wholesale market creates an excellent foundation for also heat market reform. Hyvärinen believes that heat reform will have a bigger impact on the Russian energy sector operations and on the lives of ordinary people than electricity market reform. He believes that the additional investments enabled by heat reform would also open new collaboration opportunities for Finnish district heat sector companies.

Finnish-Russian Energy Days 2014 is a three-day event organised by the Finnish-Russian Energy Club. The event offers Russian energy sector experts and Finnish companies and organisations an opportunity to share information and experiences. Other keynote speakers at the Energy Days were Minister for European Affairs and Foreign Trade Lenita Toivakka and Russia’s Ambassador to the Republic of Finland Alexander Rumyantsev.

Fortum Corporation
Corporate Communications

For further information, please contact:
Esa Hyvärinen, Senior Vice President, Corporate Relations, Fortum, tel. +358 40 826 2646

Fortum’s purpose is to create energy that improves life for present and future generations. Catering to the versatile needs of its customers, Fortum generates, distributes and sells electricity and heat, and offers related expert services. Fortum’s operations focus on the Nordic and Baltic countries, Russia and Poland. In 2013, the sales of Fortum amounted to EUR 6.1 billion with the comparable operating profit of EUR 1.6 billion. Fortum Group employs approx. 8,800 persons. Fortum’s shares are quoted on NASDAQ OMX Helsinki.

Finnish-Russian Energy Club
The Finnish-Russian Energy Club was established in 2010 to advance practical collaboration between Finland and Russia in the fields of energy efficiency and renewable energy resources in Russia. Its mission is to promote collaboration that benefits both parties in the fields of energy efficiency, energy savings and renewable energy.