Generation segment
The Generation segment will include the Hydro Generation, Nuclear Generation, Corporate Customers and Markets and Renewables and Decarbonisation business units. Based on year 2022 financials, the segment’s comparable operating profit was approximately EUR 1.6 billion.
Generation is responsible for power generation mainly in the Nordics. The segment comprises CO2-free hydro, nuclear, wind and solar power generation, as well as district heating and cooling, and decarbonisation of heat production assets. The Generation segment is responsible for hedging and value creation in both physical and financial power markets and is a customer interface for strategic industrial and municipal customers to drive decarbonisation of industries and provide clean energy at scale. Furthermore, the business develops capabilities and projects in renewables and clean hydrogen.
Consumer Solutions segment
The Consumer Solutions segment includes the Consumer Solutions business unit. Based on the year 2022 financials, the segment’s comparable operating profit was approximately EUR 100 million.
Consumer Solutions is responsible for offering energy solutions to consumers including small- and medium-sized enterprises predominantly in the Nordics and Poland. Fortum is the largest energy solutions provider across different brands in the Nordics, with over 2 million customers. The business provides electricity, as well as related value-added and digital services, mainly to retail customers.
Other Operations segment
The Other operations segment includes the Circular Solutions business which is responsible for operating, maintaining and developing Fortum’s recycling and waste assets as well as turbine and generator services and biobased solutions. Part of the Other operations segment is also innovation and venturing activities, enabling functions and corporate management.
Following Russia’s attack on Ukraine, Fortum decided in May 2022 to exit its Russia operations. On 25 April 2023, Fortum’s subsidiary PAO Fortum (Fortum JSC) was put under asset management in accordance with a Russian Presidential decree which enables the authorities to introduce temporary asset management to assets owned by certain foreign entities in Russia. On 26 April 2023, PAO Fortum announced that the Board of Directors has replaced the company’s CEO. Due to the enacted Presidential decree, the Russian authorities seized control of Fortum’s assets in Russia. Based on the control assessment, Fortum has no control of its Russian operations and the Russia segment will be deconsolidated in the second quarter of 2023.