Press release

Fortum’s Chelyabinsk GRES inaugurated in Russia – multi-year investment programme completed

18 October 2016, 08:30 EEST

FORTUM CORPORATION PRESS RELEASE 18 October 2016

FORTUM CORPORATION PRESS RELEASE 18 October 2016

Fortum’s combined heat and power plant Chelyabinsk GRES was inaugurated today in Russia. Chelyabinsk GRES unit 1 has been in commercial operation since December 2015 and unit 2 since March 2016.

Speaking at the inauguration event, Fortum’s President and CEO Pekka Lundmark said: “With the commissioning of Chelyabinsk GRES, the investment programme we committed to in 2008 has been successfully concluded. We will now concentrate on further improving our operations and serving the people and industry in the Chelyabinsk and Tyumen regions with reliable and environmentally sustainable electricity and heat."

Under the programme Fortum constructed eight gas-fired units with a combined capacity of over 2 gigawatts in the Chelyabinsk and Tyumen regions.

“Today we celebrate Chelyabinsk GRES, which caters the Chelyabinsk region and the Urals with energy produced by highly modern and energy-efficient technology. Our new CHP units have significantly reduced specific emissions of power generation in Russia. They also strengthen supply to the heat system of Chelyabinsk to ensure its further modernisation and improvement to the benefit of the customer”, says Alexander Chuvaev, Executive Vice President, Russia Division.

The return on invested capital for new capacity built under the investment programme is covered under the Russian Government’s capacity supply agreement (CSA). Prices for capacity under CSA are defined in order to ensure a sufficient return on investments.

Fortum Corporation
Group Communications

Further information:
Investors, analysts and financial media: Sophie Jolly, Vice President, Investor Relations and Financial Communications, tel. +358 10 45 32552

Media: Denis Litoshik, Director, Corporate Communications and Public Relations,
Russia Division, tel. +7 (985) 383 52 61

Read more about Fortum’s operations in Russia: [http://www.fortum.com/en/corporation/fortumworldwide/russia/pages/default.aspx]

Related press releases:
Investor news 1 March 2016: Fortum completes its multi-year investment programme in Russia - Chelyabinsk GRES unit 2 commissioned [https://www.fortum.com/en/mediaroom/Pages/fortum-completes-its-multi-year-investment-programme-in-russia-chelyabinsk-gres-unit-2-commissioned.aspx]

Press release 1 December 2015: Fortum starts commercial operation of Chelyabinsk GRES power plant's unit 1 in Russia; Chelyabinsk GRES 2 further delayed [https://www.fortum.com/en/mediaroom/Pages/fortum-starts-commercial-operation-of-chelyabinsk-gres-power-plants-unit-1-in-russia-chelyabinsk-gres-2-further.aspx]

Fortum
Fortum's vision is to be the forerunner in clean energy. We provide our customers with electricity, heat and cooling as well as other energy solutions that improve present and future life. Already 64% of our electricity generation is CO2 free. Our main markets are the Nordic and the Baltic countries, Russia, Poland and India. In 2015, we employed some 8,000 energy sector professionals, and our sales were EUR 3.5 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com