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    FORTUM   FI0009007132

FORTUM OYJ

(FORTUM)
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Fortum Oyj : set to end the use of coal in its Russia division by the end of 2022 .

07/08/2021 | 01:02pm EDT

FORTUM CORPORATION INVESTOR NEWS 08 JULY 2021 AT 10:15 EEST

Fortum has today signed an agreement to sell its Argayash coal-fired combined heat and power plant (CHP) to AO JSC Rusatom Smart utilities (JSC RSU).

Argayash CHP plant has a heat production capacity of 824 MW and power generation capacity of 256 MW. It plays a key role to the local industry and society as itsupplies process steam to the local industry and heat to approximately 85,000 residents in the towns of Ozersk and Novogorny in the Chelyabinsk region. The power plant has only had a minor effect on Fortum's EBITDA. The parties have agreed not to disclose the sales price. The transaction is expected to be closed in the third quarter of 2021.

'For Fortum, the sale of the plant is an important step in optimising our asset portfolio as part of Fortum's strategy, which targets carbon neutrality by 2050. This step, together with transition to gas at the Chelyabinsk CHP-2, will allow the Russia Division to discontinue its use of coal by the end of 2022 and reduce annual CO2 emissions by approximately 2 million tonnes', says Alexander Chuvaev, Executive Vice President of Fortum's Russia Division.

'Reliable power supply to key enterprises of the nuclear industry and the citizens of nuclear cities is the main priority for our company. Argayash CHP is critically important for the stable functioning of PA 'MAYAK', citizens and the commercial sector of Ozersk and Novogorny. New power plant, for JSU RSU, will benefit from stable socio-economic development and will preserve high standards of work in the field of heat supply to the local citizens and enterprises, laid down earlier by the partners', says Ksenia Sukhotina, CEO of JSC Rusatom Smart utilities (JSC RSU).

Fortum Corporation

Ingela Ulfves, VP, IR and Financial Communications

Further information:

Investors & analysts:
Rauno Tiihonen, IR Manager, tel. +358 10 453 6150
Carlo Beck, IR Manager, tel. +49 172 751 2480

Media:
Fortum News desk, tel.
+358 40 198 2843

Disclaimer

Fortum Oyj published this content on 08 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 July 2021 16:23:59 UTC.


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Sales 2021 59 570 M 69 881 M 69 881 M
Net income 2021 3 566 M 4 183 M 4 183 M
Net Debt 2021 5 861 M 6 876 M 6 876 M
P/E ratio 2021 6,47x
Yield 2021 4,38%
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EV / Sales 2021 0,48x
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Nbr of Employees 20 184
Free-Float 47,3%
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Mean consensus HOLD
Number of Analysts 16
Last Close Price 25,90 €
Average target price 25,04 €
Spread / Average Target -3,33%
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Markus Heikki Erdem Rauramo President & Chief Executive Officer
Bernhard GŘnther Chief Financial Officer
Veli-Matti Reinikkala Chairman
Anja McAlister Deputy Chairman
Essimari Kairisto Independent Director
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