Fortum moves construction of the last two units of its Russian investment programme included in the Capacity Supply Agreement from Tyumen to Chelyabinsk
Espoo, Finland, 2012-06-28 11:30 CEST (GLOBE NEWSWIRE) -- FORTUM CORPORATION
PRESS RELEASE 28 June 2012
Fortum has decided to build the last two 250 megawatts (MW) units of its
Russian investment programme in Chelyabinsk in the Urals, where the metal
industry’s energy demand is growing. Initially, the units were planned for
construction in the Tyumen region in Western Siberia. The units are included
within the sphere of the Capacity Supply Agreement originally agreed to in
2008. Fortum has received approval for the transfer from the Russian
Government, including the Ministry of Economic Development of the Russian
Federation and the Russian Ministry of Energy as well as local authorities.
“Fortum is committed to the extensive, EUR 2.5 billion investment programme in
Russia. The programme will increase the capacity of our Russian subsidiary OAO
Fortum by 85% to about 5,100 MW,” says Alexander Chuvaev, Executive Vice
President, Fortum Corporation, head of Russia Division.
The new units are to be constructed at Chelyabinsk GRES. Within the scope of
the project, Fortum plans to completely modernize the existing power plant
equipment. After the works are completed by the end of 2014, the total
installed capacity of Cheyabinsk GRES will grow from the current 82 MW to
exceed 700 MW.
Fortum’s extensive investment programme consists of a total of eight new units,
which will increase OAO Fortum’s electricity production capacity by about 2,400
MW and heat production capacity by 662 MW. The first three units of the
investment programme already began commercial operation in Tyumen, Chelyabinsk
and Tobolsk in 2011.
After completion of the ongoing investment programme, Fortum’s goal is to
achieve an operating profit level of about EUR 500 million and to create
positive economic value added in its Russian Division. In April 2012, the value
of the remaining part of the investment programme was estimated to be
approximately EUR 0.9 billion.
Fortum Corporation
Corporate Communications
For additional information, please contact:
Juha Laaksonen, Chief Financial Officer, tel. +358104524519
Sophie Jolly, Vice President, Investor Relations, tel. +358104532552
Fortum
Fortum's purpose is to create energy that improves life for present and future
generations. We provide sustainable solutions that fulfil the needs for low
emissions, resource efficiency and energy security, and deliver excellent value
to our shareholders. Our activities cover the generation, distribution and
sales of electricity and heat as well as related expert services.
Fortum's operations focus on the Nordic countries, Russia, Poland and the
Baltics. In the future, the integrating European and fast-growing Asian energy
markets provide additional growth opportunities. In 2011, Fortum’s sales
totalled EUR 6.2 billion and comparable operating profit was EUR 1.8 billion.
We employ approximately 10,800 people. Fortum’s shares are quoted on NASDAQ OMX
Helsinki.
Further information: www.fortum.com
