Fortum to sell the shares of Fortum Heat Naantali Oy to regional energy producer TSME in Turku, Finland
Espoo, Finland, 2012-12-05 10:30 CET (GLOBE NEWSWIRE) -- PRESS RELEASE 5
DECEMBER 2012
Fortum has agreed to sell its shares in Fortum Heat Naantali Oy (owning
Naantali power plant) to Turun Seudun Maakaasu ja Energiantuotanto Oy (TSME), a
regional energy producer in Turku. A letter of intent on restructuring the
Naantali power plant's ownership was signed in December 2010. The transaction
will take effect on 31 December 2012. A sales gain of approximately EUR 19
million from the transaction will be booked in Fortum Heat Division's 2012
fourth quarter operating profit. The cash flow impact is approximately EUR 50
million.
Divestment of the Naantali power plant is part of the consolidation of the
Turku region’s energy production. TSME has already used the production capacity
of the Naantali power plant according to an agreement. Fortum's shareholding in
TSME is 49.5%, Turku Energia's 39.5%, Raisio municipality's 5%, Kaarina
municipality's 3% and Naantali municipality's 3%. The district heat produced by
the power plant is sold from TSME to Turku Energia, the steam to Fortum and the
electricity to TSME’s shareholders. Naantali power plant employs some 130
persons, which will remain in Fortum’s service as Fortum will supply operation
and maintenance service to TSME.
“Selling the Naantali power plant to Turun Seudun Maakaasu ja Energiantuotanto
Oy completes the rearrangement of region’s base production facilities under one
company and improves the efficiency of regional energy production. The
arrangement supports the development of energy production by reducing emissions
and improving energy efficiency,” says Jouni Haikarainen, Vice President at
Fortum's Heat Division.
TSME will continue preparations for a new base production solution, which will
be decided after the completion of the preliminary planning in 2013.
Alternatives include building a gasification plant for biofuels in Naantali or
a completely new, 450-megawatt multifuel power plant. The goal is to
significantly increase the use of biofuels in the Turku region, which will
reduce carbon-dioxide emissions from energy production. An environmental impact
assessment process for the project was completed in 2011.
Energy production in the Turku region is largely based on the heat and
electricity production of Naantali power plant. The power plant produces
annually about 1,000 gigawatt-hours (GWh) of electricity for the Nordic market
and about 600 GWh of steam for industrial customers. The Naantali power plant
also produces about 1,500 GWh of district heat for approximately 180,000
customers in Turun region. The plant has been in operation for 50 years.
Fortum Corporation
Corporate Communications
Additional information:
Jouni Haikarainen, Vice President, Fortum, Heat Division, Finland, tel. +358 40
709 5690
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
