Finnish energy firm Fortum halts news investments in Russia

By Sibel Morrow

ANKARA (AA) - Finnish energy company Fortum decided to stop all new investment projects until further notice and reduce thermal exposure in Russia, the company said in a statement on Thursday.

“All our operations are currently running as normal, so we can fulfill our duties to our customers. The situation is very dynamic and keeps evolving on a daily – if not hourly – basis, and it is very difficult to predict the extent of impacts on our operations in the future,” Fortum Chief Executive Markus Rauramo was quoted as saying in the statement.

Rauramo said after the Russian attack on Ukraine, business could not continue as usual.

Fortum has 12 power plants in Russia with a combined power generation capacity of 15.5 gigawatts (GW) and a heat production capacity of 10.2 GW.

In 2021, the company generated 71.9 terawatt-hours (TWh) of electricity and produced 19.1 TWh of heat in Russia.