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Home › Dodgy Deals ›
Dodgy Deal
FortumFinland

Company – Active

This profile is actively maintained
Contact:

climate@banktrack.org

Last update: 2022-09-30 00:00:00
Fortum's headquarters at Espoo in Finland. Photo: Sini V via Wikimedia Commons (CC BY SA 4.0)

Company – Active

This profile is actively maintained
Contact:

climate@banktrack.org

Last update: 2022-09-30 00:00:00
Why this profile?

Why this profile?

Fortum seeks to become a carbon-neutral electricity producer by 2050. This strategy involves operating nuclear and combined heat/power plants fuelled by biomass however, which have their own negative impacts and risks.

About
Sectors Coal Electric Power Generation , Biomass Electric Power Generation, Hydroelectric Power Generation, Nuclear Electric Power Generation, Oil and Gas Extraction
Headquarters
Ownership
listed on Helsinki Stock Exchange

Fortum is majority-owned by the Finnish Government (50.76%). Fortum's complete shareholder structure can be accessed here.

Subsidiaries
Website http://www.fortum.com

Fortum is a Finnish company engaged in the generation and sale of electricity and heat, and the operation and maintenance of hydro, coal, gas and nuclear power plants, as well as other energy-related services. Established in 1998, the company operates in over 40 countries, including Finland, Sweden, Norway, Poland, Estonia, India and the United Kingdom. Fortum withdrew from Russia during 2022. The majority of its income came from Uniper that became Fortum's subsidiary in March 2020. Uniper was nationalised by Germany on the 21 September 2022. Fortum agreed to fully divest Uniper to the German State.

Fortum is Europe's second-largest producer of nuclear power and one of the largest gas suppliers. It also produces heat and power via biomass and waste.

Impacts

Impact on climate

Despite its commitment to reducing carbon emissions, Fortum has actually been moving backward. Between 2019 and 2021, the company increased its power generation from natural gas, coal, and biomass, while decreasing energy production from solar and wind. In 2021, renewable solar and wind power constituted less than 0.5% of the company’s total power generation. The company has not committed to phasing out its coal power projects by 2030 and still has no coal-exit plan for one of its power plants in Russia.

Fortum also hopes to achieve its net zero commitments through blue hydrogen and carbon capture and storage (CCS). Because CCS is powered by fossil fuels, the greenhouse gas emissions of blue hydrogen may actually be higher than emissions from fossil gas and coal. Fugitive methane - gas which escapes during production and transportation -  floods into the atmosphere and poses a substantial risk at any blue hydrogen power plant. Fortum also baselessly assumes that captured carbon dioxide from its plants can be stored indefinitely. The company’s climate change mitigation strategy rests on unreliable technologies, even as it freely admits that “not all technical solutions are known yet or commercially available.” 

Financiers

As of Fortum’s 2018 financial report (p.52), 17 banks had provided the company with credit facilities totalling EUR 1.75 billion. Fortum has also issued bonds in six rounds worth a total of EUR 4.1 billion. See below for the individual banks that have arranged finance for Fortum.

In June 2022, Fortum signed a new EUR 5.5 billion revolving credit facility which consists of a EUR 3.1 billion Liquidity revolving credit facility (maturity in June 2023) and a EUR 2.4 billion Core revolving credit facility (maturity in June 2025). The existing EUR 1.75 billion revolving credit facility was repaid and cancelled in June 2022. The new credit facility is financed by Barclays and BNP Paribas. See below for more details.

As of Oct 31 2022, OP Financial Group, Nordea and Danske Bank hold, via their subsidiary investment funds, shares in Fortum. See below for more details.

Institution type
Finance type
Year
Projects
There are no active project profiles for Fortum now.

Belene nuclear power plant

Bulgaria
Project
On record
Nuclear Electric Power Generation

Belene nuclear power plant

Bulgaria
News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Nordic banks increase finance for Arctic oil and gas, new report finds

Ten Nordic banks provided US$ 21.2 billion to the fossil fuel industry. DNB, SEB, Nordea and Danske Bank largest Nordic financiers.
2022-11-22 | Nijmegen, the Netherlands | BankTrack, Greenpeace, ActionAid Denmark, Fair Finance Guide Norway, Fair Finance Guide Sweden, Friends of the Earth Finland, Swedish Society for Nature Conservation
Blog
BankTrack news BankTrack blog Partner news Partner blog

Finance sector has moral imperative to exclude Russian fossil fuel firms

Financial institutions most exposed to Russian oil, gas and coal should stop propping up Putin’s illegal war on Ukraine
2022-03-03 | Paris | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Lack of coal exit plans poses challenge to finance’s engagement strategy

New analysis from Reclaim Finance shows that the vast majority of coal companies are failing to plan for an exit from the sector, despite looming deadlines set by several of their financial backers.
2021-12-21 | Paris | Reclaim Finance
BankTrack news BankTrack blog Partner news Partner blog

Uniper seeks court ruling over Dutch coal exit

2021-04-16 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Fortum raises stake in Uniper to more than 75%

2020-08-18 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Fortum looks to extend operation of Loviisa plant

2020-08-13 | World Nuclear News
BankTrack news BankTrack blog Partner news Partner blog

Climate activists in Germany break into Fortum-linked coal plant

2020-02-02 | Yle
BankTrack news BankTrack blog Partner news Partner blog

Uniper to shut down German hard-coal power plants by 2025

2020-01-30 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Greenpeace to Finland’s energy giant Fortum: “Walk the talk on climate”

2019-10-24 | Greenpeace
BankTrack news BankTrack blog Partner news Partner blog

Harkimo: Finland’s climate actions complicated by Fortum raising stake in Uniper

2019-10-14 | Finland | Helsinki Times
BankTrack news BankTrack blog Partner news Partner blog

Uniper, Fortum in constructive but complex talks over future

2019-08-08 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog

Fool’s Gold – €16bn for Europe’s biggest climate polluters

2019-05-21 | Berlin | Europe Beyond Coal
BankTrack news BankTrack blog Partner news Partner blog

Fortum/Uniper among Europe's worst polluters, say NGOs

2019-04-08 | Finland | Yle
BankTrack news BankTrack blog Partner news Partner blog

Fortum wraps up 3.7bn-euro purchase of German power firm Uniper

2018-06-26 | Yle
Blog
BankTrack news BankTrack blog Partner news Partner blog

ING still invests hundreds of millions in polluting coal companies

ING lends EUR 300 million to Eon fossil spin-off Uniper
2016-09-22 | Amsterdam | BankTrack and Fair Bank Guide Netherlands
BankTrack news BankTrack blog Partner news Partner blog

Fortum signs a new EUR 1.75 billion revolving loan facility

2016-06-17 | Fortum press release
Resources
Documents
Links
2022-11-22 00:00:00

Banking on Thin Ice: Two years in the heat

Exposing Nordic bank finance for fossil fuels
BankTrack publication
2022-11-22 00:00:00 | BankTrack
2022-11-04 00:00:00

Coal phase-out policy

Date listed represents date as accessed on website
Bank policy
2022-11-04 00:00:00 | Fortum
2017-01-01 00:00:00

Sustainability policy

Bank policy
2017-01-01 00:00:00 | Fortum
2022-07-07 00:00:00

CSR report 2021

Annual report
2022-07-07 00:00:00 | Fortum
2022-07-04 00:00:00

Annual report 2021

Annual report
2022-07-04 00:00:00 | Fortum
2021-02-01 00:00:00

Banking on Thin Ice

Exposing Scandinavian Bank Finance for Fossil Fuels
BankTrack publication
2021-02-01 00:00:00 | BankTrack, Fair Finance Guide Norway, Fair Finance Guide Sweden, Oxfam IBIS, ActionAid Denmark
2019-03-31 00:00:00

Relapsing

Fortum buying into Uniper makes it one of Europe’s most polluting power companies
NGO document
2019-03-31 00:00:00 | Europe Beyond Coal
2020-09-08 00:00:00

Annual report 2019

Annual report
2020-09-08 00:00:00 | Uniper
2020-09-08 00:00:00

CSR report 2019

Annual report
2020-09-08 00:00:00 | Uniper
2020-09-07 00:00:00

CSR report 2019

Annual report
2020-09-07 00:00:00 | Fortum
2020-09-07 00:00:00

Annual report 2019

Annual report
2020-09-07 00:00:00 | Fortum
2020-07-15 00:00:00

Fool's Gold

The financial institutions risking our renewable energy future with coal
BankTrack publication
2020-07-15 00:00:00 | Europe Beyond Coal, BankTrack, BlackRock’s Big Problem, Ember, Fundacja "Rozwój TAK - Odkrywki NIE”, Friends of the Earth Finland, Friends of the Earth France, Greenpeace, Reclaim Finance, Re:Common, ShareAction, Urgewald, 350 Japan
2018-12-31 00:00:00

Modern slavery statement 2018

Bank policy
2018-12-31 00:00:00 | Fortum
2019-05-11 00:00:00

Biodiversity Action Plan

Bank document
2019-05-11 00:00:00 | Fortum
2020-02-05 00:00:00

Sustainability at Fortum

Date list represents date as accessed on website
Bank document
2020-02-05 00:00:00 | Fortum
2019-05-21 00:00:00

Fool's Gold

The financial institutions bankrolling Europe’s most coal-dependent utilities
NGO document
2019-05-21 00:00:00 | Europe Beyond Coal
2017-11-10 00:00:00

Biodiversity manual

Bank policy
2017-11-10 00:00:00 | Fortum
2017-01-01 00:00:00

Sustainability policy

Bank policy
2017-01-01 00:00:00 | Fortum
2019-08-20 00:00:00

Code of conduct

Date listed represents date as accessed on website
Bank policy
2019-08-20 00:00:00 | Fortum
2019-06-30 00:00:00

CSR report 2018

Annual report
2019-06-30 00:00:00 | Fortum
2019-06-30 00:00:00

Annual report 2018

Annual report
2019-06-30 00:00:00 | Fortum
2018-11-20 00:00:00

Last Gasp - The coal companies making Europe sick

NGO document
2018-11-20 00:00:00 | Climate Action Network Europe

Nuclear site Oskarshamn

Information on the nuclear plant Oskarshamn

Nuclear site Forsmark

Information on the nuclear plant Forsmark

Europe Beyond Coal: Coal Finance and Utilities

Nuclear site Loviisa

Information on the nuclear plant Loviisa

Nuclear site Olkiluoto

Information on the nuclear power plant Olkiluoto

Updates

2022

2022-09-12 00:00:00 | Fortum to relinquish entirety of Uniper to Germany

The German state has moved to acquire energy company Uniper from Finnish energy company Fortum. A bailout deal was originally planned for the beleaguered company in July, but further deterioration of its fortunes has since prompted Uniper’s state acquisition. Fortum says it will now “refocus on clean Nordic power generation as its core business”. Completion of the deal is expected before the end of 2022.

2022-07-22 00:00:00 | Fortum relinquishes share of Uniper stake to Germany in bailout deal

Finnish energy company Fortum has agreed a bailout deal for Uniper with the German government. One of the biggest bailouts in German corporate history will see the government acquire 30% of Uniper, with Fortum’s stake shrinking from nearly 80% to 56%. Worth EUR 15 billion, the bailout has been triggered by a volatile gas market following Russia’s invasion of Ukraine. The package is now pending approval by the European Commission and Uniper’s shareholders.

2020

2020-08-18 00:00:00 | Fortum increases Uniper stake to 75%

Uniper shareholder Fortum has just raised its stake in the German utility company from 49.9% to just over 75%.

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