Fortum settles with contractor on Nyagan power pla

Espoo, Finland, 2013-11-01 07:00 CET (GLOBE NEWSWIRE) -- FORTUM CORPORATION STOCK EXCHANGE RELEASE, 01 NOVEMBER 2013 AT 08.00 EET

Fortum and its project contractor E4 Group have reached a final settlement regarding claims and other matters in Fortum's Nyagan power plant construction project on 31 October 2013. Outstanding receivables and payables resulting from the relationship will be offset. As a result, Fortum will book a positive effect of RUB 1.7 billion (approximately EUR 38 million) in its Russia Division's comparable operating profit in the last quarter of 2013.   The gas-fired thermal power plant, which is under construction in Nyagan, Western Siberia, represents the largest part of Fortum's extensive investment programme in Russia. Once completed, the Nyagan power plant will comprise three 418-megawatt units each. The first of these units, Nyagan 1, was commissioned on 1 April 2013 and is among the most energy-efficient power plant units in Russia. Nyagan 2 is currently undergoing final stages of testing  and is expected to be commissioned by the end of 2013. The last unit, Nyagan 3, is planned to be finalised at the end of 2014.

Fortum Corporation Helena Aatinen Senior Vice President, Corporate Communications

For additional information, please contact Markus Rauramo, CFO, tel. +358 104 521 909

Distribution: NASDAQ OMX Helsinki Key media www.fortum.com

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 2012, Fortum’s sales totalled EUR 6.2 billion and comparable operating profit was EUR 1.7 billion. We employ approximately 10,400 people. Fortum’s shares are quoted on NASDAQ OMX Helsinki.