Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit Completed
Fortum is a Finnish state-owned energy company. In addition to Finland, it is focusing on Germany and other countries in the Central Europe, Great Britain, and the Nordic. Fortum operates power plants, generates and sells electricity and heat.
Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit CompletedThe company has power plants in Russia. As of September 2013, 40% of Fortum's employees worked in Russia; the company's total investment in Russian energy amounted to 4 billion euros. The company initiated arbitration proceedings, citing Russia's "breach" of its investment treaty obligations. Fortum is demanding "several billion euros" as compensation for the value of its shares in PAO Fortum and its investments in the country. Fortum has initiated legal proceedings against Forward Energo to recover approximately EUR 800 million in intercompany loans. The Russian state concern Rosatom has filed a lawsuit in the Moscow Arbitration Court against the Finnish Fortum and Outokumpu Corporation for 227.8 billion rubles (2.45 billion euros), demanding compensation for damages due to the termination of the contract for the construction of the Hanhikivi-1 nuclear power plant.
Announced exit Russian market BUT Fortum receives fuel from TVEL, a subsidiary of the Russian state concern Rosatom. The contract was concluded before the expiration of the current licenses for the operation of Loviis reactors. Fortum to record additional pre-tax impairments of approximately EUR 990 million related to its Russia segment. The Federal Property Management Agency received foreigners' shares in Unipro and Fortum under temporary management. Fortum has formally notified the administration of the President of the Russian Federation that it strongly objects the Decree No. 302 of 25 April 2023, based on which the Russian State Property Management, Rosimushchestvo, has seized Fortum’s Russian subsidiary PAO Fortum. Fortum to write off $1.9 billion after Russia seized assets. Fortum will file a claim for compensation after the nationalization of the Russian "daughter". Fortum plans to use up its existing Russian stock before switching to a western supplier. The Finnish energy company Fortum filed a lawsuit in a civil court in the Netherlands against the Russian PJSC "Forward Energo" (formerly PJSC "Fortum"). Fortum has exited all Russian operations and focuses solely on its Nordic strategy. In April 2023, Russian authorities seized Fortum’s assets under Presidential Decree No. 302, resulting in Fortum's loss of shareholder rights, full financial deconsolidation, and impairment of those assets, as reflected in its Q2 2023 results. The Russian operations, now renamed Forward Energo, are fully separated from Fortum Group.