Fortum Corp - Company Profile
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Business Description
Fortum Corp (Fortum) is an energy company that generates, distributes, and sells electricity and heat. It also provides energy-related services. The company generates electricity through hydro, nuclear, natural gas, coal, biofuel, wind, solar, waste derived fuels and other sources. The company classifies its operations into four reportable segments: Generation, Consumer Solutions, Russia, and Other. As of December 31, 2022, it had total power generation capacity of 13,272 MW and heat production capacity of 10,640 MW.
R&D Overview
The company's research and development (R&D) activities focus on advanced technologies in the energy system. Fortum aims to remain at the forefront of energy technology and is investing in in-house innovation and partnerships with leading suppliers and research institutions. The company also invests in technologies that support better utilisation of the Fortum asset base and can create new markets and products. Fortum is making direct and indirect investments in start-ups that have promising new innovations focused on decarbonization, flexibility, clean gas, or accelerating the transition towards a circular economy. In FY2022, the company spent EUR55 million on its R&D, which as a percentage of revenue, stood at 0.6% and increased 2% YoY.
Business Segments
Overview
Comprises electricity and gas retail businesses in Poland and the Nordics. Carries out customer service, invoicing, and collection business. It provides electricity and related value-added products and new digital customer solutions.
Performance
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Overview
Comprises power production in the Nordics including hydro, nuclear, wind and thermal power production. Also provides power portfolio optimization, trading and industrial intelligence, and nuclear services globally.
Performance
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Overview
Comprises power and heat generation and sales in Russia. It also includes the operations of TGC-1, an associated company and is accounted for using the equity method. Joint partnerships for the construction and operation of about 2 GW of renewable energy generation and for electricity transmission.
Performance
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Overview
Comprises two development units ‘Technology and New Ventures’ and ‘M&A and Solar & Wind Development’ and corporate functions.
Performance
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Geographical Segments
Performance
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Performance
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Performance
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Performance
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