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Fortum Oyj is a Finnish publicly listed energy company, which focuses on the Nordic and Baltic countries, Poland and the north-west of Russia. The head of the company is Tapio Kuula, President and CEO.[2] Fortum operates and maintains power plants and provides other energy related services. The company's main product is the production and distribution of electricity, heat and steam.
[edit] History
Fortum Oyj was created in 1998 in a merger of the electricity company Imatran Voima Oy (IVO - founded in 1921) and the oil company Neste Oyj. In 2005, the oil business was again separated from Fortum and transferred to a re-established Neste Oil company. A majority of Fortum's shares (51.1%) are owned by the Finnish Government. Market capitalization of the company is around €19 billion.
Headquarters of Fortum Corporation in Espoo, Keilalahti, Finland
[edit] Operations
Fortum has bought several power companies in Norway and set up a base in Sarpsborg. Through subsidiaries it operates the power grid in most of Østfold, as well as owning the district heating system in Bærum. Fortum also holds partial ownership of Fredrikstad Energi (49%) and Hafslund (34%). Fortum also has operations in Sweden.
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