Fortum increases activity in Russia

28 November 2005 – Fortum is to further capitalize on the development of the Russian power sector with the announcement of two new agreements.

Under the first, Fortum and Russian investment company Interros will work together to explore the options regarding the future operation and maintenance services of the wholesale power companies acquired by Interros from the restructuring of RAO UES.

The second deal will see Fortum acquire an almost 25 per cent interest in Kolenergo from a major Russian metals and mining company. The transaction includes a proportion of shares in other companies being incorporated in the deal as a result of the unbundling of Kolenergo.