The Finnish energy company Fortum has released its annual report revealing the key events and achievements made during 2024. The group generated 46 TWh in 2024 (-1%), including 24 TWh of nuclear (-2%), 20 TWh of hydropower (-3%) and 0.9 TWh of wind (x9) in the Nordic countries. Power sales dipped by 6% to 58.9 TWh in the Nordic countries and remained stable at 0.6 TWh in other countries, and heat sales volumes also dipped by 5% to 5.2 TWh.
According to the company, at the end of 2024 it had a 5 GW pipeline of onshore wind and solar projects in the permit process across the Nordic countries (with more in the development phase). Fortum advanced in the process to extend the lifetime of the Loviisa nuclear power plant (southern Finland) until 2050 by modernising the low-pressure turbines and renewing the main seawater pumps. In 2024, Fortum commissioned and started commercial operations of its 380 MW Pjelax wind project (60:40 with Helen Limited), and began to build a 2 MW hydrogen pilot production plant in Loviisa. The company also decided to invest €100m in decarbonisation of its 60 MW Czestochowa CHP plant in Poland, and closed a year in advanced its last coal-fired unit used for district heat production in Espoo, Finland. Fortum expects to phase out coal by the end of 2027, to have an 85% reduction in scope 1 and 2 emissions by 2030, and to achieve net-zero GHG across its value chain by 2040. In addition, Fortum successfully divested its stake in the 185 MW solar portfolio in India. Considering the need of a reliable source of energy to support the implementation of renewable technologies, Fortum has been discussing with the Swedish and Finnish Governments the possibility of financing and electricity market mechanisms to promote new nuclear projects. On the other hand, the company has also started a feasibility study to explore possibilities for flexible pumped-storage hydro power in Sweden.
Interested in Power Plants?
Enerdata has developed a market research service to screen, monitor and analyse the development of power generation assets.
Power Plant Tracker offers an interactive database and a powerful search engine covering power plants worldwide – including both installed and planned capacities for renewables and fossil fuels.