The Finish power utility Fortum (51% state-owned) has updated its strategy targeting carbon neutrality by 2050 and plans to add 1-5-2 GW of new onshore wind and solar capacity by 2025, primarily in Europe. Fortum also intends to invest in energy storage and gas-fired power generation. The group’s coal-fired generation capacity will be reduced by more than 50% by the end of 2025, to approximately 5 GW. Most of the reduction will come from Uniper's coal-fired power plant closures in Germany: 0.9 GW should close at the end of 2020 (Heyden power plant), 1.5 GW by the end of 2022, and another 0.5 GW by the end of 2025. Uniper will also shut down 2 GW in the United Kingdom by the end of 2025 and Fortum will discontinue the use of coal in Espoo (Finland) by 2025. This should help the group cut CO2 emissions from its European power generation activities by more than 50% by 2030, compared to 2019. Fortum, which agreed in October 2019 to take over Uniper, paid €6.5bn for a 75% stake in the German energy group.
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