The Finnish energy group Fortum has released its 2021 results, posting a €1,778m profit (+20%). The group's power generation in Nordic countries rose by 7% in 2021 to 46.8 TWh, including 23.5 TWh from nuclear (+12%) and 23.3 TWh from hydropower (+4%); wind and thermal power generation in the Nordics was marginal, while Russian power generation grew by 6% to 27.6 TWh. In addition, the group sold 54 TWh on the Nordics wholesale markets (+5%) and 3.3 TWh on the Nordic retail markets (+10%) (including 1.3 TWh in Finland (+30%)). Fortum has also decided to sell off its consumer electricity retail business and its district heating business in Poland.
In addition, Fortum has decided to apply to the Radiation and Nuclear Safety Authority for a new operating licence for the two 496 MW units at the Loviisa nuclear power plant until the end of 2050 and to apply for a licence to use the low- and intermediate-level radioactive waste final disposal facility in Loviisa until 2090, when the disposal facility will be permanently closed. Fortum would start the final disposal of spent nuclear fuel in the middle of 2020s.
Finally, the group has decided to reduce its thermal exposure in Russia, where it operates seven thermal power plants for district heating and another five power plants through its subsidiary Uniper, and to stop all new investments in the country until further notice. Russia currently accounts for 20% of Fortum's operating profit (2021) and half of Uniper's long-term gas contracts (370 TWh/year).