page_title: Fortum
section_title: History
hierarchical_section_title: Fortum / History
caption_attribution_description: Suomi: Imatrankosken voimalaitos English: Imatrankoski hydroelectric power plant in river Vuoksa, Imatra, Finland
context_page_description: Fortum Oyj is a Finnish state-owned energy company focusing on the Nordic and Baltic countries, Poland, Russia and India. Fortum operates power plants, including co-generation plants, and generates and sells electricity and heat. The company also sells waste services such as recycling, reutilisation, final disposal solutions and soil remediation and environmental constructions services, and other energy-related services and products e.g. consultancy services for power plants and electric vehicle charging. Fortum is listed on the NASDAQ OMX Helsinki stock exchange.
context_section_description: The predecessor of Fortum was Imatran Voima (Ivo), which was founded in 1932 to operate the Imatrankoski hydroelectric power plant in Imatra. Imatran Voima acquired and built a number of other power plants, such as the largest hydroelectric power plants along the Oulujoki river, Inkoo and Naantali coal-fired powerplants and the Loviisa nuclear power plant. Fortum Corporation was founded in 1998. It was created from the merging of Imatran Voima and Neste Oy, the Finnish national oil company. Most of Neste's assets were divested into a separate stock-listed company Neste Oil in 2005.
  In 2007, Fortum acquired 25.66% stake in TGK-1, operating in northwest Russia.  In 2008, Fortum privatized the natural gas, power and heat generation company TGK-10 (now: OAO Fortum), operating in central and northern Russia.
  In 2011, Fortum sold its 25% stake in the Finnish transmission system operator Fingrid.  In December 2013 Fortum announced the sale of its distribution network in Finland to Suomi Power Networks. Suomi Power Networks is owned by First State Investments (40%), Borealis Infrastructure (40%),  Keva (12,5%) and LähiTapiola (7,5%).
  In 2003, Fortum bought parts of Fredrikstad Energi and Fredrikstad Energi Nett in a swap deal with E.ON. In 2014 Fortum sold its Norwegian electricity distribution network and also its stakes in Fredrikstad Energi and Fredrikstad Energi Nett to the Hafslund Group for NOK 1.3 billion. Fortum owns 34% of Hafslund. The heat business was sold to iCON Infrastructure Partners II, L.P. fund. Since 2015 the electrical distribution network in Sweden is owned by Ellevio.
  In 2012, Fortum shared the number one position in the Carbon Disclosure Project's (CDP) Nordic climate index.
  In 2015, Fortum completed the divestment of its electricity distribution network in Sweden thus completing the divestment of electricity distribution business. In 2016, Fortum acquired Grupa DUON S.A, an electricity and gas sales company in Poland, and Ekokem Corporation, a leading Nordic circular economy company specialised in material and waste recycling, final disposal solutions, soil remediation and environmental construction.
  In September 2017, Fortum announced it would buy E.ON's 47% stake in German power company Uniper, and also make a bid for the remaining 53% held by other shareholders, valuing Uniper at 8 billion Euros. As of October 2017, Uniper's management is opposed to the bid, seeing it as hostile.  The deal was completed in June 2018, with Fortum owning 49.99%. Uniper mainly uses oil, natural gas and coal to supply electricity.
  Fortum and Kværner cooperate on a Carbon capture and storage (CCS) project for waste incineration at Klemetsrud energigjenvinningsanlegg.
caption: Imatrankoski hydroelectric power plant.
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