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39-654: As of 2023 Fortum was the third-largest power generator in the Nordics. The predecessor of Fortum was Imatran Voima (IVO), which was founded in 1932 to operate the Imatrankoski hydroelectric power plant in Imatra . The construction of the Imatra power plant began already in 1922 as well as the power lines from Imatra to Helsinki and the power plant was opened in May 1929. Finnish Government made

78-590: A 43% share ownership in the Oskarshamn Nuclear Power Plant and 22% of three Forsmark Nuclear Power Plants . Furthermore, Fortum owns a 27% stake in the Teollisuuden Voima , which operates three nuclear power plants at Olkiluoto . Fortum produces and sells heat in Nordic countries , Russia and Poland , with 26 plants combining production of heat ( district heating ) and electric power . Fortum

117-467: A 99% stake in the company. Uniper published a €40b loss for the first 3 quarters of 2022. The nationalisation was completed in late December 2022. It was reported in October 2022 that Uniper was "shutting half the office space in its headquarters and lowering temperatures in areas remaining open to save gas" as it struggled to stay afloat ahead of its impending nationalisation. In April 2023 Russia seized

156-700: A capacity of 9 billion cubic metres (3.2 × 10 cubic feet) in Germany, Austria, and the United Kingdom. List of power stations of Uniper outside Germany (for power stations in Germany see de:Uniper Kraftwerke ): In addition, Uniper owns more than 70 hydropower plants with a capacity of 1,553 MW in Sweden. According to the 2017 Sustainability Report, the power production (totalling 120.8 TWh in 2017) by primary energy source was: The supervisory board consist of twelve members. Six members have been appointed by

195-513: A decision to establish Imatran Voima Osakeyhtiö (IVO) in May 1932. Imatran Voima acquired and built a number of other power plants, such as the largest hydroelectric power plants along the Oulujoki river, Ingå and Naantali coal-fired powerplants and the Loviisa nuclear power plant . In 1997, a merger agreement was made between Neste and IVO. Fortum Corporation was founded in 1998. It was created from

234-461: A famous tourist attraction since the late 1700s. Imatrankoski is also one of the National landscapes of Finland . Since 1929, the rapids has been blocked by a dam as the Imatra hydroelectric plant began operation. Today, the dam is opened daily between June and August (Wednesday to Sunday, at 18:00) as well as on Christmas Day and New Year's Eve. The Vuoksi and Imatrankoski were born about 5,000 BP as

273-726: A fuel in Klaipėda , Lithuania, and Brista  [ sv ] , Sweden as well as new biomass-fuelled CHP plants in Jelgava , Latvia, and Järvenpää , Finland. In June, Fortum acquired a 5 MW solar power plant in the state of Rajasthan in India . In September Fortum signed an agreement with Rosatom and British Rolls-Royce Engines to develop nuclear power . In 2014 Fortum sold its Norwegian electricity distribution network and also its stakes in Fredrikstad Energi and Fredrikstad Energi Nett to

312-566: A separate company that began operating on 1 January 2016. In 2019, the company employed about 6,800 people in over 40 countries. In 2018, around one-third of the employees were based in Germany. Until 2022, it owned a subsidiary company in Russia called Unipro . Uniper was listed on the Frankfurt Stock Exchange . The company has faced criticism for opening new coal-fueled power plants in Germany as recently as May 2020. Uniper

351-510: A total of EUR 0.5 billion. At that point, change of control clause in the financing agreement will be triggered and the buyer will provide the financing for the redemption of Fortum's EUR 4 billion shareholder loan granted to Uniper and the release of the EUR 4 billion parent company guarantee. The parties have also agreed that Fortum will have a right of first offer in case Uniper intends to divest all or parts of its Swedish hydro and nuclear assets until

390-502: Is a German multinational energy company based in Düsseldorf , Germany, which has been a state-owned enterprise since late 2022. It is one of the biggest energy companies by revenue in Europe. The name of the company is a portmanteau of "unique" and "performance", which was given by long-term employee Gregor Recke. Uniper was formed by the separation of E.ON 's fossil fuel assets into

429-658: Is expecting an operating profit (EBITDA) of €4   billion. Arranged below Uniper SE were the Uniper Beteiligungs GmbH and the Uniper Holding GmbH, the latter functioning as holding company for the operative companies such as the Uniper Kraftwerke GmbH. The only nuclear plants in Uniper are Swedish, because German government rules aim to stop companies avoiding nuclear clean-up costs. In June 2016,

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468-641: Is one of the most significant renewable electricity production form for Fortum. In 2021 Fortum owned or co-owned over 150 hydropower plants in Finland and Sweden , including power plants on the Dalälven , Indalsälven and Ljusnan rivers in central Sweden and on the Oulujoki , Kemijoki and Vuoksi rivers in Finland. In 2021 Fortum owned the nuclear power plant in Loviisa , Finland. Its nuclear assets also cover Sweden with

507-589: Is the 5th largest heat producer globally. Fortum sells electricity, electricity products and services to 1.3 million customers in Sweden, Finland, Norway and Poland. In 2014, Fortum closed its 1,000 MW coal power plant at Ingå (Finland) and demolished it in 2020. The company also owns and operates about 1,200 km (750 mi) of district heat network in Finland, 2,400 km (1,500 mi) in Sweden, 860 km (530 mi) in Poland and 480 km (300 mi) in Russia. The company has stated that its ambition

546-560: Is to build a small photo-voltaic solar portfolio to gain experience in different solar technologies and in operating in the Indian power market. Fortum also sells solar power kits in the Nordic countries. Fortum provides environmental management and material efficiency services in the Nordics. Services include recycling, reutilisation, and final disposal solutions, as well as soil remediation and environmental construction services. In 2014 Fortum had

585-806: The EU countries Germany , Sweden , the Netherlands , Belgium , and Hungary . Outside of the EU it operates in the United Kingdom , and has offices in the United States , Azerbaijan , Singapore , and the United Arab Emirates . The company used to operate in Russia until 2022. In addition to the fossil fuel power generation assets it owns hydropower and nuclear power assets in Sweden. Together, Fortum and Uniper are running

624-602: The Federal Republic of Germany plans to subscribe at a nominal value of EUR 1.70 per share. The German state-owned KfW bank will provide Uniper with additional liquidity support as required until this EUR 8 billion capital increase is completed. Uniper was thus nationalised by Germany on the 21 September 2022 for 8 billion euros. At completion of the capital increase, the Germans plans to buy all of Fortum's approximately 293 million shares in Uniper for EUR 1.70 per share, i.e. for

663-505: The German government and Fortum agreed to bailout Uniper a €15 billion rescue deal after being severely affected by reduced supplies and high prices following the energy standoff with Russia . Germany agreed to pay €267   million for a stake in the ownership of Uniper, while also offering the firm up to €7.7   billion in financing. Under the bailout, a record in German corporate history,

702-690: The Hafslund Group . 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 2015 Fortum connected its first greenfield solar park, under the Jawaharlal Nehru National Solar Mission (JNNSM) Phase II initiative, in Madhya Pradesh . In 2015, Fortum completed the divestment of its electricity distribution network in Sweden, thus completing

741-523: The Oskarshamn nuclear power plant and are both involved in the Forsmark nuclear power plant . Both operate hydropower plants in Sweden. With 34 GW generating capacities, Uniper is one of the largest European electricity producers. Uniper Global Commodities SE trades on the spot and futures market for gas, coal, freight, oil, liquefied natural gas and emission rights on different stock markets and on

780-586: The Finnish transmission system operator Fingrid . In December 2013 Fortum announced the sale of its distribution network in Finland to Suomi Power Networks (later named Caruna ), owned by First State Investments (40%), Borealis Infrastructure (40%), Keva (12,5%) and LähiTapiola (7,5%). In 2012, Fortum shared the number one position in the Carbon Disclosure Project's Nordic climate index. In 2013, Fortum opened two new CHP utilities using waste as

819-621: The Netherlands on the basis of the Energy Charter Treaty for banning coal. In February 2014, Fortum equipped three schools with solar-powered infrastructure in Bhilwara , India , where they had a solar plant. [REDACTED] Media related to Fortum at Wikimedia Commons Imatrankoski Imatrankoski (The Imatra Rapids) are rapids on the Vuoksi in Imatra , Finland . It has been

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858-637: The assets of Uniper Russia, including Uniper's 83.73% stake in Unipro which had already been revalued down to €1. On 7 June 2024, an arbitration tribunal in Stockholm awarded Uniper over 13 billion euros in damages for gas not supplied by Russia's Gazprom since 2022, also allowing Uniper to terminate long-term contracts with Gazprom. The German government had nationalized Uniper in late 2022 after Russia cut gas supplies, leading Uniper to incur significant costs by purchasing gas at higher market prices. Uniper operates in

897-558: The biggest market share of ecolabelled electricity in Finland. Nowadays, they no longer offer ecolabelled electricity in Finland. After acquiring a majority stake in Uniper in 2020, Fortum will become one of the EU's worst emitters of greenhouse gas emissions , asserted a report backed by major European environmental groups in 2019. Extinction Rebellion Finland accused Fortum for greenwashing for continuing and scaling up its fossil fuel business, for example opening (through Uniper) Dateln4 coal-fired power plant in Germany in 2020 and suing

936-625: The biomass power plant "Provence 4 Biomasse" in Gardanne and wind and solar power plants. Russia's war in Ukraine highlighted the dilemma that Germany faces regarding Russian assets held by German companies, and severely disrupted the company's operations. Uniper announced on 28 April 2022 that it would pay for Russian gas in rubles , in a move that the BBC described as "giving in to Russian demands and helping to undercut EU sanctions on Russia". In July 2022,

975-454: 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 2017, the 100 MW plant in Pavagada solar park was connected to

1014-686: The end of 2026. In April 2023, Fortum's Russian assets were transferred under external management by decree of the President of Russia , as a response to the confiscation of Russian property in Europe. Fortum considered the decision illegal and wrote off assets from the balance sheet, recording a loss of 1.7 billion euros. In July 2023 Russia announced it was changing the name of the Russian business to Forward Energo . In February 2024 Fortum launched arbitration proceedings against Russia, seeking compensation for its assets seized by Russian authorities. Hydropower

1053-399: The end of the 19th century, Imatrankoski was one of the best known nature attractions in Europe. The hotel Valtionhotelli was finally opened in 1903. 61°10′10.2″N 028°46′25.1″E  /  61.169500°N 28.773639°E  / 61.169500; 28.773639 This Finland location article is a stub . You can help Misplaced Pages by expanding it . Uniper Uniper SE

1092-750: The general meeting, six by the employees through an election set up by Uniper SE. The shareholder representatives are Markus Rauramo (Chairman), Dr. Bernhard Günther (Deputy Chairman), Prof. Dr. Werner Brinker, Judith Buss, Esa Hyvärinen and Nora Steiner-Forsberg. The employee representatives in 2022 were Harald Seegatz (deputy chairman), Holger Grzella, Diana Kirschner, Victoria Kulambi, Magnus Notini and Immo Schlepper. In January 2023 Uniper announced that Klaus-Dieter Maubach used his right of cancellation and would quit as CEO in March that year. Additionally COO David Bryson and CFO Tiina Tuomela made their resignations public. On 1 March 2023 Michael Lewis, former CEO of E.ON UK ,

1131-470: The government will take a 30% stake in Uniper, reducing the ownership of Fortum to 56%. In 2022 Uniper filed a lawsuit against Russia’s Gazprom , claiming €11.6 billion for damages following shortfalls and breach in gas supply under their long term contract. On 20 September 2022, Bloomberg News reported that the German government intended to nationalize the company, purchasing the remainder of Fortum 's stake and becoming Uniper's sole owner. News of

1170-568: The grid. It was the first of a series of planned gigawatt-scale plants facilitated by reverse auctions in India. In September, Fortum announced it would buy E.ON's 47% stake in German power company Uniper . Fortum increased its stake to 75% in spring 2020. Uniper mainly uses oil, natural gas and coal to supply electricity. In 2020 Fortum and Kværner informed that they would cooperate on a Carbon capture and storage project for waste incineration at Klemetsrud energigjenvinningsanlegg . In 2020 Fortum

1209-628: The merging of Imatran Voima and Neste Oy , the Finnish national oil company. In 2003, Fortum bought parts of Fredrikstad Energi and Fredrikstad Energi Nett in a swap deal with E.ON . In 2005 most of Neste's assets were divested into a separate stock-listed company Neste Oil . 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  [ fi ] ), operating in central and northern Russia. In 2011, Fortum sold its 25% stake in

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1248-407: The over-the-counter-market. Uniper Energy Storage GmbH is responsible for gas storage activities in Europe. The Power-to-Gas plants WindGas Falkenhagen and WindGas Hamburg store renewable energy in the form of electricity, gas or heat. Through electrolyzing, the gained wind energy is transformed into hydrogen and fed into the local gas network. The Uniper Energy Storage GmbH operates gas storages with

1287-466: The sale of its stake in the Russian gas field Yuzhno-Russkoye . The Uniper share of 25% was sold for €1.749 billion, plus the transferred liquid funds to the Austrian OMV Group . In September 2017, Finnish power company Fortum announced it would buy E.ON's remaining 47% stake in Uniper and make a bid for the other 53% held by other shareholders, valuing Uniper at €8 billion. A takeover bid

1326-483: The shareholders' meetings of E.ON SE and Uniper SE decided to spin off Uniper from E.ON. It took place through a retrospective transfer of Uniper's business to 195 million new shares created by an increase in noncash capital as of January 1, 2016. It was intended to deconsolidate Uniper from E.ON in the first half of 2017. E.ON sold a 53% stake in the business through a listing on the Frankfurt Stock Exchange on 12 September 2016. In November 2017, Uniper completed

1365-493: The transaction caused Uniper shares to decline and a sharp spike in Fortum's share price, resulting in a halt in trading of the latter. Finland's Minister of Ownership Steering Tytti Tuppurainen stated that Finland would not accept the nationalisation of Uniper without a level of compensation being paid. The German government's intention to nationalize the company was formalized the next day. Germany will spend $ 8 billion to acquire

1404-787: The waters of the Saimaa Lake penetrated the Salpausselkä end moraine due to post-glacial rebound , forming a river flowing first into the Gulf of Finland and then to Lake Ladoga . Tourism in Imatrankoski is considered begun in 1772 as the Empress of Russia Catherine the Great visited the site. The Kruununpuisto Park, the oldest nature park in Finland, was established in 1842 by the Emperor Nicholas I . At

1443-602: Was one of the financiers of the Nord Stream 2 project, which the German government suspended two days before the 2022 Russian invasion of Ukraine . The company was nationalised in December 2022. The split of the majority of E.ON's 'upstream' electricity generation business from its 'downstream' retail and distribution business was first announced in April 2015. The company became active on 1 January 2016, with 14,000 employees and

1482-701: Was submitted on 7 November 2017. E.ON accepted the offer on 8 January 2018. Fortum acquired, in total, a 47.35% stake. The deal was completed on 26 June 2018, after approval by various authorities. As of August 18, 2020, Fortum held a 75.01% stake in Uniper. On 4 July 2019, Uniper and EPH ("Energetický a průmyslový holding a.s.") signed the agreements for the sale of Uniper's activities in France. The scope of transaction includes Uniper's French sales business, two gas-fired power plants in Saint-Avold (Lorraine), two coal-fired power plants in Saint-Avold and Gardanne (Provence),

1521-473: Was the biggest company in Finland by its revenue. The majority of its income came from Uniper that became Fortum's subsidiary in March 2020. In 2021 Fortum sold its business in Estonia, Latvia and Lithuania to Partners Group . On 21 September 2022, Fortum announced that Uniper is to be fully divested to the German state. Under the agreement, Uniper plans to issue 4.7 billion new ordinary registered shares, which

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