Eastern European Markets
August 29, 2005

Fortum secures seats in the boards of four new Russian electricity companies

- Lenenergo unbundling as power reform proceeds

Fortum has secured three seats each on the boards of the new companies spun off from OAO Lenenergo in St. Petersburg. The spin off is a result of the Russian power sector reform, which requires unbundling of different businesses. The reform aims at partial privatization of Russian power sector.

The four new companies are called St. Petersburg Generating Company, Northwest Energy Management Company, St. Petersburg Sales Company and St. Petersburg Grid Company. Each one of the new boards has 11 seats.

For further information:
For more info: Tapio Kuula,
Senior Vice President, Fortum Corporation,
+358 50 452 4112

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