Eastern European Markets
May 12, 2005

Fortum opens its representative office in St. Petersburg

For the past few years Fortum has determinedly pursued its strategy covering the Nordic countries and the Baltic Rim area. The company has strengthened its position in north-western Russia by increasing its share of Lenenergo, the leading energy company in the St. Petersburg area. This strong foothold in Lenenergo has enabled Fortum to take part in the formation of the new Territorial Generation Company number 1 (TGC-1).

"We believe that our presence in St Petersburg provides all partners in TGC-1 with unique benefits: Fortum can share its experience of the well-functioning, deregulated Nordic energy market with its Russian partners; they in turn can enhance our understanding of the liberalising Russian power market," says Mikael Lilius, Fortum's President and CEO.

Fortum is the first strategic industrial investor in the liberalising energy market of the Russian Federation.

"This is an important step. We are very much looking forward to the business opportunities in the region of North-West Russia as a whole."

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