Baltic States – CIS, Energy, EU – Baltic States, Legislation, Nuclear power plant

Should the negotiations proceed later, and Fortum received the majority ownership in TGC-1 hydro assets, Fortum would still be ready to participate with a minority share (maximum 15 percent) in the Finnish Fennovoima nuclear power project on the same terms and conditions as the other Finnish companies currently participating in the project. It is not possible to estimate the negotiations schedule, Fortum says.

"We are continuing negotiations with all parties involved but it will take its time. For Fortum, the TGC-1 restructuring and the Fennovoima project are a comprehensive package where both parts need to be completed," says Fortum's Interim CEO and CFO Timo Karttinen.

Fortum, Gazprom Energoholding and Rosatom signed in December, 2014 a protocol to start a restructuring process of the ownership of TGC-1 in Russia. As part of restructuring, Fortum would found a jointly-owned company with Rosatom forTGC-1's hydro assets. Fortum's goal is to transfer its current 29.45 percent stake in TGC-1 to a majority stake in the joint venture.

In case the restructuring was successfully completed, Fortum has announced that it would be ready to participate with a minority share in Fennovoima's nuclear power project, which also Rosatom is participating, on the same terms and conditions as the other Finnish companies currently participating in the project.