Published by Global Banking & Finance Review®
Posted on April 29, 2025
3 min readLast updated: January 24, 2026
Add as preferred source on GoogleFortum rules out returning to Russia, focusing on Uniper's Nordic assets. The company sees Poland as a growth market and reports strong Q1 profits.
By Anne Kauranen
HELSINKI (Reuters) -Finnish utility Fortum will not return to Russia and is still interested in acquiring the Nordic assets of its former German subsidiary Uniper [UN0k.DE], Fortum said on Tuesday, after beating market expectations for its first-quarter profits.
The Russian assets of state-controlled Fortum and Uniper have been run by Moscow-installed executives for two years after Russian authorities seized them in response to Western sanctions against Russia for its 2022 invasion of Ukraine.
Fortum's CEO Markus Rauramo ruled out a return to Russia even if the war ended and said the arbitration process over the Russian seizure continued, while the company is also claiming unpaid loans and interest from its former Russia unit directly.
"Potentially, if there would be control over the shares so that they could be divested, then this is one alternative in addition," he told a conference call.
In Europe's 2022 energy crisis ignited by the Ukraine invasion, Fortum also lost control of Uniper when the German government bailed it out. Berlin is now planning to sell it.
"Previously, the German government was exploring an IPO of Uniper because they need to reduce their shareholding to below 25% by 2028. And now they have commissioned advisers to look at also the potential for a bilateral sale," Rauramo said.
Fortum, which produces power and heat mainly from nuclear and hydropower plants in the Nordics and Poland, continues to hold a right of first offer for Uniper's Nordic assets.
"We continue to be interested in nuclear and hydro, also renewable assets, but for all of these, the same logic applies - we look at our balance sheet, we look at our return targets," Rauramo said.
In addition to the Nordic region, Rauramo mentioned Poland as a potential growth market for Fortum.
"Poland is one of the largest markets in Europe, growing and has to decarbonise," he said.
Fortum reported a smaller than expected drop in first-quarter comparable operating profit to 462 million euros ($526 million) from 530 million a year earlier, thanks to a good performance in power generation. The average forecast of 14 analysts in a company-commissioned poll was 364 million euros.
Nordic power prices in first three months of the year were lower year-on-year due to a mild winter.
Fortum raised its 2025 forecast for the optimisation premium included in the achieved power price for its generation portfolio to 7 to 9 euros per megawatt-hour from 6–8 euros per MWh previously.
Its shares were up 4% in midday trading in Helsinki.
($1 = 0.8783 euros)
(Reporting by Anne Kauranen in Helsinki. Editing by Louise Heavens and Mark Potter)
The main topic is Fortum's strategic focus on acquiring Uniper's Nordic assets while ruling out a return to Russia.
Fortum's Russian assets were seized due to sanctions, and they are focusing on other markets.
Fortum is interested in the Nordic region and sees Poland as a potential growth market.
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