a Leading Energy Company in the Nordic Area

- a leading energy company in the Nordic area

Presentation for investors September 2007 Disclaimer

This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Fortum shares.

Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser.

2 • Fortum today • European power markets • Russia • Financials / outlook • Supplementary material

3 Fortum's strategy

Fortum focuses on the Nordic and Baltic Rim markets as a platform for profitable growth

Become the leading Become the power and heat energy supplier company of choice

Benchmark business performance

4 Presence in focus market areas

Nordic Generation 53.2 TWh Electricity sales 60.2 TWh Distribution cust. 1.6 mill. Electricity cust. 1.3 mill. NW Russia Heat sales 20.1 TWh (in associated companies) Power generation ~6 TWh Heat production ~7 TWh

Baltic countries Heat sales 1.0 TWh Poland Distribution cust. 23,000 Heat sales 3.6 TWh Electricity sales 8 GWh

2006 numbers

5 Fortum Business structure

Fortum Markets Fortum's comparable Large operating profit in 2006 NordicNordic customers EUR 1,437 million Fortum wholesalewholesale Small Power marketmarket customers Generation Nord Pool and Markets 0% bilateral Other retail companies Deregulated Distribution 17% Regulated Transmission Power and system Fortum Heat 17% Generation services Distribution 66%

6 Strong financial position

ROE (%) EPS, cont. (EUR) Total assets (EUR billion) 20 1.50 1.42 20.0 16.8 17.5 17.3 1.22 18 15.1 1.01 15.0 1.00 16 14.4 10.0 14 0.50 13.5 12 5.0

10 0.00 0.0 2005 2006 LTM 2005 2006 LTM 2005 2006 LTM

ROCE (%) Dividend, (EUR) Net debt/EBITDA 16 1.50 4 1.26 1.25 1.12 14.1 3 14 1.00 2.4 13.5 13.4 0.53 2.3 0.54 1.8 0.75 2 0.58 12 0.50 0.73 0.58 1 0.25

10 0.00 0 2005 2006 LTM 2004 2005 2006 2005 2006 LTM

Situation 30 June 2007

7 Growing capital returns

Dividend per share EUR • Dividend of EUR 1.26 per share, in total over EUR 1.1 1.26 billion 1.12 Total ~ 3,775 MEUR • Mandate for repurchasing of the company’s own shares; 0.53

0.54 maximum EUR 300 million 0.58 0.42 • Dividend policy of 50 - 60% 0.26 0.31 0.18 0.23 payout of previous year's 0.13 0.58* 0.73** results on the average 1998 19992000 2001 2002 2003 2004 2005 2006

* from continuing operations ** with 60% payout ratio

8 • Fortum today • European power markets • Russia • Financials / outlook • Supplementary material

9 Huge need for new capacity...

Globally ...... European wide ...... and in Russia

TWh TWh 30 000 3 500 25 000 ~10 000 3 000 900 20 000 TWh 2 500 TWh Demand growth 2 000 15 000 ~300-500 TWh 1 500 by 2015 10 000 1 000 5 000 500 0 0 20041 2010E 2020E 2000 2005 2010E 2015E 2020E

Existing/remaining capacity Demand Source: IEA World Energy Outlook 2006, reference scenario for generation Source: Minister Kristenko Source: Eurprog 2005; Europe: EU25 December 2006 1 Production 2004: 17 408 TWh/IEA 2006

10 ...also in the Nordic market

Demand and capacity development in the Retiring capacity Committed new capacity Nordic market ~ 30 TWh ~ 40 TWh Wind TWh Old CHP Cond. 500

Nuclear CHP 400 80 TWh (incl. upgrades ) Old condense capacity Hydro 300 (mainly coal)

200 • Electricity demand is expected to increase by around 50 TWh by 2020 compared to 2005 100 • Estimated retirement approx. 30 TWh 0 2000 2005 2010 2015 2020 • Total need for investments roughly 80 TWh Demand – approximately 40 TWh already committed Existing / remaining generation – another 40 TWh still needed Committed projects

11 New capacity will require an EUR 50+ power price

EUR/MWh EUR/MWh 110 110 CO2 cost 20 €/ton 100 100 Fuel costs 90 90 Fixed costs ( variation) 80 80 Futures 70 29 August 2007 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 1995 -97 -99 -01 -03 -05 -07 -09 -11 Coal Gas Nuclear Hydro Wind Clean coal Source: Nord Pool Source: IEA "World Energy Outlook 2006"; Elforsk "El från nya anläggningar" 2003, and Fortum. Adjusted to indicate nominal costs year 2012. Large variations in cost of new hydro and wind due to location and conditions

12 Towards a functioning European power market

Tomorrow – Today – European regional Nordic

Yesterday – national

2010 - 2000 - 1990's

Directives: Benefiting Market liberalisation • Market-based development • Increased competition Strategy: customers and Market integration • Increased efficiency societies

13 Nordic market becoming more integrated into Europe

• Nord Pool introduced in 2005 a German spot Present (MW) 50 market area "KONTEK" to enhance the Nordic- 70 Under construction (MW) 60 German trade Planned (MW) 800 • Direct market coupling between Nord Pool and Discussed (MW) 1500 +200 the German EEX under development 500 • Estlink (Estonia - Finland) taken into commercial + 200 operation in January 2007 550 100 600 1300 • Jutland - Germany transmission capacity 1040 2050 +800 350 900 900 increased from 1200/800 MW to 1500/950 MW 600 740 in February 2007 1700 1200 300 700 1500600 1000 +500 600 600 • NorNed (Norway - the Netherlands) by 2008 1100 connecting Norway directly with the Continent 700 600 550 2200 1000 200 • Nordel priority projects enhance internal Nordic 3800 2500 +1500 125 market integration 1700 3500 1600 1000 2750 1500

14 The Nordic market place in 2010

98% 82% Six new cables: Market coupling: • Fenno-Skan 2 • Nordic+Kontek • South-middle • TLC (NL-BE-FR) Sweden (2012-13) • Nordic-TLC Market Market • Nea-Järpströmmen • Nordic-Germany at least at least • Skagerrak • Germany-TLC 250 TWh/a 285 TWh/a • Store Bält • NorNed

79% X%

• Bigger market • More efficient use of production capacity • Better availability of transmission capacity Market Market • Better security of supply at least at least 385 TWh/a 1,500 TWh/a

Integration level of the markets, measured on an hourly level in 2010; percentage of the time wholesale prices being the same Source: Fingrid

15 One market – one price

The most efficient single commodity market in the world

TLC market coupling Target ¾price convergence ¾better utilisation of cross-border capacity

16 Key EU objectives by 2020

• Implementation of • Minimum reduction of EU internal energy markets CO2 emissions 20% (2020) • Energy efficiency +20% • Renewables 20% (2020) (2020) Competitiveness Sustainability • Development of CO2 • Increased resources for capture and storage technology development

Security of supply

• Development of cross-border transmission • Increase in own production • Enhancement of external energy relations

17 Fortum's investment programme

• Olkiluoto 3, Finland, nuclear • Swedish nuclear • Suomenoja, Finland (CHP) • Värtan, Sweden (bio CHP) Total • Järvenpää, Finland (bio CHP) ~ 1,300 MW • Brista, Sweden (waste CHP) • Refurbishing of existing hydro assets • Wind power, Sweden

Value of the investment programme around EUR 3 billion

of which ~90% CO2-free

In addition • Automated meter management (EUR 240 million) • Security of supply in distribution (EUR 700 million)

18 Continued increase in CO2 -free power production

TWh Fortum's power production

60 • ~9 TWh increase in 50 CO2 -free production* • ~10 TWh increase in 40 total production*

30 * compared to 2006

0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 After the investment programme

CO2 -free production Other (nuclear power, hydro power, bio fuels) (peat, gas, coal, other)

19 • Fortum today • European power markets • Russia • Financials / outlook • Supplementary material

20 Russian power markets are attractive

Russian power generation

TWh > 4,000 (bln kWh)

2 500 2 000 1 500 1 000 500 0 S a K U n U India Chi Japan BrasilNordic Russia Canada France Germany

• 4th largest in the world • Strong growth • Potential for efficiency improvement • Reform offers opportunities

2005 figures

21 Substantial need for new capacity

Russian power demand forecast

TWh (bln kWh) • Power generation investment is expected to 1,800 1,710 total € 90 billion by 2011: Demand growth 500+ TWh 1,600 1,520 • nuclear € 40 billion (10,000 MW) before year 2020 • thermal € 40 billion (42,000 MW) 1,400 1,420 • and hydro € 10 billion (4,800 MW) 1,200 • In addition grid and transmission 1,000 investment expected to amount to € 40 billion 2000 2005 2010 2015 2020

22 Power sector reform impacts industry structure

RAO UES restructuring

Regulated monopolies Competitive businesses

State-controlled companies Privatised companies Share of private 0%<25% 48% 48% <49% 65 -100% 75 -100% ownership System Federal Holding Holdings of 1 hydro 6 thermal 14 operator Grid of IDCs guaranteeing wholesale wholesale territorial Sales Company suppliers, generation generation generation companies (FGC) isolated company companies companies energos (WGC) (WGCs) (TGCs) Ownership share 49% 49 - 100% 4-5 interregional Target structure planned distribution companies to emerge in 2008 (IDCs)

23 Gas price is an important factor affecting electricity price

Russian power generation Electricity price and typical 1 991 TWh in 2006 marginal costs for gas-fired power plant2 Oil 60 2% Electricity price Nuclear 50 CO2 cost 16% Gas (156 TWh) 46% 40 (455 TWh) 30 Gas cost Hydro 20 18% Price EUR/MWh Price (175 TWh) 10 Other 0 <1% Russia Germany Coal Nordic 18% (178 TWh)

• Price of gas is the key factor affecting the electricity price in Russia since almost half of power is produced with gas-fired power generation • Gas price is regulated and is currently very low • Long term gas contracts available for the first time in power sector

1) Source: RAO UES, MinPromEnergo 2) Annual average market prices for 2006 (for Russia liberal energy price). In Russia there is a separate capacity payment in addition to energy price.

24 Fortum's current holdings in Russia

TGC-1 TGC-1 St. Petersburg • ~25% ownership Moscow • 6,250 MW capacity Konakovo 2,400 MW – electricity ~24 TWh Reftino 3,800 MW – heat ~25 TWh Sredneuralsk 1,170 MW

Nevinomyssk 1,290 MW WGC-5 • ~1% ownership • 8,660 MW capacity – electricity ~40 TWh Invested MEUR 0 Market capitalisation MEUR ~ 800

25 Focus on growth in generation

• TGC-1 has decided on a share issue aiming at • The target is to increasing the share capital by about EUR 930 million maintain the • The new capital will be used to finance increase in current, slightly over TGC-1 electricity production capacity by 50% or over 25% stake in TGC-1 3,000 MW by 2015 • Fortum is today the second largest shareholder

• The target is to • According to the latest reform plans for interregional focus on generation distribution companies, Lenenergo will be left in its and service current form businesses • Fortum owned about one third of the electricity • Agreement on sale distribution company Lenenergo in St Petersburg of Lenenergo stake 17 Aug 2007

26 Sale of Lenenergo stake

Agreement on sale of Lenenergo stake 17 Aug 2007

• Fortum has decided to sell its stake - slightly over 1/3 of shares - in JSC Lenenergo for approximately EUR 295 million • The buyers are VTB Bank, I.D.E. Electricity Distribution Investments 1 Ltd and the Russian energy company RAO UES • As a consequence, Fortum will book an after tax gain of approximately EUR 230 million, corresponding to EUR 0.26 per share, in its third quarter financial results

27 Major production volume under sale

Indicative time schedule 2006 2007 2008 The new structure in generation Q4 Q1 Q2 Q3 Q4 Q1 Q2 WGCs ownership WGC 1 By share of production WGC 2 WGC 3 Rosenergoatom 11% WGC 4 6 thermal WGC 5 WGCs 24% WGC 6 Other standalone co's TGCs and stations 20% TGC 1 TGC 2 TGC 3 TGC 4 TGC 5 Krasnoyarskaya TGC 6 GES 3% TGC 7 TGC 8 Irkutskenergo 6% TGC 9 14 TGCs TGC 10 1 hydro WGC 10% 26% TGC 11 TGC 12 TGC 13 TGC 14

Actual placements and schedule of preparedness of the companies for share placements Source: Press clips

28 Major growth opportunity in power generation

• WGCs – large scale power generation, with big generation units and only limited heat generation TWh Power generation – capacities 8,500 - 9,000 MW 60 50 – power generation volumes 30 - 50 TWh/a 40 – new investment programs 1,900 - 3,100 MW, bringing power generation volumes to 30 a level of 50 - 70 TWh/a 20 10 0 each each Fortum TGC WGC except Mosenergo The size of each WGC more than half of Fortum's current production

29 • Fortum today • European power markets • Russia • Financials / outlook • Supplementary material

30 Current Fortum Group financial targets

Return on capital employed 12% Return on shareholder's equity 14% Net debt/EBITDA 3.0 - 3.5

31 Key financials

MEUR (Continuing operations) LTM 2006 2005 in Q2 2007 Sales 4 499 4 491 3 877 Operating profit 1 488 1 455 1 347 Cash flow from operations 1 435 1 151 1 271 Interest-bearing net debt 4 610 4 345 3 158 Balance sheet total 17 451 16 839 15 130 Net debt/EBITDA 2.4 2.3 1.8 Return on capital employed (%) 14.1 13.4 13.5 Return on shareholders' equity (%) 17.3 14.4 13.5

32 Nordic water reservoirs

120

100

40 reservoir content (TWh) content reservoir

1996 2000 2006 2007 reference level 0 1 5 913172125293337414549 week

Source: Nord Pool

33 Wholesale price for electricity

Source: Nord Pool

34 Nord Pool year forwards

Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11 Year 12 €/MWh 60 August 27, 2007 58 56 54 52 50 48 46 44 42 40 38 36 34 32 30 28 26 24 Q1Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2004 2005 2006 2007

35 Hedging of Power Generation's Nordic sales

Status at the beginning of July 2007: (Status at the beginning of April 2007:)

Hedge ratio Hedge price

Rest of 2007 ~ 80% ~ EUR 40 per MWh (~70%) (~ EUR 40 per MWh)

Calendar year ~ 50% ~ EUR 43 per MWh 2008 (~40%) (~ EUR 42 per MWh)

36 Fortum is well positioned

• Focus on the Nordic and Baltic areas, Poland and Russia • Good hedging positions • Flexible and climate-benign production portfolio • Strong financial position • Attractive opportunities in Russia

37 • Fortum today • European power markets • Russia • Financials / outlook • Supplementary material

38 We want to be leading in sustainability

Vision To be the benchmark power and heat company excelling in sustainability "Our energy improves life for present and future generations" Fortum focuses on the Nordic and Baltic Rim markets as a platform for profitable growth Strategy Core Purpose Become the leading Become the energy power and heat company supplier of choice

Benchmark business performance

Values Excellent performance Creativity and innovation Co-operative spirit High ethics

39 Capital structure

• Fortum wants to have a prudent and efficient capital structure which at the same time allows the implementation of its strategy • Target: Net debt / EBITDA between 3.0 - 3.5 • Capital expenditure, acquisitions and capital returns to shareholders are the ways to move towards the target • Dividend policy of 50 - 60% payout of previous year's results on the average

40 Nordic capacity structure

MW 35 000 Total Nordic capacity 92 300 MW (31 Dec 2006)

30 000

25 000 Wind power

20 000 Gas turbines, etc. Condensing power 15 000 CHP, district heating

10 000 CHP, industry Nuclear power 5 000 Hydro power 0 Denmark Norway Sweden Finland

Source: Nordel

41 Still a highly fragmented Nordic power market

Power generation Electricity distribution Electricity retail 384 TWh 14 million customers 14 million customers >350 companies ~500 companies >450 companies

Fortum Fortum Vattenfall Others Others Others Vattenfall Vattenfall 29% E.ON E.ON Fortum 51% 54% Dong Energy Agder Helsinki Dong Energy Hafslund Norsk Hydro Plusenergi E-CO Energi Statkraft Hafslund PVO SEAS-NVE SEAS-NVE Dong Energy E.ON Helsinki Helsinki Statkraft Fjordkraft Göteborg Östkraft BKK

Current market shares based on 2006 figures

42 Development of the European Emission Trading System Future challenges ETS price 2005-2007 • EU committed to emission trading €/CO2 35 • Improving the market by increasing 2008 2007 market transparency 30

– information available to all market 25 participants at the same time 20 – common procedures - 15 harmonisation – stability and predictability 10 • Expansion of emission trading during 5 the Kyoto period 0 Source: Nord Pool Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 – JI and CDM utilisation 2005 2006 2007 – National allocation plans for second trading period (NAP 2)

43 Russian power industry reform

A Nordic/Western analogy Key steps in the reform

Unbundling of businesses by type "Power industry law" approved of activity Restructuring of regional energos (P&H Competitive Regulated companies) businesses monopolies Formation of new companies Generation Transmission Establishment of Russian power exchange Sales Distribution Launch of the free-trade sector of the wholesale market Introduction of vested bilateral contracts for Market liberalisation in competitive a transitional period to replace the regulated businesses sector of the wholesale market Pricing model reform – from tariff Launch of balancing power market regulation to competitive pricing Competitive market of ancillary services and generating capacity Gradual liberalisation of the retail market

44 Russian power industry reform has progressed well

Key steps in the reform Time

"Power industry law" approved 2003 Establishment of Russian power exchange (ATS) 2001 Launch of the free-trade sector of the wholesale market in European & Urals 2003 in Siberia 2005 Launch of balancing power segment 2006 Launch of new wholesale market model 2006 Restructuring of regional energos (P&H companies) almost complete Formation of new companies almost complete Capacity market 2007 Competitive market of ancillary services 2007 Financial derivatives market 2008 Full liberalisation of the power market 2011

45 Reform – Planned key events for 2007-2008

Structural reform • Completion of the Structural reform • RAO UES to release ownership from generation assets – Share placements and sales of stakes in WGCs and TGCs – Completion of the first spin-offs of RAO UES – Distribution of RAO UES’ assets to its shareholders • Selling off maintenance and repairing companies • Selling off sales companies

Market liberalisation • Launch of Capacity Market • Launch of Ancillary Services Market • Launch of Financial Derivatives Market

46 Strong financial performance in Q1-Q2/2007

• Comparable operating profit EUR 810 (772) million, + 5% • Earnings per share EUR 0.85 (0.64), + 33% • Net cash from operating activities EUR 1,070 (786) million • Fortum’s net debt increased to EUR 4,610 (4,345 at year end) million

MEUR II/2007 II/2006 I-II/2007 I-II/2006 2006 LTM Power Generation 218 208 546 501 985 1 030 Heat 36 35 173 161 253 265 Distribution 53 53 131 134 250 247 Markets 3 2-112-4-17 Other -12 -12 -29 -26 -47 -50 Comparable operating profit 298 286 810 772 1 437 1 475

Comparison: I-II/2006 financial results

47 Income statement

MEUR II/2007 II/2006 I-II/2007 I-II/2006 2006 LTM Sales 959 948 2 299 2 291 4 491 4 499 Expenses -632 -636 -1 482 -1 507 -3 036 -3 011 Operating profit 327 312 817 784 1 455 1 488 Share of profit of associates and joint ventures 15 6 217 41 69 245 Financial expenses, net -41 -31 -72 -46 -103 -129 Profit before taxes 301 287 962 779 1 421 1 604 Income tax expense -65 -60 -174 -180 -301 -295 Net profit for the period 236 227 788 599 1 120 1 309 Of which minority interest 5 8 35 34 49 50

EPS, basic (EUR) 0.26 0.25 0.85 0.64 1.22 1.42 EPS, diluted (EUR) 0.26 0.24 0.84 0.63 1.21 1.42

48 Cash flow statement

MEUR II/2007 II/2006 I-II/2007 I-II/2006 2006 LTM

Operating profit before depreciations 438 409 1 040 979 1 884 1 945 Non-cash flow items and divesting activities -6 -47 -5 -23 -92 -74 Financial items and taxes 14 -60 -142 -170 -463 -435 Funds from operations (FFO) 446 302 893 786 1 329 1 436 Change in working capital 127 181 177 0 -178 -1 Total cash from operating activities 573 483 1 070 786 1 151 1 435 Paid capital expenditures -113 -103 -213 -174 -485 -524 Acquisition of shares -2 -707 -10 -750 -899 -159 Other investing activities 5 25 -24 9 78 45 Cash flow before financing activities 463 -302 823 -129 -155 797

49 Balance sheet

MEUR Jun 30 Mar 31 Dec 31 2007 2007 2006

Non-current assets 15 227 14 958 15 103 Current assets 2 224 2 781 1 736 ASSETS 17 451 17 739 16 839

Total equity 8 014 7 594 8 161 of which minority interest 278 271 253 Interest-bearing liabilities 5 489 4 999 4 502 Non-interest bearing liabilities 3 948 5 146 4 176 EQUITY AND LIABILITIES 17 451 17 739 16 839

Equity per share (EUR) 8.68 8.22 8.91 Net debt, (MEUR) 4 610 3 932 4 345

LTM Dec 31 2006 Net debt/EBITDA 2.4 2.3

50 Wholesale prices for electricity

EUR/MWh Spot prices Forward prices 100

70 UK

60 German 50

40 Nordic 30

27 August 2007 0 2005 2006 2007 2008 2009

Source:

51 Sustainability: even stricter CO2 targets

gCO2/kWh 1.100 1.000 Source: PWC and Enerpresse 2006, Fortum 900 800 700 600 500 400 300 200 107 Fortum's 100 38 new target <80 gCO /kWh 0 2 DEI Enel CEZ EDF EDP PVO Drax RWE E.ON Elsam Essent Edison Endesa Statkraft Verbund Iberdrola Vattenfall Energi E2 Electrabel Fortum 2006 Fortum 2005 Union Fenosa British Energy Helsingin Energia Scottish&Southern • In heat production, Fortum's aim is to reduce the specific emissions in each district heating area by at least 10% from 2006 until 2020 • Outside the EU, Fortum is committed to reduce specific emissions and increase efficiency

52 A leading Nordic power and heat company

• Leading power and heat company in Nordic • Founded and listed at the Helsinki Stock Exchange 1998 • More than 50,000 shareholders • Among the most traded shares in Helsinki stock exchange • Market cap ~21 billion euros

Households 4.9% Financial and insurance institutions 1.6%

Other Finnish investors 7.5%

Finnish State 50.6% Foreign investors 35.4%

27 August 2007

53 Fortum's Nordic power generation

Fortum's Nordic power generation Fortum's Nordic power generation in 2006 in 2005 Hydro power 37% Hydro power 42%

Other 2% Other 2% Peat 2% Peat 1% Biomass 3% Biomass 2% Coal 3% Coal 10%

Nuclear power 46% Nuclear power 50%

Total generation 53.2 TWh Total generation 51.2 TWh (Generation capacity 10,768 MW) (Generation capacity 11,136 MW)

54 Fortum's Nordic heat production

Fortum's Nordic heat production Fortum's Nordic heat production in 2006 in 2005

Coal 20% Coal 17% Biomass fuels Biomass fuels 25% 24%

Heat pumps, Heat pumps, electricity electricity 15% 16% Other 12% Other 11%

Waste 6% Oil 8% Waste 6% Oil 10% Peat 7% Natural gas 7% Peat 7% Natural gas 9%

Total production 21.3 TWh Total production 20.6 TWh (Production capacity 9,239 MW) (Production capacity 8,252 MW)

55 Territorial generation companies (TGCs)

Installed capacity of which hydro • Companies combined TGC-1 6,248 MW 2,874 MW on a territorial basis TGC-2 2,583 MW from regional energos' TGC-3 10,677 MW generation assets TGC-4 3,324 MW 1 TGC-5 2,467 MW • TGCs may include also TGC-6 3,140 MW heat assets 2 TGC-7 6,880 MW TGC-8 3,602 MW 297 MW 3 TGC-9 3,280 MW 35 MW 4 6 9 TGC-10 2,773 MW 5 TGC-11 2,026 MW TGC-12 4,549 MW 7 10 TGC-13 2,458 MW 8 TGC-14 643 MW 11 54,650 MW

13 12 14

Source: RAO UES, company websites

56 Thermal and hydro wholesale generation companies

Thermal WGCs: • Each company will include WGC-1 9,531 MW WGC-2 8,695 MW power plants across the WGC-3 8,497 MW Russian Federation WGC-4 8,630 MW WGC-5 8,672 MW • The size of thermal WGCs WGC-6 9,052 MW about 9,000 MW each, 53,077 MW the hydro WGC rough Hydro WGC: 22,687 MW 22,000 MW Rosenergoatom Nuclear Power Plants Non-RAO UES energos: Tatenergo Bashkirenergo Irkutskenergo Novosibirskenergo

Source: RAO UES, company websites

57 58