DOCSLIB.ORG

FORTUM Power and Heat Company in the Nordic Area, Russia, Poland and the Baltics

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
FORTUM Power and Heat Company in the Nordic Area, Russia, Poland and the Baltics FORTUM Power and heat company in the Nordic area, Russia, Poland and the Baltics Investor/Analyst material June 2012 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 Content Fortum today, pages 4 -17 European and Nordic power markets, pages 19 - 30 Data on Fortum’s nuclear fleet, pages 31 - 37 Russia, pages 39 - 46 Data on capacity payments, pages 42 - 43 Fortum’s investment programme, page 46 Financials and outlook, pages 48 – 56 Hedges, pages 54 - 55 More than 100,000 shareholders • Power and heat company in the Nordic countries, Russia, Poland and the Baltics • Listed at the Helsinki Stock Exchange since 1998 • Among the most traded shares on the NASDAQ OMX Helsinki stock exchange • Market cap ~13 billion euros Households 8.6% Financial and insurance institutions 3.1% Other Finnish investors 10.0% Finnish State 50.8% Foreign investors 27.5% 31 May 2012 4 Capital returns Dividend per share EUR 1.35 1.26 1.12 • Dividend 2011 EUR 1.00 Total ~ 8,630 MEUR 1.00 1.00 1.00 1.00 per share, in total ~EUR 0.58 0.53 0.9 billion 0.58 0.54 • Dividend policy of 50-60% 0.42 payout of previous year's 0.26 0.31 0.23 0.77 0.73 results on the average 0.13 0.18 0.58 1998 19992000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 72% 103% 78% 58% 68% 68% 50% 5 Organisational structure Business President and CEO Staff Functions Divisions Tapio Kuula Power (Espoo) Executive Vice President Matti Ruotsala Finance Executive Vice President and Chief Financial Officer Heat (Stockholm) Juha Laaksonen Executive Vice President Per Langer Corporate Relations and Strategy Executive Vice President Russia (Chelyabinsk) Anne Brunila Executive Vice President Alexander Chuvaev Corporate Human Resources Senior Vice President Mikael Frisk Electricity Solutions and Distribution (Espoo) Executive Vice President Timo Karttinen Country responsibles: Timo Karttinen / Finland, Norway; Per Langer / Sweden, Poland, Baltics; Alexander Chuvaev / Russia 6 Fortum’s Mission and Strategy Mission Fortum’s purpose is to create energy that improves life for present and future generations. We provide sustainable solutions that fulfill the needs for low emissions, resource efficiency and energy supply security, and deliver excellent value to our shareholders. Strategy Leverage the strong Create solid earnings Build platform for Nordic core growth in Russia future growth Competence in CO2-free hydro, nuclear and energy efficient CHP production, and energy markets 7 Strategy builds on our competences and industry beliefs Two strong Competitiveness Integrating European More attractive platforms for key for long term energy markets and growth prospects growth value creation a gradual decrease in power and heat in the weight of the generation Nordic power price • Nordic power • Sustainable • Leverage our •Electricity wholesale and business models competences in solutions and heat market cannot rely on a nuclear, hydro and distribution part of • Russian power continuous high CHP the Nordic core and heat level of subsidies • Industrial restructuring market opportunities StrongStrong focusfocus onon deliveringdelivering valuevalue andand stablestable returnsreturns toto shareholdersshareholders 8 Our geographical presence today Nr 1 Heat Key figures 2011 Nordic countries Sales EUR 6.2 bn Operating profit EUR 2.4 bn Nr 1 Distribution Power generation 53.1 TWh Balance sheet EUR 23 bn Heat sales 17.2 TWh Personnel 10,800 Nr 2 Power Distribution customers 1.6 million generation Electricity customers 1.2 million Nr 2 Electricity sales Russia OAO Fortum Power generation 17.4 TWh Great Britain Heat sales 26.7 TWh Power generation 1.2 TWh TGC-1 (~25%) Heat sales 2.1 TWh Power generation ~7 TWh Heat sales ~8 TWh Poland Baltic countries Power generation 0.6 TWh Power generation 0.4 TWh Heat sales 4.3 TWh Heat sales 1.1 TWh Distribution cust. ~24,000* * Distribution business sold Jan 1, 2012 9 Divisions of Fortum Business Power Division Heat Division Russia Division Electricity Solutions and description Fortum’s power generation, Combined heat and power Power and heat generation Distribution Division physical operation and generation, district heating and sales in Russia. It Fortum's electricity sales and trading as well as expert and cooling activities and includes OAO Fortum and distribution activities. Two services for power b- to-b heating solutions. Fortum’s slightly over 25% business areas: Distribution producers. holding in TGC-1. and Electricity Sales. Comparable operating EUR 1,201 million EUR 278 millionEUR 74 million Distr.: EUR 295 million profit El. sales: EUR 27 million EUR 6,247 million EUR 4,191 million EUR 3,273 million Distr.: EUR 3,589 million Net assets El. sales: EUR 11 million Volume Nordic generation 48.1 Heat sales 22.6 Power sales.: 20.2 Distr.net. 26.1, reg.net. 16.7 (TWh) Power sales: 6.2 Heat sales.: 26.7 El. sales: 14.4 Drivers Nordic power price, Fuel mix, heat and New capacity, and price for Distr.: Regulated generation volumes power price that, power and heat price El. sales: Sales margin 10 Fortum mid-sized European power generation player; Global #4 in heat Power generation Heat production Customers Largest producers in Europe and Russia, 2010 Largest global producers, 2010 Electricity customers in EU, 2010 TWh TWh millions EDF *) IES Enel E.ON Gazprom EDF Enel Dalkia E.ON RWE Fortum RWE ***) GDF SUEZ Vattenfall Iberdrola Gazprom **) SUEK Rosenergoatom Onexim CEZ Vattenfall Bashkirenergo DEI Inter RAO UES Irkutskenergo Centrica Iberdrola RAO ES East EDP NNEGC Energoat. Inter RAO UES Vattenfall RusHydro TGC-2 GDF SUEZ Fortum Tatenergo SSE CEZ Lukoil EnBW EnBW Kievenergo PGE *) IES Minsk Energo Gas Natural Irkutskenergo Dong Energy Fenosa Statkraft KDHC, Korea Tauron PGE PGNiG Fortum SSE TGC-14 Dong Energy DEI ELCEN, Rom. Hafslund 0 100 200 300 400 500 600 0 20 40 60 80 100 120 140 0204010 30 * incl. TGC-5, TGC-6, TGC-7, TGC-9, ** incl. TGC-12, TGC-13, *** incl. International Power Source: Company information, Fortum analyses, 2010 figures pro forma, heat production of Beijing DH not available. 11 12 100 150 200 250 300 350 400 450 500 550 600 TWh Biggest nuclearandhydrogener 50 0 Figures 2010 pro forma 2010pro Figures EDF Rosenergoatom E.ON NNEGC Energoatom Enel RusHydro Vattenfall GDF SUEZ Irkutskenergo Statkraft RWE Iberdrola Fortum EnBW CEZ Verbund Krasnoyarskaya HPP ators inEuropeandRussia Axpo Hidroelectrica EDP Gazprom Alpiq Ukrhydroenergo EPS, Serbia Gas Natural Fenosa E-CO Energi Norsk Hydro DEI Agder Energi Edison Total generation BKK Inter RAO UES Hydro Other Nuclear SSE PGE IES Fortum's carbon exposure among the lowest in Europe g CO2/kWh electricity, 2010 2011 1000 65% of Fortum's total power generation CO2-free 85% of Fortum’s power generation in the EU CO2-free 800 Close to 100% of the ongoing investment programme in the EU CO2-free 600 Average 337 g/kWh 400 200 189 0 84 DEI SSE Enel CEZ EDF EDP Drax PVO RWE Dong E.ON Statkraft Verbund Iberdrola Vattenfall Fortum EU Fortum total Union Fenosa Source: PWC & Enerpresse, Novembre 2011 Changement climatique et Électricité, Fortum GDF SUEZ Europe Note: Fortum’s specific emission of the power generation in 2011 in the EU were 88 g/kWh and in total 192 g/kWh. 13 Figures for all other companies include only European generation. Fortum’s strategic route Divestment of Länsivoima Länsivoima Elnova Separation of Divestment of non-strategic E.ON Finland 45%→65% →100% 50%→100% oil businesses Fingrid shares heat business 19961997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Neste IVO Stora Birka Energi Divestment of Divestment of Divestment of Gullspång Birka Energi Østfold 50% Fortum Kraft 50% → 100% Lenenergo heat operations non-strategic 50% Stockholm shares outside of heat business Shares in Skandinaviska Stockholm Hafslund Starting Elverk Gullspång TGC-10 TGC-1 Stockholm Shares in Energi Lenenergo District heat in Poland Lenenergo 2003 → shares 1998 → 14 Fortum in the Nordic electricity value chain Nordic Large customers wholesale Generation market Retail companies Power exchanges and bilateral Competitive Private customers, small businesses businesses Regulated Transmission and Distribution businesses system services Independent transmission Independent system operator distribution companies 15 Fortum's European power and heat production Fortum's European Fortum's European power generation in 2011 heat production in 2011 Nuclear power Coal 26% Biomass fuels 45% 24% Other 1% Biomass 3% Other 4% Natural gas 4% Peat 3% Natural gas Waste 4% 22% Coal 9% Oil 5% Hydro power 38% Heat pumps, electricity 12% European generation 55.3 TWh European production 22.0 TWh (Generation capacity 11,422 MW) (Production capacity 10,625 MW) 16 Fortum a forerunner in sustainability • Dow Jones Sustainability Index World – Fortum is the only Nordic power and heat company listed in the index • SAM Sustainability Yearbook 2010, 2011 and 2012 • STOXX® Global ESG Leaders indices • oekom • OMX GES Sustainability Finland Index • Storebrand SRI (Fortum, the most responsible electricity company globally in 2006 and 2009) • Carbon Disclosure Project (sector leader in CDLI index in 2011) 17 Fortum today, pages 4 -17 European and Nordic power markets, pages 19 - 30 Data on Fortum’s nuclear fleet, pages 31 - 37 Russia, pages 38 - 45 Data on capacity payments, pages 42 - 43 Fortum’s investment
Load more

Recommended publications
  • Management at Nuclear Power Plants
    Cov-ISOE 2004 6069 5/10/05 15:53 Page 1 Radiation Protection AIEA IAEA Occupational Exposure Management at Nuclear Power Plants OECD Nuclear Energy Agency International Atomic Energy Agency Fourth ISOE ISOE European Symposium Lyon, France INFORMATION SYSTEM ON OCCUPATIONAL EXPOSURE 24-26 March 2004 NUCLEAR•ENERGY•AGENCY Radioactive Waste Management Occupational Exposure Management at Nuclear Power Plants Fourth ISOE European Workshop Lyon, France 24-26 March 2004 Organised by the European Commission and the European Technical Centre (CEPN) © OECD 2005 NEA No. 6069 NUCLEAR ENERGY AGENCY ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT The OECD is a unique forum where the governments of 30 democracies work together to address the economic, social and environmental challenges of globalisation. The OECD is also at the forefront of efforts to understand and to help governments respond to new developments and concerns, such as corporate governance, the information economy and the challenges of an ageing population. The Organisation provides a setting where governments can compare policy experiences, seek answers to common problems, identify good practice and work to co-ordinate domestic and international policies. The OECD member countries are: Australia, Austria, Belgium, Canada, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The Commission of the European Communities takes part in the work of the OECD. OECD Publishing disseminates widely the results of the Organisation’s statistics gathering and research on economic, social and environmental issues, as well as the conventions, guidelines and standards agreed by its members.
    [Show full text]
  • Uniper and Fortum
    FORTUM – For a cleaner world Investor / Analyst material April 2018 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. Any references to the future represent the management’s current best understanding. However the final outcome may differ from them. 2 Content Fortum today 4 – 18 European and Nordic power markets 19 – 26 Fortum’s nuclear fleet 27 – 30 Russia 31 – 33 Thermal capacity in Russia 33 Historical achieved prices 34 Interim Report Q1 2018 35 – 55 Uniper investment 56 – 59 IR contacts 60 3 Appr. 130,000 shareholders • Power and heat company in the Nordic Finnish households countries, Russia, Poland and the Baltics 10.3% Financial and • Listed at the Helsinki Stock Exchange insurance institutions 1.4% since 1998 Other Finnish • Among the most traded shares on investors the Nasdaq Helsinki stock exchange 7.5% Finnish • Market cap ~16 billion euros State 50.8% Foreign investors 30.0% 28 February 2018 4 Capital returns: 2017 EUR 1.10 per share ~ EUR 1 billion Fortum’s dividend policy is based on 5 year dividend per share (EUR) history the following preconditions: • The dividend policy ensures that shareholders receive a fair remuneration for their entrusted capital, supported 1,4 1.3 by the company’s long-term strategy that aims at increasing earnings per share and thereby the dividend. 1,2 1.1 0.2 1.1 1.1 1.1 • When proposing the dividend, the Board of Directors 1,0 1.1 looks at a range of factors, including the macro 0,8 environment, balance sheet strength as well as future investment plans.
    [Show full text]
  • For a Cleaner World
    Equity story of FORTUM – For a cleaner world Investor / Analyst material July 2021 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. Any references to the future represent the management’s current best understanding. However the final outcome may differ from them. 2 Content Fortum in brief 4 – 12 Fortum’s strategy 13 – 22 Energy market transition 23 – 27 Interim report Q1 2021 28 – 45 Appendices 46 European and Nordic power markets 47 – 56 Fortum’s Nordic power generation in detail 57 Fortum’s evolution and strategic route 58 Historical achieved prices 59 Dividend 60 IR contact 61 3 Fortum in brief Fortum in brief Power generation assets Key figures 20201 Sales EUR 49.0 bn Comparable EBITDA EUR 2.4 bn Total assets EUR 57.8 bn Personnel 19,933 Main businesses1 Sales (€) Volume2 Capacity India Power 20.8 bn 142 TWh 50.3 GW Gas 22.4 bn ~370 TWh 7.6 bcm3 Heat 0.8 bn 30 TWh 19.5 GW 1) Until 31 of March 2020 Uniper's contribution to the income statement was recognised in the Share of profit/loss of associates and joint ventures. 2) For Power - Power generation, for Gas - Long-term gas supply contracts and for Heat – Heat production 3) Gas storage capacity, billion cubic meters 4 Fortum in brief Strong position to drive the energy transition in Europe 3rd largest 3rd largest 3rd largest 4th largest power generator CO2-free power generator nuclear generator gas storage operator in Europe and Russia in Europe in Europe in Europe 5 TWh 6 ConsolidatedFortum is third thelargest CO Europe 100 200 300 400 500 600 0 EPH incl.
    [Show full text]
  • For a Cleaner World
    Equity story of FORTUM – For a cleaner world Investor / Analyst material September 2020 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. Any references to the future represent the management’s current best understanding. However the final outcome may differ from them. 2 Content Fortum in brief 4 – 7 Energy market transition 8 – 11 Fortum’s strategic route 12 – 14 Half-Year Financial Report 15 – 35 Appendices 36 European and Nordic power markets 37 – 42 Fortum’s power generation 43 – 44 Historical achieved prices 45 Dividend 46 IR contacts 47 3 Fortum in brief Good position to drive CO2-free power generation in Europe ~60% 3rd largest 2nd largest 66% Increase in Fortum’s of our electricity CO2-free generator nuclear generator CO2-free power in Europe in Europe production in Europe generation was CO2-free in 2019 Fortum in brief Consolidated Fortum is the third largest CO2-free generator in Europe 5 Source: Company information, Fortum analyses, 2018 figures pro forma. EPH incl. LEAG Fortum in brief Fortum to grow and lead European energy transition 2019 combined comparable EBITDA(1,2) Europe & Russia Uniper EUR 1.6 bn EUR 3.3 bn Fortum EUR 1.8 bn Combined power generation (2019)(2) India 18 % 50 % Hydro Nuclear Other ~180 TWh 19 % Coal Gas 1 % Combined power generation assets 12 % Fortum Uniper 1) Comparable EBITDA is based on the Fortum's Comparable EBITDA and Uniper's Adjusted EBITDA as defined in Both Fortum and Uniper Fortum’s and Uniper's financial statements.
    [Show full text]
  • UPM Biofore – Beyond Fossils
    UPM Biofore – Beyond fossils Investor presentation, April 2020 UPM UPM UPM UPM UPM UPM UPM BIOREFINING ENERGY RAFLATAC SPECIALTY COMMUNICA- PLYWOOD BIOCHEMICALS PAPERS TION PAPERS Wood-based biochemicals for variety of industrial Pulp Hydro-, nuclear- Label materials for Labelling materials, Extensive product WISA® Plywood uses Plantations and thermal power branding and release liners, range of graphic and veneer products (incl. shares in promotion, flexible packaging papers for for construction and Biofuels UPM energy companies) informational labels, papers, office and advertising and industrial BIOMEDICALS Sawmills and labels with graphic papers publishing applications Electricity generation Wood-based products for Wood Sourcing functionality as well as home and trading biomedical applications and Forestry and office uses Optimisation services UPM BIOCOMPOSITES UPM ProFi decking products and UPM Formi granules 2 | © UPM Global businesses – local presence UPM’s sales by market EUR 10,238 million production 54 plants in 12 countries 62% 18,700 employees in 46 countries 13% Europe North America 19% Asia 12,500 customers in 120 countries 100,700 shareholders in 32 countries 6% b-to-b- Rest of the world 24,000 suppliers in 81 countries 3 | © UPM Operating on healthily growing markets UPM PLYWOOD Comparable EBIT by Plywood, veneer ~3% business area 2019 EUR 1,404m UPM COMMUNICATION PAPERS UPM BIOREFINING Graphic papers ~ –5% Pulp ~3% Biofuels strong Timber ~2% UPM SPECIALTY PAPERS Label papers, high-end office papers ~4% Market demand UPM
    [Show full text]
  • Fortum Corporate Governance Statement 2020
    Governance 2020 1 Corporate Governance Statement 2020 Fortum Corporation (Fortum) has been listed on Nasdaq Helsinki Fortum and its stakeholders. In 2020, the Advisory Council consisted General Meeting of Shareholders since 18 December 1998. Fortum’s industrial sector, according to the of 13 representatives of Fortum’s stakeholder groups including three The General Meeting of Shareholders is the highest decision-making Global Industry Classification Standard, is Electric Utilities. The State of employee representatives. body of Fortum. Every shareholder has the right to participate in the Finland is the majority owner in Fortum with 50.76% of the shares as on As sustainability is an integral part of Fortum’s strategy and General Meeting, propose items to be included on the agenda of the 31 December 2020. operations, the highest decision making on sustainability and climate- General Meeting and exercise his/her power of decision in the matters Corporate governance at Fortum is based on Finnish laws and the related matters falls on the duties of the members of the Board of belonging to the General Meeting by law, as stipulated in the Finnish company’s Articles of Association. Fortum fully complies with the Directors, who share joint responsibility for these matters. Therefore, Companies Act. Each share entitles to one vote. A shareholder also has Finnish Corporate Governance Code 2020. The corporate governance Fortum has not established a specific Sustainability Committee for the right to ask questions about the matters discussed at the General statement is issued separately from the operating and financial review, the decision making on economic, environmental and social matters.
    [Show full text]
  • Fortum and Nordic Power Markets
    Fortum and Nordic power markets Mikael Lilius President and CEO, Fortum Corporation Enskilda Securities, Finnish Blue Chip Seminar 2005 Helsinki, 22 September 2005 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 2 Consistent delivery of strategy Restructuring worth 14 billion in 2000-2005 Strengthened position in the Nordic market • increased CO2 -free hydro and nuclear power generation • strengthened position in electricity distribution and retail • foothold in Norway, NW Russia and Poland Disposal of non-core businesses • power and heat businesses outside the Nordic and Baltic Rim focus market • power plant and transmission engineering businesses • gas retail and trading businesses • oil businesses separated 3 Leading market positions in the Nordic area #1 #2 Electricity Power distribution generation Retail sales Heat of electricity 4 Good financial performance 1.44 EPS, EUR 0.91 0.79 0.55 0.57 0.41 1999 200020012002 2003 2004 5 Good returns to shareholders - dividends 0.58* Dividends, EUR 0.42 Dividend policy CAGR: 26% 0.31 Fortum Corporation's 0.26 0.23 dividend policy states 0.18 that the company aims at paying a dividend which corresponds to a payout ratio of 50% to 60% on the average 1999 2000 2001 2002 2003 2004 * Cash dividend, Neste Oil shares not included 6 Good returns to shareholders - share price Quotation of Fortum shares and Dow Jones 600 utilities index
    [Show full text]
  • For a Cleaner World
    Equity story of FORTUM – For a cleaner world Investor / Analyst material May 2020 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. Any references to the future represent the management’s current best understanding. However the final outcome may differ from them. 2 Content Fortum in brief 4 – 5 Energy market transition 6 – 9 Fortum’s strategic route 10 – 16 Q1 2020 Interim Report 17 – 40 Appendices 41 European and Nordic power markets 42 – 48 Fortum’s power generation 49 – 51 Fortum’s Russian capacity and prices 52 Historical achieved prices 53 Dividend 54 IR contacts 55 3 Fortum in brief Fortum at a glance Description of Fortum Key shareholders Finnish households 12.3% • A leading clean-energy company across the Nordic region, the Baltic • Listed on the Helsinki Financial and countries, Poland, and Russia Stock Exchange since insurance institutions 2.2% 1998 • A circular economy champion, providing solutions for sustainable cities, Other Finnish including waste, recycling, and biomass • Market capitalisation of Finnish investors ~EUR 14bn 9.0% • Rated BBB/CreditWatch Negative and BBB/Rating Watch Negative by State 50.8% S&P and Fitch respectively • Finnish State is a majority owner • In 2018, Fortum closed its tender offer to shareholders in Uniper (holding Foreign investors of 49.99% of the outstanding shares and
    [Show full text]
  • Driving Forces and Obstacles to Nuclear Cogeneration in Europe: Lessons Learnt from Finland
    This is a repository copy of Driving forces and obstacles to nuclear cogeneration in Europe: Lessons learnt from Finland. White Rose Research Online URL for this paper: http://eprints.whiterose.ac.uk/115835/ Version: Accepted Version Article: Leurent, M, Jasserand, F, Locatelli, G orcid.org/0000-0001-9986-2249 et al. (3 more authors) (2017) Driving forces and obstacles to nuclear cogeneration in Europe: Lessons learnt from Finland. Energy Policy, 107. pp. 138-150. ISSN 0301-4215 https://doi.org/10.1016/j.enpol.2017.04.025 (c) 2017, Elsevier Ltd. This manuscript version is made available under the CC BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/ Reuse Items deposited in White Rose Research Online are protected by copyright, with all rights reserved unless indicated otherwise. They may be downloaded and/or printed for private study, or other acts as permitted by national copyright laws. The publisher or other rights holders may allow further reproduction and re-use of the full text version. This is indicated by the licence information on the White Rose Research Online record for the item. Takedown If you consider content in White Rose Research Online to be in breach of UK law, please notify us by emailing [email protected] including the URL of the record and the reason for the withdrawal request. [email protected] https://eprints.whiterose.ac.uk/ Please cite this paper as: Martin Leurent, Frédéric Jasserand, Giorgio Locatelli, Jenny Palm, Miika Rämä, Andrea Trianni, Driving forces and obstacles to nuclear cogeneration in Europe: Lessons learnt from Finland, Energy Policy, Volume 107, August 2017, Pages 138-150, https://doi.org/10.1016/j.enpol.2017.04.025.
    [Show full text]
  • Semi-Annual Review of the VINX30 Index
    Exchange Notice VINX30 Index Information 23/18 June 7, 2018 Semi-annual review of the VINX30 Index The semi-annual review of the VINX30 Index has now been completed. Below are the changes to the portfolio as a result of the review: ADDITIONS DELETIONS Boliden AB (BOL) ABB Ltd (ABB) DSV (DSV) Carlsberg A/S B (CARL B) Neste Corporation (NESTE) Genmab (GEN) Stora Enso Oyj R (STERV) Pandora (PNDORA) The VINX 30 Index Constituents effective with the market open on Monday, June 18, 2018 are A.P. Moller - Maersk B Neste Corporation ASSA ABLOY AB ser. B Nokia Corporation Atlas Copco AB ser. A Nordea Bank AB Boliden AB Novo Nordisk B Coloplast B Sampo Plc A Danske Bank Sandvik AB DNB ASA Skand. Enskilda Banken ser. A DSV Stora Enso Oyj R Equinor ASA Svenska Handelsbanken ser. A Ericsson, Telefonab. L M ser. Swedbank AB ser A ESSITY AKTIEBOLAG SER. B Telenor ASA Fortum Corporation Telia Company AB (publ) Hennes & Mauritz AB, H & M ser UPM-Kymmene Corporation Investor AB ser. B Vestas Wind Systems KONE Oyj B Volvo, AB ser. B Note: The number of shares in the attached PRELIMINARY Pro Forma do not reflect any known or unknown corporate actions that occur during the period from 6/1/2018 to 6/18/2018. Please see LIVE Pro Forma files on GIW Weightings Page (https://indexes.nasdaqomx.com/Index/Weighting/VINX30) or GIFFD Site available from June 11, 2018 for final number of shares. If you have questions regarding these changes, please contact Nasdaq Global Indexes Operation Team at the Toll Free Number – Calling in the US - + 1 844 717-0708 or International Callers – Non-US Callers - + 1 301 978 8311 or at [email protected] .
    [Show full text]
  • Fortum's Heat Business
    Capital Markets Day 2012 Fortum’s Heat business Per Langer, EVP Heat & Alexander Chuvaev, EVP Russia 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. Agenda • Towards Solar Economy – Efficient and competitive CHP – Fortum’s CHP strategy – Heat and CHP markets in Europe – Fortum’s Heat Divisions targets • Heat in Russia • Key takeaways Transition towards Solar Economy Solar Economy High Solar based production with high overall system efficiency Sun Hydro Ocean CHP Wind Geothermal Advanced energy production Bio Energy efficient and/or low-emission production Nuclear Traditional tomorrow energy production Resource & system efficiency Resource Exhaustible fuels that burden the environment CCS Gas Coal Oil Nuclear Low today Finite fuel resources Large CO2 emissions Infinite fuel resources Emissions free production Copyright © Fortum Corporation 4 All rights reserved by Fortum Corporation and shall be deemed the sole property of Fortum Corporation and nothing in this slide or otherwise shall be construed as granting or conferring any rights, in particular any intellectual property rights Implications of EU climate targets to efficient DHC and CHP Energy Roadmap 2050 – recitals 20-20-20 until 2020 •Heating & cooling has the largest share (42 %) on final energy demand (electricity 25 % and transport 33 %) Reduce Increase
    [Show full text]
  • Fortum Corporation Interim Report January - June 2004
    Fortum Corporation Interim Report January - June 2004 Fortum Corporation Interim Report January - June 2004 A very strong first six months for Fortum - operating profit hits EUR 1 billion The first half-year in brief • Operating profit EUR 1,005 million (+32%), excluding non-recurring items +22% • Earnings per share EUR 0.76 (+55%) • Net debt EUR 5,293 million (EUR -333 million since end of 2003), gearing decreased to 76% • Preparations to list the oil businesses continued Key figures II/04 II/03 I-II/04 I-II/03 2003 Last 12 months (LTM) Net sales, EUR million 2,830 2,435 5,653 6,028 11,392 11,017 Operating profit, EUR million 443 286 1,005 761 1,420 1,664 - excluding non-recurring items, EUR 379 272 908 743 1,360 1,525 million Profit before taxes, EUR million 376 216 863 626 1,184 1,421 Earnings per share, EUR 0.38 0.17 0.76 0.49 0.91 1.19 Shareholders’ equity per share, EUR 7.89 7.13 7.55 Capital employed 12,447 13,077 12,704 (at end of period), EUR million Interest-bearing net debt 5,293 4,502 5,626 (at end of period), EUR million *) Investments, EUR million 278 761 1,136 653 Net cash from operating activities, 1,043 1,060 1,577 EUR million Return on capital employed, % 16.1 12.1 11.4 13.3 Return on shareholders’ equity, % *) 19.4 11.9 12.3 14.7 Gearing, % *) 76 60 85 Average number of employees 13,097 13,272 13,343 Average number of shares, 1,000s 849,698 845,823 846,831 848,021 *) the figures for the full year 2003 and for January - June 2004 include the impact of the redemption of the preference shares worth EUR 1.2 billion issued by Fortum Capital Ltd During the first half of the year, Fortum´s financial performance improved significantly compared to the first half of 2003.
    [Show full text]