FORTUM CORPORATION PRESS RELEASE 29 SEPTEMBER 2023

Fortum will invest over SEK 700 million (over EUR 60 million) during 2023-2030 to modernise Untra, one of Sweden’s oldest hydropower plants. The investment is part of Fortum’s strategic priorities to deliver reliable clean energy and drive decarbonisation in industries in the Nordics.

“The construction of the Untra power plant had a significant impact on the first wave of electrification and today electricity is once more driving our transformation to Net Zero. Hydropower, known for its adaptability and extensive energy storage capabilities, continues to play an important role in our power infrastructure. As a result, investments of this nature are essential to ensure that hydropower maintains its position as a fundamental pillar of the Nordic’s carbon-neutral electricity production”, says Mikael Lemström, EVP Hydro Generation at Fortum.

The power plant has an output of 42 MW. The renovation will involve the replacement of three turbine units and a significant restructuring of the powerplant, all aimed to ensuring Untra’s ability to contribute to provide flexibility to the power system and to supply fossil-free electricity to Sweden. Thanks to the advanced turbine technology being used the annual electricity production will increase from 270 GWh up to approximately 300 GWh.

Untra, initially constructed in late 1911, with the goal to provide the whole Stockholm with electricity, played an important role in electrifying the Swedish Capital during the last century. Despite the capital’s growing demand for electricity, which exceeded Untra’s capacity in less than eight years, the powerplant has remained an important part of the Swedish power system since then.

Of the total investment, about half is classified as growth capital expenditure. The investment is already included in Fortum’s committed growth capital expenditure of EUR 800 million for the years 2023-2025.

Fortum Corporation
Communications

Further information: 

Fortum News Desk, newsdesk[at] fortum[dot] comtarget=”_blank”, tel. +358 40 1982 843

Maja Nordgren, Communications Manager Hydropower, Sweden, maja[dot]nordgren[at]fortum[dot]com+46(0)722-04 66 48

Per-Oscar Hedman, Country Communications Manager, Sweden, per-oscar[dot] hedman[at] fortum[dot] comtarget=”_blank”, +46(0)702-14 75 45

Fortum 
Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum’s share is listed on Nasdaq Helsinki. fortum.com