IL listed: They were all in a position of responsibility when Fortum made costly decisions


Fortum took big risks with the blessing of the state owner. Now the risks have materialized. Tytti Tuppurainen at a press conference on Friday: The best possible solution was found in the Uniper crisis. Matti [email protected] Today at 9:02 a.m.

  • Fortum's parade march to Russia and Germany has hit a wall.
  • Fortum took big risks with the blessing of the state owner, which have now come true.< /li>
  • Iltalehti listed who were in responsible positions when Fortum made costly Russia and Uniper decisions 2008-2022.

The state owns 50.8 percent of Fortum. Politicians cannot directly influence the decisions of the listed company Fortum. The state owner – like other owners – exercises power in the general meeting, whose task is to elect the company's board of directors, which in turn appoints the CEO.

The state has a significant strategic interest in Fortum, because Fortum is important for Finland's security of supply the company.

Many times the state owner could have renewed Fortum's board of directors and ruled, for example, that Fortum should not take big risks abroad.

In retrospect, it can be said that the state's ownership control in Fortum failed miserably.

IL listed: They were all in a position of responsibility when Fortum made the phones expensive

Iltalehti listed who were in responsible positions when Fortum made costly Russia and Uniper decisions 2008-2022. IL photo combination

Towards the Urals and Siberia 2008

Fortum saw a big change in Russia in 2008, when it started buying shares in the regional production company TGC-10.

Fortum's Russia business unit now has seven power plants in Russia In the Ural region and Western Siberia. About 4.5 billion euros were sunk into the TGC-10 company and the modernization of the power plants. Fortum has received dividends from Russia.

– TGC-10 is a significant step in the implementation of our strategy. This is a unique opportunity to achieve a significant position in the world's fourth largest electricity market.

– The transaction does not affect our financial flexibility, which enables the continuation of our Nordic investment program and possible new investments in the future. I am very satisfied with this strategically important step.

This is what Fortum CEO Mikael Lilius said in the company's stock exchange release on 29 February 2008. Director Tapio Kuula from Fortum praised the deal in the same press release.

Fortum's board of directors was led at the time by Peter Fagernäs, who had behind him a colorful and stormy career in the world of banking and finance. . The members of the board were Birgitta Kantola, ex-prime minister Esko Aho (centre), Matti Lehti, who had a long career at Tietotehtaa (now Tietoevry), Birgitta Johansson-Hedberg, Marianne Lie and Christian Ramm-Schmidt.

Jyri Häkämies was responsible for ownership management in Matti Vanhanen's board. KIMMO HAAPALA

The country was governed by Matti Vanhanen's (center) II government (center, coalition, greens and Rkp). The Minister of Finance was Jyrki Katainen (kok). Jiri Häkämies was in charge of owner guidance(kok), who currently serves as CEO of EK. Häkämies is especially remembered for his “Russia, Russia, Russia” speech he gave in Washington in September 2007, with which he predicted the return of geopolitics. He was the Minister of Defense at the time.

In 2008, the country was governed by Matti Vanhanen's (center) II government (center, coalition, greens and Rkp). Pete Anikari

Power transfer to meat

Fortum said on 12.12. 2013 that the company has completed the evaluation of the future options of the electricity transmission business that it started in January 2013.

– After a thorough analysis, the company evaluates the sale of electricity transmission businesses as the best option for the transmission business as well as its customers and Fortum's shareholders, as well as the company's other operations. In Fortum's view, focusing on electricity and heat production and sales best increases the company's value creation in the long term. Fortum evaluates sales opportunities by country, Fortum's stock exchange release stated.

The matter is important, because especially the billions accumulated from the Finnish and Swedish electricity grids later financed the acquisition of Uniper's shares. About 10 billion euros were collected from the networks.

– Giving up the electricity transmission business (–) would expand our strategic room for maneuver and give us better opportunities to increase the value of Fortum, CEO of Fortum Tapio Kuula (1957-2017) justified the trade.

– I strongly believe that our conclusion is also good for electricity transmission customers and society, because online business can best be developed from its own starting points, Kuula continued.

On the same day, Fortum announced that it would sell its Finnish electricity transmission business to investors for 2.55 with a debt-free purchase price of one billion euros.

Fortum's board was led by Sari Baldauf, who once belonged to Nokia's dream team.. Baldauf currently serves as chairman of the board of Nokia, which specializes in networks. Fortum's other board members in December 2013 were Christian Ramm-Schmidt (CEO) Minoo Akhtarzand, Heinz-Werner Binzel, Ilona Ervasti-Vaintola , Kim Ignatius, Joshua Larson.

Jyrki Katainen. Karoliina Vuorenmaki

There was Jyrki Katainen in the country(kok) six-pack government (the coalition, Sdp, greens, left-wing alliance, Rkp, kd). The Minister of Finance was Jutta Urpilainen. The Minister of Ownership Management was Pekka Haavisto (green), who had replaced Heidi Hautala (green) who had to resign in September 2013.

Katainen's government was still in power when Fortum reported on 13.3. 2015 to have sold the Swedish electricity network business for a purchase price of 6.6 billion euros. The capital gain was 4.4 billion euros.

Fortum said in March that the value of its Russian business is 5.5 billion euros. The figure also includes Uniper's power plants in Russia and Uniper's Nord Stream 2 ownership.

The Russian operations are for sale. It is very likely that Fortum will have to return from the country with losses of billions on its neck.

Looking towards Uniper

Following the sales of the electricity grids in Finland, Sweden and Norway, Fortum's coffers swelled money.

In September 2017, Fortum launched an operation to acquire the German company Uniper. Uniper is Germany's largest gas broker. In addition, Uniper has power plants in Russia. Uniper buys gas from the Russian Gazprom, which supplies gas to Germany via pipelines. About half of the gas supplied by Uniper has come from Russia.

Pekka Lundmark. Karoliina Vuorenmäki

Fortum said on 26.9. 2017 that he bought almost half of Uniper and said at the same time that he was looking to own the entire company. In the end, it took a couple of years to acquire a strong majority, i.e. a 78 percent shareholding, when the Germans put in a lot of effort.

– I am convinced that our investment would strengthen the possibilities of both companies to promote the transformation of the European energy system, and I believe that all stakeholders will benefit from this, Fortum CEO Pekka Lundmark said in the company's stock exchange announcement.

– Uniper is a very successful company. We look forward to close cooperation with Uniper's management to further develop the company, Lundmark continued.

According to the stock exchange release, the investment in Uniper implements Fortum's previously announced capital “allocation strategy” and fulfills the corresponding investment criteria: Uniper operates in Fortum's core competence area, is geographically close to Fortum's home market and generates good cash flow.

Fortum expected the Uniper investment to offer a good return, which would contribute to the development and implementation of sustainable energy solutions without jeopardizing the competitive dividend level.

– We are investing in a strong and successful company with a versatile production structure, Lundmark praised.


The deal was widely criticized. Many wondered why Fortum, which has sworn to CO2-free production, would buy a German gas and coal company.

Lundmark started as Nokia's CEO in August 2020.

At the time of the first Uniper transactions, Fortum's board was headed by Sari Baldauf. PEKKA KARHUNEN

At the time of the first Uniper transactions, Fortum's board was headed by Sari Baldauf. The other members of the board were Neste's former CEO Matti Lievonen (VP) Heinz-Werner Binzel, Eva Hamilton, Kim Ignatius , Tapio Kuula, Anja McAlister and Veli-Matti Reinikkala.

At the time of the first Uniper deals, the country was ruled by Juha Sipilä's government. Inka Soveri

The country was ruled by Juha Sipilä's (central) government, which included the centre, the coalition and the blues who left the basic Finns.

– Here the trade does not involve foreign and security policy dimensions. It starts from the company's own needs, and the company's board has deemed this necessary, Prime Minister Sipilä commented on the deal in an interview with MTV's Uutisextra on October 14. 2017.

The Minister of Finance was Petteri Orpo (kok) and the Minister of Foreign Affairs was Timo Soini (sin). The Minister of Economic Affairs Mika Lintilä (central) was responsible for owner guidance, who recently said that he heard about the Uniper deal in the fall of 2017 15 minutes before the matter was made public in a stock exchange release.

Fortum got the majority from Uniper in autumn 2019, when Antti Rinteen was in power(sd) board. Sirpa Paatero (sd) was responsible for its ownership management

Fortum's CEO was still Pekka Lundmark. Fortum's board was chaired by Matti Lievonen and vice-chaired by Klaus-Dieter Maubach. Other members were Eva Hamilton, Kim Ignatius, Essimari Kairisto, Anja McAlister, Veli-Matti Reinikkala, Marco Ryan and Philipp Rösler.

More money for Uniper

More money for Uniper h3>

Uniper ran into big difficulties already last year, when the price of gas skyrocketed. The company could not pass on the increased market price of gas to its customers due to long contracts.

As a result, Fortum had to tailor a massive, intra-group financing package to its troubled daughter at the beginning of last January. Fortum granted Uniper intra-group financing of up to EUR 8 billion under normal market conditions. The financing consisted of a shareholder loan and a guarantee from the parent company.

Owner guidance minister Tytti Tuppurainen (sd) said in parliament last Tuesday that the state owner was informed about the 8 billion euro package. Henri Kärkkäinen

Owner guidance minister Tytti Tuppurainen (sd) said in parliament last Tuesday that the state owner was informed about the 8 billion euro package. Tuppurainen did not agree to tell Iltalehti whether the information took place before or after Fortum's decision. He dodged the question several times.

Fortum CEO Markus Rauramo has held his position since July 2020.

In January 2022, Fortum's board of directors was headed by Veli-Matti Reinikkala . The other members of the board were Finnish and American citizen Anja McAlister (vice president), Portuguese and Swiss citizen Luisa Delgado, Finnish and German citizen Essimari Kairisto, < strong>Teppo Paavola, German citizen Philipp Rösler and Danish citizen Annette Stube.

Fortum's general meeting decided in March that Veli-Matti Reinikkala will continue as chairman and Anja McAlister as vice chairman. Luisa Delgado, Essimari Kairisto, Teppo Paavola, Philipp Rösler, Annette Stube will continue as board members. Ralf Christian and started as new membersKimmo Viertola, who comes from the government's ownership steering unit.

Prime Minister Sanna Marin (sd), Minister of Finance Annika Saarikko (centre ) haven't really commented on the latest stages of Fortum and Uniper.

Uniper's rescue package was completed last Friday. It has received a bad reception in the stock market, as the price drop of both companies has continued strongly after the announcement of the package.

Fortum has invested almost 7 billion euros in the purchase of Uniper's shares. The value of the investment has already dropped to less than 2 billion euros.

July 26, 2022 at 1:40 p.m. The persons responsible for autumn 2019 have been added to the case.

Gazprom tightens the gas taps again on 26.7. 10:13 Comment: Fortum suffers billions in losses from Uniper adventure 22.7. 15:19 Here is Uniper's rescue package – three points 22.7. 12:56 Analysis: Fortum will soon be in your wallet 16.7.2022 15:13


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