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Home BUSINESSFortum still in talks with Russian TGC-1
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Fri, 23 Oct, 2015 12:03:49 AM
FTimes – STT Report, Oct 23

Energy company Fortum is continuing talks with the Russian hydropower company TGC-1, but the schedule or success of the negotiations is still uncertain, said Pekka Lundmark, the new CEO of Fortum.

“We cannot make any guesses now about the final outcome,” Lundmark said.

According to Lundmark, it is not currently possible to predict any timetable. He highlighted that from Fortum’s perspective it is a purely practical and commercial solution.

“Discussions are, in any case, continuing. If we cannot achieve a satisfactory outcome, then no arrangements will be made. This is not for us an end in itself.”

There was a break in the negotiations due to Fortum naming a new CEO. Lundmark’s predecessor Tapio Kuula retired in February.

Fortum announced its plan in December 2014 to reorganise with TGC-1 holdings so that Fortum and Rosatom could acquire more than a 75 per cent stake in the Gazprom subsidiary.

At the same time, Fortum announced that it was purchasing a 15 per cent share in the Fennovoima nuclear power project.

In June, Fortum announced that the trade talks had not yet yielded results, which is why its participation in Fennovoima was placed on hold. Fortum at the time stressed that this was a comprehensive solution.

In August, Fortum reversed course and announced it was buying only a 6.6 per cent share in Fennovoima.

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