Tekoälystä mittavia etuja energiateollisuudelle

PekkaLundmark-60x60Posted by: Pekka Lundmark
30.1.2019
Kirjoitus on julkaistu aikaisemmin Tekoälyaika-blogissa 29.11.2018.

Louis Pasteur sanoi aikoinaan, että sattuma suosii valmistautunutta mieltä. Väittäisin, että harvalla alalla voidaan olla Pasteurin kanssa niin yhtä mieltä kuin energiasektorilla: fysiikan lakien mukaan sähkö virtaa taukoamatta kysynnän ja tarjonnan välillä täydellisessä tasapainossa.

Ja sähköjärjestelmän herkän tasapainon järkkymisestä puolestaan seuraa häiriöitä, turhia kustannuksia ja jopa laajamittaisia sähkökatkoja. Tähän tekoäly voi tarjota ratkaisuja, ja me Fortumissa olemme innoissamme tästä uudesta mahdollisuuksien maailmasta.

Tekoäly valvoo sähkön tuotantolaitoksia

Tasapainon säilyttäminen tuotantopuolella, Fortumin leipälajissa, vaatii, että laitokset ovat huippukunnossa, jotta kalliilta sähkökatkoilta tai kriittisiltä vioilta voidaan välttyä korkean kulutuksen aikoina. Siksi Fortum hyödyntää tekoälyä tuotantolaitostensa eri osien ja prosessien valvonnassa. Me ”kuuntelemme” vesivoiman ja yhteistuotannon gigawatteja, jotka kertovat meille, milloin ja mitä pitäisi huoltaa.

On tärkeää ymmärtää myös tasapainon toista puolta, sähkönkulutusta. Tuulen ja auringonpaisteen tahdissa vaihtelevan energiantuotannon nopea kasvu, sään ääri-ilmiöt ja lämmityksen ja liikenteen sähköistyminen lisäävät sähköjärjestelmän epävakautta enemmän, kuin mikään aikaisemmin. Itse asiassa niin merkittävästi, ettei ihmisen mieli pysty sitä enää hahmottamaan. Onneksemme koko ajan edullisemmaksi ja tehokkaammaksi muuttuvalla laskentateholla ja huikeasti lisääntyvällä määrällä dataa voi jo päästä pitkälle.

Algoritmit ennustavat sähkönkulutusta

Fortum käyttää jo nyt tekoälyä ennustamaan kaukolämpöverkon lämmityskysyntää. Sääolojen, ihmisten käyttäytymisen ja energiantarpeen ymmärtäminen auttaa meitä optimoimaan lämmön tuotannon ja tarjonnan, ja säästämään resursseja hyödyntämällä aina ensin kierrätettyjä ja hiilidioksidivapaita energianlähteitä.

Samojen algoritmien ansiosta olemme voineet ottaa käyttöön dynaamisen hinnoittelun, kun myymme lämpöä asiakkaille ja ostamme heiltä hukkalämpöä takaisin Fortumin ainutlaatuisessa avoimessa kaukolämpöverkossa. Pitkällä tähtäimellä voimme kehittää tekoälyn avulla lämmitysverkoista myös sähkövarastoja, jotka tasaavat tuulivoiman epävakaisuutta.

Toinen hyvä esimerkki on syväoppiva DeepMind -tekoäly, jota Google käyttää datakeskustensa energianhallinnassa. Tekoäly leikkasi datakeskuksen jäähdytystarpeita huikeat 40 prosenttia vuonna 2016, kun sitä ensin opetettiin ymmärtämään datakeskuksen energiankäytön tehokkuutta ja sitten ennustamaan keskuksen lämpötilaa ja ilmanpainetta seuraavan tunnin ajalta. Tulos on erittäin lupaava, sillä datakeskusten energiantarpeen ennustetaan kasvavan 2017 vuoden 200–300 terawattitunnista vähintään 1200 tai jopa 3000 terawattituntiin vuoteen 2025 mennessä.

Parempi tilannekuva ja kustannussäästöjä

Yhteenvetona voidaan sanoa, että tekoäly avaa mahdollisuuden entistä huomattavasti parempaan tilannekuvaan energiateollisuudessa. Se ei vain muistuta huomiota vaativista asioista, vaan tekee myös välttämättömistä toimista nopeampia, paremmin kohdistettuja ja jopa kekseliäämpiä.

Goldman Sachs on arvioinut, että digitalisaatio ja tekoäly voisi tuottaa noin 15 prosentin kustannussäästöt eurooppalaisissa energiayhtiöissä. Fortumin taseessa on tuotantolaitoksia yli 20 miljardin euron edestä, joten meillä ei ole aikomustakaan jättää tätä kiveä kääntämättä. Voisi jopa sanoa, että valmistautunut mieli suosii tekoälyä.

Nuclear energy in the EU long-term strategy

Esa HyvärinenPosted by: Esa Hyvärinen
19.12.2018

Last week I attended a workshop organised by CEPS, a leading think tank and forum for debate on EU affairs, in Brussels. The workshop discussed assumptions that underpin the EU’s long-term energy decarbonisation scenario and the role nuclear might play in achieving the Union’s energy and climate policy goals. I also gave an industry view.

Based on several recent analyses and reports – IEA, IPCC, EU Commission, as well as those carried out by the industry (Eurelectric and Foratom) – it is clear that nuclear plays an important role in climate change mitigation. The role is significant already today and, based on those reports, it will either grow or at least remain the same. None of the reports suggest that the importance of nuclear would be diminishing.

This is based on nuclear’s ability to produce a large amount of CO2-free energy. As we expect electrification to move ahead in all energy consuming sectors, including heavy industries, this ability becomes valuable again. Most likely, the word “baseload” will return to the vocabulary of energy policy as quickly as it disappeared a couple of years ago, when “volatility” and “flexibility” took over.

If we take this as a starting point, what should we do to exploit the potential of nuclear energy? I think we should look at the full menu: competitiveness and long-term operations (LTO) of existing nuclear power plants and new builds.

  • Competitiveness

The past few years have been very challenging for nuclear companies. Wholesale electricity prices have been on the downward trend until recently. In the Nordic countries, the average price in 2017 was 40% lower than that of 2010. The low price level has been driven partly by economic downturn and partly by the oversupply caused by subsidies primarily for renewable energy sources.

Basic economics apply: when the supply increases and the demand remains stable, the price drops. At the same time the investment money put into the nuclear plants has almost doubled due to increasing safety requirements and ageing plants.

  • Long-term operations (LTO)

Based on Commission’s assessment, approximately 50 nuclear reactors out of the 126 currently in operation in the EU are at a risk of an early closure over the next ten years or so if the operators do not pursue LTO licenses. I would assume that the reactors to be closed based on political decisions are not included in that number. This in spite of the fact that IEA estimates nuclear LTOs to be the cheapest option to produce electricity on a levelised cost of electricity basis (LCOE).

  • New builds

In today’s world, anything that costs 6, 7, or 10 billion and takes 20 years to build – i.e. doesn’t generate income before that – is very difficult to finance. Therefore, if we wanted to see new nuclear plants – in addition to those six currently under construction in the EU – to be built, they would have to become cheaper and faster to build, and safer at the same time. They would also have to be better adapted to a more volatile power market where and when the market requires that capability. I know that in several countries nuclear power plants have developed their flexibility capabilities already, so it is doable. Also small modular reactors (SMRs) are moving from R&D projects to reality.

Exploiting the full potential of nuclear in decarbonisation

The EU Commission’s Clean Planet for All communication states that, ”By 2050, more than 80% of electricity will be coming from renewable energy sources. Together with a nuclear power share of ca. 15%, this will be the backbone of a carbon-free European power system.”

I was very happy to read this statement and I fully agree with it. It is easy to believe that it was not an easy task to push it through the Commission machinery. The question is how to make this happen.

Time to transform the nuclear industry

Nuclear companies themselves hold many things that can be used to improve the competitiveness of the nuclear industry. We should be more active and open in looking for best practises from other nuclear operators and other safety-critical industries. Digitalisation, fresh and modern leadership skills, and change management should find their ways to the nuclear industry too – it is clear that the world has changed and the nuclear industry must change too.

All nuclear power plants are somewhat unique. Harmonised safety and licensing requirements, standardised designs, equipment and components are lacking. This increases costs. To address this challenge, Finnish nuclear license holders, together with the national regulator, have started a project to develop a standardised licensing and qualification process for the systems and components used in nuclear power plants.

This is the start of a long journey. If we want to create real impacts, we must take it to an international level – starting with the EU and the close involvement of the Commission – as well as supply companies and regulators. It is a modest start, but we need to start somewhere because the status quo is not sustainable.

What should the EU do?

To start with, I would like to quote the Commission’s strategy: We need ”to offer clear, long-term signals to guide investors, to avoid stranded assets, to raise sustainable finance and to direct it to clean innovation efforts most productively.” ”The Action Plan on Sustainable Finance will help connect finance with the EU’s agenda for sustainable development.” And further: ”Environmental taxation, carbon pricing system and revised subsidy structures should play an important role in steering the energy transition.”

”Today, the costs of some of the advanced low-carbon energy carriers and technologies remain high, and their availability is limited. A massive research, coordinated and innovation effort, built around a coherent strategic research and innovation and investment agenda is needed in the EU within the next two decades to make low and zero-carbon solutions economically viable and bring about new solutions not yet mature or even known to market. In this context, a forward-looking research and innovation strategy should be guided by zero-carbon solutions that have the potential to be deployed by 2050.”

While there are issues, like standardisation and harmonisation, that are nuclear-specific to a certain extent, in most general policies the nuclear industry is asking for equal treatment with other low-carbon technologies: similar treatment in the power market, where the ETS should be the main tool to drive decarbonisation; similar treatment in terms of taxation and abolition of nuclear-specific taxes; similar access to financing as other low-carbon technologies; similar approach in research, development and innovation policies to develop new nuclear concepts to meet the demands of the future.

I know that nuclear is a controversial issue in the EU, but it should not prevent us from making reasonable decisions. The Commission’s Clean Planet for all [http://europa.eu/rapid/press-release_IP-18-6543_en.htm] and other recent reports hopefully create a good basis for working together and making sure that the nuclear industry can contribute to decarbonisation with its full potential.

Muovitiekartan plussat ja miinukset – Oikea suunta muovien tehokkaampaan kierrätykseen

Saarimaa_2018

Posted by: Kalle Saarimaa
17.10.2018

Suomelle valmistui tiistaina 16.10 ensimmäinen muovitiekartta, johon joukko asiantuntijoita kokosi keskeisiä toimia muovien aiheuttamien ympäristöhaasteiden ratkaisemiseksi. Kiertotalousratkaisu muoville ja kolmelle muulle keskeiselle materiaalille – alumiinille, teräkselle ja betonille – tarvitaan, jotta maapallon lämpeneminen voidaan pysäyttää kahteen asteeseen. IPCC:n ilmastopaneeli varoitti viime viikolla, että jo 1,5 asteen lämpeneminen on vaarallista. Käytännön toimia tarvitaan nopeasti niin Suomen, EU:n kuin koko maailman tasolla.

Olisin itse toivonut, että muovitiekartta olisi sisältänyt vieläkin kunnianhimoisempia, konkreettisia avauksia muovien kiertotalouden kehittämiseksi, mutta tämä on hyvä alku. Aloitetaan siis muovitiekartan positiivisilla avauksilla.

  • Muovijätteiden tehokkaampi kerääminen on avain kierrätysasteen nostamiselle

Muovipakkausten kiinteistökohtainen keräys kuluttajilta lisäisi muovien kierrätystä selvästi. Suomen jätelakiin pitäisi lisätä vaatimus muovin erilliskeräyksestä tietyn kokoisille kiinteistöille. Olisi hyvä tarjota kierrätysmahdollisuus myös muille kuin kuluttajapakkausmuoveille. Tämä tarkoittaisi käytännössä tuottajavastuuta myös muovituotteiden valmistajille. Muutamia keräystempauksia on jo järjestetty, ja kuluttajat ovat ottaneet ne innokkaasti vastaan. Koska muovituotteiden laatukirjo on niin valtava, nämä eivät kuitenkaan sovellu kerättäväksi yhdessä muovipakkausten kanssa.

  • Suomi voi auttaa ratkaisemaan muoviongelmaa kansainvälisesti 

Suuri osa muovien kiertotalouden haasteista ovat globaaleja ja ne liittyvät myös EU:n lainsäädäntöön. Muovitiekartassa on hienosti nostettu esiin Suomen mahdollisuus edistää muovinkierrätystä Suomen EU-puheenjohtajuuskaudella 2019. Suomi voi nostaa EU-agendalle lisätoimia pakkaussuunnittelun parantamiseksi sekä kierrätysmuovien käytön lisäämiseksi tuotteissa.

Hyvien avauksien lisäksi muovitiekartassa oli muutamia ehdotuksia, joiden vaikutukset saattaisivat olla päinvastaisia kuin tavoitteet. Näitä oli kuitenkin selvästi vähemmän kuin arvokkaita avauksia.

  • Muovivero on vaikea ja epätarkka työkalu

Muovivero, joka kohdistuisi kertakäyttötuotteisiin tai kierrätyskelvottomiin tuotteisiin kuulostaa hyvältä, mutta rajanteko on vaikeaa. Itse en usko, että voisimme määritellä veron, joka kohdistuisi vain “turhiin” tuotteisiin tai sellaisiin tuotteisiin, joille löytyy ympäristön kannalta parempi vaihtoehto.

Yhteen materiaaliin kohdistuva vero, vaikka se porrastettaisiin oikeiden kriteerien mukaan, ei välttämättä ohjaa ympäristö- ja kiertotaloustavoitteiden kannalta positiiviseen suuntaan. Olisi tehokkaampaa parantaa kierrätysmateriaalien kilpailukykyä esimerkiksi kiertotalousvähennyksellä, joka vähentäisi uusiomateriaalien verorasitusta. Tällä hetkellä neitseellisistä raaka-aineista valmistetut tuotteet eivät maksa koko elinkaaren aikaista ympäristörasitustaan.

  • Pakkaussuunnittelu on kaiken A ja O, mutta jäänyt liian vähälle huomiolle

Kierrätettävyyden huomioiminen tuotesuunnittelussa on jäänyt muovitiekartassa varsin vähälle huomiolle kun muistetaan, miten tärkeässä roolissa se on muovin kierrätysasteen nostamisessa. Kierrätettävyyden huomioiminen pakkaussuunnittelussa on kuitenkin perusedellytys muovien kiertotaloudelle.  Tällä hetkellä pakkaussuunnittelussa keskitytään liikaa vielä muovin määrän vähentämiseen pakkauksessa kierrätettävyyden sijaan. Muovipakkausten kierrätettävyyden parantamisella ja keräyksen tehostamisella voidaan vaikuttaa kierrätysasteeseen todella nopeasti, koska muovipakkauksilla on niin lyhyt elinkaari. Maanantaina kaupasta kotiin kannettu jäätelöpurkki on keräysastiassa nopeimmillaan samana päivänä.

Muovituotteita valmistava teollisuus, brändien omistajat ja kierrätysteollisuus eivät vielä keskustele tarpeeksi keskenään. Meidän fortumlaistenkin pitää olla tässä aktiivisempia.

Lopuksi muistuttaisin vielä, että muovinkierrätyksen ympäristöhyödyt eivät toteudu täysimääräisesti ellei kerätystä muovijätteestä synny korkealaatuista kierrätysraaka-ainetta, jolla pystytään korvaamaan neitseellistä muoviraaka-ainetta. Me olemme Fortumilla keskittyneet tähän viime vuosina. Muovia käytetään moniin tarkoituksiin ja tuotteiden valmistajien tiukat laatuvaatimukset on täytettävä. Siihen vaaditaan osaamista ja teknologiaa.

Kalle Saarimaa
Fortumin kierrätys- ja jäteliiketoiminnan johtaja

Greetings from Almedalen

po-500x752jpgPosted by: Per-Oscar Hedman
17.7.2018

Over the years Almedalen has evolved to become what is today an intense meeting place for Swedish representatives from politics, government officials, NGOs, media, and corporations. During the first week of July, the 45,000 participants could choose from more than 4,300 public seminars and other events in addition to an unknown number of non-public events, meetings and round-table discussions.

This was the 50th anniversary of Almedalen. Besides its remarkable growth – it all started with the then Chairman of the Social Democrats, Olof Palme, holding a speech from the bed of a lorry in Almedalen park in Visby – what is most striking is the constant addition of new segments of Swedish public life and businesses.

This year, in terms of energy issues, the stability of the Nordic power system stood out: Grid capacity, balancing power capacity, the regulatory framework and storage were some of the issues being discussed. The Energy agreement from 2016 managed to address several short-term issues, but it’s obvious that there are a lot of energy-related challenges that need to be addressed after the Swedish election in September. Some of those challenges were addressed by Fortum’s President and CEO Pekka Lundmark at one of Fortum’s seminars, at Di Energy Arena.

Almedalen-3

Fortum has for a number of years addressed the need to reform the Swedish Environmental Act and its practice in order to actually facilitate sustainable development. This year was no exception. One reflection from our seminar discussion on how this can be done is that there is a need for a long-term approach. Over the years an increasing number of different stakeholders have presented examples on how practice actually leads to adverse effects, be it about expansion of a water treatment facility or permits for a new wind park.

A circular economy is a necessity for sustainable development. One area in which the absence of that circular approach is all too apparent is plastics; it has subsequently become very prominent in the public debate and in Almedalen. It was also the theme of one of Fortum’s seminars. Key insights were that measures need to be addressed as far up in the waste hierarchy as possible – how we design products affects both the usage and the ability to create a well-functioning plastic circular economy – as well as the need to also have a value chain in place.

Almedalen-2

Technological development in energy production, digitalisation and AI together with the trend to become more self-sufficient in all areas creates all the pre-requisites needed for market disruption, and Fortum participated this year in several panels and seminars with our expertise in these areas.

Digitalisation was one topic that encompassed all sectors present and the other one was gender equality and diversity, important issues that ultimately go back to our ability to attract the competence we need, not only on a country level, but also globally.

Per-Oscar Hedman
Communications Manager, Corporate Affairs and Communications

GDPR is a glimpse of the future

Arto_Räty-60x60Posted by: Arto Räty
22.5.2018

As May 25 draws nearer, there has been a lot of talk about GDPR (General Data Protection regulation) and its effects. Companies should invest in securing both customers and other stakeholders personal data, but not just because of looming sanctions, but because GDPR is a glimpse of the future. The positive changes GDPR brings will prepare us for the age where we need to solve the challenges connected with ever-expanding global connectivity.

Data privacy is nothing new. This being said, GDPR is an important step towards unifying privacy laws in Europe and an opportunity for all of us to improve our processes related to the collecting and processing data. This opportunity should be taken seriously – and not just because there are sanctions involved with non-compliance. Unlike most topics or developments relating to society, data protection and privacy are ones we are able to predict and prepare for.

The need for privacy is in most respects our own creation. The internet and social media have transformed the way we live our lives. We are now experiencing the downside of global connectivity: how to control sensitive information from those who want to misuse it? As data is the new oil and information the weapon of choice, more steps will have to be taken to ensure everyone’s privacy and security – from individuals to nations as a whole.

At its core GDPR makes us rethink how we collect and process personal data. Security and the right to privacy should be a part of system design from the start and not only system add-ons. This means we shouldn’t buy security services to safeguard an already completed process, but create processes with security concerns in mind. I, for one, welcome this change in perspective.

GDPR has meant a lot of work for most organizations, but I believe this shift in perspective results in innovation and preparedness to answer future obstacles such as cyber threats, alongside its main goal of strengthening individual rights to their personal data. We at Fortum also see the positive in GDPR, and have taken the changes seriously – as every responsible company should.

Arto Räty

Kirjoittaja on Fortumin viestinnästä ja yhteiskuntasuhteista vastaava johtaja

Blockchain-based energy services – hype or the future?

catarina_naucler-60x60Posted by: Catarina Nauclér
29.11.2017

It was during early spring 2016 that we started looking into blockchain. What was this technology all about? What could it mean for us and our businesses? We decided to dig very deep into the topic in order to understand more about it. Early on, we understood that this was not a very easy topic. Consequently, we decided that we wanted to work with others to elaborate around the topic and we wanted to try to find a use case; at the end of the day, it has to be concrete in order to move forward.

We met the Innogy blockchain team for the first time during August 2016 and we mutually agreed that EV charging was a very interesting topic to develop further. The project idea “Oslo2Rome” was born.

Now the initiative includes seven partners in five countries and within weeks we will have tested the whole solution. It remains to be seen if we made it the whole way from “Oslo2Rome”. I might add a spoiler here: although we started from Oslo, we chose to exclude the actual >550 km trip from Karlstad to the German border as it didn’t contribute to the actual test.   The purpose of our participation in the whole initiative is that we believe it will improve the EV customer experience, especially for those moving between countries and operators. As a charging operator, a blockchain-based payment system might also be more cost effective and provide better solutions for roaming services.

We also believe that it’s beneficial to engage in collaboration with others – as we are doing in this initiative. Will a solution like this help to lower the threshold for an individual to switch to EV? It might, hence it’s worth pursuing.

The Nordic EV market

The EV market in Norway is already close to having become a mass market, and Fortum Charge & Drive is the main charging operator. The market is different in Sweden, with significantly fewer EV’s and PHEV’s dominating the market for chargeable vehicles, although there is steady growth and a somewhat more fragmented charging market. Finland is now pushing hard for fast expansion of the charging network to support the transition towards EVs. Finland is also one of our home markets.

The focus of Fortum’s business model for B2B charging is on a white label solution in close cooperation with, for example, municipality utilities, property managers and fast-food chains, offering a back-end solution where operations, maintenance and customer support are handled by us. An upside for the end customer is full access to all 1 500 charging points in the network. In a sparsely populated country (which these three countries are), a fairly comprehensive fast-charging network is necessary, but we have gradually increased our focus on Home Charging solutions. Especially in Sweden, with its large share of PHEV’s, home charging is crucial in order to get the EV part of PHEV going.

Will blockchain have a role in different solutions connected to e-mobility? Yes, we believe so, and this is the first step. Then we’ll ’see ’what the next one is.

Catarina Nauclér, R&D Manager, Sweden

 

Oslo2Rome_1000x750
In Stockholm, from left: Tobias Goodden, Analyst; Catarina Nauclér, R&D Manager; Per-Oscar Hedman, Communications Manager

About Oslo2Rome

 

The Oslo2Rome project is a cooperation between infrastructure between EV charging infrastructure companies Elaad, Enexis Group, enviaM, Fortum, innogy, Sodetrel and VKW, covering Sweden, Norway, Germany, Austria, Netherlands and France. The purpose is to test cross-border charging network based on blockchain technology and utilizing a shared version of technology developer MotionsWerk’s e-mobility wallet.

 

Putting Fortum’s cash to work – towards a cleaner future with profitable investments

Markus_Rauramo_blogi_smallPosted by: Markus Rauramo
06.11.2017

Growth has been a central part of Fortum’s strategy after the divestment of the electricity distribution business. During the past five years we have invested close to four billion euros in renewable energy, the circular economy and sustainable city solutions. We have pursued growth both through M&As – e.g. by acquiring the circular economy company Ekokem – and new investments.

Building on these achievements, in late September we announced our intentions to become a major shareholder in Uniper. We see this as a significant and exciting step for the future of our company and for our commitment to a cleaner world. Uniper is a great, well-managed company with significant experience in low-carbon energy. For example, the company’s hydropower capacity, is 3.6 GW, more than Finland’s entire hydropower capacity of about 3.1 GW. Uniper also provides the conventional energy assets necessary, especially gas, that are vital to ensuring security of supply during Europe’s energy transition.

At the same time, our investment is an extremely attractive opportunity and meets the criteria we set in our growth strategy: Uniper operates in Fortum’s core competence area in electricity production, is geographically close to our home markets, and is highly cash generative, which allows for further investments in emission-free energy, without sacrificing a competitive dividend.

The investment also offers us the opportunity to expand our market area from the Nordic countries and Russia to Central Europe.

The Uniper deal not only positions us for the future but proves to be a profitable investment. Looking at a few financial key indicators makes this clear.*

  • The enterprise value/EBITDA for the investment is 6.2x, i.e. in 6+ years Uniper would generate an EBITDA equal to the debt-free price of the transaction. This is not an expensive investment.
  • Return on net assets (RONA) is about seven per cent. To put this in perspective, the comparable RONA for our Generation segment in 2016 was about 7%.
  • The impact on Fortum’s earnings per share (EPS) is about 30 cents/share. In 2016 Fortum’s EPS was EUR 0.56.
  • The dividend yield is currently about three per cent, but it is expected to increase to over six per cent by 2020.

Fortum will finance the deal with its own existing cash resources and fully committed credit facilities. While the arrangement will temporarily increase our net debt/EBITDA ratio, we expect our ongoing cash generation, coupled with the dividend from Uniper, to reduce this position toward our stated target of around 2.5.

We believe that by investing in a successful company like Uniper we responsibly fulfil our financial duty. The investment in Uniper, along with the other M&As we have executed, enables not only a strong dividend capability, but also continuous investments in the development and commercialization of new clean and smart solutions that play a significant role in our efforts to build a cleaner energy system.

Markus Rauramo, Chief Financial Officer, Fortum

* The figures have been calculated on the basis of a 47% ownership stake and analyst estimates.