- a leading energy companyin the Nordic area
Presentation for investorsSeptember 2007
2
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.
3
• Fortum today• European power markets• Russia• Financials / outlook• Supplementary material
4
Fortum's strategy
Become the leadingpower and heat
company
Become theenergy supplier
of choice
Benchmark business performance
Fortum focuses on the Nordic and Baltic Rimmarkets as a platform for profitable growth
5
Baltic countriesHeat sales 1.0 TWhDistribution cust. 23,000Poland
Heat sales 3.6 TWhElectricity sales 8 GWh
NW Russia(in associated companies)Power generation ~6 TWhHeat production ~7 TWh
NordicGeneration 53.2 TWhElectricity sales 60.2 TWhDistribution cust. 1.6 mill.Electricity cust. 1.3 mill.Heat sales 20.1 TWh
Presence in focus market areas
2006 numbers
6
Fortum Markets
Large customers
Fortum Business structure
Small customers
Other retail companies
Fortum Distribution
Transmission and system services
Nordic wholesale
market
Nordic wholesale
market
Nord Pool and bilateral
FortumPower
Generation
Power Generation
66%Heat 17%
Distribution17%
Markets 0%
Fortum's comparable operating profit in 2006
EUR 1,437 million
Deregulated
Regulated
7
Strong financial position
ROCE (%)
14.113.5 13.4
10
12
14
16
2005 2006 LTM
EPS, cont. (EUR)
1.221.42
1.01
0.00
0.50
1.00
1.50
2005 2006 LTM
Total assets (EUR billion)
17.515.1
16.8
0.0
5.0
10.0
15.0
20.0
2005 2006 LTM
ROE (%)
14.4
17.3
13.5
10
12
14
16
18
20
2005 2006 LTM
Net debt/EBITDA
2.41.8
2.3
0
1
2
3
4
2005 2006 LTM0.00
0.25
0.50
0.75
1.00
1.25
1.50
2004 2005 2006
Dividend, (EUR)
0.58
1.121.26
0.54
0.58
0.53
0.73
Situation 30 June 2007
8
Growing capital returns
Total ~ 3,775 MEUR
* from continuing operations** with 60% payout ratio
1999 2001 20032000 2002 2004
0.18 0.23 0.26 0.310.42
0.58
2005
1.12
Dividend per shareEUR
0.13
1998
0.58
*0.
54
2006
1.26
0.73
**0.
53
• Dividend of EUR 1.26 per share, in total over EUR 1.1 billion
• Mandate for repurchasing of the company’s own shares; maximum EUR 300 million
• Dividend policy of 50 - 60% payout of previous year's results on the average
9
• Fortum today• European power markets• Russia• Financials / outlook• Supplementary material
10
Huge need for new capacity...
Globally ... ... European wide ...
Existing/remaining capacityDemand
Source: Eurprog 2005; Europe: EU25
0500
1 0001 5002 0002 5003 0003 500
2000 2005 2010E 2015E2020E
TWh
900 TWh
... and in Russia
Source: Minister KristenkoDecember 2006
Demand growth~300-500 TWhby 2015
TWh
0
5 000
10 000
15 000
20 000
25 000
30 000
Source: IEA World Energy Outlook 2006, reference scenario for generation
~10 000 TWh
20041 2010E 2020E
1 Production 2004: 17 408 TWh/IEA 2006
11
...also in the Nordic market
• Electricity demand is expected to increase by around 50 TWh by 2020 compared to 2005
• Estimated retirement approx. 30 TWh
• Total need for investments roughly 80 TWh– approximately 40 TWh already committed– another 40 TWh still needed
(incl. upgrades )
Retiring capacity Committed new capacity~ 40 TWh
Old CHP
Old condense capacity (mainly coal)
~ 30 TWhCommitted new capacity~ 40 TWh
Old CHP
Old condense capacity (mainly coal)
Hydro
CHP
Wind
Nuclear
Cond.
)
Demand and capacity development in the Nordic market
Committed projectsExisting / remaining generationDemand
TWh
0
100
200
300
400
500
2000 2005 2010 2015 2020
80 TWh
12
New capacity will require an EUR 50+ power price
Source: Nord Pool
0
10
20
30
40
50
60
70
80
90
100
110
EUR/MWh
Futures29 August 2007
1995 -97 -99 -01 -03 -05 -07 -09 -11
Source: IEA "World Energy Outlook 2006"; Elforsk "El från nya anläggningar" 2003, and Fortum. Adjusted to indicate nominal costs year 2012.Large variations in cost of new hydro and wind due to location and conditions
Coal Gas Nuclear Hydro Wind
EUR/MWh
Cleancoal
0102030405060708090
100110
Fuel costs
( variation)
CO2 cost 20 €/ton
Fixed costs
13
Towards a functioning European power market
Benefitingcustomers and
societies
• Market-based development• Increased competition• Increased efficiency
Directives:Market liberalisationStrategy:Market integration
1990's2000 -
2010 -
Today –regional Nordic
Tomorrow –European
Yesterday –national
14
• Nord Pool introduced in 2005 a German spotmarket area "KONTEK" to enhance the Nordic-German trade
• Direct market coupling between Nord Pool and the German EEX under development
• Estlink (Estonia - Finland) taken into commercialoperation in January 2007
• Jutland - Germany transmission capacityincreased from 1200/800 MW to 1500/950 MW in February 2007
• NorNed (Norway - the Netherlands) by 2008 connecting Norway directly with the Continent
• Nordel priority projects enhance internal Nordicmarket integration
Nordic market becoming more integrated into Europe
Present (MW)Under construction (MW)
Discussed (MW)Planned (MW)
2750 1500
1300
300
5060
900
2200
900
1200600
1000 200
125
600
10001600
2500
35001700
550
1500800
500
2050
70
10407401700
550600
1500
3800
700
350
600
100+ 200
600
+200
1000
1100
+1500
+800 600
700
+500
15
The Nordic market place in 2010
79%
Marketat least385 TWh/a
X%
Marketat least1,500 TWh/a
98%
Market at least250 TWh/a
Integration level of the markets, measured on an hourly level in 2010; percentage of the time wholesale prices being the sameSource: Fingrid
Six new cables:• Fenno-Skan 2• South-middle
Sweden (2012-13)• Nea-Järpströmmen• Skagerrak• Store Bält• NorNed
82%
Marketat least285 TWh/a
Market coupling:• Nordic+Kontek• TLC (NL-BE-FR)• Nordic-TLC• Nordic-Germany• Germany-TLC
• Bigger market• More efficient use of production capacity• Better availability of transmission capacity• Better security of supply
16
One market – one price
The most efficientsingle commodity
market in the world
TargetTLC market couplingprice convergencebetter utilisation of cross-bordercapacity
17
Key EU objectives by 2020
Competitiveness Sustainability
Security of supply
• Implementation of internal energy markets
• Energy efficiency +20% (2020)
• Increased resources for technology development
• Development of cross-border transmission• Increase in own production• Enhancement of external energy relations
• Minimum reduction of EU CO2 emissions 20% (2020)
• Renewables 20% (2020)• Development of CO2
capture and storage
18
• Olkiluoto 3, Finland, nuclear• Swedish nuclear• Suomenoja, Finland (CHP)• Värtan, Sweden (bio CHP)• Järvenpää, Finland (bio CHP)• Brista, Sweden (waste CHP)• Refurbishing of existing hydro assets• Wind power, Sweden
In addition• Automated meter management (EUR 240 million)• Security of supply in distribution (EUR 700 million)
Fortum's investment programme
Value of the investment programme around EUR 3 billionof which ~90% CO2-free
Total~ 1,300 MW
19
Other(peat, gas, coal, other)
CO2 -free production (nuclear power, hydro power, bio fuels)
• ~9 TWh increase in CO2 -free production*
• ~10 TWh increase in total production*
Continued increase in CO2 -free power production
0
10
20
30
40
50
60
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
TWh
2006 After theinvestmentprogramme
Fortum's power production
* compared to 2006
20
• Fortum today• European power markets• Russia• Financials / outlook• Supplementary material
21
> 4,000TWh(bln kWh)
0500
1 0001 5002 0002 500
USChin
aJa
pan
Russia
India
Canad
aGerm
any
France
Brasil
Nordic UK
Russian power markets are attractive
• 4th largest in the world• Strong growth • Potential for efficiency improvement• Reform offers opportunities
Russian power generation
2005 figures
22
Substantial need for new capacity
1,420
1,710
TWh (bln kWh)
Demand growth 500+ TWhbefore year 2020 1,520
1,000
1,200
1,400
1,600
1,800
2000 2005 2010 2015 2020
Russian power demand forecast
• Power generation investment is expected to total € 90 billion by 2011:
• nuclear € 40 billion (10,000 MW) • thermal € 40 billion (42,000 MW) • and hydro € 10 billion (4,800 MW)
• In addition grid and transmission investment expected to amount to € 40 billion
23
Power sector reform impacts industry structure
Competitive businesses
14 territorial
generation companies
(TGCs)
6 thermal wholesale generation companies
(WGCs)
1 hydro wholesale generation company (WGC)
<49% 65 -100%
System operator
0% 75 -100%
Holdings of guaranteeing
suppliers, isolated energos
48%
Federal Grid
Company (FGC)
4-5 inter-regional
distribution companies
(IDCs)
<25% 48%
49%
Holding of IDCs
Regulated monopolies
Share of private ownership
Target structure planned to emerge in 2008
49 - 100%
Sales companies
Privatised companiesState-controlled companies
Ownership share
RAO UES restructuring
24
Gas price is an important factor affecting electricity price
• Price of gas is the key factor affecting the electricity price in Russia since almost half of power is produced with gas-fired power generation
• Gas price is regulated and is currently very low• Long term gas contracts available for the first time in power sector
0
10
20
30
40
50
60
Pric
e E
UR
/MW
h
Russia Germany
Electricity price and typical marginal costs for gas-fired power plant2
Electricity priceCO2 cost
Gas cost
Nordic
2) Annual average market prices for 2006 (for Russia liberal energy price). In Russia there is a separate capacity payment in addition to energy price.
Russian power generation991 TWh in 20061
Gas 46%
Coal18%
Hydro18%
Nuclear16%
Oil2%
Other<1%
(455 TWh)
(178 TWh)
(156 TWh)
(175 TWh)
1) Source: RAO UES, MinPromEnergo
25
Fortum's current holdings in Russia
TGC-1• ~25% ownership• 6,250 MW capacity
– electricity ~24 TWh– heat ~25 TWh
WGC-5• ~1% ownership• 8,660 MW capacity
– electricity ~40 TWh
St. Petersburg
Moscow
TGC-1
Invested MEUR 0Market capitalisation MEUR ~ 800
Konakovo 2,400 MW
Nevinomyssk 1,290 MW
Reftino 3,800 MW
Sredneuralsk 1,170 MW
26
Focus on growth in generation
• TGC-1 has decided on a share issue aiming at increasing the share capital by about EUR 930 million
• The new capital will be used to finance increase in TGC-1 electricity production capacity by 50% or over 3,000 MW by 2015
• Fortum is today the second largest shareholder
• The target is to maintain the current, slightly over 25% stake in TGC-1
• According to the latest reform plans for interregional distribution companies, Lenenergo will be left in its current form
• Fortum owned about one third of the electricity distribution company Lenenergo in St Petersburg
• The target is to focus on generation and service businesses
• Agreement on sale of Lenenergo stake 17 Aug 2007
27
Sale of Lenenergo stake
• Fortum has decided to sell its stake - slightly over 1/3 of shares - in JSC Lenenergo for approximately EUR 295 million
• The buyers are VTB Bank, I.D.E. Electricity Distribution Investments 1 Ltd and the Russian energy company RAO UES
• As a consequence, Fortum will book an after tax gain of approximately EUR 230 million, corresponding to EUR 0.26 per share, in its third quarter financial results
Agreement on sale of Lenenergo stake 17 Aug 2007
28
Major production volume under sale
1 hydro WGC 10%
Other standalone co'sand stations 20%
Rosenergoatom 11%
Irkutskenergo 6%14 TGCs26%
6 thermal WGCs 24%
Krasnoyarskaya GES 3%
The new structure in generation ownership
Indicative time schedule
Actual placements and schedule of preparedness of the companies for share placementsSource: Press clips
WGCsWGC 1WGC 2WGC 3WGC 4WGC 5WGC 6
TGCsTGC 1TGC 2TGC 3TGC 4TGC 5TGC 6TGC 7TGC 8TGC 9TGC 10TGC 11TGC 12TGC 13TGC 14
Q12008
Q3 Q42007
Q1 Q2Q42006
Q2
By share of production
29
Major growth opportunity in power generation
• WGCs – large scale power generation, with big generation units and only limited heat generation
– capacities 8,500 - 9,000 MW– power generation volumes 30 - 50 TWh/a– new investment programs 1,900 - 3,100
MW, bringing power generation volumes to a level of 50 - 70 TWh/a
0102030
405060
eachTGC
eachWGC
Fortum
Power generationTWh
exceptMosenergo
The size of each WGC more than half of Fortum's current production
30
• Fortum today• European power markets• Russia• Financials / outlook• Supplementary material
31
Current Fortum Group financial targets
Return on capital employed 12%Return on shareholder's equity 14%Net debt/EBITDA 3.0 - 3.5
32
MEUR (Continuing operations) LTM 2006 2005
Sales 4 499 4 491 3 877
Operating profit 1 488 1 455 1 347
Cash flow from operations 1 435 1 151 1 271
Interest-bearing net debt 4 610 4 345 3 158
Balance sheet total 17 451 16 839 15 130
Net debt/EBITDA 2.4 2.3 1.8
Return on capital employed (%) 14.1 13.4 13.5
Return on shareholders' equity (%) 17.3 14.4 13.5
Key financials
in Q2 2007
33
Nordic water reservoirs
Source: Nord Pool
0
20
40
60
80
100
120
1 5 9 13 17 21 25 29 33 37 41 45 49
rese
rvoi
r con
tent
(TW
h)
week
200620001996 2007 reference level
34
Wholesale price for electricity
Source: Nord Pool
35
Nord Pool year forwards
€/MWh Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11 Year 12August 27, 2007
24262830323436384042444648505254565860
2004 2005 2006Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2Q1 Q3 Q4 Q1
2007Q2 Q3
36
Hedging of Power Generation's Nordic sales
Hedge ratio Hedge price
Rest of 2007 ~ 80% ~ EUR 40 per MWh
Calendar year2008
~ 50% ~ EUR 43 per MWh
Status at the beginning of July 2007:
(~70%) (~ EUR 40 per MWh)
(Status at the beginning of April 2007:)
(~40%) (~ EUR 42 per MWh)
37
• Focus on the Nordic and Baltic areas, Poland and Russia
• Good hedging positions
• Flexible and climate-benign production portfolio
• Strong financial position
• Attractive opportunities in Russia
Fortum is well positioned
38
• Fortum today• European power markets• Russia• Financials / outlook• Supplementary material
39
We want to be leading in sustainability
To be the benchmark power and heatcompany excelling in sustainability
High ethicsCo-operative spiritExcellent performance
Fortum focuses on the Nordic and Baltic Rimmarkets as a platform for profitable growth
Become the leadingpower and heat company
Become the energysupplier of choice
Benchmark business performance
Vision
Strategy
Values
Core Purpose
"Our energyimproves life for present and futuregenerations"
Creativity and innovation
40
Capital structure
• Fortum wants to have a prudent and efficient capital structure which at the same time allows the implementation of its strategy
• Target: Net debt / EBITDA between 3.0 - 3.5
• Capital expenditure, acquisitions and capital returns to shareholders are the ways to move towards the target
• Dividend policy of 50 - 60% payout of previous year's results on the average
41
MW
Nordic capacity structure
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
Denmark Norway Sweden Finland
Wind power
Gas turbines, etc.
Condensing power
CHP, district heatingCHP, industry
Nuclear power
Hydro power
Source: Nordel
Total Nordic capacity 92 300 MW (31 Dec 2006)
42
Still a highly fragmented Nordic power market
Electricity distribution14 million customers~500 companies
Electricity retail14 million customers>450 companies
Power generation384 TWh
>350 companies
Fortum
Vattenfall
Dong Energy
Others
Statkraft
29%
E.ONPVO
E-CO Energi
HelsinkiNorsk Hydro
Agder
SEAS-NVE
Fortum
Vattenfall
Others
Hafslund
E.ON51%
HelsinkiStatkraftGöteborgBKK
Dong Energy
Dong Energy
Fortum
VattenfallOthers
E.ON
54%
Hafslund
PlusenergiSEAS-NVEHelsinkiFjordkraftÖstkraft
Current market shares based on 2006 figuresCurrent market shares based on 2006 figures
43
Development of the European Emission Trading System
0
5
10
15
20
25
30
3520072008
ETS price 2005-2007€/CO2
Source: Nord Pool
Q4Q1 Q42005
Q2 Q3 Q12006
Q2 Q3 Q12007
Q2 Q3
Future challenges• EU committed to emission trading• Improving the market by increasing
market transparency– information available to all market
participants at the same time– common procedures -
harmonisation– stability and predictability
• Expansion of emission trading during the Kyoto period
– JI and CDM utilisation– National allocation plans for
second trading period (NAP 2)
44
"Power industry law" approvedRestructuring of regional energos (P&H companies)Formation of new companiesEstablishment of Russian power exchangeLaunch of the free-trade sector of the wholesale marketIntroduction of vested bilateral contracts for a transitional period to replace the regulated sector of the wholesale marketLaunch of balancing power marketCompetitive market of ancillary services and generating capacityGradual liberalisation of the retail market
Pricing model reform – from tariff regulation to competitive pricing
Market liberalisation in competitive businesses
TransmissionDistribution
GenerationSales
Regulated monopolies
Competitive businesses
Unbundling of businesses by type of activity
Key steps in the reformA Nordic/Western analogy
Russian power industry reform
45
"Power industry law" approved 2003Establishment of Russian power exchange (ATS) 2001Launch of the free-trade sector of the wholesale market
in European & Urals 2003in Siberia 2005
Launch of balancing power segment 2006Launch of new wholesale market model 2006Restructuring of regional energos (P&H companies) almost completeFormation of new companies almost completeCapacity market 2007Competitive market of ancillary services 2007Financial derivatives market 2008Full liberalisation of the power market 2011
Key steps in the reform
Russian power industry reform has progressed well
Time
46
Reform – Planned key events for 2007-2008
Structural reform• Completion of the Structural reform
• RAO UES to release ownership from generation assets– Share placements and sales of stakes in WGCs and TGCs– Completion of the first spin-offs of RAO UES – Distribution of RAO UES’ assets to its shareholders
• Selling off maintenance and repairing companies
• Selling off sales companies
Market liberalisation• Launch of Capacity Market
• Launch of Ancillary Services Market
• Launch of Financial Derivatives Market
47
Strong financial performance in Q1-Q2/2007
Comparison: I-II/2006 financial results
• Comparable operating profit EUR 810 (772) million, + 5%• Earnings per share EUR 0.85 (0.64), + 33%• Net cash from operating activities EUR 1,070 (786) million• Fortum’s net debt increased to EUR 4,610 (4,345 at year end) million
MEUR II/2007 II/2006 I-II/2007 I-II/2006 2006 LTM
Power Generation 218 208 546 501 985 1 030
Heat 36 35 173 161 253 265
Distribution 53 53 131 134 250 247
Markets 3 2 -11 2 -4 -17
Other -12 -12 -29 -26 -47 -50
Comparable operating profit 298 286 810 772 1 437 1 475
48
MEUR II/2007 II/2006 I-II/2007 I-II/2006 2006 LTM
Sales 959 948 2 299 2 291 4 491 4 499Expenses -632 -636 -1 482 -1 507 -3 036 -3 011
Operating profit 327 312 817 784 1 455 1 488Share of profit of associates and joint ventures 15 6 217 41 69 245Financial expenses, net -41 -31 -72 -46 -103 -129
Profit before taxes 301 287 962 779 1 421 1 604Income tax expense -65 -60 -174 -180 -301 -295
Net profit for the period 236 227 788 599 1 120 1 309Of which minority interest 5 8 35 34 49 50
EPS, basic (EUR) 0.26 0.25 0.85 0.64 1.22 1.42EPS, diluted (EUR) 0.26 0.24 0.84 0.63 1.21 1.42
Income statement
49
MEUR II/2007 II/2006 I-II/2007 I-II/2006 2006 LTM
Operating profit before depreciations 438 409 1 040 979 1 884 1 945
Non-cash flow items and divesting activities -6 -47 -5 -23 -92 -74
Financial items and taxes 14 -60 -142 -170 -463 -435
Funds from operations (FFO) 446 302 893 786 1 329 1 436
Change in working capital 127 181 177 0 -178 -1
Total cash from operating activities 573 483 1 070 786 1 151 1 435
Paid capital expenditures -113 -103 -213 -174 -485 -524
Acquisition of shares -2 -707 -10 -750 -899 -159
Other investing activities 5 25 -24 9 78 45
Cash flow before financing activities 463 -302 823 -129 -155 797
Cash flow statement
50
Balance sheet
MEUR Jun 30 Mar 31 Dec 312007 2007 2006
Non-current assets 15 227 14 958 15 103Current assets 2 224 2 781 1 736
ASSETS 17 451 17 739 16 839
Total equity 8 014 7 594 8 161 of which minority interest 278 271 253Interest-bearing liabilities 5 489 4 999 4 502Non-interest bearing liabilities 3 948 5 146 4 176
EQUITY AND LIABILITIES 17 451 17 739 16 839
Equity per share (EUR) 8.68 8.22 8.91Net debt, (MEUR) 4 610 3 932 4 345
LTM Dec 312006
Net debt/EBITDA 2.4 2.3
51
Wholesale prices for electricity
Source:
2005 2006 2007 2008 20090
10
20
30
40
50
60
70
80
90
100EUR/MWh Spot prices Forward prices
27 August 2007
UK
German
Nordic
52
Sustainability: even stricter CO2 targets
• In heat production, Fortum's aim is to reduce the specific emissions in each district heating area by at least 10% from 2006 until 2020
• Outside the EU, Fortum is committed to reduce specific emissions and increase efficiency
Fort
um 2
005
Fort
um 2
006
Source: PWC and Enerpresse 2006, Fortum
gCO2/kWh
0100200300400500600700800900
1.0001.100
DE
I
Dra
x
RW
E
ED
P
Ener
giE2
Edis
on
Ende
sa
CE
Z
Uni
on F
enos
a
Enel
Scot
tish&
Sout
hern
E.O
N
Esse
nt
Els
am
Vatte
nfal
l
Elec
trabe
l
Hel
sing
inEn
ergi
a
Iber
drol
a
PVO
Verb
und
Briti
sh E
nerg
y
ED
F
Sta
tkra
ft
107 38Fortum's
new target<80 gCO2/kWh
53
Foreign investors 35.4%Finnish State 50.6%
Other Finnish investors 7.5%
Households 4.9% Financial and insurance institutions 1.6%
• Leading power and heat company in Nordic• Founded and listed at the Helsinki Stock Exchange 1998• More than 50,000 shareholders• Among the most traded shares in Helsinki stock exchange• Market cap ~21 billion euros
A leading Nordic power and heat company
27 August 2007
54
Fortum's Nordic power generation
Hydro power 37%
Peat 2%
Coal 10%
Other 2%
Nuclear power 46%
Biomass 3%
Total generation 53.2 TWh(Generation capacity 10,768 MW)
Hydro power 42%
Peat 1%
Coal 3%
Other 2%
Nuclear power 50%
Biomass 2%
Total generation 51.2 TWh(Generation capacity 11,136 MW)
Fortum's Nordic power generation in 2005
Fortum's Nordic power generation in 2006
55
Total production 20.6 TWh(Production capacity 8,252 MW)
Fortum's Nordic heat production in 2005
Oil 10%Peat 7%
Heat pumps, electricity16%
Waste 6%
Biomass fuels24%
Natural gas 9%
Other 11%
Coal 17%
Fortum's Nordic heat production
Total production 21.3 TWh(Production capacity 9,239 MW)
Fortum's Nordic heat production in 2006
Oil 8%
Peat 7%
Heat pumps, electricity15%
Waste 6%
Biomass fuels25%
Natural gas 7%
Other 12%
Coal 20%
56
Territorial generation companies (TGCs)
1
3
2
4
8
6
7
5
10
9
11
1213
14
Source: RAO UES, company websites
Installed capacity of which hydroTGC-1 6,248 MW 2,874 MWTGC-2 2,583 MWTGC-3 10,677 MWTGC-4 3,324 MWTGC-5 2,467 MWTGC-6 3,140 MWTGC-7 6,880 MWTGC-8 3,602 MW 297 MWTGC-9 3,280 MW 35 MWTGC-10 2,773 MWTGC-11 2,026 MWTGC-12 4,549 MWTGC-13 2,458 MWTGC-14 643 MW
54,650 MW
• Companies combined on a territorial basis from regional energos' generation assets
• TGCs may include also heat assets
57
Source: RAO UES, company websites
Thermal and hydro wholesale generation companies
Thermal WGCs:WGC-1 9,531 MWWGC-2 8,695 MWWGC-3 8,497 MWWGC-4 8,630 MWWGC-5 8,672 MWWGC-6 9,052 MW
53,077 MW
Hydro WGC: 22,687 MW
Rosenergoatom Nuclear Power PlantsNon-RAO UES energos:TatenergoBashkirenergoIrkutskenergoNovosibirskenergo
• Each company will include power plants across the Russian Federation
• The size of thermal WGCs about 9,000 MW each, the hydro WGC rough 22,000 MW
58
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