FORTUM CORPORATION INVESTOR NEWS 29.10.2024 AT 8:55 EET

Fortum's coal exit progresses with the decarbonisation of the Czestochowa combined heat and power (CHP) plant in Poland. Fortum is committed to exit coal in all its operations by the end of 2027. In 2023, 98% of Fortum's total power generation was already CO2-free. In heat production, 28% was based on coal. The Czestochowa plant's retrofit with biomass technology will decrease Fortum's coal capacity by 0.1 GW to 0.9 GW and direct CO\2\ emissions by approximately 175,000 tonnes. Of the remaining 0.9 GW coal capacity, 0.6 GW is only for use in the event of severe disruptions or emergencies in the Finnish electricity system.

Fortum has decided to invest approximately EUR 100 million in the Czestochowa plant's retrofit. The investment will take place over a period from the fourth quarter of 2024 until the fourth quarter of 2026.

Fortum is committed to exiting coal-based energy production and is replacing fossil fuels in heat production with smart and flexible solutions. Previously, Fortum has announced a total investment of EUR 300 million in the Espoo Clean Heat programme. The programme aims to provide carbon-neutral district heat production and distribution in the Espoo, Kauniainen and Kirkkonummi areas by 2030. The use of coal was discontinued within the Espoo Clean Heat programme in April 2024, over a year ahead of schedule.

Fortum Corporation

Ingela Ulfves
Vice President, Investor relations and Financial Communications

Further information:

Investors and analysts:
Ingela Ulfves, Vice President, Investor Relations and Financial Communications, tel. +358 40 515 1531
Rauno Tiihonen, Director, Investor Relations, tel. +358 10 453 6150

Media:
Fortum News Desk, tel. +358 40 198 2843