Fortum and the Norwegian aluminum and renewable energy company Hydro Energi AS have signed a 13-year fixed price Power Purchase Agreement (PPA) for the delivery of 0.44 TWh of electricity per annum in Sweden. The power is sourced from Fortum's electricity portfolio in the SE2 (Sundsvall) price area in central Sweden. The contract period is 2024-2036.

Long-term partnerships play a vital role in ensuring predictability in long-term energy procurement and advancing electrification in the energy transition. The power supply agreement between Fortum and Hydro Energi AS represents the commitment by both companies to work towards a more sustainable and environmentally conscious future.

"Fortum's strategic priorities are to deliver reliable, clean energy and drive decarbonisation in industries in the Nordics. Our power generation portfolio offers an optimal clean energy mix and we work together with our industrial customers to find solutions to lower their carbon footprint. This agreement is therefore an important step in this direction and aligns seamlessly with Hydro's objectives to further strengthen its position in low-carbon aluminum, while pursuing its own energy targets," says Simon-Erik Ollus, Executive Vice President of Corporate Customers and Markets at Fortum.

The PPA and long-term contracts (LTCs) are included in Fortum's disclosure of the reported Nordic outright generation hedges. Fortum reports its hedging ratios and prices of its outright power on a quarterly basis.

Fortum Corporation

Communications

Further information:

Fortum News desk, +358 40 198 2843, newsdesk@fortum.com

Fortum

Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com