Fortum suffers hard blow from Uniper's gas contracts

In Q2 of the year, the Finnish utility netted strong proceeds from the divestment of Norwegian district heating activities, but the subsidiary’s Russian gas contracts heavily dented operating profits.

Photo: Fortum

The second quarter of 2022 was riddled with ups and downs for Finnish utility Fortum. On one hand, the company netted EUR 1bn for the divestment of district heating company Fortum Oslo Varme. On the other hand, a swath of Russian activities are facing an uncertain future.

Fortum booked revenue of EUR 38.2bn, doubling that of Q2 2021, which came to EUR 17bn. This is especially due to high energy prices – which has led to challenges on other items.

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