Finland provided emergency financing to the energy concern “Fortum”

Finland provided emergency financing to the energy concern “Fortum”
Finland provided emergency financing to the energy concern “Fortum”

The Finnish energy company “Fortum” (Fortum) concluded a deal for emergency financing with the Finnish state, reported DPA and Reuters, quoted by BTA. It is intended to provide sufficient resources to the company in case electricity prices, and therefore collateral, continue to rise.

“Fortum” claims that at the moment it has enough funds to cover the guarantees, and the deal with Helsinki is aimed at providing additional guarantees.

“The energy crisis in Europe is caused by Russia’s decision to use gas as a weapon, and this directly affects both Fortum and other energy producers in Scandinavia,” said the company’s president and CEO Markus Rauramo.

“The volatility of the market remains serious, and in recent weeks we have seen historically high electricity prices. Last week, however, both spots and futures, and with them the collateral, fell,” adds Rauramo.

The Finnish state owns more than half of Fortum’s shares. The agreement with the state investment company “Solidium” provides for the allocation of 2.35 billion euros to cover compensation.

Helsinki announced on Sunday that it was setting aside 10 billion euros for guarantees for the energy industry after Gazprom completely halted the transmission of Nord Stream 1 gas and deepened Europe’s energy crisis.


The article is in bulgaria

Tags: Finland emergency financing energy concern Fortum

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