A diverse and competitive power generation portfolio and one of the lowest exposures to increases in carbon emission prices in Europe. Stable heating operations in the Nordics, Baltics, and Poland. Exposure to competitive and increasingly challenging Nordic power markets and volatile power prices. Exposure to the higher-risk Russian power market and the Russian ruble. Growth investments expected in core product areas and existing geographical regions. Significant reduction in net debt from the proceeds of recent asset disposals. Very strong credit metrics in the near term excluding growth investments and any potential extra dividend. The stable outlook chiefly reflects Standard&Poor's Ratings Services' anticipation that Fortum Oyj's investments in growth would be within existing core product areas and primarily within
