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 to be within existing product areas and geographical regions. Currently significant cash balances expected to be used to fund acquisitions or higher dividends. Clear financial policies including a net debt-to-EBITDA target of around 2.5x. Very strong credit metrics in the near term due to currently significant cash balance. The stable outlook chiefly reflects S&P Global Ratings' anticipation that Finnish energy company Fortum Oyj's
