Position as the second-largest integrated utility in terms of power generation and market share in the Nordic region Well-diversified and competitive generation Stable monopoly electricity distribution and heating operations Exposure to the competitive Nordic electricity wholesale and supply markets Increasing regulatory risk of monopoly utility operations in Sweden and Finland Significant investment program, with targeted expansion in the Baltic region, Poland, and Russia The ratings on Finland-based integrated utility Fortum Oyj reflect its position as the second-largest Nordic electricity utility, competitive generation assets, and monopoly utility operations. The ratings are constrained by the group's exposure to volatile electricity operations and the increasing regulatory pressure on its monopoly distribution and heating operations. Fortum is implementing a significant capital investment program and
