Position as one of the two largest integrated utilities in the Nordic region Well-diversified and competitive generation portfolio Stable electricity distribution and heating operations Exposure to the competitive Nordic electricity wholesale and supply markets and to volatile power prices Exposure to the less mature and higher risk Russian power market Sizeable capital expenditure program The ratings on Finland-based integrated utility Fortum Oyj reflect its position as one of the two largest Nordic electricity utilities, its competitive generation portfolio, and its stable utility operations. These strengths are partly offset by the company's exposure to competitive electricity operations, volatile wholesale power prices, exposure to the less mature and higher risk Russian market, and significant capital expenditure program. Fortum is targeting €1 billion-€1.5
