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Fortum, Finland's top utility, said Thursday that its group, which merges with Germany's Uniper, aims to achieve carbon neutrality in Europe by 2035 and carbon neutrality across all operations by 2050
.
State-owned company Fortum Group agreed to retain a stake in Uniper, which holds 75 percent of its stake, and will be listed separately until
at least the end of 2021.
It has been seeking control of the German energy company since 2017 and struck a deal
in March.
The group aims to build 1.
5-2 GW of new onshore wind and solar capacity
by 2025, mainly in Europe.
Uniper already plans to become carbon neutral
in European energy production by 2035.
The target does not include the Russian business, which operates more than 11 gigawatts (GW) of coal- and gas-fired power plants
through its subsidiary Unipro.
"As a transitional step, by the end of 2025 we will reduce coal-fired power generation by less than half, and by 2030, reduce carbon emissions from European power generation by more than 50% compared to 2019," said
Group CEO Markus Rauramo.
Forton said the joint venture has identified revenues worth more than 50 million euros ($62 million) a year by the end of 2023 and 100 million euros by 2025
.
At the same time, the company will also initiate a strategic review, including a possible divestment, of its consumer business, which is responsible for electricity and gas retail operations
in Northern Europe, Poland and Spain.
For its latest dividend policy, the group aims to achieve a dividend of €1.
12 per share by 2020 and increase it over time
.
Fortum, Finland's top utility, said Thursday that its group, which merges with Germany's Uniper, aims to achieve carbon neutrality in Europe by 2035 and carbon neutrality across all operations by 2050
.
State-owned company Fortum Group agreed to retain a stake in Uniper, which holds 75 percent of its stake, and will be listed separately until
at least the end of 2021.
It has been seeking control of the German energy company since 2017 and struck a deal
in March.
The group aims to build 1.
5-2 GW of new onshore wind and solar capacity
by 2025, mainly in Europe.
Uniper already plans to become carbon neutral
in European energy production by 2035.
The target does not include the Russian business, which operates more than 11 gigawatts (GW) of coal- and gas-fired power plants
through its subsidiary Unipro.
"As a transitional step, by the end of 2025 we will reduce coal-fired power generation by less than half, and by 2030, reduce carbon emissions from European power generation by more than 50% compared to 2019," said
Group CEO Markus Rauramo.
Forton said the joint venture has identified revenues worth more than 50 million euros ($62 million) a year by the end of 2023 and 100 million euros by 2025
.
At the same time, the company will also initiate a strategic review, including a possible divestment, of its consumer business, which is responsible for electricity and gas retail operations
in Northern Europe, Poland and Spain.
For its latest dividend policy, the group aims to achieve a dividend of €1.
12 per share by 2020 and increase it over time
.
