Russia approves three Fortum power plant units as Joint Implementation projects
In addition, two enlargement projects (Pervomayskaya CHP-14 and Yuzhnaya CHP-22) of TGC-1 in St. Petersburg, Russia, were approved as Joint Implementation projects. Fortum has a 25% shareholding in OAO TGC-1.
The Joint Implementation projects, as defined in the Kyoto Protocol, will reduce carbon dioxide (CO2) emissions in Russia, and Fortum will be able to use the related emission reduction units in the EU's emissions trading scheme or sell them on the market. The conditions of transferring emission reduction units from Russia are still pending.
“By constructing modern, environmentally benign and energy-efficient energy production capacity in Russia, Fortum is contributing to the global reduction of greenhouse gas emissions. The Kyoto mechanisms, together with emissions trading, are an important tool in our efforts to combat climate change. We are delighted that the Russian government is recognising the endeavour by approving again Fortum's new capacities in the country as Joint Implementation projects under the Kyoto Protocol,” says Fortum's President and CEO Tapio Kuula.
Earlier, in December 2010, the 190-MWe unit built by Fortum at Tyumen CHP-1 and the reconstruction of OAO TGC-1’s Nevsky hydropower plant had been approved as Joint Implementation projects.
Fortum's EUR 2.3 billion extensive investment programme in Russia aims at a capacity increase of approximately 2,400 MW by the end of 2014. Fortum has already commissioned three power plant units: Tyumen CHP-1, Chelyabinsk CHP-3 and Tobolsk CHP. Fortum will launch five new combined-cycle gas turbine units at its power plants located in the Urals and Western Siberia regions according to the ongoing investment programme.
Fortum Corporation
Corporate Communications
Additional information:
Kari T. Kankaanpää,
Sustainability Manager, Climate and Environmental Affairs, tel. +358504532330
Yana Sufiyarova, Analyst, Russia Division, tel. +79104013172
Fortum
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