Fortum Stock Skyrockets on Alphabet Power Deal

Fortum's stock price surged by 15.82 percent on September 9, 2026, closing at EUR 24.74 on Nasdaq Helsinki following a significant power purchase agreement with Alphabet.

The 22-year contract covers 500 megawatts from Fortum's Loviisa nuclear plant and has an estimated price range of EUR 80 to EUR 90 per megawatt-hour.

This deal is seen as a long-duration revenue anchor, reducing exposure to short-term power prices. Analysts are optimistic about the impact on earnings, with several brokerages upgrading their target prices for Fortum stock.

JPMorgan moved its rating from Sell to Neutral with a price target of EUR 24.30, while Goldman Sachs shifted from Underweight to Neutral with a target of EUR 25.50. Deutsche Bank raised its target to EUR 24 and Morgan Stanley lifted its target to EUR 25.