Google Signs Long-Term Power Deal with Fortum, Boosts Nuclear Plant Operations

Fortum's shares rose by 10% after the Finnish energy company signed a long-term power purchase agreement with Google. The deal covers up to 50% of the capacity at Fortum’s Loviisa nuclear power plant, securing decades of revenue certainty for the facility.

The power agreement is expected to support a life-extension and upgrade program that will keep the plant running through 2050. Without this extension program, the plant could not continue operating past 2030.

Fortum said the deal is expected to lift its group comparable return on net assets by approximately 1.4 percentage points over time once half of the plant's output is contracted.