March 28, 2018 / 10:18 AM / 2 years ago

Fortum drops hope of Russian hydro deal

HELSINKI, March 28 (Reuters) - Finnish utility Fortum is no longer in talks with Russia’s Gazprom over a possible deal involving the restructuring of Russian hydro and thermal power company TGC-1, Fortum’s Chief Executive said on Wednesday.

“That (deal) was preliminarily discussed about a few years ago. That did not materialize so we have nothing concrete going on there at the moment,” CEO Pekka Lundmark told an annual general meeting.

Fortum had hoped to get a controlling stake in a new hydropower company that would be spun off from TGC-1, in exchange of Fortum’s investment in the Fennovoima nuclear project, which is backed by Russia’s Rosatom. (Reporting by Jussi Rosendahl, editing by Anna Ringstrom)

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