Fortum Oyj and Google Sign a 22‑Year Nuclear Power Purchase Agreement

Fortum Oyj, a leading electric utilities company listed on NASDAQ OMX Helsinki, announced that it has entered into a long‑term power purchase agreement (PPA) with Alphabet Inc. (Google). The contract, which will run for 22 years, covers up to 50 % of the output capacity of the Loviisa nuclear power plant in Finland.

Key Terms of the Agreement

  • Duration – 22 years, providing revenue certainty for both parties.
  • Scope – The PPA secures electricity generated by the Loviisa nuclear facility for Google’s data‑center operations in Finland.
  • Financial Impact – The deal is expected to strengthen Fortum’s earnings profile and support the company’s transition to more sustainable energy sources.

Market Reaction

The announcement triggered a sharp rise in Fortum’s share price.

  • On the day of the news, the Helsinki Stock Exchange opened in the green, and Fortum’s shares climbed more than nine percent, reaching a closing price of €21.36 on 7 September 2026.
  • The 52‑week high for the stock was €22.92 (4 April 2026), while the 52‑week low was €15.02 (18 September 2025).
  • The market capitalisation stood at €18.99 billion, and the price‑earnings ratio was 22.96.

Strategic Context

Fortum’s involvement in nuclear power aligns with its broader strategy to provide reliable, low‑carbon electricity across Northern Europe. The partnership with Google represents a significant investment in Finland’s digital infrastructure, with Google announcing a €13 billion build‑out for artificial‑intelligence data centers in the country.

Analyst Commentary

Only a single analyst has expressed a bullish stance on Fortum, noting that the company has successfully exited the Uniper crisis, divested from Russia, and re‑established itself as a stable Nordic electricity supplier. The analyst highlighted the positive implications of the nuclear PPA for Fortum’s long‑term earnings and its alignment with sustainable growth objectives.

Conclusion

The Fortum‑Google nuclear PPA is a milestone for both firms, reinforcing Fortum’s position in the European utilities market and supporting Google’s AI infrastructure ambitions in Finland. The transaction has already translated into a measurable upside for Fortum’s share price and is likely to influence investor sentiment in the coming months.