Fortum Signs 22-Year Nuclear PPA with Google, Shares Hit 4.5-Year High
FOJCY sits 74% above its 52-week low of $3.28.
Summary
Fortum surged 15.8% to a four-and-a-half-year high after signing a 22-year power purchase agreement with Google for 50% of the Loviisa nuclear plant's capacity from 2030 through 2049. The deal provides revenue certainty for a ~€1B investment program to extend Loviisa's lifetime to 2050 and enables a 10 MW capacity increase on top of a planned 38 MW uprate. Google separately announced at least €13B in AI infrastructure spending in Finland over two years, underscoring demand for clean baseload power. This is a transformative contract for Fortum's nuclear segment, locking in a major hyperscaler customer for two decades. Watch for further hyperscaler PPAs in the Nordic region as data center demand accelerates.
At the time of this announcement, FOJCY was trading at $5.72 on OTC in the Energy & Transportation sector, with a market capitalization of approximately $22.3B. The 52-week trading range was $3.28 to $5.79. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Seeking Alpha.