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BBCNEWS Talking Business June 4, 2024 16:49:00

For bills and businesses with winter coming down the pipeline. well, one company right at the heart of the issue is fortum. it s one of the biggest power suppliers across the nordics, and it operates on the doorstep of both russia and western europe and, as so happens, its energy is green. markus rauramo, a real pleasure having you on the show. and markus, let s start with this, because before the war, you had operations in russia that were valued at around $2 billion then russia invaded ukraine. markus, what happened to your operations in russia after that invasion? immediately when russia started its attack, war in ukraine, we took the decision that we will not finance our russian operations any more, we will not take any new investment decisions. quite soon after that, we came to the conclusion that we have no other alternative than to exit russia. so we started a divestment process which is still going on. a couple of months back, actually, russia took over administrative con ....

Power Suppliers , Markus Rauramo , Western Europe , 2 Billion , Investment Decisions , Divestment Process ,

BBCNEWS Talking Business June 4, 2024 16:52:00

That the regulation and the market structures are in a place that will actually enable this transition to happen. of course, the criticism of renewable energy is that it s expensive and difficult to store, unlike gas or coal. and those critics, markus, they have a point, i m just wondering, how do you fix that? in many places, actually, renewables if you look atjust the cost of megawatt hour produced, actually it s very competitive. that s the case in the nordics, for wind especially. it is the case in sunny areas for solar. so you get low cost megawatt hours. but the problem is the intermittency, and the profile. so how do you deal with that issue? you need the flexibility, you need a system that will bring in also baseload into the system. then, if we go further into, for example, offshore wind, yes, it is more expensive, but it is not prohibitively expensive. but again, the question is that we can tjust have the intermittent energy. we need the baseload and the flexibility also. ....

Renewable Energy , Market Structures , Gas Supply Point Of View , Markus Rauramo , Offshore Wind ,

BBCNEWS Talking Business June 4, 2024 10:49:00

Ok, so, so far in the programme, we ve been looking at how europe has dealt with the energy shock following russia s invasion of ukraine, and what that means for bills and businesses with winter coming down the pipeline. well, one company right at the heart of the issue is fortum. it s one of the biggest power suppliers across the nordics, and it operates on the doorstep of both russia and western europe and, as so happens, its energy is green. markus rauramo, a real pleasure having you on the show. and markus, let s start with this, because before the war, you had operations in russia that were valued at around $2 billion then russia invaded ukraine. markus, what happened to your operations in russia after that invasion? immediately when russia started its attack, war in ukraine, we took the decision that we will not finance our russian operations any more, we will not take any new investment decisions. quite soon after that, we came to the conclusion that we have no other alterna ....

Energy Shock , Markus Rauramo , Power Suppliers , Western Europe , 2 Billion , Investment Decisions ,

BBCNEWS Talking Business June 4, 2024 10:52:00

The renewables growth is actually happening at quite a fast pace. yes, globally, further decisiveness is needed by the society, so we continuously, year after year, we need to push hard and make sure that the regulation and the market structures are in a place that will actually enable this transition to happen. of course, the criticism of renewable energy is that it s expensive and difficult to store, unlike gas or coal. and those critics, markus, they have a point, i m just wondering, how do you fix that? in many places, actually, renewables if you look atjust the cost of megawatt hour produced, actually it s very competitive. that s the case in the nordics, for wind especially. it is the case in sunny areas for solar. so, you get low cost megawatt hours. but the problem is the intermittency, and the profile. so, how do you deal with that issue? you need the flexibility, you need a system that will bring in also baseload into the system. ....

Renewables Growth , Fast Pace , Market Structures , Gas Supply Point Of View , Markus Rauramo , Renewable Energy ,

BBCNEWS Talking Business June 4, 2024 10:51:00

Than that over time. but the net that we have invested was $2 billion. so typically, these international investment protection treaty cases, they take a long time. so, they may take many years in various courts. but we do expect that, at some point in time, we actually do get compensated but that can be far out in the future. in the last year, markus, we ve seen hundreds and hundreds of billions of dollars promised to the industry by governments in europe and north america for the energy transition. i m wondering how that s going. there are certainly areas where subsidies may be needed for this transition to happen. in our core areas, in the nordics, the market is already well supplied with reliable and very cost competitive hydropower and nuclear power. so, the basis for the transition is good. but markus, is it going fast enough? ....

International Investment Protection Treaty , 2 Billion , Gas Supply Point Of View , North America , Markus Rauramo , Energy Transition , Core Areas ,