Fortum and Neste sign electricity supply agreement for 2026–2030
Fortum will provide Neste’s Finnish operations with approximately 2.6 terawatt hours of electricity under a new four-year deal.
Energy company Fortum and refiner Neste have extended their partnership through a new bilateral agreement for the 2026–2030 period. Under the terms of the deal, Fortum will supply Neste’s Finnish operations with approximately 2.6 terawatt hours (TWh) of electricity sourced from its Nordic production portfolio.
Securing a stable energy supply is essential for Neste, particularly regarding its refinery in Porvoo. Jori Sahlsten, Executive Vice President of Oil Products at Neste, stated that the multi-year contract provides necessary predictability for refinery operations, ensuring uninterrupted production.
For Fortum, the deal serves as a component of its broader strategy to facilitate industrial electrification. The company aims for the hedged share of its rolling 10-year generation volume to exceed 25% by the end of 2028. Urs Pennanen, Senior Vice President of Corporate Customers at Fortum, noted that long-term partnerships are critical for industrial energy procurement.
The agreement highlights the ongoing efforts of major Nordic companies to stabilize energy costs and supply chains amid the transition toward broader industrial electrification.