Fortum: Risks related to Russian gas on the rise
Last night, Fortum's subsidiary Uniper issued a drastic profit warning on the Q1 result and reported impairment charges related to Russia. At the same time, Uniper's risks concerning Russian gas have increased significantly. The situation is unclear in many respects at present, but with the increased risks we do not consider Fortum’s risk/return ratio reasonable. We will update our view when the situation becomes clearer or at the latest after Fortum’s result.
