Neste, Fortum to continue energy partnership with new bilateral agreement

Photo: Fortum

Neste Corp., with production of renewable diesel and sustainable aviation fuel (SAF) on three continents as well as production of high-quality oil products in Finland, and Fortum, one of the energy producers with the lowest specific CO2 emissions in Europe, are continuing their energy partnership with a new bilateral agreement for 2026-’30, Fortum announced Feb. 11.

Under the agreement, Fortum will supply Neste’s Finnish operations with a total of approximately 2.6 terawatt hours (TWh) of electricity from Fortum’s Nordic production portfolio.

“Neste’s refinery in Porvoo uses a significant amount of electricity, and securing the supply is critical for ensuring uninterrupted operation,” said Jori Sahlsten, Neste’s executive vice president of oil products at Neste. “This new agreement provides us with greater predictability while securing a stable electricity supply for the refinery.”

The partnership is a concrete example of how long-term agreements can ensure energy availability in the future.

“At Fortum, customers are at the core of our strategy,” said Urs Pennanen, Fortum’s senior vice president of corporate customers. “By entering into long-term partnerships with us, our customers can ensure efficient and reliable energy procurement. I am extremely pleased that Neste chose Fortum as their trusted partner.”

Fortum said it aims to advance the electrification of industry and society as part of the energy transition.

The company’s target is that the hedged share of rolling 10-year outright generation volume is more than 25 percent by the end of 2028.

The agreement with Neste is one of the milestones in reaching this target, according to Fortum.