Finnish utility Fortum has approved the co-ownership agreement to consolidate the region of Turku’s energy production to the co-owned production company Turun Seudun Maakaasu ja Energiantuotanto (TSME) in Finland.

The arrangement requires a favourable decision from all the shareholders, after which, the arrangement would be realised at the beginning of 2012.

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As per the agreement, Fortum’s Naantali power plant, Turku Energia’s Oriketo bioheat plant, the Oriketo waste-to-energy plant, and the Kakola heat pump plant will be transferred to TSME’s possession.

TSME will also have the option to purchase Fortum’s Naantali power plant at a later date and sell the district heat it produces to Turku Energia, the steam to Fortum and the electricity to its shareholders.

Fortum will hold a 49.5% stake in TSME, Turku Energia with a 39.5% interest and the municipalities of Naantali, Raisio and Kaarina holding 5%, 3% and 3% respectively.

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