Fortum Stock Jumps 10% After Google Signs 22-Year Nuclear Power Deal
TLDR
- Fortum stock jumped 10% after signing a 22-year power purchase agreement with Google
- The deal covers up to 50% of the capacity at Fortum’s Loviisa nuclear power plant through 2049
- Google will invest at least €13 billion ($15.1 billion) in AI infrastructure in Finland in 2027-2028
- This is Google’s first nuclear energy deal outside the United States
- The deal allows Fortum to extend Loviisa’s life through 2050, keeping it viable beyond 2030
Fortum stock jumped 10% on Tuesday after the Finnish energy company signed a landmark 22-year power purchase agreement with Google, one of the biggest energy deals in European tech history.
The agreement covers up to 50% of the output from Fortum’s Loviisa nuclear power plant, located near Google’s existing Hamina data center in Finland. Google will buy that capacity from 2030 through 2049.
Fortum said the plant, which employs around 580 people and supplies roughly 10% of Finland’s electricity, would not have been able to keep running past 2030 without this deal. The contract provides the economic certainty needed to fund a life-extension and upgrade program that will keep Loviisa operational through 2050.
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