Fortum Värme changes name to Stockholm Exergi
Fortum Värme AB, an energy utility that operates in Stockholm, Sweden and jointly owned by the City of Stockholm and Finland-headed energy major Fortum Oyj, has announced it is changing the name to Stockholm Exergi.
According to a statement, the new name should better reflect what the company contributes to Stockholm.
Now we are called what we have always been. We are giving the Stockholmers heat and cooling when they need it, and we work with exergy, a term that means the value you can create with energy. For example, when we make both electricity and heat at the same time from forest fuel to utilize the energy in the best way, or when we recycle the energy from Stockholm’s sewage treatment to heat the city instead of the Baltic Sea. That’s what exergy is about – the right energy, at the right time, for the right needs, said Anders Egelrud, CEO of Stockholm Exergi.
Fortum Värme has been co-owned by Fortum and the City of Stockholm since 2002. Stockholm Exergi will continue to be developed in close co-operation between the two owners, utilizing synergies where feasible. The owners agree that Stockholm Exergi is better placed by acting under its own name and brand.
Fortum continues to be a long-term owner of Stockholm Exergi. This ownership, as well as good co-operation with the City of Stockholm, delivers on Fortum’s strategic cornerstone to creating solutions for sustainable cities. Stockholm Exergi’s goal to use 100 percent renewable fuels by 2022 has a big impact on Stockholm’s climate strategy.
Fortum Värme was consolidated in Fortum’s figures until 2016. The company has been responsible for its own financing since 2014. As an owner, Fortum expects to receive stable and over time increasing dividends in accordance with Stockholm Exergi’s new market-based dividend policy.
Stockholm aims to be a fossil-fuel-free city by 2040. The goal requires that we together create innovative solutions for the future’s sustainable energy system by, amongst other things, taking advantage of surplus energy from the various activities of the city. This will be crucial for our climate adjustment, said Katarina Luhr (MP), Environmental Council of Stockholm.