Fortum - Company Announcement

Fortum invests EUR 170 million in automatic meter management in Finland

Fortum Corporation                                                              
Stock exchange release                                                          
28 August 2008 at 14.50 EET                                                     

Fortum invests EUR 170 million in automatic meter management in Finland         

Fortum invests in a smart metering system based on two-way communication in     
Finland as part of the company's efforts to further improve services to         
customers. Altogether 550 000 households and small business customers in        
Fortum's network areas will be connected to the system by the end of 2013.      
Installments of new meters will begin in 2010. The total value of the           
investment, including the procurement of the smart meters, installing, operating
and developing the system as well as related services is approximately EUR 170  
million over a period of nine years.                                            

As part of the investment, Fortum has chosen Telvent for delivering, installing 
and operating the system. The service agreement includes Echelon's metering     
equipment, Telvent's system as well as maintenance and collection of meter      
readings. Eltel Networks will be responsible for the meter installations. Fortum
and Telvent's contract also includes several options for future development and 
upgrading.                                                                      "With the new smart meters invoicing will be based on real electricity          
consumption," says Timo Karttinen, Fortum's Senior Vice President for Corporate 
Development. "Better knowledge in turn improves energy efficiency and makes it  
easier to operate and manage network capacity when actual customer electricity  
consumption is known. In addition, the smart meters will be used for faster     
power failure resolution and as a platform for future services within           
electricity solutions."

Finnish legislation requires hourly meter reading by the end of 2013. The smart 
metering system provided to Fortum's customers includes a variety of features   
meeting and exceeding legal requirements such as automated consumption reporting
via internet, possibility to access real-time meter readings and connection to  
future smart home systems via a local wireless interface in the meter.          "It is most satisfying that Fortum has chosen our technology and information    
services for a project of this importance and magnitude. This is a major step in
the evolution of a 21st-century intelligent power grid for Fortum," emphasized  
Manuel Sánchez Ortega, chairman of Telvent.                                     

Fortum Corporation                                                              
Maria Romantschuk                                                               
SVP, Corporate Communications                                                   

Additional information:                                                         
Timo Karttinen, SVP Corporate Development, Fortum Corporation, tel. +358 50 453
6555 
Heikki Linnanen, Project Manager, Fortum Distribution, tel +358 40 538 8467

Telvent (NASDAQ: TLVT) is a global IT solutions and business information service
provider. Further information: www.telvent.com                                  

Distribution:                                                                   
NASDAQ OMX Helsinki                                                             
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