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2016-05-20

Statkraft AS: Three Nordic utilities call for action to strengthen the EU carbon market

(May 20, 2016) The three largest Nordic utilities Fortum, Statkraft and
Vattenfall, propose improvements of the EU carbon market to better reflect
the high ambitions of the Paris Agreement. In their joint position signed by
the CEOs of the companies, they call for three immediate actions to be
incorporated in the ongoing revision of the EU ETS (emissions trading system)
Directive for Phase 4.

The Paris Agreement established an international long-term political framework
for the global transition towards low-carbon economies. The EU carbon market
(ETS) was established as the EU's main climate policy instrument. However,
the carbon market does currently not reflect the long term ambition of the
Paris agreement. Moreover, the ETS does not provide sufficient incentives for
low carbon investments in the energy sector.

It is important that the EU climate policy is adjusted to better reflect the
intention of the Paris Agreement. Therefore, the EU carbon market must be
strengthened now as the EU's core instrument. To this end, the three Nordic
utilities propose three immediate actions:

* To raise the ambition of the ETS-scheme by increasing the linear reduction
factor (LRF) of the ETS to at least 2.6% from 2021.
* To reduce the supply of ETS allowances according to the impact of national
overlapping policies.
* Not to sell allowances from the Innovation Fund before 2023 in order to
minimize market distortion.

Fortum, Statkraft and Vattenfall are strongly committed to making EU power
generation CO2-neutral by 2050 at the latest. The earlier the EU ETS is
adjusted to reflect the long term EU climate goals, the lower the overall
societal costs for reaching the long-term climate target will be, and the
more predictability the EU ETS operators and investors will have.

Fortum Corporation, Statkraft AS, Vattenfall AB

Further information:

Fortum: Kari Kankaanpää, Senior Manager Climate Affairs, +358 50
4532330,kari.t.kankaanpaa@fortum.com

Statkraft: Knut Fjerdingstad, Press Spokes Person, +47
90186310,knut.fjerdingstad@statkraft.com

Vattenfall: Robert Pletzin, Media Relations Manager EU and Corporate +46 72
516 86 06,robert.pletzin@vattenfall.com.

Our companies represent around 305 TWh of power and around 57 TWh of heat
production with an aggregated turnover totaling EUR 25 billion per year
(2015).

Fortum

Fortum's vision is to be the forerunner in clean energy. We provide our
customers with electricity, heat and cooling as well as other energy
solutions that improve present and future life. Already 64% of our
electricity generation is CO2 free. Our main markets are the Nordic and the
Baltic countries, Russia, Poland and India. In 2015, we employed some 8,000
energy sector professionals, and our sales were EUR 3.5 billion. Fortum's
share is listed on Nasdaq Helsinki.http://www.fortum.com/

Statkraft AS

Statkraft is a leading company in hydropower internationally and Europe's
largest generator of renewable energy. The Group produces hydropower, wind
power, gas-fired power and district heating and is a global player in energy
market operations. Statkraft has 4200 employees in more than 20
countries.http://www.statkraft.com/

Vattenfall AB

Vattenfall is active in all parts of the energy value chain: from electricity
and heat production to distribution, asset optimisation and trading, energy
services and sales. Vattenfall's approximately 28,600 employees work every
day to provide society with reliable energy in a safe and sustainable way.
Taking the lead in, and profiting from, the transformation to a sustainable
energy system across the value chain in northern Europe is a central part of
Vattenfall's long-term strategy.https://corporate.vattenfall.com/

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Statkraft AS via Globenewswire

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