The TGK-1 utility operates in the northwestern region and was formed from three power companies, St Petersburg-based Lenenergo , Kolenergo and Karelenergo. Fortum, which already had around a 35% stake in Lenenergo, has valued the firm at $1.023 billion.

Fortum, recently also bought a 24.83% holding in Kolenergo from Norilsk Nickel, bringing its holding close to 30% in TGK-1, more than the requirement for blocking stake.