Fortum stock jumps on 22-year Google nuclear power deal

Published on 09/09/2026 at 14:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Fortum stock surged on September 9, 2026 after signing a 22-year nuclear power purchase agreement with Google that covers up to 50% of the Loviisa plant’s capacity. The deal is expected to lift Fortum’s comparable return on net assets by about 1.4 percentage points over time.

Photorealistic nordic hydropower dam at frozen lake under polar twilight sky with snow-covered conifers — Fortum FI0009007132 nordisches Wasserkraftwerk an verschneitem See bei polarer Dämmerung mit Spiegelung, Illustration mit AI erstellt.

Fortum Oyj stock (ISIN FI0009007132) climbed sharply on September 9, 2026 after the Finnish energy group announced a 22-year nuclear Power Purchase Agreement with Google that will cover up to 50% of the Loviisa nuclear power plant’s capacity from the 2030s through 2050.

Google nuclear PPA drives Fortum rally

According to Fortum in an inside information release dated September 9, 2026, the long-term Power Purchase Agreement (PPA) runs for 22 years and contracts up to half of Loviisa’s output, providing economic certainty for a lifetime extension and power upgrade that allows the plant to operate until 2050 instead of shutting earlier.

Fortum stated that once 50% of the plant’s generation capacity is contracted under the agreement, the deal is expected to increase the Group’s comparable return on net assets (RONA) by approximately 1.4 percentage points over time, underlining the financial importance of the contract for shareholders.

As MarketScreener reported on September 9, 2026, Fortum highlighted that the PPA supports both the power upgrade at Loviisa and the broader partnership with Google on new nuclear, renewables, flexibility solutions and energy portfolio management services in Finland.

Share price reaction and 52-week context

Investing.com noted that Fortum stock surged 9.2 percent on the Helsinki exchange to reach EUR 23.32 on September 9, 2026, with an intraday high of EUR 23.59 marking a new 52-week peak for the shares at the time of the announcement.Investing.com

Per the same overview, the move to EUR 23.59 as a day high on September 9, 2026 represented a fresh 52-week high, illustrating how the Google agreement pushed Fortum shares to their strongest level in about a year relative to previous trading ranges.Investing.com

In comparison, a Marketscreener price snapshot tied to the Google announcement showed Fortum at about EUR 24.24 in recent trading with a 5-day change of 13.46 percent and a year-to-date gain of 32.95 percent, underscoring that the stock has already delivered a strong performance in 2026 even before the latest news.MarketScreener

Fundamental impact and demand backdrop

The Google PPA is tied to a broader investment plan that strengthens Fortum’s long-term demand outlook. As The Straits Times reported on September 9, 2026, Google plans to invest at least EUR 13 billion in artificial intelligence infrastructure in Finland over 2027 and 2028 and has signed its first nuclear power contract outside the United States, which includes the 22-year agreement with Fortum covering up to 50 percent of one of Finland’s two nuclear plants.

Investing.com pointed out that this EUR 13 billion investment is expected to contribute an annual average of EUR 3.6 billion to Finland’s economy during the 2027–2028 construction phase, a macro boost that complements Fortum’s position as a key supplier of low-carbon power to data centers and industrial users.Investing.com

In its own release, Fortum emphasized that the PPA is expected to raise comparable RONA by around 1.4 percentage points over time once the full 50 percent of Loviisa’s capacity is contracted, effectively translating the long-term demand commitment into a quantifiable uplift in returns on the capital tied up in the nuclear asset.Fortum

Strategic acquisitions and risk considerations

Alongside the nuclear PPA, Fortum has been active on the acquisition front. Investing.com noted that the company recently secured full regulatory clearance for its voluntary cash tender offer to acquire Norwegian electricity retailer Elmera Group ASA at NOK 47 per share, removing the last major execution risk and aiming to deepen Fortum’s Nordic retail footprint with more stable consumer cash flows next to its generation business.Investing.com

While the Google PPA provides long-term visibility on nuclear revenues and bolsters returns, there are still risks for investors to monitor, including regulatory developments around nuclear power in Europe, construction and upgrade execution at Loviisa, and potential volatility in wholesale power prices that might affect uncontracted volumes.

In addition, the pace and scale of data center growth and AI-related electricity demand will influence how much of the broader EUR 13 billion Google infrastructure plan ultimately translates into incremental power sales for Fortum beyond the contracted nuclear volumes, making demand-side assumptions an important factor in assessing the stock’s upside.

Fortum stock and latest trading snapshot

On the Helsinki Stock Exchange, Fortum stock most recently traded around the low-20s in euro terms, with intraday levels on September 9, 2026 reaching up to EUR 23.59 and marking a fresh 52-week high following the Google announcement, implying a near double-digit percentage gain compared with the prior close on the same venue.