If you love cheap electricity, brace yourself—Fortum’s CEO says prices need to go up. Yep, according to Markus Rauramo, electricity is too cheap right now, and that’s bad news for energy companies trying to build new power plants.

Let’s break it down in a way that makes sense.

1. Fortum Is Making Less Money – But Still a LOT

Last year, Fortum’s profits dropped by almost 25% because electricity prices were so low. But don’t feel too bad for them—they still made €1.2 billion. The issue? At these low prices, building new energy production isn’t profitable.

And guess what? Finland’s electricity consumption is expected to DOUBLE in 10 years. So if we want to avoid blackouts, we’ll need way more power—and that won’t happen if prices stay this low.

2. What’s the Future Price of Electricity?

No one knows for sure, but Fortum has already locked in a price of 4.1 cents per kWh for half of its electricity next year. That’s not a prediction—it’s more like an insurance policy.

So, should we all expect our bills to skyrocket? Probably not overnight, but higher demand + not enough new production = price hikes ahead.

3. Nuclear Power – Worth the Investment?

Fortum is currently crunching numbers to see if building a new nuclear plant makes sense. But here’s the catch:

• Nuclear plants are insanely expensive to build.
• The Finnish government might need to guarantee a minimum price for nuclear energy to make it profitable.

Some people love this idea. Others hate it, saying it’s basically a taxpayer-funded bailout. Either way, Fortum’s decision will be huge for Finland’s energy future.

4. That Time Russia Stole Fortum’s Business

Oh yeah, remember when Fortum had business in Russia? Not anymore.

• They tried to sell their Russian subsidiary.
• Putin blocked the sale.
• Russia straight-up took over the company and swapped the leadership.

That left €1.7 billion of Fortum’s assets stuck in Russia. Now, they’re in legal battles trying to get at least some of it back. Will they ever see that money? Rauramo isn’t holding his breath.

What Does This All Mean for You?

• Electricity prices won’t stay this low forever. Get ready for a slow but steady increase.
• More nuclear power is possible, but only if Finland guarantees Fortum a good deal.
• Fortum took a huge hit in Russia but is still one of the biggest energy companies in Europe.

So, next time you turn on your lights, just know—some CEO out there is hoping it costs you more. Enjoy the cheap rates while they last.