Fortum shareholders decide to change company name to Forward Energo

YEKATERINBURG. Aug 23 (Interfax) - Shareholders of PJSC Fortum decided during an extraordinary general meeting on August 22 to change the company's name to PJSC Forward Energo, the power generating company said in a statement.

The EGM also approved the new version of the company's charter.

As the company's press service previously reported, the renaming will not affect the company's activities in any way and "is connected with certain issues of regulation in the area of utilizing intellectual property."

As previously reported, the Russian president issued a decree at the end of April to implement temporary management of Fortum's and Uniper's Russian assets. The decree applies to 83.73% of the shares in PJSC Unipro and to 98.23% of the shares in PJSC Fortum . The Federal Property Management Agency (Rosimuschestvo) was designated the temporary administrator.

At the request of Rosimuschestvo, the respective companies' boards of directors then changed CEOs. Vyacheslav Kozhevnikov from Bashneft was appointed Fortum's CEO.

Fortum's structure includes seven thermal power plants located in the Urals and Western Siberia. Including joint ventures, the energy company is also the largest player in Russia's renewable energy market, with a total project volume of around 3.4 GW.