JPMorgan and Goldman Sachs Upgrade Fortum on Google Deal

JPMorgan and Goldman Sachs upgraded Fortum Oyj following a 22-year nuclear power purchase agreement with Google. Analysts point to premium pricing that indicates tighter Nordic power supply and demand.

JPMorgan raised its rating on the Finnish energy company to Neutral from Underweight, lifting its price target to EUR24.30 from EUR17.80. Goldman Sachs similarly shifted its stance, upgrading Fortum to Neutral from Sell and increasing its 12-month price target to EUR25.50 from EUR16.50.

Pricing Dynamics of the Loviisa Nuclear Agreement

The upgrades followed a long-term contract supplying zero-emission energy to a Google data center from Fortum's Loviisa nuclear plant. The agreement spans 22 years and covers 50% of the facility's 500-megawatt capacity through 2050, according to data cited by Investing.com.

Financial institutions evaluating the contract highlighted a premium over existing market benchmarks. JPMorgan estimates the power purchase agreement was secured at approximately EUR80 to EUR90 per megawatt-hour, contrasting with Nordic power forwards trading in the 50s. Goldman Sachs calculated a comparable premium, estimating the contract price sits EUR32 per megawatt-hour above the prevailing forward curve.

What Tighter Nordic Supply Means for Markets

For industrial and tech operators across Scandinavia, the terms of the Loviisa deal underscore intensifying competition for baseload clean energy. Technology companies scaling artificial intelligence and cloud infrastructure face pressure to secure direct, long-term power sources, driving utilities to command pricing well above historical baselines.

In broader financial markets, shares of JPMorgan Chase & Co traded at $356.23, up 0.76% from a previous close of $353.56, according to Finnhub market data as of September 11, 2026.