Fortum Oyj is engaged in the generation and distribution of electricity and heat, as well as operation and maintenance of power plants. It operates through the following segments: Power, Heat, Distribution, Electricity Sales, Russia, and Other. The Power segment consists of power generation (exclusive Russia), physical operation and trading as well as expert services for power producers in the Nordic market and selected international markets. The Heat segment comprises of heat generation and sales in the Nordic countries and other parts of the Baltic Rim; the segment also generates power in the combined heat and power plants (CHP) and sells it to end-customers mainly by long-term contracts, as well as to Nord Pool Spot. The Distribution segment operates distribution and regional network and distributes electricity to customers in Sweden, Finland, Norway and Estonia. The Electricity Sales segment focuses on the retail sale of electricity to private and business customers as well as to other electricity retailers in Sweden, Finland, and Norway. The Russia segment includes power and heat generation and sales in Russia, is also includes mainly the Russian subsidiary OAO Fortum and the shareholding in ht associated company TGC-1. The Other segment involves mainly the shareholding in the associated company Hafslund ASA and corporate center including the Fortum Group shared service centers. The company was founded on February 7, 1998 and is headquartered in Espoo, Finland.