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Fortum Expects To Reduce Recurring Fixed Cost Base By More Than EUR 50 Mln By End Of 2024



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Aug 15 (Reuters) -Fortum Oyj FORTUM.HE:

  • DURING Q2 OF 2024, NORDIC SPOT PRICES WERE UNDER PRESSURE ESPECIALLY IN MAY

  • SPOT POWER PRICE VOLATILITY CONTINUED IN FINLAND AMID TRANSMISSION CONSTRAINTS AND PROLONGED NUCLEAR OUTAGES DUE TO TECHNICAL ISSUES AT OLKILUOTO PLANT

  • IMPROVED HYDROLOGICAL BALANCE RESULTED IN DECLINING NORDIC FUTURES TOWARDS END OF QUARTER

  • LOWER NORDIC SPOT PRICE IS REFLECTED IN OUR SECOND-QUARTER RESULT AND SPECIFICALLY IN GENERATION SEGMENT'S DECLINED RESULT

  • CONTINUED OUR EFFICIENCY IMPROVEMENT PROGRAMME

  • EXPECTS TO REDUCE ITS RECURRING FIXED COST BASE BY MORE THAN EUR 50 MILLION BY END OF 2024

  • GENERATION SEGMENT'S NORDIC OUTRIGHT GENERATION HEDGES: APPROXIMATELY 75% AT 43 EUR/MWH FOR REMAINDER OF 2024, AND APPROXIMATELY 60% AT 42 EUR/MWH FOR 2025

Source text for Eikon: ID:nWkr6fD4Q6

Further company coverage: FORTUM.HE


(Gdansk Newsroom)

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