Fortum Corporation
January−March 2024 Interim Report
Contents
Solid performance and good results despite lower power prices in the Nordics | 3 |
4 | |
5 | |
6 | |
7 | |
9 | |
Capital expenditures, divestments and investments in shares | 12 |
Operating and regulatory environment | 14 |
Key drivers and risks | 16 |
Outlook | 18 |
Sustainability | 20 |
Legal actions | 20 |
Shares and share capital | 23 |
Group personnel | 24 |
Remuneration and share-based incentive plan for 2024-2026 | 24 |
Annual General Meeting 2024 | 24 |
Events after the balance sheet date | 26 |
Dividend payment | 26 |
Further information | 26 |
Tables to the Interim Report | |
Condensed consolidated income statement | 28 |
Condensed consolidated statement of comprehensive income | 29 |
Condensed consolidated balance sheet | 30 |
Condensed consolidated statement of changes in total equity | 31 |
Condensed consolidated cash flow statement | 33 |
Change in financial net debt | 35 |
Capital risk management | 35 |
Key figures | 37 |
Notes to the condensed consolidated interim financial statements | 38 |
Definitions and reconciliations of key figures | 58 |
Market conditions and achieved power prices | 63 |
Fortum's production and sales volumes | 64 |
Financial results discussed in this Interim Report comprise the continuing operations of the Fortum Group.
Figures in brackets refer to the comparison period, i.e. the same period last year, unless otherwise stated.
Fortum Corporation
January−March 2024 Interim Report
Solid performance and good results despite lower power prices in the Nordics
January-March 2024
- Comparable EBITDA was EUR 622 (781) million.
- Comparable operating profit was EUR 530 (698) million.
- Operating profit was EUR 571 (769) million. Items affecting comparability included fair value changes in non- hedge-accounted derivatives of EUR 39 (62) million.
- Comparable earnings per share were EUR 0.48 (0.54).
- Earnings per share were EUR 0.53 (0.60).
- Cash flow from operating activities totalled EUR 538 (474) million.
Summary of outlook
- The Generation segment's Nordic outright generation hedges: approximately 70% at EUR 43 per MWh for the remainder of 2024, and approximately 50% at EUR 42 per MWh for 2025. As of the first quarter of 2024, the hedge ratios and prices also include the Group's wind generation volumes.
- The current annual outright portfolio amounts to approximately 47 TWh, an increase of approximately 2 TWh due to the Olkiluoto nuclear power plant's third unit and the Pjelax wind farm.
- Capital expenditure is expected to be approximately EUR 550 million in 2024 of which the maintenance capital expenditure is EUR 300 million.
Key figures, continuing operations
I/2023 | ||||
EUR million or as indicated | I/2024 | restated | 2023 | LTM |
Reported | ||||
Sales | 2,015 | 2,265 | 6,711 | 6,461 |
Operating profit | 571 | 769 | 1,662 | 1,465 |
Share of profit/loss of associates and joint ventures | 21 | 22 | 59 | 58 |
Net profit | 473 | 542 | 1,515 | 1,446 |
Net profit (after non-controlling interests) | 471 | 540 | 1,514 | 1,445 |
Earnings per share, EUR | 0.53 | 0.60 | 1.68 | 1.61 |
Net cash from operating activities | 538 | 474 | 1,710 | 1,774 |
I/2023 | ||||
EUR million or as indicated | I/2024 | restated | 2023 | LTM |
Comparable | ||||
EBITDA | 622 | 781 | 1,903 | 1,744 |
Operating profit | 530 | 698 | 1,544 | 1,376 |
Share of profit/loss of associates and joint ventures | 12 | 10 | 7 | 9 |
Net profit (after non-controlling interests) | 430 | 483 | 1,150 | 1,097 |
Earnings per share, EUR | 0.48 | 0.54 | 1.28 | 1.22 |
EUR million or as indicated | LTM | 2023 |
Financial position | ||
Financial net debt (at period-end) | 528 | 942 |
Financial net debt/comparable EBITDA | 0.3 | 0.5 |
3
Fortum Corporation
January−March 2024 Interim Report
Key figures, total of continuing and discontinued operations
Fortum's condensed consolidated income statement and consolidated cash flow statement include the Russia segment as discontinued operations in 2023.
EUR million or as indicated | I/2024 | I/2023 | 2023 | LTM |
Reported | ||||
Net profit (after non-controlling interests) | 471 | 565 | -2,069 | -2,163 |
Earnings per share, EUR | 0.53 | 0.63 | -2.31 | -2.41 |
Net cash from operating activities | 538 | 583 | 1,819 | 1,774 |
Comparable | ||||
Net profit (after non-controlling interests) | 430 | 517 | 1,184 | 1,097 |
Earnings per share, EUR | 0.48 | 0.58 | 1.32 | 1.22 |
Fortum's President and CEO Markus Rauramo:
"During the first quarter of 2024, the mild winter in Continental Europe together with healthy LNG supply and steadily increasing renewable power generation further contributed to the downward trend in the European gas and power prices. In the Nordics, January was cold and lead to higher spot prices especially in Finland and the Baltics, but February and March were somewhat milder than usual. Driven by decreased Continental European power futures and above normal precipitation levels, Nordic power futures declined during the quarter.
The lower Nordic spot power price is reflected in our first-quarter results. The achieved power price was at a good level but significantly lower than a year ago. The first-quarter achieved price was supported by a strong, double-digit, optimisation premium above the annual guidance of 6-8 EUR/MWh. The lower achieved price is reflected in the Generation segment's result which, however, was supported by higher hydro volumes and commissioning volumes from the Pjelax wind farm. After a difficult year in 2023, the Consumer Solutions segment had a strong first quarter with normalised results, mainly driven by higher electricity sales margins in more stable market conditions.
S&P Global Ratings (S&P) upgraded Fortum's current long-term credit rating to BBB+ with Stable Outlook, while Fitch Ratings affirmed our long-term rating of BBB with Stable Outlook. We are extremely satisfied with S&P's upgrade as it reflects our systematic efforts to strengthen our financial position and our strategic focus on clean energy. Our financial position is very strong, and this supports our objective to maintain a credit rating of at least BBB. At the end of March, our leverage was at a low level of 0.3 times, and we continue to have sufficient liquidity and credit lines. To finance potential future investments in clean energy, we launched our Green Finance Framework in January.
In February, we clarified our strategy by specifying our business portfolio and capital allocation priorities as well as setting new strategic targets with measurable key performance indicators. Our renewed strategy, launched in March 2023, remains unchanged, and we continue to implement it determinedly.
One of our strategic priorities is to deliver reliable and clean energy. Electrification of district heating not only provides clean heating but is also a source of flexibility for the whole energy system. Our Espoo Clean Heat programme is based on the same priorities, and we started to build more emission-free and flexible district heating in Espoo. In addition, we decided to close down our last coal-fired district heat unit in Espoo, Finland in late April. Hence, our heating and cooling business will phase out coal one year earlier than expected. Further, Finland's last coal-fired condensing plant, Meri-Pori, was transferred to the national production reserve aimed for emergency situations as of 1 April. Fortum's biggest and Finland's third largest wind farm, the 380-MW Pjelax in Ostrobothnia, has been gradually commissioned and will start commercial operations through the power purchase agreement (PPA) with the Finnish company Helen in July.
Our second strategic priority is to drive decarbonisation of industries for which we are building preparedness for an electrification and growth phase longer term. Our aim is to actively facilitate such industry projects and offer clean and stable power to enable industrial customers to meet their decarbonisation targets. As decarbonisation drives power demand, this provides us with growth opportunities longer term through investments in new clean energy production. As one example, in April we announced a new five-year,progressive-priced PPA contract with the Swedish ferroalloys producer Vargön Alloys.
4
Fortum Corporation
January−March 2024 Interim Report
Within the scope of our third strategic priority to transform and develop, we continued our efficiency improvement programme with the target to gradually lower annual fixed costs by EUR 100 million (excluding inflation) by the end of 2025 with a full run-rate from the beginning of 2026. The Consumer Solutions business and our IT unit concluded their change negotiations, resulting in redundancies of approximately 70 people. Fortum expects to reduce its recurring fixed cost base by more than EUR 50 million by the end of 2024.
Geopolitical tensions remained high during the beginning of the year. In February, Fortum initiated arbitration proceedings against the Russian Federation and will claim compensation for the unlawful expropriation of its Russian assets in order to protect its legal position and shareholder rights. The economic environment in Fortum's geographical areas is still soft with elevated inflation, but interest rate cuts are expected to start during the summer. The political strikes in Finland did not have any significant direct impacts on Fortum's financial result.
As one of the cleanest power generators in Europe and with a unique ability to deliver clean energy at a large scale, we want to drive the energy transition by setting ambitious climate targets in line with the Science Based Targets initiative (SBTi) Net-Zero Standard. As we announced in April, Fortum has gone through the SBTi due diligence process after having submitted its official commitment letter last year. We have already started to set near- and long- term company-wide emissions reduction targets in line with climate science to reduce greenhouse gas emissions both in our own operations and in the value chain, to enable the transition to a low-carbon economy."
Fortum's strategy
At the beginning of February, the Fortum Board of Directors resolved on clarifications to Fortum's strategy. As the operating environment shows increased uncertainty, reduced visibility and postponement of industrial investments, the company specified its business portfolio, clarified capital allocation and set new strategic targets with measurable key performance indicators (KPIs). Fortum's renewed strategy, launched in March 2023, with a focus on the Nordics remains unchanged, as well as its strategic priorities to 'deliver reliable clean energy', 'drive decarbonisation in industries', and 'transform and develop'. The company's financial and environmental targets are also unaltered.
The financial and environmental targets are as follows:
- To ensure a credit rating of at least BBB, Financial net debt-to-comparable EBITDA can be a maximum of 2.0-2.5 times. S&P Global Ratings currently rates Fortum as BBB+ with Stable Outlook and Fitch Ratings as BBB with Stable Outlook.
- For the 2024-2026 period, Fortum's capital expenditure is expected to be approximately EUR 1.7 billion (excluding acquisitions) of which growth capital expenditure is expected to be EUR 800 million and annual maintenance capital expenditure EUR 300 million.
- To ensure required returns for any potential new investments, Fortum continues to be selective and applies earlier set investment criteria: project based WACC + 150-400 investment hurdles depending on technology or investment project, as well as environmental targets.
- Fortum's dividend policy - a payout ratio of 60-90% of comparable EPS - remains unchanged. The payout ratio will be used so that the upper end of the range of the pay-out ratio is applied in situations with a strong balance sheet and low investments, while the lower end of the range would be applied with high leverage and/or significant investments and high capital expenditure.
- Tightened environmental and decarbonisation ambitions with updated targets to reach carbon neutrality already by 2030, exit coal by the end of 2027, target for specific emissions, and commitment to SBTi (1.5°C) and biodiversity targets.
New strategic targets with measurable KPIs:
- Strengthen Nordic leadership with KPI: Fleet availability: > 90% for nuclear, > 95% for hydro
- Ensure value creation from flexibility with KPI: Annual optimisation premium 6-8 EUR/MWh
- Stabilise income streams with KPI: Hedged share of rolling 10-year outright generation volume > 20% by end of 2026
- Demand-drivenrenewables with KPI: Ready-to-build pipeline for solar and onshore wind > 800 MW by end of 2026
5
Fortum Corporation
January−March 2024 Interim Report
Financial results
Sales by segment
I/2023 | ||||
EUR million | I/2024 | restated | 2023 | LTM |
Generation | 1,412 | 1,429 | 4,420 | 4,404 |
Consumer Solutions | 1,154 | 1,384 | 3,766 | 3,536 |
Other Operations | 144 | 136 | 548 | 556 |
Netting of Nord Pool transactions | -567 | -448 | -1,510 | -1,629 |
Eliminations | -128 | -236 | -514 | -406 |
Total continuing operations | 2,015 | 2,265 | 6,711 | 6,461 |
Comparable EBITDA by segment | ||||
I/2023 | ||||
EUR million | I/2024 | restated | 2023 | LTM |
Generation | 564 | 767 | 1,874 | 1,671 |
Consumer Solutions | 62 | 24 | 108 | 146 |
Other Operations | -3 | -10 | -80 | -73 |
Total continuing operations | 622 | 781 | 1,903 | 1,744 |
Comparable operating profit by segment | ||||
I/2023 | ||||
EUR million | I/2024 | restated | 2023 | LTM |
Generation | 513 | 723 | 1,679 | 1,469 |
Consumer Solutions | 42 | 6 | 38 | 74 |
Other Operations | -25 | -31 | -173 | -167 |
Total continuing operations | 530 | 698 | 1,544 | 1,376 |
Operating profit by segment | ||||
I/2023 | ||||
EUR million | I/2024 | restated | 2023 | LTM |
Generation | 542 | 1,049 | 2,058 | 1,551 |
Consumer Solutions | 52 | -249 | -215 | 86 |
Other Operations | -22 | -31 | -181 | -172 |
Total continuing operations | 571 | 769 | 1,662 | 1,465 |
January-March 2024
Sales decreased to EUR 2,015 (2,265) million, mainly due to lower electricity prices.
Comparable operating profit decreased to EUR 530 (698) million. The Generation segment results decreased to EUR 513 (723) million, mainly due to the clearly lower spot and hedge prices, part of which was offset by higher hydro volumes and higher optimisation premium. The result for the Consumer Solutions segment increased to EUR 42 (6) million, mainly due to higher electricity sales margins and higher sales margins for value added services, the effect of which was partly offset by lower gas sales margins.
Operating profit for the period was impacted by EUR 42 (71) million of items affecting comparability.
Comparable share of profits of associates and joint ventures was EUR 12 (10) million (Note 7).
6
Fortum Corporation
January−March 2024 Interim Report
Finance costs - net amounted to EUR -13(-95) million. In the comparison period, the interest expenses on loans included EUR 41 million relating to the Finnish State bridge financing. Comparable finance costs - net amounted to EUR -12(-85) million (Note 8).
Income tax expenses totalled EUR 106 (154) million. The comparable effective income tax rate was 19.0% (22.8%) (Note 9).
Net profit after non-controlling interests was EUR 471 (540) million and comparable net profit was EUR 430 (483) million. Comparable net profit is adjusted for items affecting comparability, adjustments to the share of profit of associates and joint ventures, finance costs - net, income tax expenses and non-controlling interests (Note 4.2).
Earnings per share were EUR 0.53 (0.60). Comparable earnings per share were EUR 0.48 (0.54) (Note 4).
Financial position and cash flow
Cash flow
Net cash from operating activities increased during the first quarter of 2024, totalling EUR 538 (474) million. The lower comparable EBITDA was offset by a positive change in working capital and lower paid income taxes.
Net cash from investing activities, EUR 117 (1,098) million, was positively impacted by the decrease in margin receivables of EUR 270 (1,293) million. Capital expenditure amounted to EUR 110 (113) million.
Net cash from financing activities was EUR 40 (-1,784) million. The net repayments of interest-bearing liabilities in the comparison period totalled EUR 1,651 million, including the EUR 1,000 million repayment of bonds, the EUR 600 million repayment of the Liquidity revolving credit facility and EUR 350 million repayment of the Finnish State bridge loan.
Liquid funds increased by EUR 695 (decrease 212) million. Liquid funds at 31 March 2024 amounted to EUR 4,875 million.
For further details, see the 'Financing' section below.
Assets
At the end of the first quarter of 2024, total assets amounted to EUR 18,956 (18,739 at the end of 2023) million and were at the same level as at the end of 2023.
Equity
Total equity amounted to EUR 8,390 (8,499 at the end of 2023) million. Equity attributable to owners of the parent company totalled EUR 8,305 (8,438 at the end of 2023) million. Equity was positively impacted by the net profit for the period of EUR 471 million and by the fair valuation of cash flow hedges of EUR 411 million, offset by the 2023 dividend of EUR 1,032 million. The dividend is recorded as a liability and included in 'Trade and other payables' on the balance sheet at 31 March 2024.
The dividend for 2023 of EUR 1.15 per share, amounting to a total of EUR 1,032 million, was approved by the Annual General Meeting on 25 March 2024. The first dividend instalment of EUR 0.58 per share, totalling EUR 520 million, was paid on 5 April 2024. The second dividend instalment of EUR 0.57, amounting to a total of EUR 511 million, will be paid on 9 October 2024.
Financing
In the first quarter of 2024, commodity prices trended down and market volatility decreased. Supported by the declining prices and consequent release of cash collaterals in combination with financing measures taken in 2023, the
7
Fortum Corporation
January−March 2024 Interim Report
Group's financial position continues to be very solid. At the end of March, the Group's ratio for financial net-debt-to comparable EBITDA was very low, at 0.3 times for the last twelve months.
At the end of the first quarter, financial net debt was EUR 528 (942 at the end of 2023) million. Fortum's total interest- bearing liabilities were EUR 5,853 (5,909 at the end of 2023) million and liquid funds amounted to EUR 4,875 (4,183 at the end of 2023) million. The 2023 dividend was EUR 1.15 per share and the first instalment of EUR 0.58, totalling EUR 520 million, was paid on 5 April 2024 (recorded as 'Trade and other payables' on the balance sheet at 31 March 2024).
The current portion of long-term loans, EUR 1,217 million, consists of maturing loans from financial institutions including a EUR 500 million bullet loan with a one-year borrower's extension option. Short-term loans, EUR 577 million, include EUR 339 million collateral arrangements and use of commercial paper programmes of EUR 235 million (Note 13).
At the end of the first quarter, Fortum had undrawn committed credit facilities of EUR 3,200 million. These include the Core revolving credit facility of EUR 2,400 million (maturity in June 2025 with a maximum two-year extension option by the lenders) and the bilateral EUR 800 million revolving credit facility (maturity in June 2025 with a one-year extension option by the lender). In addition, Fortum has EUR 100 million committed overdraft limits that are valid until further notice.
In January, Fortum established a Green Finance Framework to further integrate the company's sustainability ambitions into its financing. The Green Finance Framework allows Fortum to raise capital via green bonds and loans (Green Debt) to finance and refinance renewable energy and energy efficiency projects, and/or nuclear power projects. Projects financed by Green Debt may include fixed assets, capital expenditures and/or operational expenditures (including R&D expenditures).
On 25 March, S&P Global Ratings upgraded Fortum's long-term credit rating to BBB+ with Stable Outlook. The previous rating was BBB with Stable Outlook.
On 18 March, Fitch Ratings affirmed Fortum's long-term credit rating at BBB with Stable Outlook.
8
Fortum Corporation
January−March 2024 Interim Report
Segment reviews
Generation
Generation is responsible for power generation mainly in the Nordics. The segment comprises CO2-free hydro, nuclear, wind and solar power generation, as well as district heating and cooling, and decarbonisation of heat production assets. The Generation segment is responsible for hedging and value creation both in physical and financial power markets and is a customer interface for industrial and municipal customers to drive decarbonisation of industries and provide clean energy at scale. Furthermore, the business develops capabilities and projects in renewables and nuclear, and explores clean hydrogen.
EUR million | I/2024 | I/2023 | 2023 | LTM |
Reported | ||||
Sales | 1,412 | 1,429 | 4,420 | 4,404 |
- power sales | 1,207 | 1,245 | 3,889 | 3,852 |
of which Nordic outright power sales* | 770 | 944 | 2,799 | 2,625 |
- heat sales | 191 | 172 | 481 | 500 |
- other sales | 14 | 12 | 50 | 52 |
Operating profit | 542 | 1,049 | 2,058 | 1,551 |
Share of profit/loss of associates and joint | ||||
ventures** | 20 | 23 | 59 | 57 |
Capital expenditure and gross investments in | ||||
shares | 61 | 90 | 454 | 425 |
Number of employees | 1,806 | 1,676 | 1,758 |
EUR million | I/2024 | I/2023 | 2023 | LTM |
Comparable | ||||
EBITDA | 564 | 767 | 1,874 | 1,671 |
Operating profit | 513 | 723 | 1,679 | 1,469 |
Share of profit/loss of associates and joint | ||||
ventures** | 11 | 10 | 7 | 8 |
Return on net assets, % | 24.2 | 20.8 | ||
Net assets (at period-end) | 7,268 | 7,042 | 7,263 |
- Nordic outright power sales includes hydro, nuclear and wind generation. It does not include CHP and condensing power generation, minorities, customer business, or other purchases.
- Power plants are often built jointly with other power producers, and owners purchase power at cost. The share of profit/loss is mainly IFRS adjustments (e.g. accounting for nuclear-related assets and liabilities) and depreciations on fair value adjustments from historical acquisitions (Note 18 in the Consolidated Financial Statements 2023).
Power generation by source
TWh | I/2024 | I/2023 | 2023 | LTM |
Hydropower, Nordic | 5.5 | 5.0 | 20.9 | 21.5 |
Nuclear power, Nordic | 6.7 | 6.5 | 24.8 | 25.1 |
Wind power, Nordic | 0.2 | - | 0.1 | 0.3 |
CHP and condensing power* | 0.3 | 0.4 | 1.0 | 0.9 |
Total | 12.8 | 11.9 | 46.8 | 47.8 |
* CHP and condensing power generation in Finland and Poland.
Sales volumes
TWh | I/2024 | I/2023 | 2023 | LTM |
Power sales volume, Nordic | 16.7 | 14.0 | 62.6 | 65.3 |
of which Nordic outright power sales volume* | 12.0 | 11.1 | 44.4 | 45.3 |
Power sales volume, Other | 0.2 | 0.2 | 0.6 | 0.5 |
Heat sales volume, Nordic | 0.9 | 0.8 | 2.1 | 2.2 |
Heat sales volume, Other | 1.4 | 1.5 | 3.4 | 3.3 |
- The Nordic outright power sales volume includes hydro, nuclear and wind generation. It does not include CHP and condensing power generation, minorities, customer business, or other purchases.
9
Fortum Corporation
January−March 2024 Interim Report
Achieved power price
EUR/MWh | I/2024 | I/2023 | 2023 | LTM |
Generation's Nordic achieved power price* | 63.9 | 85.2 | 63.1 | 57.9 |
- Generation's Nordic achieved power price includes hydro, nuclear and wind generation. It does not include CHP and condensing power generation, minorities, customer business, or other purchases.
January-March 2024
The Generation segment's total power generation increased in the first quarter of 2024. Hydro generation volumes increased by 10% due to higher water inflow compared to the previous year. Nuclear volumes increased by 3% compared to the previous year due to volumes from Olkiluoto's third unit, partly offset by lower volumes due to unplanned outages in Forsmark. For the whole of March, Olkiluoto 3 conducted planned outages. CHP-based power and heat generation was at the same level as in the previous year. The weather in Finland was colder and in Poland it was warmer. Volumes from wind generation increased by 0.2 TWh following the gradual commissioning of the Pjelax wind farm.
The achieved power price decreased by 25% or EUR 21.3 per MWh and was EUR 63.9 per MWh. The decrease in the achieved power price was mainly attributable to the lower spot and hedge prices, the effects of which were partly offset by the strong double-digit optimisation premium, which was above the annual guidance of 6-8 EUR/MWh. The spot power price in Fortum's generation price areas declined to 62.6 EUR/MWh compared to 73.0 EUR/MWh in the first quarter of 2023.
Comparable operating profit decreased clearly, by 29%, impacted mainly by the clearly lower spot and hedge prices, partly offset by higher hydro volumes and higher optimisation premium. The result was negatively affected by a weaker energy mix resulting from higher-cost nuclear volumes from Olkiluoto 3. The result of the district heating business improved mainly due to lower fuel and CO2 costs supported by more electricity-based heat production in Finland. The renewables business's result turned positive driven by test generation volumes from the Pjelax wind farm.
Operating profit was affected by EUR 29 (326) million of items affecting comparability, related to the fair value change of non-hedge-accounted derivatives (Note 3).
Comparable share of profits of associates and joint ventures totalled EUR 11 (10) million (Notes 3 and 7).
On 26 February, Fortum and Huoltovarmuuskeskus, the Finnish National Emergency Supply Agency (NESA), agreed to postpone the transition of Fortum's Meri-Pori power plant to be used to secure national supply by one month. The plant is to be used only in the event of severe disruptions or emergencies in the electricity system. According to the updated agreement, NESA reserves the production of the power plant for the period 1 April 2024-31 December 2026. The original agreement, announced on 30 October 2023, was intended to start from 1 March 2024.
On 4 March, Fortum announced that it had decided to close the last coal-fired unit used for district heat production in in Finland on 28 April 2024. The unit at the Suomenoja production plant in Espoo is approaching the end of its lifetime and further investments are no longer technically or economically viable. As a result of the decision, Fortum's Heating and Cooling business in Finland is phasing out coal one year earlier than expected.
On 21 March, Fortum announced that, as part of the Espoo Clean Heat programme, it will build new emissions-free,electricity-based district heat production in the Nuijala area of Espoo, Finland. The production plant will have a 50- megawatt electric boiler and an 800-megawatt-hour heat accumulator. The electric boiler/heat storage combination will increase the flexibility of heat production and level out electricity demand by utilising time-variable electricity pricing. The construction work will begin in spring 2024, and production is expected to start for the 2025-2026 heating season. For further details, see the 'Capital expenditures' section.
10
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Fortum Oyj published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 06:23:11 UTC.