Fortum Oyj Corp Ord (FOJCF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

the 2025 Interim Report. My name is Ingele Ulves and I'm heading the IR at Fortu. As always, this event is being recorded and a replay will be available later today on our website. Our CEO, Markus Rauramo, and our CFO, Tina Tuomela, will present the group financial and operational performance during the... We will then again open up for questions in our Q&A session. Happy to hand over to Markus to start. To the key elements of our highlights, financial performance and market fundamentals. After that, Tina will provide more details, especially on the financials and how this turned into our results. Let me now start with the highlights. Despite the lower Nordic spot prices, we were able to reach a very good achieved power price of 60.1 euros per megawatt hour. Our achieved power price was supported by a robust double-digit optimization premium above last year's level. Due to increased power price volatility on the Nordic market, we also update our annual optimization premium to 7 to 9 euros per megawatt hour for the year 2025. For the following years, we keep the level at six to eight euros per megawatt hour. The optimization premium mainly consists of the physical optimization of our hydropower fleet and the sale of environmental values, such as guarantees of origin, which typically see a peak in the first quarter. Despite the good hydrological conditions in the Nordics, Fortum's hydro generation was below the long-term historical average. The weaker hydro generation shows that it is likely that our annual hydro output will fall behind the normal annual level of approximately 20 terawatt hours. Also, nuclear volumes were lower, negatively affected by outages. In addition, there have been announcements of both extended and unplanned outages that will negatively affect ...