2024-04-30 09:15:19 ET
Fortum Oyj (FOJCF)
Q1 2024 Earnings Conference Call
April 29, 2024, 4:00 AM ET
Company Participants
Ingela Ulfves - Head, Investor Relations
Markus Rauramo - Chief Executive Officer
Tiina Tuomela - Chief Financial Officer
Conference Call Participants
Harry Wyburd - BNP Paribas Exane
Wanda Serwinowska - UBS
Deepa Venkateswaran - Bernstein
Artem Beletski - SEB
Harrison Williams - Morgan Stanley
Louis Boujard - ODDO BHF
John Campbell - Bank of America
Presentation
Ingela Ulfves
Good morning, everyone. A warm welcome again to Fortum’s joint Webcast and News Conference for the Investor Community and Media on our First Quarter 2024 Financial Results. My name is Ingela Ulfves, and I’m Head of Investor Relations at Fortum. As always, this event is being recorded and a replay will be available on our website later today.
With me here in the studio are our CEO, Markus Rauramo; and the CFO, Tiina Tuomela. Markus and Tiina will present the Group’s financial and operational performance, and strategy implementation during the first quarter and after the presentations we will again open up for questions.
So, with this, I hand over to Markus to start.
Markus Rauramo
Thank you very much, Ingela. A warm welcome to our investor call also from my side. I will start by going through our first quarter performance and strategy execution, and also talk about market fundamentals and development. After that Tiina will tell you more in detail how this turned into results in the first quarter of 2024.
Let me now start with the quarterly highlights. The winter during the first quarter of 2024 in Continental Europe was mild, which in combination with healthy LNG supply and steadily increasing renewable power generation added to the downward trend of the European gas and power prices.
Even if January was cold in the Nordics and led to higher spot prices especially in Finland and the Baltics, February and March were somewhat milder than usual. Decreasing Continental European power futures and above normal precipitation levels lowered the prices of Nordic power futures. The lower Nordic power prices are also reflected in our first quarter results. The achieved power price was at a good level, but significantly lower than a year ago....
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Fortum Oyj (FOJCF) Q1 2024 Earnings Call Transcript