Finnish utility Fortum Q3 profit lags forecast (updated)

Fortum Oyj

29/10/2024 07:09

(Adds details, CEO quote in paragraphs 2-3)
       HELSINKI, Oct 29 (Reuters) - Finnish utility Fortum
 FORTUM.HE  reported on Tuesday a bigger-than-expected drop in
July-September operating profit and said it would invest 100
million euros in the decarbonisation of its Czestochowa heat and
power plant in Poland.
    Operating profit fell to 123 million euros ($133 million) 
in the fiscal third quarter from 251 million a year earlier on
lower spot prices, against a median forecast of 157 million
euros in a company-provided poll.
        "In July and August, Nordic spot prices were pressured
by high precipitation, good nuclear availability and increasing
wind and solar output," Fortum CEO Markus Rauramo said in a
statement.
  

    ($1 = 0.9250 euros)
  

 (Reporting by Anne Kauranen in Helsinki, editing by Terje
Solsvik)
 ((anne.kauranen@thomsonreuters.com; +358401895560;))