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Fortum to cut costs, investment as profits fall
Finnish utility Fortum said on Thursday it was lowering its capital expenditure and annual fixed costs until 2025. Fortum reported a smaller-than-expected drop in July-September operating profit.
Finland utility Fortum's second-quarter core profit... Finnish utility Fortum posts weaker-than-expected second-quarter core profits. Comparable earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter fell 5% to 344 million euros. Fortum said profit at its power generation segment improved, while its consumer sales declined.
Fortum's Q2 core profit lags forecast Finnish utility Fortum posts weaker than expected second-quarter core profits. Fortum is recovering from a tumultuous year during which it had to give up its troubled German subsidiary Uniper.
Russia seizes control of shares in Danone and Carlsberg subsidiaries Russian state takes control of Danone's Russian subsidiary and Carlsberg's stake in local brewer. Move comes after Russian subsidiaries of Uniper and Fortum were taken under state control in April. Danone said it was investigating the situation.
Moscow takes control of Russian subsidiary of Danone... Moscow takes control of Russian subsidiary of Danone and Carlsberg's stake in brewer. Move comes after the Russian subsidiaries of Germany's Uniper and Finland's Fortum were taken under state control.
Finland's Fortum takes step towards arbitration over... Finland's Fortum takes step towards arbitration over Russian asset seizure. President Vladimir Putin signed a decree placing the Russian assets of Fortum and Germany's Uniper under temporary Russian control.
UPDATE 1-Fortum to invest $246 mln in waste heat... Fortum will invest about 225 million euros between 2023 and 2027 in two Finnish waste heat projects. Investment includes building heat pump plants in Espoo and Kirkkonummi for waste heat recovery.
Fortum to invest $246 mln in waste heat projects in Finland Finnish energy group Fortum will invest about 225 million euros in two waste heat projects. Investment includes building heat pump plants in Espoo and Kirkkonummi for waste heat recovery.
Finland's Fortum explores Nordic nuclear power with Westinghouse Fortum will cooperate with Westinghouse Electric to explore the development of new nuclear power production. Fortum last year launched a two-year nuclear study of SMRs as well as conventional large reactors.
Finland's Fortum explores Nordic nuclear power with... Fortum will cooperate with Westinghouse Electric to explore the development of new nuclear power production in Finland and Sweden. After the startup this year of the much-delayed Olkiluoto 3 reactor, nuclear power now accounts for some 40% of Finland's electricity production.
Russia freezes Finnish embassy bank accounts Finland's foreign minister said Moscow has not yet explained the decision. The freeze coincided with the announcement by Finnish state-owned utility Fortum that control of its Russian subsidiary had been seized by Moscow.
Fortum Q1 beats estimates, writes down Russian unit Finnish energy group Fortum reported stronger first-quarter core profits than expected. Comparable operating profit stood at 784 million euros ($863 million) against a year-earlier 388 million.
Fortum's Q1 core profit beats estimates Finnish energy company Fortum (FORTUM.HE) reported stronger than expected first-quarter core profits. Fortum said it will fully write down assets that were recently seized by the Russian government.
Kremlin: no discussions on compensation for Finland's... Kremlin: no discussions on compensation for Finnish energy group Fortum. Kremlin spokesman Dmitry Peskov defended it, saying Russia had to react to what he said was "unprecedented" pressure from abroad.
Fortum objects to 'unlawful' seizure of Russian assets Finland's Fortum has formally notified the Kremlin that it strongly objects to Russia's seizure of the company's subsidiary. Microsoft is working with Advanced Micro Devices Inc. on the chipmaker’s expansion into artificial intelligence processors.
Anne Jalkala joins Vaisala Leadership Team Anne Jalkala is Vaisala’s Chief Sustainability and Strategy Officer. She reports to President and CEO Kai Öistämö. She joined the company from Fortum in 2022.
Fortum objects to 'unlawful' seizure of Russian assets Russia's president Vladimir Putin on April 25 signed a decree establishing temporary control of Fortum's Russian assets. Finland's Fortum (FORTUM.HE) had openly tried to sell since Russia's invasion of Ukraine last year.
Fortum board curbs executive pay after Finnish... Finnish utility Fortum said on Tuesday it's board had frozen the pay of senior management. The decision follows opposition to the remuneration by Finland's government. The Finnish government owns 51% of Fortum.
Fortum board curbs executive pay after Finnish government opposition Finnish utility Fortum has frozen the pay of senior management and cut stock options. The decision follows opposition to the remuneration by Finland's government.
Fortum board curbs executive pay after Finnish... Fortum board curbs executive pay after Finnish government objection. Decision follows last year's collapse of Fortum's former Germany subsidiary Uniper. Finnish government, which owns 51% of the utility, voted against the company's remuneration plan.
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