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Name | Symbol | Market | Type |
---|---|---|---|
Fingrid 29 | LSE:38FE | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Stock Exchange Release 25 October 2022 at 11:45 EET
Fingrid follows a six-month reporting period as referred to in the Securities Markets Act and publishes Management Reviews for the first three and nine months of the year; the Management Reviews contain key information illustrating the company’s financial and other development.
The information presented in the Management’s Review relates to Fingrid Group’s performance in January-September 2022 and the corresponding period of 2021, unless otherwise indicated. The figures presented here have been drawn up in accordance with the International Financial Reporting Standards (IFRS). The Management’s Review is not an interim report in accordance with the IAS 34 standard. The figures are unaudited.
Review by the President & CEO: “Fingrid’s focus is on managing the energy crisis and an emission-free future”
The exceptional situation on the energy markets has continued due to the war in Europe. The high price of gas has kept electricity prices elevated throughout Europe. However, the northernmost part of Europe has benefited from clean energy production, and Finland, too, has seen the price of electricity remain lower than in more southern areas of Europe. The exceptional situation has impacted Fingrid’s finances through a significant increase in market-based costs compared to a normal situation, and in increased uncertainty in costs. Large differences in electricity market area prices manifest as increased congestion income, which the company has used for cross-border transmission line investments and compensation of increased market-based costs.
The energy crisis has heightened the uncertainty surrounding the availability of electricity in the coming winter. We released the first estimate of the adequacy of electricity in August. We updated the assessment at the start of October. The message is clear: as a result of major uncertainty, Finns should prepare for possible power outages caused by electricity shortages this coming winter. Finns have embraced the electricity saving campaign: electricity consumption has decreased in September by an average of seven per cent compared to the previous year. This will help with the winter’s power balance and improve the adequacy of electricity. Due to the unusual electricity market situation and dramatic increase in the price of balancing power, market participants concerns surrounding the collateral requirements of balance responsible parties has increased. Together with the authorities and market participants, Fingrid is working to find solutions for the presented concerns and next winter’s situation.
While we are focussing on managing the current crisis, we are also looking decisively into the future. Our investment programme has continued according to plan despite the challenging circumstances and we have been able to make progress on demanding transmission line and substation projects – on schedule and on budget. The most significant completed project was the Forest Line, which was completed at the end of September. It is one of Fingrid’s four north–south, 400-kilovolt main transmission lines. Construction of the Forest Line was begun in 2019 as part of Fingrid’s long-term development plan. The connection significantly boosts the electricity transmission capacity between northern and southern Finland, helping to efficiently transmit northern renewable energy production to electricity consumers. The Forest Line also enables investments in the current expansion of cross-border capacity between Sweden and Finland.
Key figures
€M | 1−9/22 | 1−9/21 | change % | 1−12/21 |
Turnover | 1,243.4 | 690.8 | 80.0 | 1,090.9 |
Operating profit* | 86.5 | 114.3 | -24.4 | 148.6 |
Profit before taxes | 376.9 | 139.3 | 170.6 | 187.6 |
Profit before taxes** | 75.5 | 106.7 | -29.2 | 137.6 |
Profit for the period | 301.4 | 111.3 | 170.7 | 150.1 |
Capital expenditure, gross | 194.4 | 142.2 | 36.7 | 213.4 |
Net cash flow from operations*** | 630.6 | 155.0 | 306.8 | 242.2 |
Interest-bearing net debt | 439.2 | 1,032.8 | -57.5 | 938.5 |
Balance sheet total | 3,312.5 | 2,348.3 | 41.1 | 2,559.5 |
Equity ratio % | 24.6 | 25.9 | 25.3 | |
* Operating profit excluding the change in the fair value of derivatives | ||||
** Profit before taxes excluding the change in the fair value of derivatives | ||||
*** Net cash flow from operations, after capital expenditure |
Main business events
Legal proceedings and proceedings by authorities
Teollisuuden Voima Oyj (“TVO”) has lodged a request for an investigation with the Energy Authority on 25 May 2022 related to the claims by TVO that Fingrid has neglected its obligation to develop the main grid as stated in the Finnish Electricity Market Act and/or other applicable legislation, and that, as a result, it has placed unlawful restrictions on connecting the Olkiluoto 3 nuclear power plant to the grid, and that Fingrid is in breach of its administrative obligations linked to carrying out its public administrative task. Fingrid’s view is that the claims made by TVO are unfounded. On 26 August 2022, Fingrid lodged a statement of defence with the Energy Authority concerning the claims made by TVO in its request for an investigation.
Events after the review period
The company has not changed its earnings guidance from what is stated in the half-year report of 27 July 2022.
Further information:Jukka Ruusunen, President and CEO, Fingrid Oyj, tel. +358 40 593 8428Jukka Metsälä, Chief Financial Officer, Fingrid Oyj, tel. +358 40 563 3756
Fingrid is Finland’s transmission system operator. We secure reliable electricity for our customers and society, and shape the clean, market-oriented power system of the future.
Fingrid delivers. Responsibly. www.fingrid.fi
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