Finnish Fortum's comparable earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 27 percent to €538 million in the first quarter of 2018, compared to the same period of 2017, the company announced on Thursday.
Fortum said that its comparable operating profit also increased by 29 percent to €405 million from €313 million.
Fortum's President and CEO Pekka Lundmark said that following the good performance in 2017, the positive trend continued in the first quarter of 2018.
"The cold weather in February and March and the clearly lower than normal precipitation increased spot prices in the Nordic market. Further, the revision of the EU Emission Trading Scheme and the strengthening of the Market Stability Reserve had a positive impact on the price of CO2 emission allowances, which increased from €8 per tonne to €13 per tonne during the first quarter of 2018," Lundmark said and added that this was a welcome development considering the needed decarbonization.
The company said its power sales also increased in the first quarter of 2018 due to higher demand.
€1 = US$1.21
By Murat Temizer
Anadolu Agency
energy@aa.com.tr
