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Fortum H1 Results: Stronger Nordic Prices Offset by Nuclear Outages, Lower Achieved Pricing

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Bolstered by surging Nordic spot prices, but constrained by lower physical value creation and nuclear outages, Fortum posted its updated H1 results on Tuesday alongside a strategic move to acquire Elmera Group and accelerate its clean energy transition.

The Generation segment's achieved power price fell 7% to 44.9 euro per megawatt-hour, driven by lower physical value creation, it said.

Extended nuclear outages and low spring floods increased the realized hedge ratio, limiting the company's ability to capitalize on spot prices that more than doubled across the Nordics during the quarter, it noted.

Reflecting these operational headwinds, Fortum lowered its full-year 2026 nuclear generation volume outlook to a range of 23.0-23.5 TWh, down from its previous forecast of 23.5-24 TWh.

President and CEO Markus Rauramo highlighted major strategic developments during the period, notably the intention to launch a recommended voluntary cash tender offer for all shares in Norway's Elmera Group.

Additionally, Fortum confirmed it will permanently close and dismantle Finland's Meri-Pori coal power plant, its last coal-fired facility in the Nordics on March 1, 2027, fulfilling its commitment to exit coal-based energy by the end of 2027 and reach net-zero emissions by 2040.

The site will be repurposed in collaboration with the City of Pori as a clean transition industrial zone.

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