-- Fortum, a Finnish state-owned energy company, reported a surge in volumes, along with demand and pricing, during its Q1 results on Wednesday.
The company's total power generation rose to 13.0 Terawatt-hours, from 12.3 TWh during the corresponding period a year ago, primarily driven by higher hydro output at 5.9 TWh, up from 5.2 TWh.
Performance across other segments was mixed, with nuclear generation down at 6.4 TWh, from 6.5 TWh, wind output unchanged at 0.3 TWh, while combined heat and power improved slightly to 0.4 TWh from 0.3 TWh.
On the demand side, Nordic power sales volumes edged higher to 15.2 TWh, from 15.0 TWh, including 12.2 TWh of Nordic outright sales, while heat sales reached 1.0 TWh in the Nordics and 1.6 TWh in other markets, up from 0.8 TWh and 1.5 TWh the prior year, respectively.
The company also achieved high realized prices at 62.5 euros ($73.14) per MWh, compared to 60.1 euros during the same period last year, which it said was supported by a "strong double-digit optimisation premium," which is additional earnings generated above spot prices through trading and asset optimisation activities.
Fortum expects its nuclear generation volumes for 2026 to be in the range of 23.5 to 24 terawatt-hours, slightly lower than its previous outlook.
It has also hedged 75% of its power generation for the remainder of 2026 at an average price of 39 euros per MWh, and 60% of its expected output for 2027, secured at 40 euros per MWh.