Fortum: Electricity market returned to normal quickly
We have made major estimate revisions ahead of the company's Q4 report, and our estimates for the coming years were significantly lowered. Behind this is 1) the sharp fall in electricity prices (including futures) and 2) Fortum's almost one billion write-down in Russia, which weighs on the Q4'22 reported figures. The normalization of the electricity market was not a surprise in the longer term, but in the last few months we have seen a rapid fall. In connection with the Q4 report, Fortum will also announce an updated strategy, which we expect to focus on the company's traditional core areas in the Nordic region.
