Fingrid Oyj
Fingrid Group – Management’s Review 1 January – 30 September
Fingrid Oyj (BR96) Helsinki, Finland, 2017-10-25 10:00 CEST (GLOBE NEWSWIRE) —
Fingrid Oyj
Fingrid follows a six-month reporting period as referred to in the Securities Markets Act and publishes managementâs reviews for the first three and nine months of the year; the Managementâs Reviews contain key information illustrating the companyâs financial and other development. The information presented in the Managementâs Review relates to the Fingrid Groupâs performance in January-September 2017 and the corresponding period of 2016, unless otherwise indicated. The figures presented here have been drawn up in accordance with International Financial Reporting Standards (IFRS). The Managementâs Review is not an interim report in accordance with the IAS 34 standard. The figures are unaudited.
CEO Jukka Ruusunen: We are Finlandâs transmission system operator âDuring the spring and summer, we prepared the companyâs strategy for the coming years. Our foundation is that Fingrid is Finland’s transmission system operator. We secure reliable electricity for our customers and Finnish society and we shape the clean, market-oriented power system of the future. The energy industry plays a key role in combatting climate change. Fingrid builds and maintains the electricity grid, which makes possible the transformation in the electricity system. Examples from the past quarter include the commencement of the final stages of the upgrade to Finlandâs oldest power line, Rautarouva, built in the 1920s, the signing of an agreement between Fingrid and Svenska Kraftnät for a third alternating current (AC) connection between Finland and Sweden and special arrangements for connecting the Olkiluoto 3 nuclear power plant to the national grid. The electricity system of the future will require, not only an upgraded electricity grid, but also a modernised electricity market model. We believe that well functioning markets will produce the best and most innovative solutions. Society is becoming increasingly dependent on electricity. We must continuously develop our operations with which we maintain the availability of electricity for industry and households, both in normal day-to-day life and in exceptional circumstances. Developing the wholesale markets requires international co-operation. In this regard, developing Nordic balance management has not been entirely successful recently. The energy shift will also increase the role of customers on the electricity markets. The smart grid working group appointed by the Ministry of Economic Affairs and Employment (MEAE) has carried out excellent work in improving customersâ choices on the electricity markets. We continuously prepare for the worst. Held in October, the national JÃÃTYVà 2017 exercise, where we practiced co-operation between authorities, municipalities and businesses in case of a wide-spread power outage caused by weather conditions, brought us plenty of valuable experience. One of Fingridâs key objectives is to offer customers a reliable, affordable supply of electricity. The stabilization of the companyâs investment programme at a lower level than before and the companyâs successful efforts to improve cost-effectiveness made it possible to keep grid service pricing for 2018 at the 2017 level. Cost-effectiveness is grounded in a strategy focusing on core tasks and a clear management system. The company efficiently carries out the market-driven outsourcing of services and competitive tendering of purchases, and utilises opportunities from digitalisation in its operations. Fingridâs transmission grid tariffs are still among Europeâs lowest. The transformation taking place in the energy sector is shifting the global focus increasingly onto how energy sector operators operate and their reputations. In future, an energy companyâs brand will prove to be a greater contributor to its success than ever before. The CHARGE competition, which sets the worldâs energy sector brands against one another, was organised for the second time this year. Fingrid made it to the final in its category for the second time. This is a clear indication that we have chosen the right path in developing our company.â
Key figures
Main business events
Events after the review period On 2 October, 2017, Fingrid Oyj announced that it would keep grid service pricing for 2018 at the 2017 level. This was enabled by stabilising the investment programme at a lower level than before and the companyâs determined cost-effectiveness improvement efforts. Transmission grid rates in Finland are still some of Europeâs lowest while power outages are extremely few.
The company has not changed its earnings guidance from what is stated in the JanâJun interim report of 27 July 2017. Helsinki, 25th October, 2017
Fingrid Oyj Jukka Ruusunen, President & CEO
Further information: Jukka Ruusunen, President & CEO +358 30 395 5140 or +358 40 593 8428
Jan Montell, Chief Financial Officer +358 30 395 5213 or +358 40 592 4419
Fingrid is Finlandâs transmission system operator. We secure reliable electricity for our customers and society and we shape the clean, market-oriented electricity system of the future.
Fingrid delivers. Responsibly.
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ISIN: | XS0113638653 |
Category Code: | MSC |
TIDM: | BR96 |
Sequence No.: | 4778 |
End of Announcement | EQS News Service |