HELSINKI, Nov 17 (Reuters) - Finland's biggest utility,
Fortum, swung to a steeper than expected underlying
third-quarter operating loss on Tuesday, burdened by a weak
performance at its German subsidiary Uniper.
Fortum said its comparable third-quarter operating result
fell from a year ago to a loss of 176 million euros ($209
million), against an average loss of 153 million expected by
analysts in a company supplied poll.
"Fortum's operating environment in the third quarter of 2020
was characterised by continued uncertainty caused by COVID-19,
low Nordic power prices due to high hydrology, and the
seasonally weak third-quarter results of the Uniper segment,"
Chief Executive Markus Rauramo said in a statement.
Fortum felt the COVID-19 negative impact mainly on its
Russian operations, which continued to be adversely effected
from lower power and heat demand, while its impact on Nordic
power demand was limited, Rauramo said.
"We have also proceeded with the strategic reviews of our
Polish, Baltic, and Swedish district heating businesses as
planned and are reviewing all alternatives, including possible
divestments," he added.
(Reporting by Anne Kauranen; Editing by Clarence Fernandez and