Annual Report 2014 | Suomeksi |

Market conditions

Nordic countries 

In 2014, according to preliminary statistics, electricity consumption in the Nordic countries was 378 TWh (2013: 386). Industrial consumption was nearly unchanged, while non-industrial consumption decreased due to the exceptionally warm weather particularly during the first half of the year.

At the beginning of 2014, the Nordic water reservoirs were at 82 TWh, 1 TWh below the long-term average and 3 TWh lower than a year earlier. The year 2014 ended with reservoirs at 80 TWh, 3 TWh below the long-term average and 2 TWh below

the level at the end of 2013.

The average area price in Finland was EUR 36.4 per MWh (2013: 39.9) and in Sweden SE3 (Stockholm) EUR 31.3 per MWh (2013: 37.5). The difference in area prices compared to the spot price was mainly due to the fact that Finland continued exporting power to Estonia, while high Swedish hydropower volumes and good availability of the Swedish nuclear power plants kept Swedish area prices close to the system level.

In 2014, the average system spot price was EUR 29.6 per MWh (2013: 38.1). In Finland, the average area price was EUR 36.0 per MWh (2013: 41.2) and in Sweden SE3 (Stockholm) EUR 31.6 per MWh (2013: 39.4).

In Germany, the average spot price during the fourth quarter of 2014 was EUR 34.8 per MWh (2013: 37.5) and in 2014 EUR 32.8 per MWh (2013: 37.8).

The market price of CO2 emission allowances (EUA) was at approximately EUR 4.8 per tonne at the beginning of the year and approximately EUR 7.3 per tonne by the end of December 2014. In 2014, the EUA daily close ranged between EUR 4.4 and EUR 7.5 per tonne.

Russia

Fortum operates in the Urals and Western Siberia in the Tyumen and Khanty-Mansiysk area, where industrial production is dominated by the oil and gas industries, and in the Chelyabinsk area, which is dominated by the metal industry.

In 2014 according to preliminary statistics, Russia consumed 1,021 TWh (2013: 1,026) of electricity. The corresponding figure in Fortum’s operating area in the First price zone (European and Urals part of Russia) was 777 TWh (2013: 772).

In 2014, the average electricity spot price, excluding capacity price, increased by 5 % to RUB 1,163 per MWh (2013: 1,104) in the First price zone.


Power consumption
TWh 2014 2013 2012
Nordic countries 378 386 391
Russia 1,021 1,026 1,037
Tyumen 93 87 83
Chelyabinsk 36 36 36
Russia Urals area 260 257 252
Average prices
2014 2013 2012
Spot price for power in Nord Pool power exchange, EUR/MWh 29.6 38.1 31.2
Spot price for power in Finland, EUR/MWh 36.0 41.2 36.6
Spot price for power in Sweden, SE3, Stockholm, EUR/MWh 31.6 39.4 32.3
Spot price for power in Sweden, SE2, Sundsvall, EUR/MWh 31.4 39.2 31.8
Spot price for power in European and Urals part of Russia, RUB/MWh 1) 1,163 1,104 1,001
Average capacity price, tRUB/MW/month 304 276 227
Spot price for power in Germany, EUR/MWh 32.8 37.8 42.6
Average regulated gas price in Urals region, RUB/1,000 m3 3,362 3,131 2,736
Average capacity price for old capacity, tRUB/MW/month 2) 167 163 152
Average capacity price for new capacity, tRUB/MW/month 2) 552 576 539
Spot price for power (market price), Urals hub, RUB/MWh 1) 1,089 1,021 956
CO2, (ETS EUA), EUR/tonne CO2 6 5 7
Coal (ICE Rotterdam), USD/tonne 75 82 93
Oil (Brent Crude), USD/bbl 99 109 112
1) Excluding capacity tariff.
2) Capacity prices paid only for the capacity available at the time.
Water reservoirs
TWh   31 Dec 2014 31 Dec 2013 31 Dec 2012
Nordic water reservoirs level 80 82 85
Nordic water reservoirs level, long‑term average 83 83 83
Export/import
TWh (+ = import to, ‑ = export from Nordic area) 2014 2013 2012
Export/import between Nordic area and Continental Europe+Baltics ‑14 ‑3 ‑19
Export/import between Nordic area and Russia 4 5 5
Export/import Nordic area, total ‑10 ‑2 ‑14
X

Search Fortum Annual Report 2014

Start typing...

Search results