Finnish Utility Gasum's 9M Profits Dip

Finnish state utility Gasum's financial performance was in line with expectations at the end of the third quarter, it said October 25. Revenues rose 1.4% in the first nine months of this year compared with last year, reaching €838.8mn. But profit fell 7.2% to €86.3mn. Its financial position remained strong in the reporting period, with the equity ratio being 44.6%, up from 43.7% at the end of last year.

During the quarter it concluded a green loan agreement with SEB, Nordea and OP Corporate Bank and renewed its other loans in the same context.

Growing the road fuel gas market is a key element in Gasum’s strategy, as it aims to make life greener for all and reduce national emissions. It opened three filling stations for heavy-duty transport and three for passenger vehicles.

It also continues preparations for the opening up of the gas market and together with customers and stakeholders have been co-ordinating regulatory work relating to the Natural Gas Market Act since 2017. The unbundled transmission system operator, Gasgrid, will start work January 1, 2020. Tariffs have been published. Finland was allowed an extension for unbundling transport from trade and supply of gas.