Fingrid Group – Management’s Review 1.1.−31.3.2024 - Seite 2

€M	1−3/24	1−3/23	change %	1−12/23
Turnover	472.9	355.3	33.1	1,193.2
Operating result*	119.8	70.9	69.0	186.1
Earnings before taxes *	118.1	69.6	69.6	186.0
Result for the period	64.9	-64.3	201.0	1.2
Net cash flow from operations	36.7	73.2	-49.9	219.3
Accumulated congestion income	86.4	82.6	4.6	317.0
Capital expenditure, gross	77.0	56.9	35.3	322.0
Interest-bearing net debt	672.2	300.1	124.0	535.2
* Excluding the change in the fair value of derivatives

Review by the President & CEO: Period of bitter cold underscores need to discuss demands of evolving power system

“2024 began with bitter cold weather that raised electricity consumption to its highest level for the winter of 2023–2024. The hourly average load rose to its peak of 14,993 megawatt on 3 January 2024. In the same week, the price of electricity also rose to a high level when the peak hourly price surged on 5 January 2024 to close to EUR 1,900 per megawatt hour and the average price for electricity for the day was EUR 890. Fluctuations in the power system and the price of electricity were large. Despite the challenging circumstances, there was enough electricity and the significant flexibility in electricity consumption contributed to ensuring an adequate supply.

The prolonged period of below-zero weather made the adequacy of electricity generation and possible means for ensuring it a hot topic. In addition to rising electricity consumption, the power system was tested by disturbances in the availability of individual electricity generation facilities. Fingrid highlighted the need to quickly launch the planning and preparation of a well-defined and proportionate capacity mechanism or other arrangement supporting the adequacy of electricity supply.