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Olga Väisänen

Vice President Communications
p. +358 40 554 0578
olga.vaisanen@gasum.com
Twitter: @OlgaVaisanen

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Anna-Sofia Malmi

Communications Manager
p. +358 50 469 0114
anna-sofia.malmi@gasum.com
Twitter: @annasofiamalmi

Media releases and news

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Gasum in brief

The energy company Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. Together with its partners, Gasum promotes development towards a carbon-neutral future on land and at sea.

The Gasum Group has around 380 employees in Finland, Norway, Sweden and Germany. The company’s revenue totaled €1,128 million in 2019. Gasum is owned by the State of Finland.

30.10.2020

Gasum Group Q3 2020 – Demand for gas solutions remained steady

Key financial indicators January 1 to September 30, 2020*

  • Group operating profit totaled €12.8 million, down 43.1% year on year (September 30, 2019: €22.4 million)

  • Operating profit margin in the reporting period was 2.8%, down 0.4 percentage points compared with the reference year’s continuing operations (September 30, 2019: 3.2%)

  • Balance sheet total came to €1,256.1 million (September 30, 2019: €1,075.9 million)

  • The Group’s solvency remained strong in the reporting period, with the equity ratio at 38.8% (September 30, 2019: 45.2%)

* Including comparable figures for continuing operations.

Gasum Group CEO Johanna Lamminen comments on the third quarter of 2020:

”Our financial performance during the reporting period was almost in line with our expectations despite the uncertainties caused by the COVID-19 pandemic, and there was steady demand for gas solutions. The impacts of the pandemic were seen in our business, primarily with regard to the growth targets we set. Lockdowns caused us to push back with bringing our new plants into use and at the same time our customers have also delayed their
projects, which in turn has impacted the start-up of Gasum’s deliveries. We have sought to ensure business continuity by ensuring the health and safety of our employees and have done everything we can to secure the smooth functioning of business operations despite the changes that have taken place in the operating environment.

Our revenue during the report period was €448.9 million and our operating profit was €12.8 million. Revenue and operating profit were primarily affected by the price trend of gas in Europe. Group profitability remained in line with the level forecast despite changes in the operating environment.

During Q3, we secured a contract with Norwegian reinforced steel manufacturer Celsa Armeringsstål in Mo i Rana, to supply liquefied natural gas (LNG) from the Tornio terminal and to build a new customer terminal in Mo Industrial Park. Switching to LNG will contribute to the company’s target of lowering carbon dioxide emissions originating in its operations.

Demand for cleaner energy solutions continued to grow in maritime transport. During Q3, we completed several LNG bunkering operations in maritime transport to new customers in the Nordic countries and Germany. We carried out a truck-to-ship bunkering operation to the Fassmer company’s research vessel and a ship-to-ship bunkering operation to the car carrier Auto Energy.

We increased the availability of renewable energy by entering into a long-term agreement with ABO Wind Oy to purchase its wind power produced in a wind farm in North Ostrobothnia starting in 2023. The agreement will allow us to increase the availability of renewable domestic energy and self-sufficiency in power generation in Finland.

We continued to expand the Nordic gas filling station network to serve heavy-duty transport. We opened gas filling stations in Gothenburg, Sweden and Lieto, Finland. Our expanding gas filling station network is creating interest in gas from growing numbers of actors and Vekka Group, for example, introduced six biogas-powered buses into operations in Hämeenlinna in August."

Read more about Gasum Group Q3 2020 >

For more information please contact:

Johanna Lamminen, Chief Executive Officer, Gasum


Olga Väisänen, Vice President, Communications, Gasum
Phone: +358 40 55 40 578, firstname.surname(a)gasum.com

GASUM IN BRIEF

The energy company Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and
power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint and that of their customers. Together with its partners, Gasum promotes development towards a carbonneutral future on land and at sea.

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27.10.2020

Maritime market update: long-term oil demand uncertainty as a covid-19’s aftermath

Risavika LNG front month has gained 1.8 % week on week reaching 25.15 Eur/MWh on the forecast of higher demand for natural gas in November, reflecting a seasonal change. However, the supply side remains healthy and gas storages are more than 90 % full.

Following the weakening of oil prices and the inventory builds in ARA, fuel oil 3.5 has lost 1.1 % to 243.03 USD/t, low sulfur oil (MFO 0.5) has decreased by 1.6 % and closed at 302.71 USD/t, while MGO 0.1 has lost 2.5 % week on week and closed at 328.2 USD/t.

According to long-term outlooks released these last two months by BP, Total, OPEC and the IEA, global oil demand in 2040 could be as low as 58 million barrel per day (mb/d) or as high as 109 mb/d depending on energy and environmental policy choices. The Argus, BP and Total “business as usual” scenarios result in 2040 oil demand remaining close to pre-Coronavirus levels around 100 mb/d. In contrast, IEA and OPEC both model existing policy scenarios with demand remaining rather higher, on an apparent plateau near 109 mb/d through 2040. Parallel projections assume much more aggressive policy intervention to achieve global net zero CO2 emissions by 2050 or 2070, which if enacted as an immediate aftermath of Covid-19 can potentially push oil demand onto a lower path. Peak demand could occur as early as 2025 and consumption levels in 2040 of 75 mb/d or less are 25-30% lower than in 2019. BP’s “Net Zero” scenario goes even further, cutting global demand to around 60 mb/d in 2040 and some 30 mb/d by 2050. With the transport and petrochemicals sectors accounting for over 70% of oil use in 2019, the outlook for these sectors will be key to oil demand trends longer term.

 

 

LNG Risavika - LNG FOB Risavika 

LBG Risavika 10 % - 10 % blend of Liquified Biogas

FO 3.5 FOB Rdam – European 3.5% Fuel Oil Barges FOB Rdam (Platts) Futures Quotes

MFO 0.5 FOB Rdam - European FOB Rdam Marine Fuel 0.5% Barges (Platts) Futures Quotes

MGO 0.1 FOB ARA - Gasoil 0.1% Barges FOB ARA (Platts) Futures Quotes

ULSD FOB ARA - European Diesel 10 ppm Barges FOB ARA (Platts) Futures Quotes

 

Front Month Price index

LNG Risavika*

LBG blend

Risavika**

FO 3.5 FOB Rdam

MFO 0.5 FOB Rdam

MGO 0.1 FOB ARA

ULSD FOB ARA

Unit

25.15

28.15

17.42

20.78

22.53

23.95

EUR/MWh

426.06

476.88

243.03

302.71

328.20

334.08

USD/t

 Price index 26.10.2020.png

Source: CME Group, Gasum, Argus Media

*An estimate for LNG FOB Risavika 

** An estimate for 10 % LBG blend FOB Risavika

 

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27.10.2020

Posti switches to use of biogas in heavy-duty transport – a biogas fleet of ten trucks is Finland’s largest

Gasum and Posti are working together to promote clean transport. Posti is investing in biogas-powered trucks as part of its efforts to a clear reduction in its transport emissions. At the same time, this will create Finland’s largest fleet of gas-powered heavy-duty transport. Gasum’s gas filling stations in conjunction with Posti’s terminals and on long-haul routes ensure smooth transports.

Posti Freight Services has acquired ten new liquefied biogas (LBG) trucks. The investment is part of Posti’s aim to achieve carbon-neutrality in its own operations by 2030. Partnering with energy company Gasum will significantly promote a reduction in transport emissions.

Posti already operates six liquefied natural gas (LNG) trucks from earlier. The new fleet of ten trucks is Finland’s largest biogas fleet operated by a logistics company. In addition, Posti’s total fleet of 16 gas-powered trucks is Finland’s largest of its kind.

“Choosing renewable biogas as a fuel in long-haul transport has made Posti a pacesetter in logistics. Pilot tests have now progressed to extensive use of low emission fuel solutions that have been found to work. Use of biogas in transport is an effective way to combat climate change and can also reduce the greenhouse gas emissions during the lifecycle of the fuel by up to 90%. Along with biogas, liquefied natural gas (LNG) is also on the solutions list when seeking to cut logistics emissions. A fleet running on liquefied gas makes it possible to flexibly switch from natural gas to biogas without needing to replace the fleet,” says Juha-Matti Koskinen, Sales Manager, Traffic, Gasum.

Ten trucks translate into significant emissions reductions

The first biogas-power trucks have already been deployed and the full fleet will be in use by the end of the year. Together, biogas-powered trucks will reduce carbon dioxide emissions originating in Posti’s transports by 1,620 tonnes a year, which is the amount produced by driving a car almost 8.6 million kilometers, or 215 times around the globe.

“As a pioneer in the field, we play an important role in developing and implementing energy-efficient and sustainable transport solutions. For a long time, we have developed our operations to reduce the emissions from our freight transports. In addition to gas-powered vehicles and alternative fuels, our environmental measures include target-oriented route planning, a method that develops quickly thanks to new technologies and procedures. We reduce our environmental impact also by actively monitoring driving habits and updating our service level agreements,” says Antti Wikström, Vice President of Posti’s Freight Services.

Recent years have seen clear growth in the popularity of gas as a fuel in logistics and heavy-duty transport. Gasum is responding to demand growth by continuously developing their gas filling station network in the Nordic countries. The company currently has a total of 26 filling stations serving heavy-duty transport in the Nordic countries.

For more information, please contact:

Juha-Matti Koskinen, Sales Manager, Traffic, Gasum
tel. +358 40 768 7188. juha-matti.koskinen@gasum.com

Antti Wikström, Vice President, Freight Services, Posti Ltd
tel. +358 40 528 5612, antti.wikstrom@posti.com

The energy company Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. Together with its partners, Gasum promotes development towards a carbon-neutral future on land and at sea. The Gasum Group has around 350 employees in Finland, Norway and Sweden. The company’s revenue totaled €1,128 million in 2019. Gasum is owned by the State of Finland. www.gasum.com  

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