Finnish majority-state-owned energy firm Fortum has announced a savings programme of around 100 million euros that may result in job cuts.
The firm said its operating environment and general economic conditions had further weakened since last summer.
The company said it was initiating a programme to cut costs and secure cash flows, aiming to gradually reduce its costs by 100 million euros by the end of 2025, adding that figure was around 10 percent of its fixed costs last year.
In a press release issued on Thursday, the company said it expects that the savings programme "will also include personnel reductions".
Fortum said it will announce more details about the savings programme later.
Fortum CEO and President, Markus Rauramo, called the current operating environment "challenging".
"We need to manage the prevailing uncertainty and secure our long-term competitiveness. Compared to a year ago, Fortum is a different, much smaller company. Therefore, we need to prioritise and adjust to fit our new structure," Rauramo said in the release.
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