Nordic electricity demand set to stay weak -Fortum

HELSINKI May 27 (Reuters) - Finnish utility Fortum (FUM1V.HE) expects Nordic electricity consumption to fall further this summer as the economic downturn dampens industrial demand in particular, the firm said in a statement on Wednesday.

"The turnaround in the real economy is not yet at hand," Fortum said in its latest energy market review.

"The decrease in electricity consumption in the Nordic countries has continued and it is possible that there will be additional industrial production stops during the summer," it added.

Between January and April electricity consumption in the Nordic countries fell almost 5 percent compared to the previous year, Fortum said, adding industrial consumption tumbled about 17 percent year-on-year in January-March.

Fortum noted despite the weaker demand outlook, electricity futures and spot market prices have been on the rise of late, boosted by higher oil and CO2 emission prices, as well as weaker rain and snowfall in the hydropower-driven Nordic region. (Reporting by Yegor Paanukoski; editing bhy James Jukwey)