June 20, 2011 / 8:14 AM / 9 years ago

STOCKS NEWS EUROPE-Fortum falls further on windfall tax

Shares in utility Fortum FUM1V.HE fall more than 4 percent, extending Friday’s decline, after Finland’s new government says it will introduce tax on utilities’ windfall profits from emission trading.

Prime minister-elect Jyrki Katainen’s government announced on Friday it will raise around 170 million euros ($241.9 million) from windfall taxes. It also said it will not grant any new permissions for nuclear reactors.

“If the tax will be targeted equally at nuclear energy and hydro power, it would mean that around half of it will be Fortum’s burden,” Evli bank analyst Antti Koskivuori says.

Reuters Messaging rm://terhi.kinnunen.thomsonreuters.com@reuters.net

$1=.7028 Euro

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