* Q1 comparable EBIT 649 mln euros vs 643 mln in poll
* Hedged 70 percent of 2011 volumes at 44 euros/MWh
* Q1 Nordic average power price 47.9 euros/MWh
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HELSINKI, April 28 (Reuters) - Finnish utility Fortum reported a smaller-than-expected decline in first-quarter profit on Thursday, despite a poor performance by its main power generation unit.
January-March comparable operating profit fell slightly to 649 million euros ($952 million) from 651 million euros a year ago. This was better than an average forecast of 643 million euros in a Reuters poll of analysts.
"Power division's results were burdened mainly by a lower power sales price and clearly lower hydro volumes," Fortum CEO Tapio Kuula said in a statement.
It said consumption of power in the Nordics had decreased somewhat, while the overall Russian power demand was flat in the first quarter of 2011.
Fortum said the Nordic power price achieved by its power generation unit was 47.9 euros per megawatt hour, versus 50.9 euros in the same period in 2010.
Fortum expects Nordic power demand to recover back to the 2008 level by 2012-2014.
The firm also said it has raised its hedging for 2011 electricity volumes to 70 percent at 44 euros per megawatt hours.
($1=.6817 Euro)
(Reporting by Terhi Kinnunen. Editing by Jane Merriman)