Balancing electricity production and consumption is one of Fingrid’s main tasks. Balancing is a continuous process that involves buying and selling electricity on reserve markets, and Fingrid’s own reserve power is only used in exceptional situations. Both consumers and producers can participate in reserve markets and thus influence balancing of the power system.
International studies have shown that Fingrid transmits affordable electricity with good quality control. Fingrid was found to be affordable in both a study by the European Network of Transmission System Operators (ENTSO-E) and a study commissioned by European energy regulators. A significant success factor was efficiency in construction and maintenance.
The new Länsisalmi substation is important for the electricity supply of Helsinki and Vantaa and for the development of energy supply throughout the area. The opening ceremony for the newest landmark in Vantaa was held on Tuesday 27 March 2018.
Fingrid continued to make large investments and develop its operations in 2017. The company is in good financial condition and the result has developed as expected and according to regulation. Turnover was 672 million euros and more than 111 million euros were spent on investments.
Committees give different customer groups the opportunity to present their views on Fingrid’s activities. The committees don’t make decisions, but they discuss matters and share information. The minutes of the meetings are public.
What happens when the hackathlon spirit takes over at Fingrid’s headquarters in Käpylä? This was the case in late November when seven teams competed in Fingrid’s first hackathlon. Several new services to benefit Fingrid and its stakeholders were developed over a two-day period. They will be piloted during the spring.