A good financial year for Fingrid in 2017

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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.

In 2017, Fingrid continued systematic main grid development work for the electricity system of the future.

“Development of our total costs has remained under control for several years and we have now achieved a good balance between main grid pricing, operational costs and investments. That’s why we were able to keep tariffs at the same level in 2018,” says Chief Financial Officer Jan Montell.

Main grid transmission capacity is effectively used, and transmission reliability remained at an excellent level in 2017. The reliability of direct current connections, which are important for the electricity market, increased to the best level ever. Last year, a total of
66.2 TWh of electricity was transmitted in Fingrid’s grid, representing 75.5% of all electricity transmission in Finland.

A total of 15.6 TWh of electricity was imported from Sweden and 0.4 TWh was exported to Sweden. Electricity transmission between Finland and Estonia mainly consisted of exporting 1.7 TWh from Finland to Estonia. Electricity imports from Russia remained at the previous year’s level, and totalled 5.8 TWh.

31 Million in taxes and 1 billion in debt

“Fingrid paid approximately 31 million euros in taxes in 2017. The company pays its taxes and dividends to Finland and, in terms of price level, it has been one of the most reasonably priced transmission system operators in Europe for a long time,” states Montell.

The company’s interest-bearing borrowings totalled 1,082.7 million euros, and 813.4 million euros of this was non-current borrowings. These figures are very close to last year’s level. The company’s liquidity remained good and it had a high credit rating.
In 2017, the company issued a 10-year Green Bond worth 100 million euros. The proceeds will be used to finance investments that are expected to have long-term, net positive environmental impacts. •

Read Fingrid’s entire annual report online: annualreport.fingrid.fi/en/

 

Investments of more than 100 million in 2017

  • A total of 111.1 million euros was used for investments in 2017, which is 16.5% of turnover. Investments in the previous year were 146.7 million euros.
    In 2017
  • 91.1 million euros was used for the transmission grid and 14.2 million euros for reserve power. ICT systems accounted for 5.7 million euros. Research and development projects remained at 2.6 million.
  • In future years, investments are expected to be 100 million euros per year.
  • 22 substation projects were implemented.
  • Personnel: 355. Of the personnel employed by the company, 24% were women and 76% were men at the end of the year. The average age of the personnel was 44 years.

 

Fingrid Oyj
Läkkisepäntie 21
00620 Helsinki
Tel. 030 395 5267

Fingrid is Finland’s transmission system operator. We secure reliable electricity cost effectively for our customers and society, and shape the clean, market-oriented power system of the future.