Vantaa Energy

Vantaa Energy

Vantaa Energy is one of Finland’s largest city energy companies. We produce and sell electricity and district heat. Our pride and joy is the waste-to-energy plant, completed in 2014, that puts unwanted waste to use. The City of Vantaa owns 60 per cent and the City of Helsinki 40 per cent of our company. Therefore, we are an energy company owned by the local residents. And we are very proud of that.

Waste-to-energy plant: a new life for rubbish

Thanks to the waste-to-energy plant commissioned in 2014, the amount of waste produced by the residents of the Helsinki region which ends up in the landfill is reduced by 374,000 tonnes. The plant reduced Vantaa Energy’s use of fossil fuels by 40 per cent and carbon dioxide emissions in Vantaa by 30 per cent. Therefore, we build a more sustainable future with Recycled Electricity and Recycled Heat.

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Vantaa Energy is on the road to coal-free production

Vantaa Energy is ceasing the use of coal in energy production in 2022. Discontinuing the use of coal will be enabled by increasing the use of non-recyclable waste in energy production. This is carried out by expanding the capacity of the waste-to-energy plant and by increasing the production of renewable wind and solar energy and geothermal heat. At the national level, there is a commitment to implement non-use of coal by 2029 at the latest.

“It is great to be able to give good climate news. We need big and rapid changes in order to stop the climate crisis. In this situation, we energy companies have a significant role to play. We have stepped up the pace, and we will end the use of coal already in 2022,” says Managing Director Jukka Toivonen. 

Vantaa Energy has worked steadfastly towards phasing out coal for some time. The share of renewable and carbon neutral energy forms in production has been increased consistently, and the company will continue in the same direction.

“We are increasing waste-to-energy use by expanding the capacity of the waste-to-energy plant and by increasing the production of renewable energy forms, such as geothermal heat and wind and solar energy. During the coldest periods in the winter season, we ensure sufficient heat supplies with natural gas, which will also be replaced by utilisation of renewable energy sources in the future,” describes Managing Director Toivonen.

Vantaa Energy’s journey towards climate-neutral energy production started at the beginning of the decade. In just a few years, the company has considerably reduced emissions from production, and energy is generated with more sustainable methods. This has been possible mainly through the use of waste-to-energy and bioenergy plants. As a result of their commissioning, Vantaa Energy has cut carbon dioxide emissions and the use of fossil fuels to less than half of the 2010 level.

Completed in 2014, the waste-to-energy plant produces electricity and district heat from non-recyclable mixed waste. As a result of its commissioning, the company’s carbon dioxide emissions have fallen by 30 per cent while the use of imported fossil fuels in Vantaa has been cut by 40 per cent. The Martinlaakso bioenergy heating plant, which was modified from a former natural gas and oil-fired power plant, was commissioned in early 2019.

The third step to enable non-coal use at Vantaa Energy is the expansion of the waste-to-energy plant based on the increase of non-recyclable waste use. Currently, non-recyclable retail and industrial waste is exported while at the same time fossil fuel is purchased from overseas for the needs of energy production. The expansion of the waste-to-energy plant is therefore a significant investment not only from the environmental viewpoint but also in terms of the economy.

“With the expansion of the waste-to-energy plant, we will be able to end the use of coal in a profitable way and without any cost impacts to our customers. We want to carry on implementing these bold, pro-climate measures also in the future. We want to be a driver for change in the energy sector. We are actively and with an open mind seeking the best possible methods of producing energy in a smart and sustainable way and at a reasonable price,” Toivonen summarises the company’s outlook.


Responsibility is not just another word to us. Responsibility means that we do things properly, whether it’s to do with our customers or society at large. With our good financial standing, we ensure that our operations are sustainable for the benefit of our owners, i.e. the citizens. On the other hand, we are responsible for offering our customers a better service than they can even think to request. We are also aware of our responsibility for the environment: we contribute to mitigating climate change.

Electricity networks

We need a reliable infrastructure to maintain a smooth supply of electricity and to keep Vantaa moving. Vantaa Energy Electricity Networks Ltd takes care of the construction, operation and maintenance of Vantaa’s electricity network. The company is fully owned by Vantaa Energy Ltd.

Financial key figures

Group 2019 2018 2017
Turnover, EUR mill. 295,1 303,0 285,3
Operating profit, EUR mill. 58,9 47,1 54,8
 % of turnover 18,4 15,5 19,2

Return on equity (ROE),%

16,6 13,9 20,3
Equity ratio, % 41,0 38,5 41,7
Gross investments, EUR mill 42,3 110,3 44,4
% of turnover 14,3 36,4 15,6
Parent company 2019 2018 2017
Turnover, EUR mill. 249,0 258,5 245,1
Operating profit, EUR mill. 32,3 32,6 36,8
 % of turnover 13,0 12,6 15,0
Return on equity (ROE),% 11,8 12,8 18,1
Equity ratio, % 38,0 35,7 39,6
Gross investments, EUR mill 30,9 95,0 30,0
% of turnover 12,4 36,7 12,6

Financial Statements 2019

Financial Statements 2018

Financial Statements 2017