Vantaa Energy

Vantaa Energy

Vantaan Energy’s story started 110 years ago as energy company.

The energy sector has a significant role to play in combating climate change. We want to be part of the solution. In 2020 we are a growing circular economy company that invests in finding carbon-neutral energy solutions.

We sell heating and circular economy services in Vantaa and the surrounding areas.

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. 

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Vantaa Energy to phase out fossil fuels already by 2026

Last autumn, Vantaa Energy took the decision to end coal use in 2022. Now the company is taking the next leap forward: as a result of the Fossil-Free 2026 project, Vantaa Energy will end the use of fossil fuels completely in the Vantaa region by 2026. The pace of the change is significant, because, for example, Finland is committed to phasing out the use of coal alone by 2029.

“We are a growing circular economy energy company, which is expected to come up with rapid and open-minded eco-efficient solutions. We now have a plan for phasing out fossil fuels. Moving to fossil-free production takes place with renewable energy sources, energy recovered from waste, and energy storage solutions,” says Jukka Toivonen, CEO of Vantaa Energy.

The company is reducing the use of fossil fuels one project at a time. The use of peat in energy production will be phased out by 2021. In addition to mixed waste from households, the extension of the waste-to-energy plant will enable utilisation of waste-to-energy from commerce and industry on an increasingly higher scale already in 2022. Waste processing services will be expanded to waste that requires higher processing temperatures than normal energy recovery in 2024. In addition, we will open a seasonal energy storage facility in 2026, and finally the remaining natural gas will be replaced by biogas.

“The seasonal thermal energy storage facility to be built underground is the most important part of the Fossil-Free 2026 project entity. The seasonal storage facility will enable storage of excess heat produced in energy recovery of waste in the summer, as well as solar energy during a period of low heating demand. The stored heat is utilised during sub-zero temperatures when the demand for heat is at its highest,” Toivonen describes.

The Fossil-Free 2026 project continues Vantaa Energy’s long-term climate work and is visible to the customers in the form of greater choice. “This is a great step towards our target of carbon-neutral production. With our Fossil-Free 2026 project, we will rapidly move towards cleaner production in order to mitigate climate change. At the same time, we will also enable eco-efficient heating options for our customers. Correspondingly, as it is already possible to choose the origin of electricity, our customers will soon have an opportunity to opt for ground-source heat, solar heat or, say, wind energy delivered via the heating network,” Toivonen explains.

Responsibility

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