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1
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
FINGRID OYJ
 
 
ANNUAL
 
REVIEW
 
AND
 
FINANCIAL
 
STATEMENTS
 
1 January 2024–31 December 2024
 
2
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Contents
1
 
REPORT
 
OF
 
THE
 
BOARD
 
OF
 
DIRECTORS
 
.....................................................................................................................5
 
1.1
 
Financial
 
result
 
and
 
financing
 
..............................................................................................................................5
 
1.2
 
Operations
 
...........................................................................................................................................................8
 
1.2.1
 
Strategy
 
...................................................................................................................................................8
 
1.2.2
 
Customers
 
...............................................................................................................................................9
 
1.2.3
 
Main
 
Grid
 
..............................................................................................................................................
 
11
 
1.2.4
 
Power
 
system
 
.......................................................................................................................................
 
13
 
1.2.5
 
Electricity
 
market
 
.................................................................................................................................
 
14
 
1.3
 
Personnel
 
..........................................................................................................................................................
 
16
 
1.4
 
Internal
 
control
 
and
 
risk
 
management
 
.............................................................................................................
 
16
 
1.4.1
 
Organisation
 
of
 
internal
 
control
 
...........................................................................................................
 
16
 
1.4.2
 
Foremost
 
risks
 
......................................................................................................................................
 
18
 
1.5
 
Board
 
of
 
Directors
 
and
 
corporate
 
management
 
..............................................................................................
 
19
 
1.6
 
Share
 
capital
 
.....................................................................................................................................................
 
19
 
1.7
 
Events
 
after
 
the
 
review
 
period
 
and
 
estimate
 
of
 
future
 
outlook
 
......................................................................
 
21
 
1.8
 
Legal
 
proceedings
 
and
 
proceedings
 
by
 
authorities
 
..........................................................................................
 
20
 
1.9
 
Board
 
of
 
Directors'
 
proposal
 
for
 
the
 
distribution
 
of
 
profit
 
...............................................................................
 
21
 
1.10
 
Annual
 
General
 
Meeting
 
2024
 
........................................................................................................................
 
22
 
1.11
 
Sustainability
 
statemen
 
..................................................................................................................................
 
22
 
1.11.1
 
General
 
information
 
.............................................................................................................................
 
22
 
1.11.2
 
Environment
 
.........................................................................................................................................
 
41
 
1.11.3
 
Social
 
responsibility
 
..............................................................................................................................
 
65
 
1.11.4
 
Governance
 
..........................................................................................................................................
 
86
 
1.11.5
 
Annexes
 
................................................................................................................................................
 
93
3
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
2
 
CONSOLIDATED
 
KEY
 
FIGURES
 
and
 
the
 
regulation
 
of
 
transmission
 
system
 
operations
 
........................................
 
110
3
 
CONSOLIDATED
 
FINANCIAL
 
STATEMENTS
 
(IFRS)
 
..................................................................................................
 
114
 
3.1
 
Income
 
statement
 
...........................................................................................................................................
 
114
 
3.2
 
Consolidated
 
balance
 
sheet
 
............................................................................................................................
 
115
 
3.3
 
Consolidated
 
statement
 
of
 
changes
 
in
 
equity
 
................................................................................................
 
117
 
3.4
 
Consolidated
 
cash
 
flow
 
statement
 
.................................................................................................................
 
118
4
 
BENCHMARK
 
FOR
 
TSO
 
OPERATIONS
 
(IFRS)
 
..........................................................................................................
 
119
 
4.1
 
General
 
information
 
about
 
the
 
Group
 
and
 
general
 
accounting
 
principles
 
....................................................
 
119
 
4.2
 
The
 
company’s
 
general
 
risk
 
management
 
processes
 
and
 
policies
 
.................................................................
 
121
 
4.3
 
Formation
 
of
 
turnover
 
and
 
financial
 
result
 
....................................................................................................
 
122
 
4.4
 
Revenue
 
-related
 
receivables
 
and
 
credit
 
risk
 
management
 
............................................................................
 
123
 
4.5
 
Operating
 
expenses,
 
liabilities
 
and
 
credit
 
risk
 
management
 
for
 
purchases
 
...................................................
 
124
 
4.6
 
Inventories
 
......................................................................................................................................................
 
126
 
4.7
 
Management
 
of
 
commodity
 
risks
 
...................................................................................................................
 
126
 
4.8
 
Personnel
 
–
 
the
 
co
 
rnerstone
 
of
 
our
 
operations
 
.............................................................................................
 
127
 
4.9
 
Taxes
 
............................................................................................................................................................
 
127
5
 
LONG
 
-TERM
 
INVESTOR
 
(IFRS)
 
...............................................................................................................................
 
130
 
5.1
 
Grid
 
assets
 
......................................................................................................................................................
 
130
 
5.2
 
Tangible
 
and
 
intangible
 
assets
 
........................................................................................................................
 
131
 
5.3
 
Lease
 
agreements
 
...........................................................................................................................................
 
134
6
 
STRONG
 
FINANCIAL
 
POSITION
 
(IFRS)
 
....................................................................................................................
 
136
 
6.1
 
Capital
 
management.......................................................................................................................................
 
136
 
6.2
 
The
 
aims
 
and
 
organisation
 
of
 
financing
 
activities
 
and
 
the
 
principles
 
for
 
financial
 
risk
 
management
 
...........
 
136
 
6.3
 
Financial
 
liabilities,
 
financial
 
costs
 
and
 
managing
 
financial
 
risks
 
...................................................................
 
137
 
6.4
 
Summary
 
of
 
financial
 
assets,
 
financial
 
liabilities
 
and
 
derivatives
 
...................................................................
 
141
 
6.5
 
Equity
 
and
 
dividend
 
distribution
 
....................................................................................................................
 
144
7
 
OTHER
 
INFORMATION
 
(IFRS)
 
................................................................................................................................
 
147
4
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
7.1
 
Group
 
companies
 
and
 
related
 
parties
 
............................................................................................................
 
147
 
7.2
 
Other
 
notes
 
.....................................................................................................................................................
 
149
8
 
PARENT
 
COMPANY
 
FINANCIAL
 
STATEMENTS
 
(FAS)
 
.............................................................................................
 
152
 
8.1
 
Parent
 
company
 
income
 
statement
 
...............................................................................................................
 
152
 
8.2
 
Parent
 
company
 
balance
 
sheet
 
......................................................................................................................
 
153
 
8.3
 
Parent
 
company
 
ca
 
sh
 
flow
 
state
 
ment
 
............................................................................................................
 
155
 
8.4
 
Notes
 
to
 
the
 
financial
 
statements
 
of
 
parent
 
company
 
...................................................................................
 
156
9
 
SIGNATURES
 
FOR
 
THE
 
ANNUAL
 
REVIEW
 
AND
 
FOR
 
THE
 
FINANCIAL
 
STATEMENTS
 
..............................................
 
174
5
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
1
REPORT
 
OF
 
THE
 
BOARD
 
OF
 
DIRECTORS
1.1
Financial
 
result
 
and
 
financing
Fingrid’s
 
consolidated
 
financial
 
statements
 
have
 
been
 
drawn
 
up
 
in
 
accordance
 
with
 
the
 
International
 
Financial
Reporting
 
Standards
 
(IFRS).
 
Unless
 
otherwise
 
indicated,
 
the
 
figures
 
in
 
parentheses
 
refer
 
to
 
the
 
same
 
period
 
of
 
the
previous
 
year.
 
Fingrid’s
 
consolidated
 
financial
 
statements
 
have
 
been
 
drawn
 
up
 
in
 
accordance
 
with
 
the
 
same
accounting
 
principles
 
as
 
in
 
2023.
The
 
emissions
 
from
 
the
 
electricity
 
consumed
 
in
 
Finland
 
have
 
decreased
 
from
 
the
 
previous
 
year,
 
and
 
the
 
price
 
of
electricity
 
has
 
fallen.
 
Following
 
the
 
growth
 
in
 
renewable
 
electricity
 
production,
 
variations
 
in
 
the
 
price
 
of
 
electricity
have
 
increased.
 
Demand
 
for
 
electricity
 
started
 
to
 
grow
 
in
 
2024.
 
The
 
transmission
 
reliability
 
of
 
the
 
main
 
grid
continued
 
to
 
be
 
high
 
despite
 
the
 
several
 
planned
 
transmission
 
outages
 
required
 
by
 
the
 
construction
 
of
 
the
 
electricity
network.
 
Annual
 
investments
 
in
 
the
 
main
 
grid
 
were
 
record
 
high.
The
 
Group
 
turnover
 
grew
 
to
 
EUR
 
1,269.3
 
(1,193.2)
 
million.
 
Income
 
from
 
grid
 
service
 
fees
 
grew
 
to
 
EUR
 
275.4
 
(164.5)
million,
 
due
 
largely
 
to
 
Fingrid
 
waiving
 
the
 
grid
 
service
 
fees
 
for
 
three
 
months
 
in
 
2024,
 
while
 
the
 
grid
 
service
 
fees
 
were
waived
 
for
 
six
 
months
 
in
 
2023.
 
In
 
addition,
 
Fingrid
 
concluded
 
new
 
grid
 
connection
 
agreements
 
and
 
the
 
electricity
consumption
 
on
 
which
 
grid
 
service
 
revenue
 
is
 
based
 
grew
 
to
 
82.7
 
(80.0)
 
terawatt
 
hours
 
in
 
Finland.
 
The
 
maintenance
 
and
 
investment
 
costs
 
for
 
a
 
growing
 
power
 
system
 
rose,
 
which
 
increased
 
Fingrid’s
 
turnover.
Fingrid’s
 
balance
 
services
 
segment
 
accounted
 
for
 
52
 
(59)
 
per
 
cent
 
of
 
the
 
turnover.
 
Large
 
fluctuations
 
are
 
typical
 
in
the
 
imbalance
 
power
 
amount
 
and
 
sales
 
price
 
and
 
procurement
 
costs,
 
owing
 
to
 
an
 
increase
 
in
 
weather
 
-dependent
electricity
 
production,
 
and
 
the
 
uncertainty
 
related
 
to
 
market
 
participants’
 
electricity
 
production
 
and
 
consumption
forecasts.
The
 
congestion
 
income
 
from
 
the
 
cross
 
-border
 
transmission
 
links
 
between
 
Finland
 
and
 
Estonia
 
and
 
Finland
 
and
Sweden
 
amounted
 
to
 
EUR
 
265.3
 
(260.1)
 
million,
 
of
 
which
 
Fingrid’s
 
share
 
was
 
EUR
 
242.0
 
(220.9)
 
million.
 
Fingrid’s
income
 
on
 
the
 
financial
 
transmission
 
rights
 
(FTR)
 
issued
 
on
 
the
 
Finland–Estonia
 
border
 
amounted
 
to
 
EUR
 
62.3
 
(57.0)
million,
 
and
 
the
 
congestion
 
income
 
credited
 
to
 
the
 
holders
 
of
 
corresponding
 
transmission
 
rights
 
was
 
EUR
 
85.5
 
(96.2)
million.
 
A
 
total
 
of
 
EUR
 
301.0
 
(284.7)
 
million
 
in
 
congestion
 
income
 
was
 
recognised
 
in
 
turnover
 
to
 
cover
 
the
 
waiving
 
of
grid
 
service
 
fees
 
and
 
increased
 
operating
 
expenses,
 
and
 
EUR
 
130.1
 
(118.0)
 
million
 
in
 
other
 
operating
 
income
 
to
 
cover
FTRs
 
and
 
cross
 
-border
 
capacity
 
costs
 
and
 
EUR
 
30.4
 
(2.3)
 
million
 
in
 
investments
 
to
 
improve
 
cross
 
-border
 
transmission
capacity.
 
The
 
accrued
 
congestion
 
income
 
on
 
Fingrid’s
 
balance
 
sheet
 
amounted
 
to
 
EUR
 
841.8
 
(975.7)
 
million
 
at
 
the
end
 
of
 
the
 
year.
The
 
Group’s
 
costs,
 
including
 
depreciation
 
and
 
amortisation
 
without
 
the
 
change
 
in
 
the
 
value
 
of
 
commodity
derivatives,
 
amounted
 
to
 
EUR
 
1,163.8
 
(1,126.8)
 
million.
 
Imbalance
 
power
 
procurement
 
costs
 
fell
 
to
 
EUR
 
457.4
(491.1)
 
million.
 
Mainly
 
driven
 
by
 
larger
 
area
 
price
 
differences
 
for
 
electricity
 
early
 
in
 
the
 
year,
 
the
 
congestion
 
costs
resulting
 
from
 
the
 
surplus
 
in
 
the
 
national
 
electricity
 
balance
 
amounted
 
to
 
EUR
 
19.5
 
(15.5)
 
million.
 
Loss
 
power
 
costs
grew
 
to
 
EUR
 
81.1
 
(75.2)
 
million,
 
due
 
to
 
an
 
increase
 
in
 
the
 
grid
 
transmission
 
needs.
 
The
 
amount
 
of
 
loss
 
power
procured
 
was
 
1.7
 
(1.7)
 
terawatt
 
hours,
 
and
 
the
 
average
 
price
 
was
 
EUR
 
47.37
 
(45.09)
 
per
 
megawatt
 
hour.
 
The
 
cost
 
of
reserves
 
to
 
safeguard
 
the
 
grid’s
 
system
 
security
 
and
 
power
 
balance
 
was
 
EUR
 
217.6
 
(185.6)
 
million.
 
The
 
growth
 
was
driven
 
by
 
the
 
increased
 
amounts
 
of
 
reserves
 
procured
 
and
 
the
 
procurement
 
price
 
emerging
 
from
 
reserve
 
scarcity
situations.
 
Due
 
to
 
the
 
progress
 
made
 
in
 
the
 
company’s
 
extensive
 
investment
 
programme,
 
depreciation
 
and
amortisation
 
grew
 
to
 
EUR
 
128.7
 
(123.3)
 
million.
 
The
 
increase
 
in
 
grid
 
maintenance
 
costs
 
grew
 
to
 
EUR
 
39.8
 
(22.5)
million.
 
The
 
significant
 
growth
 
in
 
costs
 
was
 
mainly
 
due
 
to
 
the
 
repair
 
of
 
the
 
EstLink
 
2
 
cross
 
-border
 
transmission
 
cable,
 
 
6
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
which
 
sustained
 
damage
 
in
 
January.
 
Personnel
 
costs
 
grew
 
to
 
EUR
 
47.6
 
(42.8)
 
million,
 
which
 
can
 
largely
 
be
 
explained
by
 
the
 
increase
 
in
 
the
 
number
 
of
 
personnel
 
required
 
for
 
the
 
expansion
 
of
 
the
 
operations
 
and
 
the
 
increasing
complexity
 
of
 
the
 
power
 
system.
The
 
Group’s
 
operating
 
profit
 
excluding
 
the
 
change
 
in
 
the
 
fair
 
value
 
of
 
derivatives
 
was
 
EUR
 
238.9
 
(186.1)
 
million.
 
The
Group’s
 
profit
 
before
 
taxes
 
was
 
EUR
 
186.4
 
(1.3)
 
million.
 
The
 
profit
 
was
 
improved
 
by
 
the
 
company
 
reaching
 
its
 
larger
allowed
 
regulatory
 
profit.
 
The
 
market
 
value
 
of
 
electricity
 
derivatives
 
fell,
 
driven
 
by
 
a
 
drop
 
in
 
the
 
market
 
price
 
of
electricity.
 
The
 
amount
 
of
 
electricity
 
derivatives
 
hedging
 
the
 
procurement
 
of
 
loss
 
power
 
grew
 
to
 
4.5
 
TWh
 
(4.0
 
TWh)
at
 
the
 
end
 
of
 
2024.
 
Profit
 
for
 
the
 
financial
 
year
 
was
 
EUR
 
149.2
 
(1.2)
 
million.
 
The
 
equity
 
ratio
 
at
 
the
 
end
 
of
 
the
financial
 
year
 
fell
 
to
 
16.1
 
(20.1)
 
per
 
cent.
The
 
company
 
is
 
implementing
 
a
 
EUR
 
4
 
billion
 
investment
 
programme
 
for
 
the
 
next
 
ten
 
years.
 
In
 
2024,
 
the
 
company’s
gross
 
investments
 
grew
 
to
 
EUR
 
520.9
 
(322.0)
 
million
 
as
 
the
 
Group
 
increased
 
its
 
capital
 
expenditure
 
to
 
enable
 
the
green
 
transition
 
and
 
growing
 
electricity
 
consumption.
 
This
 
included
 
a
 
total
 
of
 
EUR
 
491.8
 
(303.8)
 
million
 
invested
 
in
the
 
transmission
 
grid
 
and
 
EUR
 
8.3
 
(2.8)
 
million
 
for
 
reserve
 
power.
 
IT
 
system
 
and
 
other
 
investments
 
amounted
 
to
 
EUR
20.8
 
(15.4)
 
million.
 
A
 
total
 
of
 
EUR
 
3.1
 
(2.4)
 
million
 
was
 
used
 
for
 
R&D
 
projects
 
during
 
the
 
year
 
under
 
review.
 
The
 
parent
 
company’s
 
turnover
 
was
 
EUR
 
1,272.6
 
(1,209.7)
 
million,
 
profit
 
for
 
the
 
financial
 
year
 
EUR
 
135.0
 
(141.4)
million
 
and
 
distributable
 
funds
 
EUR
 
172.2
 
(174.4)
 
million.
The
 
allowed
 
regulatory
 
profit
 
in
 
line
 
with
 
the
 
regulatory
 
method
 
regulating
 
reasonable
 
profit
 
in
 
transmission
 
grid
operations
 
rose
 
in
 
2024
 
from
 
the
 
previous
 
year,
 
which
 
was
 
the
 
result
 
of
 
a
 
higher
 
interest
 
rate
 
level
 
and
 
the
company’s
 
increased
 
investments.
 
The
 
regulatory
 
methods
 
that
 
determine
 
the
 
company’s
 
reasonable
 
profit
 
for
2024–2031
 
entered
 
into
 
force
 
on
 
1
 
January
 
2024.
 
The
 
methods
 
included
 
the
 
revaluation
 
of
 
grid
 
assets
 
carried
 
out
 
for
2024.
 
The
 
regulatory
 
methods
 
that
 
entered
 
into
 
force
 
in
 
2024
 
include
 
several
 
changes
 
that
 
reduce
 
the
 
company’s
profit
 
and
 
weaken
 
its
 
ability
 
to
 
invest
 
compared
 
to
 
previous
 
methods.
 
Fingrid
 
is
 
appealing
 
to
 
the
 
Market
 
Court
against
 
the
 
confirmed
 
methods.
 
Based
 
on
 
the
 
company’s
 
own
 
calculations,
 
the
 
allowed
 
regulatory
 
profit
 
amounts
 
to
a
 
surplus
 
of
 
around
 
EUR
 
5
 
million
 
for
 
2024.
 
Cumulatively,
 
no
 
deficit
 
or
 
surplus
 
has
 
been
 
created
 
in
 
the
 
allowed
regulatory
 
profit,
 
considering
 
the
 
deficits
 
carried
 
over
 
from
 
the
 
previous
 
periods.
The
 
Energy
 
Authority
 
decides
 
on
 
the
 
use
 
of
 
the
 
congestion
 
income
 
received
 
by
 
Fingrid
 
for
 
investments,
 
to
 
cover
costs
 
and
 
for
 
use
 
as
 
turnover
 
in
 
line
 
with
 
EU
 
regulation.
 
A
 
regulatory
 
letter
 
submitted
 
to
 
Fingrid
 
by
 
the
 
Energy
Authority
 
in
 
2023
 
specified
 
the
 
use
 
of
 
congestion
 
income
 
in
 
2024.
 
The
 
Energy
 
Authority
 
has
 
specified
 
the
 
use
 
of
congestion
 
income
 
for
 
2024
 
and
 
determined
 
the
 
use
 
for
 
2025
 
with
 
its
 
new
 
regulatory
 
letter
 
in
 
December
 
2024.
 
The
decision
 
concerning
 
the
 
use
 
of
 
congestion
 
income
 
is
 
issued
 
in
 
conjunction
 
with
 
the
 
regulatory
 
decision
 
given
 
for
 
the
company’s
 
regulatory
 
period,
 
after
 
each
 
regulatory
 
period.
 
Fingrid’s
 
unused
 
congestion
 
income
 
is
 
recorded
 
on
 
the
balance
 
sheet
 
under
 
short-
 
and
 
long-term
 
non-interest
 
-bearing
 
liabilities.
 
Congestion
 
income
 
will
 
be
 
used
 
for
 
future
investments
 
increasing
 
cross
 
-border
 
transmission
 
capacity,
 
allocated
 
to
 
costs
 
related
 
to
 
cross
 
-border
 
transmission
capacity
 
and
 
by
 
recognising
 
it
 
as
 
revenue
 
for
 
the
 
benefit
 
of
 
customers.
Turnover
 
and
 
other
 
operating
 
income,
 
€
 
million
Jan-
Dec/24
Jan-
Dec/23
July-
Dec/24
July-
Dec/23
Grid
 
service
 
revenue
275.4
164.5
191.8
80.9
Sales
 
of
 
imbalance
 
power
636.8
682.6
237.4
339.2
Congestion
 
income
301.0
284.7
66.8
190.1
 
 
 
 
 
 
 
 
7
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
ITC
 
income
10.8
20.8
5.0
6.7
Datahub
 
income
20.9
20.6
10.5
10.4
Other
 
turnover
24.2
19.9
11.2
11.2
Change
 
in
 
the
 
value
 
of
derivatives
0.2
-0
Other
 
operating
 
income
133.4
119.7
91.1
74.3
Turnover
 
and
 
other
 
income
total
1,402.8
1,312.9
613.8
712.8
 
Costs,
 
€
 
million
Jan-
Dec/24
Jan-
Dec/23
July-
Dec/24
July-
Dec/23
Purchase
 
of
 
imbalance
 
power
457.4
491.1
150.3
254.6
Loss
 
power
 
costs
81.1
75.2
38.3
41.2
Depreciation
 
and
 
amortisation
128.7
123.3
65.0
64.3
Cost
 
of
 
reserves
217.6
185.6
108.4
114.1
Personnel
 
costs
47.6
42.8
23.5
21.5
Grid
 
maintenance
 
costs
39.8
22.5
29.4
13.9
Costs
 
from
 
transmission
 
rights
85.5
96.2
59.2
61.2
ITC
 
charges
18.7
20.7
4.8
7.0
Other
 
costs
87.2
69.4
46.9
36.1
Change
 
in
 
the
 
value
 
of
derivatives
38.5
185.1
12.0
18.5
Costs
 
total
1,202.2
1,311.9
537.9
632.3
Operating
 
profit
 
excluding
 
the
change
 
in
 
the
 
fair
 
value
 
of
commodity
 
derivatives
238.9
186.1
87.9
99.0
Operating
 
profit
 
of
 
Group,
 
IFRS
200.6
1.0
75.9
80.5
The
 
Group’s
 
net
 
financial
 
costs
 
were
 
EUR
 
14.7
 
(0.2)
 
million.
 
The
 
net
 
financial
 
costs
 
grew
 
due
 
to
 
growing
 
debt.
 
The
change
 
in
 
the
 
fair
 
value
 
of
 
financial
 
derivatives
 
was
 
EUR
 
5.5
 
million
 
negative
 
(EUR
 
4.9
 
million
 
negative).
Interest
 
-bearing
 
borrowings
 
totalled
 
EUR
 
1,860.3
 
(998.1)
 
million,
 
of
 
which
 
non-current
 
borrowings
 
accounted
 
for
EUR
 
1,539.6
 
(654.7)
 
million
 
and
 
current
 
borrowings
 
for
 
EUR
 
320.7
 
(343.5)
 
million.
 
The
 
growth
 
of
 
non-current
borrowings
 
was
 
due
 
to
 
the
 
financing
 
of
 
the
 
company’s
 
investment
 
programme
 
and
 
the
 
refinancing
 
of
 
matured
 
loans
through
 
green
 
bonds.
During
 
the
 
review
 
period,
 
the
 
company’s
 
cash
 
assets
 
were
 
negatively
 
affected
 
by
 
gross
 
investments
 
exceeding
 
those
of
 
the
 
previous
 
year
 
and
 
the
 
use
 
of
 
congestion
 
income
 
for
 
waiving
 
grid
 
service
 
fees
 
and
 
for
 
covering
 
the
 
rising
 
costs
8
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
of
 
the
 
grid
 
operations.
 
The
 
cash
 
assets
 
were
 
positively
 
affected
 
by
 
two
 
long-term
 
EUR
 
500
 
million
 
green
 
bonds
 
issued
in
 
2024.
 
Cash
 
and
 
cash
 
equivalents
 
and
 
other
 
financial
 
assets
 
totalled
 
EUR
 
756.7
 
(387.0)
 
million
 
on
 
31.12.2024.
 
The
company’s
 
financial
 
position
 
remained
 
strong.
Fingrid’s
 
key
 
immaterial
 
resources,
 
their
 
value-creating
 
characteristics
 
and
 
how
 
they
 
are
 
part
 
of
 
the
 
company’s
business
 
model
 
are
 
described
 
as
 
part
 
of
 
the
 
sustainability
 
statement’s
 
disclosure
 
requirement
 
SBM-1
 
Strategy,
business
 
model
 
and
 
value
 
chain
 
in
 
the
 
table
 
‘Fingrid’s
 
business
 
model
 
and
 
va
 
lue
 
creation’.
1.2
Operations
1.2.1
Strategy
Fingrid
 
is
 
a
 
Finnish
 
transmission
 
system
 
operator
 
with
 
system
 
responsibility,
 
whose
 
main
 
owners
 
are
 
the
 
State
 
of
Finland
 
and
 
Finnish
 
pension
 
and
 
insurance
 
companies.
The
 
company’s
 
operations
 
are
 
based
 
on
 
Finnish
 
and
 
EU
 
legislation.
 
In
 
accordance
 
with
 
the
 
Finnish
 
Electricity
 
Market
Act,
 
the
 
company
 
develops
 
the
 
main
 
grid,
 
connects
 
new
 
production
 
and
 
consumption
 
to
 
the
 
main
 
grid,
 
maintains
 
a
balance
 
between
 
electricity
 
consumption
 
and
 
generation,
 
and
 
promotes
 
the
 
electricity
 
market.
 
The
 
EU
 
Regulation
 
on
 
the
 
internal
 
market
 
for
 
electricity
 
obligates
 
Fingrid
 
to
 
cooperate
 
within
 
ENTSO-E,
 
the
 
European
Network
 
of
 
Transmission
 
System
 
Operators
 
for
 
Electricity,
 
and
 
also
 
regionally
 
with
 
Nordic
 
and
 
Baltic
 
transmission
grid
 
companies,
 
to
 
improve
 
the
 
effectiveness
 
of
 
the
 
internal
 
market
 
in
 
electricity.
 
The
 
company’s
 
task
 
is
 
to
participate
 
in
 
the
 
drawing
 
up
 
and
 
implementation
 
of
 
the
 
market,
 
operating
 
and
 
connection
 
codes
 
and
 
the
 
proposals
prescribed
 
in
 
them.
 
Fingrid’s
 
operations
 
are
 
supervised
 
and
 
regulated
 
nationally
 
by
 
the
 
Energy
 
Authority,
 
which
 
has
granted
 
the
 
company
 
a
 
licence
 
for
 
the
 
transmission
 
grid
 
operations.
Mission.
Fingrid
 
ensures
 
reliable
 
and
 
cost
 
-effective
 
electricity
 
for
 
customers
 
and
 
society,
 
and
 
shapes
 
the
 
clean,
market
 
-oriented
 
power
 
system
 
of
 
the
 
future.
Vision.
The
 
energy
 
system
 
is
 
clean,
 
secure
 
and
 
brings
 
Finland
 
economic
 
wealth.
 
Fingrid
 
is
 
the
 
foundation
 
of
 
the
energy
 
system.
Values.
Fingrid
 
is
 
open,
 
fair,
 
efficient
 
and
 
responsible
 
in
 
all
 
its
 
operations.
 
These
 
values
 
guide
 
Fingrid’s
 
operations
and
 
lay
 
a
 
solid
 
foundation
 
for
 
corporate
 
culture.
 
The
 
realisation
 
of
 
the
 
values
 
is
 
measured
 
and
 
reported
 
on.
The
 
company’s
 
operations
 
are
 
guided
 
by
 
the
 
following
 
strategic
 
choices
 
●
Focusing
 
on
 
the
 
core
 
mission
●
For
 
the
 
customer
 
●
World
 
-class
 
expertise
 
●
Market
 
focus
 
●
Efficiency
 
and
 
productivity
●
Security
 
and
 
responsibility
9
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Strategic
 
focal
 
points
 
Fingrid’s
 
strategy
 
is
 
based
 
on
 
the
 
implementation
 
of
 
the
 
company’s
 
statutory
 
tasks
 
in
 
a
 
rapidly
 
changing
 
operating
environment.
 
Fingrid’s
 
strategy
 
defines
 
four
 
focal
 
points:
 
customers
 
as
 
enablers
 
of
 
the
 
transition,
 
efficiently
 
utilised
main
 
grid,
 
a
 
large
 
and
 
proactive
 
electricity
 
market
 
and
 
ensuring
 
resilience
 
and
 
risk
 
tolerance.
 
High-quality
performance
 
in
 
fulfilling
 
the
 
company’s
 
core
 
mission
 
and
 
a
 
focus
 
on
 
the
 
strategic
 
focal
 
points
 
make
 
it
 
possible
 
for
 
the
company
 
to
 
respond
 
to
 
the
 
rapid
 
changes
 
in
 
the
 
operating
 
environment,
 
evolving
 
customer
 
needs
 
and
 
expectations
on
 
Fingrid’s
 
operations.
1.2.2
Customers
Fingrid’s
 
operations
 
are
 
largely
 
based
 
on
 
performing
 
statutory
 
duties.
 
This
 
task
 
is
 
performed
 
with
 
maximum
customer
 
focus,
 
but
 
on
 
impartial
 
and
 
equal
 
terms.
 
Fingrid’s
 
customers
 
include
 
distribution
 
system
 
operators
 
(DSOs),
electricity
 
producers,
 
industries
 
consuming
 
electricity,
 
balance
 
responsible
 
parties
 
and
 
other
 
electricity
 
market
operators.
 
Fingrid
 
produces
 
grid
 
and
 
electricity
 
market
 
services
 
for
 
its
 
customers.
Reliable
 
electricity
 
through
 
grid
 
services
Grid
 
services
 
guarantee
 
customers
 
smooth
 
connections
 
to
 
the
 
electricity
 
network
 
and
 
reliable
 
transmission
 
of
electricity
 
in
 
the
 
main
 
grid
 
that
 
meets
 
consumers’
 
needs.
 
Grid
 
services
 
consist
 
of
 
connection
 
into
 
the
 
main
 
grid
 
and
developing,
 
operating
 
and
 
maintaining
 
the
 
grid
 
according
 
to
 
the
 
customer’s
 
transmission
 
needs.
 
Emissions
 
from
 
the
 
production
 
of
 
electricity
 
have
 
fallen
 
significantly
 
in
 
Finland,
 
and
 
they
 
were
 
32
 
(40)
 
gCO2/kWh.
 
In
2024,
 
the
 
price
 
of
 
electricity
 
and
 
the
 
emissions
 
from
 
the
 
power
 
system
 
were
 
among
 
the
 
lowest
 
in
 
Europe.
 
Clean,
affordable
 
and
 
reliable
 
electricity
 
creates
 
the
 
conditions
 
for
 
growing
 
electricity
 
consumption
 
in
 
Finland.
 
In
 
2024,
 
Fingrid
 
received
 
grid
 
connection
 
enquiries
 
on
 
electricity
 
generation
 
for
 
roughly
 
45
 
GW,
 
on
 
consumption
 
for
roughly
 
17
 
GW
 
and
 
on
 
grid
 
energy
 
storages
 
for
 
roughly
 
18
 
GW.
 
In
 
various
 
parts
 
of
 
Finland,
 
numerous
 
projects
 
related
to
 
clean
 
electricity
 
consumption
 
are
 
under
 
planning
 
in
 
the
 
hydrogen
 
and
 
metals
 
industries,
 
for
 
example.
 
The
 
growth
in
 
electricity
 
consumption
 
is
 
currently
 
driven
 
by
 
the
 
electrification
 
of
 
heating
 
and
 
new
 
data
 
centre
 
projects.
 
Enquiries
on
 
the
 
connection
 
of
 
new
 
electricity
 
consumption
 
sites
 
to
 
the
 
grid
 
have
 
grown
 
significantly.
Growing
 
electricity
 
consumption
 
creates
 
a
 
foundation
 
for
 
new
 
electricity
 
generation
 
investments
 
in
 
Finland.
 
Almost
half
 
of
 
the
 
enquiries
 
received
 
by
 
Fingrid
 
on
 
connection
 
points
 
to
 
the
 
main
 
grid
 
for
 
electricity
 
generation
 
are
 
related
to
 
onshore
 
wind
 
power
 
projects.
 
The
 
remaining
 
connection
 
enquiries
 
are
 
divided
 
between
 
offshore
 
wind
 
power
 
and
solar
 
power
 
plant
 
connections.
 
During
 
2024,
 
1,600
 
MW
 
(1,920
 
MW)
 
of
 
new
 
renewable
 
production
 
was
 
connected
 
to
the
 
grid.
Fingrid
 
predicts
 
that
 
significant
 
growth
 
in
 
electricity
 
consumption
 
will
 
occur
 
in
 
the
 
second
 
half
 
of
 
this
 
decade.
Compared
 
with
 
earlier
 
forecasts,
 
the
 
growth
 
forecast
 
of
 
wind
 
power
 
production
 
is
 
slightly
 
lower
 
for
 
the
 
next
 
few
years.
 
The
 
growth
 
forecast
 
fo
 
r
 
solar
 
power
 
production
 
has
 
risen.
 
The
 
long-term
 
growth
 
trends
 
for
 
wind
 
and
 
solar
energy
 
remain
 
largely
 
unchanged,
 
supporting
 
growth
 
in
 
electricity
 
consumption
 
and
 
the
 
expansion
 
of
 
the
 
power
system.
 
The
 
forecasts
 
carry
 
uncertainty.
Fingrid
 
is
 
preparing
 
for
 
significant
 
growth
 
in
 
electricity
 
production
 
and
 
consumption.
 
In
 
spring
 
and
 
in
 
autumn,
 
the
company
 
published
 
an
 
updated
 
development
 
outlook,
 
according
 
to
 
which
 
both
 
electricity
 
consumption
 
and
production
 
in
 
Finland
 
will
 
grow
 
by
 
the
 
end
 
of
 
the
 
decade.
 
Along
 
with
 
the
 
electrification
 
of
 
society,
 
new
 
industrial
investments
 
will
 
be
 
a
 
source
 
of
 
significant
 
growth.
10
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
The
 
significant
 
growth
 
in
 
electricity
 
consumption
 
is
 
predicted
 
to
 
occur
 
in
 
the
 
second
 
half
 
of
 
this
 
decade.
 
The
electricity
 
consumption
 
forecast
 
updated
 
by
 
Fingrid
 
for
 
the
 
2030s
 
is
 
the
 
same
 
as
 
the
 
previous
 
forecast.
 
Electricity
consumption
 
over
 
the
 
next
 
few
 
years
 
has
 
been
 
revised
 
slightly
 
down
 
from
 
the
 
previous
 
forecast.
 
Compared
 
with
earlier
 
forecasts,
 
the
 
growth
 
forecast
 
of
 
wind
 
power
 
production
 
is
 
slightly
 
lower
 
for
 
the
 
next
 
few
 
years.
 
The
 
growth
forecast
 
for
 
solar
 
power
 
production
 
has
 
risen.
 
The
 
long-term
 
growth
 
trends
 
for
 
wind
 
and
 
solar
 
energy
 
remain
 
largely
unchanged,
 
supporting
 
growth
 
in
 
electricity
 
consumption
 
and
 
the
 
expansion
 
of
 
the
 
power
 
system.
The
 
large
 
number
 
of
 
enquiries
 
concerning
 
the
 
connection
 
of
 
both
 
production
 
and
 
consumption
 
to
 
the
 
main
 
grid
 
is
 
an
indication
 
of
 
Finland’s
 
good
 
ability
 
to
 
compete
 
in
 
green
 
transition
 
investments.
 
A
 
large
 
part
 
of
 
the
 
green
 
transition
projects
 
require
 
a
 
connection
 
to
 
the
 
power
 
system
 
and
 
reliable
 
and
 
affordable
 
electricity.
 
Fingrid
 
plays
 
a
 
key
 
role
 
in
enabling
 
this
 
development.
 
Customers’
 
needs
 
for
 
the
 
electricity
 
network
 
can
 
vary
 
rapidly.
Electricity
 
market
 
services
Electricity
 
market
 
services
 
offer
 
all
 
industry
 
players
 
a
 
unified
 
price
 
area
 
for
 
electricity
 
trade
 
in
 
Finland,
 
electricity
trade
 
imbalance
 
settlement
 
and
 
open
 
deliveries
 
to
 
balance
 
responsible
 
parties
 
for
 
covering
 
imbalances,
 
electricity
market
 
data
 
to
 
ensure
 
the
 
efficiency
 
improvement
 
and
 
transparency
 
of
 
the
 
electricity
 
market,
 
as
 
well
 
as
 
other
solutions
 
to
 
ensure
 
the
 
high
 
quality
 
and
 
functionality
 
of
 
the
 
power
 
system.
 
Electricity
 
market
 
services
 
develop,
 
maintain
 
and
 
expand
 
the
 
reserve
 
markets
 
required
 
to
 
balance
 
the
 
power
 
system
and
 
give
 
the
 
players
 
access
 
to
 
the
 
benefits
 
offered
 
by
 
the
 
large
 
European
 
electricity
 
markets.
 
Along
 
with
 
building
 
the
electricity
 
network,
 
it
 
is
 
important
 
to
 
develop
 
solutions
 
that
 
enhance
 
the
 
operation
 
of
 
the
 
power
 
system
 
and
 
the
electricity
 
network
 
to
 
accelerate
 
the
 
green
 
transition.
 
One
 
of
 
Fingrid’s
 
tasks
 
is
 
to
 
develop
 
the
 
electricity
 
market
further
 
and
 
promote
 
and
 
implement
 
European
 
electricity
 
market
 
development
 
in
 
Finland.
The
 
expansion
 
and
 
integration
 
of
 
the
 
electricity
 
markets
 
is
 
also
 
promoted
 
through
 
grid
 
investments
 
that
 
reinforce
transmission
 
links
 
and
 
services
 
related
 
to
 
the
 
allocation
 
of
 
cross
 
-border
 
capacity.
 
Cross
 
-border
 
transmission
 
links
enable
 
access
 
to
 
the
 
wider
 
European
 
electricity
 
markets.
 
The
 
objective
 
is
 
to
 
offer
 
the
 
markets
 
the
 
maximum
 
possible
transmission
 
capacity.
 
The
 
two
 
subsidiaries
 
wholly
 
owned
 
by
 
Fingrid
 
Oyj,
 
Finextra
 
Oy
 
and
 
Fingrid
 
Datahub
 
Oy,
 
produce
 
services
 
that
 
are
 
not
part
 
of
 
actual
 
transmission
 
grid
 
operations
 
or
 
system
 
responsibility
 
for
 
the
 
power
 
system.
 
Fingrid
 
Datahub
 
Oy
 
offers
an
 
effective
 
informatio
 
n
 
exchange
 
platform
 
for
 
retail
 
market
 
parties
 
and
 
Finextra
 
Oy
 
provides
 
guarantee
 
-of-origin
services
 
and
 
peak
 
load
 
capacity
 
services.
 
The
 
peak
 
load
 
capacity
 
service
 
secures
 
the
 
reliability
 
of
 
electricity
transmission
 
in
 
Finland
 
in
 
power
 
system
 
situations
 
where
 
the
 
planned
 
electricity
 
procurement
 
is
 
not
 
sufficient
 
to
meet
 
the
 
anticipated
 
electricity
 
consumption.
 
The
 
peak
 
load
 
capacity
 
system
 
has
 
no
 
capacity
 
during
 
the
 
following
periods:
 
1
 
November
 
2023–31
 
October
 
2024
 
and
 
1
 
November
 
2024–31
 
October
 
2025.
Customer
 
fees
Fingrid’s
 
key
 
customer
 
fees
 
related
 
to
 
services
 
are
 
the
 
connection
 
fees,
 
grid
 
service
 
fees
 
and
 
balance
 
service
 
fees.
The
 
service
 
fees
 
are
 
essentially
 
affected
 
by
 
the
 
power
 
system
 
maintenance
 
cost,
 
the
 
allowed
 
regulatory
 
profit,
electricity
 
network
 
investme
 
nts
 
and
 
growth
 
in
 
electricity
 
consumption.
The
 
company’s
 
pricing
 
is
 
based
 
on
 
cost
 
recovery
 
and
 
the
 
annual
 
achievement
 
of
 
the
 
company’s
 
allowed
 
regulatory
profit.
 
Fingrid’s
 
allowed
 
regulatory
 
profit
 
is
 
determined
 
for
 
each
 
year
 
by
 
applying
 
the
 
reasonable
 
profit
 
regulatory
method
 
in
 
accordance
 
with
 
the
 
Energy
 
Authority’s
 
decision.
 
The
 
allowed
 
regulatory
 
profit
 
and
 
its
 
achievement
 
have
a
 
significant
 
impact
 
on
 
the
 
company’s
 
ability
 
to
 
invest.
 
The
 
company
 
updates
 
its
 
service
 
fees
 
to
 
reflect
 
any
 
changes
 
in
the
 
operating
 
environment.
 
11
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Fluctuations
 
especially
 
in
 
the
 
procurement
 
costs
 
of
 
power
 
system
 
reserves
 
have
 
steered
 
Fingrid
 
to
 
review
 
balance
service
 
fees.
 
At
 
the
 
start
 
of
 
March,
 
balance
 
service
 
fees
 
were
 
reduced
 
from
 
EUR
 
1.50/MWh
 
to
 
EUR
 
1.33/MWh
 
due
 
to
the
 
lower
 
-than-anticipated
 
level
 
of
 
power
 
system
 
reserve
 
costs.
 
Correspondingly,
 
as
 
reserve
 
procurement
 
costs
 
rose,
Fingrid
 
announced
 
that
 
it
 
will
 
raise
 
balance
 
service
 
fees
 
to
 
EUR
 
1.73/MWh
 
as
 
of
 
1
 
January
 
2025.
 
As
 
renewable
electricity
 
production
 
grows,
 
balancing
 
the
 
reserves
 
that
 
ensure
 
the
 
power
 
system’s
 
system
 
security
 
and
 
power
balance
 
gains
 
in
 
importance
 
and
 
requires
 
more
 
resources
 
than
 
before.
 
During
 
the
 
period
 
under
 
review,
 
Fingrid
 
waived
 
grid
 
service
 
fees
 
for
 
January,
 
February
 
and
 
June.
 
Fingrid
 
allocated
congestion
 
income
 
from
 
cross
 
-border
 
links
 
to
 
investments
 
that
 
increase
 
cross
 
-border
 
transmission
 
capacity
 
and
 
used
the
 
congestion
 
income
 
to
 
cover
 
increased
 
operational
 
costs
 
and
 
the
 
waiver
 
of
 
grid
 
service
 
fees.
In
 
September
 
2024,
 
Fingrid
 
announced
 
that
 
it
 
will
 
raise
 
grid
 
service
 
fees
 
by
 
an
 
average
 
of
 
8
 
per
 
cent
 
as
 
of
 
1
 
January
2025.
 
The
 
increase
 
is
 
necessitated
 
by
 
investments
 
in
 
the
 
main
 
grid
 
and
 
the
 
growing
 
costs
 
of
 
managing
 
the
 
electricity
system.
Fingrid
 
is
 
planning
 
changes
 
to
 
the
 
grid
 
service
 
fee
 
structure.
 
The
 
objective
 
of
 
the
 
changes
 
is
 
to
 
make
 
more
 
efficient
use
 
of
 
grid
 
capacity,
 
accelerate
 
the
 
connection
 
of
 
electricity
 
production
 
and
 
consumption
 
to
 
the
 
grid
 
and
 
create
 
new
methods
 
for
 
the
 
grid’s
 
growing
 
transmission
 
management
 
needs.
Fingrid
 
surveys
 
customer
 
satisfaction
 
annually.
 
In
 
the
 
autumn
 
2024
 
survey,
 
Fingrid’s
 
net
 
promoter
 
score
 
from
customers
 
was
 
+60
 
(+45).
 
According
 
to
 
the
 
survey,
 
customers
 
trust
 
that
 
Fingrid
 
works
 
for
 
the
 
good
 
of
 
the
 
whole
society
 
and
 
appreciate
 
the
 
competenc
 
e,
 
problem-solving
 
skills
 
and
 
service-mindedness
 
of
 
the
 
company’s
 
experts.
Based
 
on
 
the
 
annual
 
reputation
 
surveys,
 
satisfaction
 
with
 
Fingrid’s
 
operations
 
is
 
high
 
also
 
among
 
the
 
company’s
other
 
stakeholders.
1.2.3
Main
 
grid
Fingrid
 
develops
 
and
 
operates
 
the
 
grid
 
to
 
meet
 
customers’
 
and
 
society’s
 
needs.
 
Investments
 
in
 
the
 
main
 
grid
 
will
reinforce
 
Finland’s
 
competitiveness
 
in
 
attracting
 
industrial
 
investments
 
and
 
promote
 
the
 
achievement
 
of
 
Finland’s
carbon
 
neutrality
 
goals
 
by
 
2035.
 
Roughly
 
80
 
per
 
cent
 
of
 
the
 
investment
 
projects
 
in
 
the
 
grid
 
development
 
plan
 
are
new
 
investments
 
based
 
on
 
customer
 
needs.
 
The
 
starting
 
points
 
are
 
the
 
anticipation
 
of
 
the
 
grid
 
development
 
needs,
 
correctly
 
timed
 
grid
 
construction,
 
promoting
the
 
effectiveness
 
of
 
the
 
electricity
 
market
 
and
 
managing
 
the
 
ageing
 
of
 
the
 
grid
 
while
 
maintaining
 
a
 
high
 
level
 
of
operational
 
quality.
 
Customer
 
needs
 
can
 
change
 
at
 
a
 
rapid
 
pace,
 
but
 
building
 
the
 
grid
 
takes
 
years.
 
The
 
building
 
of
 
the
 
main
 
grid
 
must
factor
 
in
 
the
 
time
 
required
 
for
 
the
 
whole
 
process,
 
all
 
the
 
way
 
from
 
design
 
and
 
obtaining
 
the
 
permits
 
for
 
the
 
projects
to
 
the
 
completion
 
of
 
the
 
construction
 
work.
 
This
 
means
 
that
 
the
 
grid
 
building
 
projects
 
to
 
be
 
implemented
 
over
 
the
next
 
few
 
years
 
were
 
planned
 
years
 
ago.
 
Fingrid’s
 
regulatory
 
financial
 
supervision,
 
together
 
with
 
the
 
increase
 
in
 
electricity
 
consumption
 
and
 
the
 
power
system
 
maintenance
 
costs,
 
determines
 
the
 
profitability
 
of
 
grid
 
investments
 
and
 
the
 
company’s
 
financial
 
ability
 
to
invest.
 
Fingrid
 
has
 
increased
 
its
 
ability
 
to
 
invest
 
based
 
on
 
customer
 
needs
 
by
 
increasing
 
its
 
own
 
personnel
 
and
expanding
 
its
 
partner
 
network
 
and
 
developing
 
its
 
procurement
 
practices.
 
The
 
long-term
 
development
 
of
 
the
 
grid
ensures
 
that
 
the
 
electricity
 
transmission
 
grid
 
and
 
the
 
entire
 
electricity
 
system
 
meet
 
the
 
requirements
 
set
 
for
 
it
 
in
 
a
12
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
changing
 
operating
 
environment.
 
In
 
addition
 
to
 
grid
 
investments,
 
the
 
growth
 
of
 
the
 
power
 
system
 
is
 
supported
through
 
various
 
flexibility
 
solutions
 
and
 
electricity
 
market
 
development.
In
 
2024,
 
grid
 
investments
 
reached
 
a
 
record
 
-high
 
level
 
of
 
EUR
 
500
 
million.
 
The
 
grid
 
investments
 
made
 
during
 
the
period
 
under
 
review
 
enabled
 
new
 
customer
 
connections
 
and
 
electricity
 
system
 
growth,
 
increased
 
the
 
whole
 
power
system’s
 
system
 
security
 
and
 
improv
 
ed
 
the
 
functioning
 
of
 
the
 
electricity
 
market.
A
 
total
 
of
 
560
 
kilometres
 
of
 
400
 
kV
 
transmission
 
lines
 
and
 
roughly
 
150
 
kilometres
 
of
 
110
 
kV
 
transmission
 
lines
 
are
currently
 
under
 
construction
 
in
 
the
 
main
 
grid.
 
A
 
total
 
of
 
79
 
substation
 
projects
 
are
 
being
 
implemented.
 
Finland’s
main
 
grid
 
consists
 
of
 
rough
 
ly
 
14,700
 
kilometres
 
of
 
transmission
 
lines
 
and
 
131
 
substations.
During
 
the
 
review
 
period,
 
Fingrid
 
decided
 
on
 
investments
 
to
 
construct
 
a
 
400-kilovolt
 
transmission
 
line
 
named
Lowlands
 
Line.
 
The
 
Lowlands
 
Line,
 
running
 
from
 
Kalajoki
 
to
 
Jämsä,
 
will
 
be
 
a
 
new
 
400-kilometre
 
-long
 
400-kV
 
main
transmission
 
line
 
to
 
support
 
the
 
transmission
 
of
 
wind
 
power,
 
with
 
production
 
heavily
 
concentrated
 
on
 
Finland’s
western
 
coast,
 
to
 
consumers.
 
The
 
project
 
is
 
due
 
for
 
completion
 
in
 
2027.
Of
 
the
 
investments
 
decided
 
earlier,
 
the
 
most
 
significant
 
projects
 
entering
 
the
 
construction
 
phase
 
in
 
2024
 
were
 
the
Lake
 
Line
 
and
 
a
 
400-kV
 
underground
 
cable
 
connection
 
in
 
Helsinki.
 
The
 
Lake
 
Line
 
is
 
a
 
roughly
 
300-kilometre-long
transmission
 
link
 
between
 
Vaala
 
and
 
Joroinen,
 
improving
 
the
 
transmission
 
of
 
electricity
 
from
 
production-heavy
northern
 
Finland
 
to
 
consumption-heavy
 
southern
 
Finland.
 
The
 
400
 
kV
 
underground
 
cable
 
connection
 
to
 
be
 
built
 
in
Helsinki
 
is
 
a
 
joint
 
project
 
between
 
the
 
City
 
of
 
Helsinki,
 
Helen
 
Sähköverkko
 
and
 
Fingrid,
 
which
 
will
 
meet
 
the
 
needs
 
of
growing
 
electricity
 
consumption
 
in
 
the
 
capital.
 
The
 
construction
 
of
 
the
 
new
 
cable
 
connection
 
began
 
in
 
spring
 
2024
and
 
will
 
be
 
completed
 
in
 
2026.
The
 
Tammisto
 
substation
 
in
 
Vantaa
 
was
 
expanded
 
with
 
a
 
third
 
transformer
 
to
 
also
 
respond
 
to
 
the
 
increase
 
in
electricity
 
consumption
 
in
 
Helsinki.
 
Fingrid
 
will
 
also
 
expand
 
a
 
substation
 
located
 
in
 
Kajaani
 
and
 
build
 
new
 
substations
in
 
Kouvola
 
and
 
Hamina
 
to
 
enable
 
new
 
customer
 
connections.
 
A
 
substation
 
located
 
in
 
Jyväskylä
 
will
 
be
 
modernised
 
to
improve
 
system
 
security.
 
During
 
the
 
period
 
under
 
review,
 
Fingrid
 
also
 
made
 
an
 
investment
 
decision
 
on
 
the
procurement
 
of
 
20
 
capacitors
 
for
 
nine
 
of
 
its
 
substations,
 
which
 
will
 
make
 
it
 
possible
 
to
 
increase
 
the
 
north–south
electricity
 
transmission
 
capacity.
In
 
spring
 
2024,
 
Fingrid
 
released
 
a
 
study
 
of
 
the
 
possibilities
 
to
 
connect
 
offshore
 
wind
 
power
 
to
 
the
 
main
 
grid.
 
The
results
 
were
 
elaborated
 
further
 
based
 
on
 
stakeholder
 
feedback
 
in
 
the
 
autumn.
 
The
 
study
 
proposed
 
six
 
potential
connection
 
areas
 
where
 
linking
 
offshore
 
wind
 
farms
 
to
 
the
 
main
 
grid
 
on
 
the
 
Finnish
 
mainland
 
is
 
technically
 
possible.
The
 
proposed
 
areas
 
were
 
Raisio,
 
Ulvila,
 
Närpiö,
 
Vaasa,
 
Kokkola
 
and
 
Raahe.
 
The
 
Ingå
 
area
 
In
 
Uusimaa
 
is
 
another
potential
 
connection
 
area
 
if
 
offshore
 
wind
 
power
 
development
 
becomes
 
feasible
 
also
 
in
 
Finland’s
 
southern
 
sea
areas.
 
Fingrid
 
is
 
committed
 
to
 
the
 
mitigation
 
of
 
any
 
negative
 
climate
 
impacts
 
from
 
grid
 
construction.
 
During
 
the
 
period
under
 
review,
 
Fingrid
 
decided
 
to
 
set
 
a
 
science-based
 
greenhouse
 
gas
 
(GHG)
 
emission
 
reduction
 
target
 
and
 
submit
 
it
to
 
the
 
Science
 
Based
 
Targets
 
initiative
 
(SBTi)
 
for
 
validation.
 
In
 
transmission
 
line
 
construction,
 
agreements
 
extending
 
until
 
2027
 
were
 
concluded
 
on
 
the
 
supply
 
of
 
low-emission
aluminium
 
conductors.
 
At
 
substations,
 
Fingrid
 
continued
 
work
 
to
 
reduce
 
the
 
growth
 
of
 
sulphur
 
hexafluoride
 
(SF6)
gas
 
volumes
 
by
 
focusing
 
on
 
SF6-free
 
gas
 
-insulated
 
switchgears.
 
The
 
company
 
acquired
 
for
 
the
 
first
 
time
 
steel
structures
 
made
 
from
 
recycled
 
steel
 
for
 
three
 
new
 
substations.
 
The
 
company’s
 
climate
 
-related
 
targets,
 
climate
benefits
 
and
 
GHG
 
emissions
 
are
 
disclosed,
 
in
 
their
 
entirety,
 
in
 
the
 
sustainability
 
statement.
 
 
 
 
13
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
1.2.4
Power
 
system
Electricity
 
consumption
 
in
 
Finland
 
grew
 
3,4
 
per
 
cent
 
in
 
2024
 
compared
 
to
 
the
 
previous
 
year.
 
The
 
growth
 
in
consumption
 
was
 
mainly
 
driven
 
by
 
data
 
centres
 
and
 
the
 
electrification
 
of
 
heating.
 
Fingrid’s
 
share
 
of
 
the
 
electricity
transmitted
 
in
 
Finland
 
also
 
grew
 
from
 
the
 
previous
 
year
 
to
 
84.4
 
(82.9)
 
per
 
cent
 
of
 
the
 
electricity
 
consumed
 
in
Finland.
 
Self-sufficiency
 
in
 
electricity
 
increased
 
in
 
2024.
 
On
 
an
 
annual
 
level,
 
Finland
 
is
 
almost
 
self-sufficient
 
in
 
terms
of
 
electricity
 
production
 
and
 
consumption,
 
but
 
in
 
periods
 
of
 
freezing
 
cold
 
or
 
little
 
wind,
 
imported
 
electricity
 
is
required
 
to
 
ensure
 
sufficiency.
 
The
 
exports
 
of
 
electricity
 
from
 
Finland
 
were
 
restricted
 
by
 
outages
 
in
 
the
 
cross-border
links
 
due
 
to
 
failures
 
and
 
construction
 
work.
The
 
grid’s
 
system
 
security
 
remained
 
at
 
a
 
high
 
level,
 
despite
 
brief
 
disturbances,
 
more
 
connections
 
and
 
extensive
construction
 
work.
 
The
 
transmission
 
reliability
 
rate
 
during
 
the
 
year
 
under
 
review
 
was
 
99.9995
 
(99.99995)
 
per
 
cent.
The
 
transmission
 
reliability
 
rate
 
remains
 
at
 
an
 
excellent
 
level,
 
with
 
the
 
slight
 
drop
 
from
 
the
 
previous
 
year
 
mainly
resulting
 
from
 
a
 
few
 
faults
 
occurring
 
in
 
the
 
main
 
grid.
The
 
table
 
below
 
shows
 
key
 
figures
 
for
 
electricity
 
consumption
 
and
 
electricity
 
transmission
 
for
 
the
 
review
 
period.
Power
 
system
 
operation
Jan-Dec/24
Jan-Dec/23
July-Dec/24
July-Dec/23
Electricity
 
consumption
 
in
 
Finland
 
TWh
82.7
80.0
39.6
40.0
Inter
 
TSO
 
transmission
 
in
 
Finland,
 
TWh
3.8
6.5
2.3
3.2
Transmission
 
within
 
Finland,
 
TWh
86.6
86.5
41.9
43.2
Fingrid's
 
transmission
 
volume
 
TWh
73.0
71.7
36.9
36.7
Fingrid's
 
electricity
 
transmission
 
to
 
customers,
TWh
66.1
62.4
32.6
32.1
Fingrid's
 
loss
 
power
 
volume
 
TWh
1.6
1.6
0.8
0.8
Electricity
 
transmission
 
Finland
 
-
 
Sweden
Exports
 
to
 
Sweden
 
TWh
3.0
2.2
1.6
0.8
Imports
 
from
 
Sweden
 
TWh
9.7
10.7
4.0
5.3
Electricity
 
transmission
 
Finland
 
-
 
Estonia
Exports
 
to
 
Estonia
 
TWh
3.9
7.0
2.7
3.8
Imports
 
from
 
Estonia
 
TWh
0.3
0.1
0.0
0.0
Electricity
 
transmission
 
Finland
 
-Norway
Imports
 
from
 
Norway
 
TWh
0.3
0.4
0.2
0.2
The
 
long
 
and
 
exceptionally
 
cold
 
spell
 
during
 
the
 
first
 
week
 
of
 
the
 
year,
 
combined
 
with
 
failures
 
in
 
thermal
 
power
plants,
 
resulted
 
in
 
the
 
most
 
challenging
 
period
 
of
 
the
 
winter
 
in
 
terms
 
of
 
adequate
 
supply
 
of
 
electricity.
 
Due
 
to
 
the
strained
 
power
 
balance,
 
Fingrid
 
raised
 
its
 
state
 
of
 
readiness
 
on
 
4
 
January
 
2024.
 
Despite
 
the
 
challenging
circumstances,
 
there
 
was
 
enough
 
electricity
 
and
 
Fingrid
 
cancelled
 
the
 
heightened
 
state
 
of
 
readiness
 
on
 
5
 
January
2024.
 
A
 
significant
 
factor
 
at
 
that
 
time
 
was
 
the
 
price
 
flexibility
 
of
 
consumers,
 
which
 
also
 
played
 
a
 
part
 
in
 
ensuring
 
the
availability
 
of
 
electricity.
The
 
electricity
 
consumption
 
peak
 
for
 
2024,
 
14,993
 
MWh,
 
was
 
reached
 
in
 
winter,
 
on
 
Wednesday
 
3
 
January
 
2024
between
 
7
 
and
 
8
 
pm.
 
The
 
production
 
peak
 
of
 
the
 
winter,
 
also
 
Finland’s
 
all-time
 
high
 
in
 
electricity
 
production,
 
14,246
MWh,
 
was
 
measured
 
on
 
26
 
January
 
2024
 
between
 
6
 
and
 
7
 
pm.
 
This
 
peak
 
production
 
hour
 
of
 
the
 
winter
 
was
 
 
 
 
 
14
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
comprised
 
of
 
large
 
amounts
 
of
 
wind
 
power
 
(roughly
 
80%
 
of
 
the
 
installed
 
capacity)
 
and
 
the
 
nuclear
 
power
 
plants
running
 
at
 
full
 
power.
In
 
July,
 
a
 
major
 
grid
 
failure
 
occurred
 
in
 
Loimaa,
 
where
 
a
 
wooden
 
tower
 
of
 
a
 
110-kilovolt
 
transmission
 
line
 
fell
 
down
as
 
a
 
result
 
of
 
a
 
technical
 
fault.
 
The
 
disturbance
 
resulted
 
in
 
delivery
 
interruptions
 
at
 
roughly
 
10,000
 
points
 
of
electricity
 
consumption
 
in
 
the
 
form
 
of
 
outages
 
of
 
varying
 
length,
 
up
 
to
 
23
 
hours.
 
No
 
back-up
 
transmission
 
link
 
was
available
 
in
 
the
 
main
 
grid
 
during
 
the
 
repair.
 
The
 
construction
 
of
 
a
 
new
 
transmission
 
line
 
and
 
substation
 
expansions
had
 
already
 
been
 
started
 
in
 
the
 
area
 
before
 
the
 
failure.
A
 
November
 
storm
 
had
 
the
 
exceptional
 
result
 
of
 
knocking
 
down
 
two
 
400-kV
 
transmission
 
line
 
towers
 
located
 
in
 
an
exposed
 
field
 
in
 
Eurajoki.
 
The
 
duration
 
of
 
the
 
disturbance
 
was
 
very
 
brief.
 
The
 
investigation
 
showed
 
that
 
the
 
fall
 
had
been
 
affected
 
by
 
structural
 
weakness
 
due
 
to
 
corrosion
 
in
 
the
 
guy
 
wires.
 
Because
 
of
 
this,
 
Fingrid
 
investigated
 
the
condition
 
of
 
the
 
transmission
 
line
 
towers
 
in
 
the
 
area.
In
 
2024,
 
disturbance-clearing
 
readiness
 
was
 
raised
 
a
 
few
 
times
 
due
 
to
 
weather
 
conditions,
 
for
 
example
 
forecasts
predicting
 
freezing
 
rain,
 
potential
 
crown
 
snow-load
 
or
 
heavy
 
wind.
 
The
 
transmission
 
capacity
 
between
 
Finland
 
and
Sweden
 
operated
 
reliably
 
in
 
2024.
 
The
 
link
 
with
 
northern
 
Sweden
 
was
 
constricted
 
in
 
spring
 
and
 
autumn
 
2024
 
due
 
to
construction
 
and
 
maintenance
 
work
 
in
 
the
 
Finnish
 
and
 
Swedish
 
main
 
grids
 
and
 
due
 
to
 
the
 
construction
 
of
 
the
 
new
Aurora
 
Line
 
transmission
 
connection.
The
 
transmission
 
capacity
 
between
 
Finland
 
and
 
Estonia
 
operated
 
under
 
limitations
 
due
 
to
 
a
 
failure
 
of
 
the
 
EstLink
 
2
link
 
on
 
26
 
January
 
2024.
 
The
 
location
 
of
 
the
 
fault
 
was
 
pinpointed
 
off
 
the
 
Estonian
 
coast
 
and,
 
under
 
the
 
lead
 
of
 
the
Estonian
 
transmission
 
system
 
operator
 
Elering,
 
the
 
repair
 
work
 
was
 
completed
 
in
 
September
 
and
 
the
 
EstLink
 
2
resumed
 
commercial
 
operation
 
on
 
4
 
September
 
2024.
 
The
 
EstLink2
 
failed
 
again
 
on
 
25
 
December
 
2024.
 
The
 
failure
 
is
suspected
 
to
 
have
 
been
 
caused
 
by
 
the
 
m/s
 
Eagle
 
S
 
oil
 
tanker.
 
The
 
incident
 
is
 
being
 
investigated
 
by
 
authorities.
 
This
time,
 
Fingrid
 
is
 
leading
 
the
 
cable
 
repair
 
work
 
together
 
with
 
the
 
Estonian
 
transmission
 
system
 
operator
 
Elering.
In
 
2024,
 
Fingrid
 
expended
 
EUR
 
7.1
 
(0.9)
 
million
 
in
 
countertrade.
 
Countertrade
 
costs
 
arise
 
from,
 
among
 
other
 
things,
transmission
 
grid
 
disturbances
 
and
 
problem
 
situations.
 
Fingrid
 
secures
 
system
 
security
 
through
 
countertrade.
 
Fingrid
additionally
 
guarantees
 
transmissions
 
in
 
the
 
cross
 
-border
 
transmission
 
links
 
it
 
has
 
confirmed
 
by
 
carrying
 
out
countertrades,
 
i.e.
 
purchasing
 
and
 
selling
 
electricity,
 
up
 
until
 
the
 
end
 
of
 
the
 
24-hour
 
usage
 
period.
Counter
 
trade
Jan-Dec/24
Jan-Dec/23
July-Dec/24
July-Dec/23
Counter
 
-trade
 
between
 
Finland
 
and
 
Sweden,
€M
0.9
0.1
0.9
0.1
Counter
 
-trade
 
between
 
Finland
 
and
 
Estonia,
€M
5.2
0.7
3.4
0.6
Counter
 
-trade
 
between
 
Finland's
 
internal
connections,
 
€M
1.0
0.1
0.2
-0.0
Total
 
counter
 
-trade,
 
€M
7.1
0.9
4.5
0.7
1.2.5
Electricity
 
market
Fingrid’s
 
task
 
is
 
to
 
develop
 
the
 
electricity
 
market
 
and
 
to
 
implement
 
European
 
electricity
 
market
 
development
 
in
Finland.
 
Several
 
significant
 
modernisations
 
are
 
currently
 
being
 
implemented
 
on
 
the
 
electricity
 
market
 
and
 
this
 
will
continue
 
in
 
upcoming
 
years,
 
taking
 
the
 
electricity
 
market
 
in
 
a
 
more
 
real
 
-time
 
and
 
market
 
-driven
 
direction.
 
 
 
 
 
 
 
15
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Development
 
projects
 
are
 
under
 
way
 
especially
 
to
 
promote
 
the
 
market
 
entry
 
of
 
flexible
 
resources
 
that
 
support
 
the
effectiveness
 
of
 
the
 
electricity
 
system.
 
Electricity
 
market
 
development
 
and
 
new
 
electricity
 
market
 
solutions,
 
together
with
 
grid
 
construction,
 
enable
 
a
 
more
 
rapid
 
implementation
 
of
 
the
 
green
 
transition
 
and
 
cost
 
-effective
 
growth
 
of
 
the
power
 
system.
 
In
 
the
 
reporting
 
year,
 
the
 
price
 
of
 
electricity
 
was
 
affected
 
in
 
particular
 
by
 
the
 
exceptionally
 
cold
 
period
 
at
 
the
 
start
 
of
2024,
 
the
 
failure
 
of
 
EstLink
 
2
 
in
 
late
 
January
 
2024
 
and
 
the
 
delays
 
in
 
the
 
Olkiluoto
 
3
 
nuclear
 
power
 
plant’s
 
annual
maintenance
 
in
 
April-May.
 
In
 
2024,
 
the
 
number
 
of
 
hours
 
when
 
the
 
price
 
of
 
electricity
 
was
 
at
 
or
 
below
 
zero
 
was
double
 
compared
 
to
 
the
 
previous
 
year.
Electricity
 
price
 
fluctuations
 
have
 
increased
 
in
 
Finland.
 
Significant
 
drivers
 
of
 
this
 
development
 
are
 
the
 
growth
 
in
weather
 
-dependent
 
production
 
and
 
the
 
limited
 
flexibility
 
in
 
electricity
 
consumption.
 
The
 
limited
 
capacity
 
of
 
the
cross
 
-border
 
links
 
increased
 
price
 
volatility
 
in
 
the
 
period
 
under
 
review.
 
This
 
creates
 
new
 
kinds
 
of
 
business
opportunities
 
for
 
production
 
and
 
consumption
 
flexibility
 
solutions
 
and
 
grid
 
energy
 
storages.
 
Area
 
price
 
differences
 
between
 
Finland
 
and
 
Sweden
 
have
 
increased,
 
which
 
resulted
 
in
 
EUR
 
164.5
 
(114.9)
 
million
 
in
congestion
 
income.
 
The
 
failure
 
of
 
the
 
EstLink
 
2
 
cable
 
reduced
 
the
 
electricity
 
transmission
 
capacity
 
between
 
Finland
and
 
Estonia.
 
The
 
links
 
between
 
Finland
 
and
 
Estonia
 
generated
 
EUR
 
100.7
 
(145.1)
 
million
 
in
 
congestion
 
income.
Electricity
 
market
Jan-Dec/24
Jan-Dec/23
July-Dec/24
July-Dec/23
Nordic
 
system
 
price,
 
average
 
€/MWh
36.06
56.44
25.42
42.69
Area
 
price
 
Finland,
 
average
 
€/MWh
45.57
56.47
34.84
52.64
Congestion
 
income
 
between
 
Finland
 
and
Sweden,
 
€
 
million*
331.5
229.9
158.7
129.4
Congestion
 
hours
 
between
 
Finland
 
and
Sweden
 
%**
53.8
37.8
61.8
39.3
Congestion
 
income
 
between
 
Finland
 
and
Estonia,
 
€
 
million*
201.5
290.2
150.1
185.5
Congestion
 
hours
 
between
 
Finland
 
and
Estonia
 
%
67.3
53.6
74.5
60.7
*
 
The
 
congestion
 
income
 
between
 
Finland
 
and
 
Sweden
 
and
 
between
 
Finland
 
and
 
Estonia
 
is
 
divided
 
equally
 
between
the
 
relevant
 
TSOs.
 
The
 
income
 
and
 
costs
 
of
 
the
 
transmission
 
connections
 
are
 
presented
 
in
 
the
 
tables
 
under
 
‘Financial
result’.
**
 
The
 
calculation
 
of
 
a
 
congestion
 
hour
 
between
 
Finland
 
and
 
Sweden
 
refers
 
to
 
an
 
hour
 
during
 
which
 
Finland’s
 
day-
ahead
 
area
 
price
 
differs
 
from
 
Sweden’s
 
SE1
 
or
 
SE3
 
area
 
price.
The
 
go-live
 
of
 
the
 
new
 
auction
 
system
 
of
 
the
 
intraday
 
electricity
 
markets
 
took
 
place
 
in
 
June
 
2024.
 
The
 
Intraday
Auctions
 
provide
 
more
 
adequate
 
price
 
formation
 
and
 
balance
 
the
 
demand
 
and
 
supply
 
closer
 
to
 
the
 
time
 
of
production.
 
The
 
auction
 
system
 
is
 
part
 
of
 
the
 
common
 
European
 
intraday
 
electricity
 
markets,
 
which
 
aim
 
to
 
promote
the
 
effectiveness
 
and
 
integration
 
of
 
the
 
internal
 
energy
 
market.
A
 
new
 
automatic
 
Frequency
 
Restoration
 
Reserve
 
(aFRR)
 
marketplace
 
also
 
went
 
live
 
in
 
Finland
 
in
 
June
 
2024.
 
The
change
 
offers
 
reserve
 
suppliers
 
in
 
Finland
 
trading
 
closer
 
to
 
the
 
time
 
of
 
consumption
 
of
 
the
 
energy
 
and
 
brings
 
new
opportunities
 
to
 
optimise
 
the
 
supply
 
of
 
reserves.
 
This
 
makes
 
balancing
 
the
 
power
 
system
 
more
 
efficient,
 
as
 
reserves
play
 
an
 
increasingly
 
important
 
role
 
in
 
this.
 
The
 
activations
 
of
 
the
 
aFRR
 
energy
 
market
 
now
 
determine,
 
together
 
with
the
 
mFRR
 
market,
 
the
 
price
 
for
 
the
 
balance
 
responsible
 
parties’
 
imbalances
 
(open
 
deliveries).
 
However,
 
the
 
planned
16
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
extension
 
of
 
the
 
Frequency
 
Restoration
 
Reserve
 
to
 
PICASSO,
 
the
 
European
 
platform
 
for
 
the
 
exchange
 
of
 
aFRR
energy,
 
has
 
been
 
postponed
 
due
 
to
 
technical
 
issues
 
on
 
the
 
new
 
marketplace.
Of
 
the
 
market
 
reforms,
 
the
 
long-prepared
 
flow-based
 
capacity
 
calculation
 
methodology
 
was
 
introduced
 
in
 
trading
 
on
the
 
day
 
-ahead
 
market
 
at
 
the
 
end
 
of
 
October
 
2024.
 
The
 
introduction
 
was
 
a
 
success
 
and
 
met
 
the
 
objectives.
 
The
reform
 
has
 
increased
 
the
 
opportunities
 
to
 
offer
 
electricity
 
transmission
 
capacity
 
at
 
the
 
borders
 
of
 
the
 
bidding
 
areas.
The
 
reform
 
has
 
had
 
no
 
significant
 
impact
 
on
 
the
 
price
 
of
 
electricity
 
in
 
Finland.
The
 
planned
 
launch
 
of
 
the
 
shared
 
mFRR
 
energy
 
activation
 
market
 
by
 
the
 
Nordic
 
transmission
 
system
 
operators
 
was
also
 
postponed
 
to
 
2025.
 
The
 
new
 
Nordic
 
mFRR
 
energy
 
market
 
with
 
a
 
15-minute
 
time
 
unit
 
for
 
the
 
activation
 
of
balancing
 
bids
 
is
 
an
 
important
 
step
 
before
 
the
 
Nordic
 
countries’
 
entry
 
into
 
the
 
European
 
mFRR
 
energy
 
market.
The
 
decision
 
to
 
transition
 
to
 
a
 
15-minute
 
market
 
time
 
unit
 
was
 
made
 
between
 
Nordic
 
and
 
European
 
transmission
system
 
operators
 
during
 
the
 
review
 
period.
 
The
 
transition
 
is
 
scheduled
 
to
 
take
 
place
 
in
 
January
 
for
 
the
 
cross
 
-border
link
 
between
 
Finland
 
and
 
Eston
 
ia
 
and
 
in
 
March
 
2025
 
for
 
the
 
cross
 
-border
 
links
 
between
 
Finland
 
and
 
Sweden.
 
The
day
 
-ahead
 
market
 
will
 
transition
 
to
 
the
 
15-minute
 
market
 
time
 
unit
 
in
 
June
 
2025.
In
 
2024,
 
the
 
liquidity
 
of
 
the
 
reserve
 
market
 
improved
 
thanks
 
to
 
increased
 
supply.
 
Fingrid
 
concluded
 
new
 
reserve
contracts
 
with
 
24
 
operators.
1.3
Personnel
The
 
Group’s
 
total
 
headcount
 
has
 
increased
 
as
 
a
 
result
 
of
 
the
 
expansion
 
of
 
Fingrid’s
 
operations
 
and
 
the
 
growth
 
of
 
the
power
 
system.
 
The
 
number
 
of
 
employees
 
averaged
 
597
 
(544),
 
with
 
an
 
average
 
of
 
534
 
(493)
 
in
 
a
 
permanent
employment
 
relationship.
 
There
 
are
 
several
 
reasons
 
behind
 
the
 
growth
 
in
 
the
 
number
 
of
 
employees.
 
The
 
extensive
possibilities
 
of
 
renewable
 
energy
 
production
 
and
 
the
 
growing
 
consumption
 
of
 
clean
 
electricity
 
in
 
Finland,
 
the
 
historic
scale
 
of
 
the
 
main
 
grid
 
construction
 
programme
 
enabling
 
the
 
energy
 
transformation,
 
and
 
the
 
requirements
 
for
 
the
development
 
of
 
the
 
electricity
 
market
 
have
 
increased
 
the
 
workload.
 
As
 
business
 
requirements
 
increase,
 
the
 
activities
supporting
 
business
 
operations
 
also
 
need
 
to
 
expand.
Fingrid
 
received
 
an
 
excellent
 
employee
 
net
 
promoter
 
score
 
(eNPS)
 
of
 
+74
 
(on
 
a
 
scale
 
of
 
-100
 
to
 
+100)
 
in
 
the
 
review
period’s
 
personnel
 
surveys.
 
Highly
 
rated
 
aspects
 
included
 
the
 
content
 
of
 
jobs,
 
the
 
company
 
as
 
an
 
employer
 
and
supervisory
 
work.
 
MIELI
 
Mental
 
Health
 
Finland
 
awarded
 
Fingrid
 
with
 
its
 
‘A
 
feel
 
-good
 
workplace’
 
(Hyvän
 
mielen
työpaikka)
 
label
 
for
 
the
 
efforts
 
promoting
 
mental
 
health
 
and
 
well
 
-being.
In
 
summer
 
2024,
 
Fingrid
 
employed
 
a
 
total
 
of
 
66
 
summer
 
employees
 
in
 
various
 
summer
 
jobs
 
throughout
 
Finland.
 
As
in
 
previous
 
years,
 
the
 
company
 
was
 
part
 
of
 
the
 
Responsible
 
Summer
 
Job
 
campaign,
 
which
 
challenged
 
employers
 
to
offer
 
young
 
people
 
successful
 
and
 
high-quality
 
summer
 
job
 
experiences.
1.4
Internal
 
control
 
and
 
risk
 
management
Fingrid’s
 
risks
 
are
 
managed
 
according
 
to
 
the
 
internal
 
control
 
and
 
risk
 
management
 
principles
 
approved
 
by
 
the
 
Board
of
 
Directors.
 
17
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
1.4.1
Organisation
 
of
 
internal
 
control
 
Fingrid’s
 
internal
 
control
 
is
 
an
 
integral
 
part
 
of
 
the
 
company’s
 
operations
 
and
 
addresses
 
all
 
those
 
operating
 
methods
and
 
procedures
 
whose
 
objective
 
it
 
is
 
to
 
ensure:
 
●
effective
 
and
 
profitable
 
operations
 
in
 
line
 
with
 
the
 
company’s
 
strategy,
 
●
the
 
reliability
 
and
 
integrity
 
of
 
the
 
company’s
 
financial
 
and
 
management
 
information,
 
●
protection
 
of
 
the
 
company’s
 
assets,
 
●
compliance
 
with
 
the
 
applicable
 
legislation,
 
guidelines,
 
regulations,
 
agreements
 
and
 
the
 
company’s
 
own
governance
 
and
 
operating
 
guidelines
 
as
 
well
 
as
 
the
 
quality
 
thereof,
 
and
 
●
a
 
high
 
standard
 
of
 
risk
 
management.
 
Risk
 
management
 
is
 
planned
 
holistically,
 
with
 
the
 
objective
 
of
 
comprehensively
 
identifying,
 
assessing,
 
monitoring
and
 
safeguarding
 
the
 
company’s
 
operations,
 
the
 
environment,
 
personnel
 
and
 
assets
 
from
 
various
 
threats
 
and
 
risks.
Sustainability
 
risks,
 
including
 
climate
 
and
 
human
 
rights,
 
are
 
addressed
 
as
 
part
 
of
 
Fingrid’s
 
enterprise
 
risk
management.
Continuity
 
management
 
is
 
a
 
part
 
of
 
risk
 
management.
 
Its
 
objective
 
is
 
to
 
improve
 
the
 
organisation’s
 
capacity
 
to
prepare
 
and
 
to
 
react
 
in
 
the
 
best
 
possible
 
way
 
should
 
risks
 
occur,
 
and
 
to
 
ensure
 
the
 
continuity
 
of
 
operations
 
in
 
such
situations.
 
Further
 
information
 
on
 
internal
 
control,
 
risk
 
management
 
and
 
the
 
foremost
 
risks
 
and
 
factors
 
of
uncertainty
 
is
 
available
 
on
 
the
 
company’s
 
website.
 
Board
 
of
 
Directors
 
The
 
company’s
 
Board
 
of
 
Directors
 
is
 
responsible
 
for
 
organising
 
internal
 
control
 
and
 
risk
 
management,
 
and
 
it
approves
 
the
 
principles
 
of
 
internal
 
control
 
and
 
risk
 
management
 
every
 
two
 
years
 
or
 
more
 
often,
 
if
 
necessary.
 
The
Board
 
defines
 
the
 
company’s
 
strategic
 
risks
 
and
 
related
 
management
 
procedures
 
as
 
part
 
of
 
the
 
company’s
 
strategy
and
 
action
 
plan
 
and
 
monitors
 
their
 
implementation.
 
The
 
Board
 
decides
 
on
 
the
 
operating
 
model
 
for
 
the
 
company’s
internal
 
audit.
 
The
 
Board
 
regularly
 
receives
 
internal
 
audit
 
and
 
financial
 
audit
 
reports
 
as
 
well
 
as
 
a
 
status
 
update
 
at
least
 
once
 
a
 
year
 
on
 
the
 
strategic
 
risks,
 
major
 
business
 
risks
 
and
 
continuity
 
threats
 
relating
 
to
 
the
 
company’s
operations,
 
and
 
their
 
management
 
and
 
realisation.
Line
 
management
 
and
 
other
 
organisation
Assisted
 
by
 
the
 
executive
 
management
 
group,
 
the
 
President
 
&
 
CEO
 
is
 
responsible
 
for
 
implementing
 
and
 
steering
 
the
company’s
 
governance,
 
decision-making
 
procedures,
 
control
 
and
 
risk
 
management,
 
and
 
for
 
the
 
assessment
 
of
strategic
 
risks,
 
major
 
business
 
risks
 
and
 
continuity
 
threats
 
at
 
the
 
company
 
level,
 
and
 
their
 
related
 
risk
 
management.
 
The
 
heads
 
of
 
functions
 
are
 
responsible
 
for
 
the
 
practical
 
implementation
 
of
 
the
 
governance,
 
decision-making
procedures,
 
controls
 
and
 
risk
 
management
 
for
 
their
 
areas
 
of
 
responsibility,
 
as
 
well
 
as
 
for
 
the
 
reporting
 
of
 
deviations
and
 
the
 
sufficiency
 
of
 
detailed
 
guidelines.
 
The
 
directors
 
appointed
 
to
 
be
 
in
 
charge
 
of
 
threats
 
to
 
continuity
management
 
are
 
responsible
 
for
 
drawing
 
up
 
and
 
maintaining
 
continuity
 
management
 
plans
 
and
 
guidelines,
 
and
 
for
arranging
 
sufficient
 
training
 
and
 
practice.
 
The
 
Chief
 
Financial
 
Officer
 
is
 
responsible
 
for
 
arranging
 
procedures,
 
controls
 
and
 
monitoring
 
at
 
the
 
company
 
level
 
as
required
 
by
 
the
 
harmonised
 
operating
 
methods
 
of
 
internal
 
control
 
and
 
risk
 
management.
 
The
 
company’s
 
General
Counsel
 
is
 
responsible
 
at
 
the
 
company
 
level
 
for
 
assuring
 
the
 
legality
 
and
 
regulation
 
compliance
 
of
 
essential
 
contracts
18
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
and
 
internal
 
guidelines,
 
taking
 
into
 
account
 
the
 
company’s
 
interests,
 
as
 
well
 
as
 
for
 
the
 
procedures
 
these
 
require.
Each
 
Fingrid
 
employee
 
is
 
obligated
 
to
 
identify
 
and
 
report
 
any
 
risks
 
or
 
control
 
deficiencies
 
she
 
or
 
he
 
observes
 
and
 
to
carry
 
out
 
the
 
agreed
 
risk
 
management
 
procedures.
Financial
 
audit
An
 
authorised
 
public
 
accounting
 
company
 
selected
 
by
 
the
 
Annual
 
General
 
Meeting
 
acts
 
as
 
auditor
 
for
 
the
 
company.
The
 
company’s
 
financial
 
auditor
 
inspects
 
the
 
accounting,
 
financial
 
statements
 
and
 
governance
 
for
 
each
 
financial
period
 
and
 
provides
 
the
 
AGM
 
with
 
reports
 
required
 
by
 
accounting
 
legislation
 
or
 
otherwise
 
stipulated
 
in
 
legislation.
The
 
financial
 
auditor
 
reports
 
on
 
his
 
or
 
her
 
work,
 
observations
 
and
 
recommendations
 
for
 
the
 
Board
 
of
 
Directors
 
and
may
 
also
 
carry
 
out
 
other
 
verification
 
-related
 
tasks
 
commissioned
 
by
 
the
 
Board
 
or
 
management.
Internal
 
audit
 
The
 
Board
 
of
 
Directors
 
decides
 
on
 
the
 
operating
 
model
 
for
 
the
 
company’s
 
internal
 
audit.
 
The
 
internal
 
audit
 
acts
 
on
the
 
basis
 
of
 
plans
 
processed
 
by
 
the
 
audit
 
committee
 
and
 
approved
 
by
 
the
 
Board.
 
Audit
 
results
 
are
 
reported
 
to
 
the
object
 
of
 
inspection,
 
the
 
President
 
&
 
CEO,
 
the
 
audit
 
committee
 
and
 
the
 
Board.
 
Upon
 
decision
 
of
 
the
 
Board,
 
an
internal
 
audit
 
outsourced
 
to
 
an
 
authorised
 
public
 
accounting
 
company
 
acts
 
within
 
the
 
company.
 
From
 
an
administrative
 
perspective,
 
the
 
internal
 
audit
 
is
 
subordinate
 
to
 
the
 
President
 
&
 
CEO.
 
The
 
internal
 
audit
 
provides
 
a
systematic
 
approach
 
to
 
the
 
assessment
 
and
 
development
 
of
 
the
 
efficacy
 
of
 
the
 
company’s
 
risk
 
management,
monitoring,
 
management
 
and
 
governance
 
processes,
 
and
 
ensures
 
their
 
sufficiency
 
and
 
functionality
 
as
 
an
independent
 
party.
 
The
 
internal
 
audit
 
has
 
the
 
authority
 
to
 
carry
 
out
 
reviews
 
and
 
to
 
access
 
all
 
information
 
that
 
is
essential
 
to
 
the
 
audit.
 
Fingrid’s
 
internal
 
audit
 
carries
 
out
 
risk-based
 
auditing
 
on
 
the
 
company’s
 
various
 
processes.
1.4.2
Foremost
 
risks
Since
 
Fingrid
 
plays
 
a
 
significant
 
role
 
in
 
Finnish
 
society,
 
the
 
impact
 
of
 
risks
 
is
 
assessed
 
from
 
both
 
the
 
company’s
 
and
society’s
 
perspective.
 
Strategic
 
risks
 
are
 
considered
 
to
 
be
 
events
 
that
 
may
 
lead
 
to
 
a
 
material
 
deterioration
 
in
 
the
company’s
 
ability
 
to
 
operate
 
or
 
in
 
its
 
corporate
 
image
 
or,
 
in
 
the
 
worst
 
-case
 
scenario,
 
events
 
that
 
may
 
lead
 
to
 
the
company’s
 
operations
 
being
 
called
 
into
 
question
 
by
 
society.
 
The
 
most
 
significant
 
of
 
the
 
company’s
 
three
 
identified
 
strategic
 
risks
 
is
 
a
 
severe
 
disturbance
 
related
 
to
 
the
functionality
 
of
 
the
 
power
 
system,
 
leading
 
to
 
a
 
regional
 
or
 
nationwide
 
blackout.
 
Extensive
 
disturbances
 
to
 
the
 
power
system
 
can
 
be
 
caused
 
by,
 
among
 
other
 
things,
 
a
 
technical
 
malfunction,
 
an
 
extreme
 
weather
 
event,
 
human
 
error,
 
an
accident,
 
vandalism
 
or
 
the
 
simultaneous
 
occurrence
 
of
 
several
 
of
 
these
 
events.
 
A
 
blackout
 
can
 
paralyse
 
society’s
functions
 
and
 
cause
 
major
 
damage
 
to
 
Finnish
 
business
 
and
 
industry.
 
A
 
significant
 
negative
 
change
 
in
 
regulation
 
constitutes
 
a
 
material
 
strategic
 
risk
 
for
 
the
 
company’s
 
operations,
affecting
 
the
 
company’s
 
responsibilities,
 
scope
 
of
 
its
 
mission
 
and
 
financial
 
operating
 
conditions.
 
Financial
 
regulation
directly
 
impacts
 
shareholder
 
value,
 
financing
 
and
 
credit
 
ratings,
 
thus
 
creating
 
the
 
framework
 
for
 
the
 
company’s
investment
 
programme
 
and
 
mitigation
 
of
 
financial
 
risk.
 
The
 
third
 
strategic
 
risk
 
for
 
the
 
company’s
 
operations
 
is
 
the
 
possibility
 
of
 
a
 
distortion
 
in
 
the
 
corporate
 
culture
 
under
the
 
cover
 
of
 
monopolistic
 
operations,
 
which
 
can
 
surface
 
in
 
the
 
form
 
of
 
disregard
 
for
 
sustainability
 
requirements
 
or
other
 
unprofessional
 
behaviour.
 
In
 
addition
 
to
 
the
 
strategic
 
risks,
 
the
 
Board
 
of
 
Directors
 
regularly
 
receives
 
reports
 
on
 
business
 
risks
 
that
 
have
 
been
identified
 
as
 
material
 
and
 
which
 
are
 
related
 
to
 
financial
 
regulation,
 
the
 
electricity
 
market,
 
customer
 
activities,
 
the
investment
 
programme,
 
information
 
security,
 
personnel
 
and
 
safeguarding
 
the
 
company’s
 
assets.
 
This
 
category
 
19
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
additionally
 
includes
 
various
 
risks
 
linked
 
with
 
major
 
financial
 
value,
 
such
 
as
 
compliance,
 
the
 
management
 
of
electricity
 
transmission,
 
solvency
 
and
 
liquidity,
 
the
 
management
 
of
 
loss
 
power
 
and
 
reserves,
 
and
 
counterparty
 
risks.
As
 
the
 
company’s
 
operating
 
environment
 
changes,
 
the
 
risk
 
of
 
the
 
operations
 
has
 
grown.
 
A
 
weather
 
-dependent,
expanding
 
electricity
 
system
 
and
 
large
 
-capacity
 
production
 
units
 
increase
 
the
 
significance
 
of
 
power
 
system
management
 
and
 
balance
 
service
 
business
 
in
 
the
 
company’s
 
operations.
 
The
 
expanding,
 
increasingly
 
complex
electricity
 
system
 
will
 
increase
 
the
 
share
 
of
 
market
 
-based
 
costs,
 
such
 
as
 
reserve,
 
loss
 
power
 
and
 
congestion
 
costs,
 
of
the
 
company’s
 
total
 
costs
 
and
 
also
 
their
 
significance
 
in
 
corporate
 
finances.
 
Predicting
 
the
 
market
 
-based
 
costs
 
will
 
be
increasingly
 
difficult
 
due
 
to
 
the
 
volatility
 
of
 
electricity
 
prices
 
and
 
transmission
 
conditions.
 
The
 
company’s
 
major
investment
 
programme
 
will
 
increase
 
the
 
number
 
of
 
planned
 
outages
 
and
 
the
 
related
 
transmission
 
restrictions
 
and
risks
 
from
 
the
 
outages.
 
Fingrid
 
assumes
 
a
 
significant
 
financial
 
risk
 
of
 
the
 
balance
 
responsible
 
parties
 
by
 
maintaining
the
 
national
 
power
 
balance.
 
The
 
changes
 
in
 
the
 
price
 
of
 
imbalance
 
power
 
can
 
also
 
unexpectedly
 
increase
 
the
company’s
 
counterparty
 
risks,
 
which
 
the
 
company
 
mitigates
 
mainly
 
by
 
the
 
collaterals
 
required
 
from
 
the
 
balance
responsible
 
parties
 
and
 
by
 
other
 
operational
 
terms
 
specified
 
in
 
the
 
terms
 
and
 
conditions
 
of
 
the
 
balance
 
service.
In
 
2024,
 
Fingrid’s
 
enterprise
 
risk
 
management
 
(ERM)
 
was
 
subject
 
to
 
an
 
internal
 
audit.
 
The
 
audit
 
did
 
not
 
reveal
 
any
major
 
shortcomings
 
in
 
the
 
company’s
 
risk
 
management.
 
The
 
company’s
 
ERM
 
development
 
programme
 
was
completed.
 
The
 
key
 
development
 
areas
 
concerned
 
the
 
reform
 
of
 
the
 
risk
 
management
 
model
 
and
 
risk
 
criteria,
 
as
well
 
as
 
data
 
and
 
technology
 
solutions.
 
Risk
 
management
 
at
 
Fingrid
 
is
 
described
 
in
 
more
 
detail
 
on
 
the
 
company’s
 
website.
 
Fingrid’s
 
financing
 
risks
 
are
described
 
in
 
more
 
detail
 
in
 
sections
 
6.2
 
and
 
6.3
 
of
 
the
 
consolidated
 
financial
 
statements.
 
No
 
substantial
 
risks
 
were
realised
 
in
 
2024.
1.5
Board
 
of
 
Directors
 
and
 
corporate
 
management
Fingrid
 
Oyj’s
 
Annual
 
General
 
Meeting
 
was
 
held
 
in
 
Helsinki
 
on
 
21
 
March
 
2024.
 
In
 
2024,
 
the
 
Board
 
of
 
Directors
consisted
 
of
 
Hannu
 
Linna
 
(Chair),
 
Leena
 
Mörttinen
 
(Deputy
 
Chair),
 
Jero
 
Ahola,
 
Anne
 
Jalkala,
 
Mikko
 
Mursula
 
(as
 
of
 
21
March
 
2024)
 
and
 
Jukka
 
Reijonen
 
(until
 
21
 
March
 
2024).
Authorised
 
Public
 
Accountants
 
KPMG
 
Oy
 
Ab
 
was
 
elected
 
as
 
the
 
auditor
 
of
 
the
 
company,
 
with
 
Heidi
 
Hyry,
 
Authorised
Public
 
Accountant
 
KHT,
 
serving
 
as
 
the
 
responsible
 
auditor.
The
 
Board
 
of
 
Directors
 
has
 
two
 
committees:
 
the
 
audit
 
committee
 
and
 
the
 
remuneration
 
committee.
 
The
 
members
 
of
 
the
 
audit
 
committee
 
were
 
Leena
 
Mörttinen
 
(Chair),
 
Jero
 
Ahola
 
(until
 
21
 
March
 
2024),
 
Hannu
 
Linna
and
 
Mikko
 
Mursula
 
(as
 
of
 
21
 
March
 
2024).
 
The
 
members
 
of
 
the
 
remuneration
 
committee
 
were
 
Hannu
 
Linna
 
(Chair),
Jero
 
Ahola
 
(as
 
of
 
21
 
March
 
2024),
 
Anne
 
Jalkala
 
and
 
Jukka
 
Reijonen
 
(until
 
21
 
March
 
2024).
Asta
 
Sihvonen
 
-Punkka
 
served
 
as
 
President
 
&
 
CEO
 
of
 
the
 
company.
 
Fingrid
 
has
 
an
 
executive
 
management
 
group
which
 
supports
 
the
 
President
 
&
 
CEO
 
in
 
the
 
company’s
 
management
 
and
 
decision-making.
 
A
 
Corporate
 
Governance
 
Statement,
 
required
 
by
 
the
 
Finnish
 
Corporate
 
Governance
 
Code,
 
has
 
been
 
provided
separately.
 
The
 
statement
 
and
 
other
 
information
 
required
 
by
 
the
 
Code
 
are
 
also
 
available
 
on
 
the
 
company’s
 
website
at
www.fingrid.fi
.
1.6
Share
 
capital
20
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
The
 
company’s
 
share
 
capital
 
is
 
EUR
 
55,922,485.55.
 
Fingrid
 
shares
 
are
 
divided
 
into
 
Series
 
A
 
shares
 
and
 
Series
 
B
shares.
 
The
 
number
 
of
 
Series
 
A
 
shares
 
is
 
2,078
 
and
 
the
 
number
 
of
 
Series
 
B
 
shares
 
is
 
1,247.
 
The
 
voting
 
and
 
dividend
rights
 
related
 
to
 
the
 
shares
 
are
 
described
 
in
 
more
 
detail
 
in
 
the
 
notes
 
to
 
the
 
financial
 
statements
 
and
 
in
 
the
 
articles
 
of
association
 
available
 
on
 
the
 
company’s
 
website.
1.7
Legal
 
proceedings
 
and
 
proceedings
 
by
 
authorities
 
On
 
2
 
January
 
2024,
 
Fingrid
 
appealed
 
to
 
the
 
Market
 
Court
 
against
 
the
 
Energy
 
Authority’s
 
decision
 
on
 
the
 
terms
 
and
conditions
 
of
 
balance
 
service.
 
The
 
appeal
 
mainly
 
concerns
 
the
 
collateral
 
model
 
for
 
balance
 
responsible
 
parties
presented
 
in
 
the
 
decision.
 
In
 
November
 
2023,
 
the
 
Energy
 
Authority
 
issued
 
a
 
decision
 
on
 
the
 
terms
 
and
 
conditions
 
for
balance
 
responsible
 
parties,
 
which
 
include
 
the
 
principles
 
for
 
how
 
collateral
 
requirements
 
are
 
determined.
 
The
Energy
 
Authority’s
 
decision
 
includes
 
major
 
changes
 
to
 
the
 
current
 
collateral
 
terms
 
and
 
conditions
 
and
 
sets
 
apart
Finland’s
 
collateral
 
model
 
from
 
that
 
used
 
in
 
other
 
Nordic
 
countries.
 
The
 
most
 
significant
 
changes
 
to
 
the
 
current
collateral
 
model
 
include
 
a
 
major
 
reduction
 
in
 
the
 
required
 
collaterals,
 
elimination
 
of
 
the
 
requirement
 
to
 
provide
 
an
adequate
 
additional
 
collateral
 
and
 
a
 
possible
 
collateral
 
ceiling.
On
 
29
 
January
 
2024,
 
Fingrid
 
appealed
 
to
 
the
 
Market
 
Court
 
against
 
the
 
Energy
 
Authority’s
 
decision
 
on
 
the
 
methods
concerning
 
the
 
specification
 
of
 
the
 
profit
 
for
 
the
 
electricity
 
transmission
 
grid
 
operations
 
for
 
the
 
sixth
 
regulatory
period
 
1
 
January
 
2024–31
 
December
 
2027
 
and
 
seventh
 
regulatory
 
period
 
1
 
January
 
2028–31
 
December
 
2031.
According
 
to
 
Fingrid’s
 
assessment,
 
the
 
decision
 
on
 
the
 
regulatory
 
methods
 
is
 
a
 
significant
 
weakening
 
of
 
the
electricity
 
transmission
 
grid
 
operations’
 
reasonable
 
profit
 
regulatory
 
method
 
that
 
expired
 
at
 
year
 
-end.
 
In
 
Fingrid’s
view,
 
the
 
assessment
 
of
 
impacts
 
in
 
preparing
 
the
 
regulatory
 
model
 
decision
 
has
 
been
 
deficient
 
and
 
there
 
are
 
still
issues
 
open
 
to
 
interpretation
 
related
 
to
 
the
 
presented
 
decision.
 
The
 
decision
 
weakens
 
Fingrid’s
 
ability
 
to
 
invest.
Fingrid’s
 
goal
 
is
 
a
 
solution
 
that
 
would
 
also
 
enable
 
the
 
future
 
development
 
of
 
the
 
grid,
 
allowing
 
the
 
hundreds
 
of
billions
 
in
 
green
 
transition
 
investments
 
in
 
Finland
 
to
 
be
 
implemented
 
as
 
planned.
On
 
15
 
February
 
2024,
 
Fingrid
 
appealed
 
to
 
the
 
Market
 
Court
 
against
 
the
 
decision
 
given
 
by
 
the
 
Energy
 
Authority
 
on
 
11
January
 
2024
 
on
 
the
 
scope
 
of
 
the
 
national
 
transmission
 
system
 
operator’s
 
systems
 
responsibility
 
regarding
 
the
 
grid
connection
 
of
 
the
 
OL3
 
nuclear
 
power
 
plant.
 
Teollisuuden
 
Voima
 
Oyj
 
(“TVO”)
 
lodged
 
a
 
request
 
for
 
an
 
investigation
with
 
the
 
Energy
 
Authority
 
on
 
25
 
May
 
2022
 
related
 
to
 
the
 
claims
 
by
 
TVO
 
that
 
Fingrid
 
has
 
neglected
 
its
 
obligation
 
to
develop
 
the
 
main
 
grid
 
as
 
stated
 
in
 
the
 
Finnish
 
Electricity
 
Market
 
Act
 
and/or
 
other
 
applicable
 
legislation,
 
and
 
that,
 
as
a
 
result,
 
it
 
has
 
placed
 
unlawful
 
restrictions
 
on
 
connecting
 
the
 
Olkiluoto
 
3
 
nuclear
 
power
 
plant
 
to
 
the
 
grid,
 
and
 
that
Fingrid
 
is
 
in
 
breach
 
of
 
its
 
administrative
 
obligations
 
linked
 
to
 
carrying
 
out
 
its
 
public
 
administrative
 
task.
 
The
 
Energy
Authority
 
states
 
in
 
its
 
decision
 
of
 
11
 
January
 
2024
 
that
 
Fingrid
 
fulfilled
 
its
 
development,
 
connection
 
and
 
transmission
obligations
 
in
 
accordance
 
with
 
the
 
Electricity
 
Market
 
Act.
 
The
 
Energy
 
Authority
 
also
 
found
 
the
 
1,300
 
MW
 
power
 
limit
specified
 
in
 
Fingrid’s
 
connection
 
terms
 
justified
 
and
 
did
 
not
 
find
 
Fingrid
 
to
 
have
 
restricted
 
Olkiluoto
 
3’s
 
access
 
to
 
the
grid.
 
In
 
its
 
decision,
 
the
 
Energy
 
Authority
 
sees,
 
however,
 
that
 
Olkiluoto
 
3’s
 
protection
 
scheme
 
falls
 
under
 
Fingrid’s
responsibility
 
based
 
on
 
a
 
transmission
 
system
 
operator’s
 
protection
 
scheme
 
as
 
intended
 
by
 
legislation
 
and
 
that
Fingrid
 
is
 
in
 
breach
 
of
 
Article
 
9
 
of
 
the
 
Commission
 
Regulation
 
(EU)
 
2017/1485
 
establishing
 
a
 
guideline
 
on
 
electricity
transmission
 
system
 
operation
 
and
 
its
 
obligation
 
in
 
line
 
with
 
Section
 
10,
 
Subsection
 
1
 
of
 
the
 
Act
 
on
 
the
 
Control
 
of
 
the
Electricity
 
and
 
Natural
 
Gas
 
Market
 
(2013/590)
 
to
 
bring
 
the
 
determination
 
principles
 
for
 
fees
 
it
 
applies
 
before
 
the
Energy
 
Authority
 
for
 
approval
 
prior
 
to
 
their
 
implementation.
 
In
 
accordance
 
with
 
the
 
Energy
 
Authority’s
 
decision,
 
Fingrid
 
submitted
 
its
 
proposal
 
concerning
 
the
 
determination
principles
 
for
 
fees
 
related
 
to
 
the
 
OL3
 
protection
 
scheme
 
on
 
30
 
April
 
2024.
 
The
 
Energy
 
Authority
 
issued
 
its
 
decision
 
on
the
 
determination
 
principles
 
for
 
fees
 
on
 
30
 
December
 
2024.
 
According
 
to
 
the
 
decision,
 
TVO
 
shall
 
bear
 
the
 
costs
 
for
reimbursements
 
to
 
response
 
resources
 
connected
 
to
 
system
 
protection
 
and
 
for
 
the
 
construction,
 
maintenance
 
and
use
 
of
 
data
 
communication
 
connections.
 
The
 
decision
 
states
 
that
 
Fingrid
 
shall
 
bear
 
the
 
costs
 
for
 
acquiring
 
the
21
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
response
 
resources
 
and
 
awarding
 
contracts,
 
managing
 
the
 
protection
 
scheme
 
and
 
the
 
tests
 
to
 
be
 
carried
 
out
 
on
 
the
response
 
resources
 
for
 
system
 
protection,
 
as
 
well
 
as
 
for
 
the
 
maintenance
 
of
 
the
 
measurement
 
and
 
monitoring
system
 
for
 
system
 
protection
 
in
 
Fingrid’s
 
operation
 
control
 
system.
 
Fingrid
 
and
 
TVO
 
have
 
agreed
 
on
 
provisional
 
fee
arrangements
 
for
 
Olkiluoto
 
3’s
 
protection
 
scheme
 
as
 
of
 
1
 
January
 
2025.
 
The
 
agreement
 
is
 
based
 
on
 
the
 
decision
issued
 
by
 
the
 
Energy
 
Authority
 
on
 
the
 
costs
 
for
 
the
 
protection
 
scheme
 
on
 
30
 
December
 
2024.
 
The
 
provisional
 
fee
arrangements
 
for
 
the
 
protection
 
scheme
 
do
 
not
 
directly
 
affect
 
the
 
legal
 
proceedings
 
concerning
 
the
 
protection
scheme’s
 
extent,
 
which
 
are
 
still
 
ongoing
 
in
 
the
 
Market
 
Court.
Fingrid
 
received
 
an
 
expropriation
 
permit
 
for
 
the
 
widening
 
of
 
the
 
Torna
 
–Lautakari
 
right-of-way
 
for
 
the
 
neutral
 
line
 
on
27
 
October
 
2022.
 
In
 
the
 
kick-off
 
meeting
 
for
 
the
 
expropriation
 
procedure
 
on
 
1
 
December
 
2022,
 
the
 
expropriation
committee
 
decided
 
that
 
the
 
expropriating
 
party
 
is
 
obligated
 
to
 
assume
 
responsibility
 
for
 
the
 
tree
 
stands
 
within
 
the
scope
 
of
 
the
 
rights
 
and
 
restrictions
 
set
 
in
 
the
 
expropriation
 
permit,
 
unless
 
otherwise
 
agreed.
 
The
 
final
 
meeting
 
of
 
the
expropriation
 
procedure
 
was
 
held
 
on
 
16
 
November
 
2023.
 
Fingrid
 
appealed
 
against
 
the
 
decision
 
concerning
 
the
Torna
 
–Lautakari
 
tree
 
stands’
 
expropriation
 
to
 
the
 
Southwest
 
Finland
 
District
 
Court’s
 
Land
 
Rights
 
Court
 
on
 
22
December
 
2023.
 
1.8
Events
 
after
 
the
 
review
 
period
 
and
 
future
 
outlook
Fingrid
 
Group’s
 
result
 
for
 
the
 
2025
 
financial
 
period,
 
excluding
 
changes
 
in
 
the
 
fair
 
value
 
of
 
derivatives
 
and
 
before
taxes,
 
is
 
expected
 
to
 
be
 
on
 
the
 
same
 
level
 
as
 
in
 
2024.
 
This
 
estimation
 
includes
 
the
 
recognition
 
of
 
congestion
 
income
in
 
the
 
company’s
 
turnover
 
and
 
other
 
operating
 
income.
 
The
 
implementation
 
of
 
the
 
investment
 
programme
 
is
advancing.
 
The
 
investment
 
level
 
is
 
estimated
 
to
 
be
 
lower
 
than
 
in
 
the
 
previous
 
year.
 
The
 
power
 
system
 
is
 
expanding
and
 
its
 
complexity
 
is
 
increasing,
 
and
 
the
 
availability
 
of
 
electricity
 
production
 
and
 
consumption
 
flexibility
 
is
 
subject
 
to
uncertainty.
 
This,
 
coupled
 
with
 
growing
 
electricity
 
transmission
 
needs,
 
will
 
increase
 
the
 
costs
 
of
 
Fingrid’s
 
operations
and
 
the
 
uncertainty
 
related
 
to
 
the
 
costs
 
in
 
2025.
 
At
 
the
 
same
 
time,
 
fluctuations
 
in
 
the
 
national
 
power
 
balance
 
will
increase.
 
The
 
grid’s
 
connection
 
capability
 
will
 
be
 
affected
 
by
 
the
 
location
 
of
 
the
 
customer
 
projects
 
to
 
be
 
connected,
flexibility
 
in
 
electricity
 
production
 
and
 
consumption
 
and
 
changes
 
in
 
customer
 
needs.
 
The
 
company’s
 
financial
position
 
is
 
expected
 
to
 
remain
 
stable.
The
 
company’s
 
balance
 
sheet
 
contains
 
a
 
significant
 
amount
 
of
 
congestion
 
income,
 
mostly
 
from
 
2022
 
from
 
the
 
cross-
border
 
links
 
between
 
Estonia
 
and
 
Finland
 
and
 
Sweden
 
and
 
Finland.
 
Also
 
going
 
forward,
 
Fingrid’s
 
goal
 
is
 
to
 
use
congestion
 
income
 
actively
 
for
 
investments
 
that
 
will
 
increase
 
cross
 
-border
 
transmission
 
capacity
 
and
 
to
 
cover
operating
 
costs
 
to
 
benefit
 
Fingrid’s
 
customers.
 
The
 
use
 
of
 
congestion
 
income
 
is
 
decided
 
by
 
the
 
Energy
 
Authority
based
 
on
 
an
 
EU
 
regulation.
Concerning
 
the
 
damage
 
to
 
the
 
EstLink2
 
submarine
 
cables,
 
the
 
maritime
 
court
 
ordered,
 
on
 
3
 
January
 
2025,
 
the
seizure
 
of
 
the
 
vessel
 
suspected
 
of
 
causing
 
the
 
damage,
 
Eagle
 
S,
 
to
 
secure
 
the
 
claims
 
of
 
Fingrid
 
and
 
the
 
other
 
parties
applying
 
to
 
the
 
court
 
for
 
the
 
seizure.
 
Fingrid
 
has
 
decided
 
to
 
waive
 
enforcement
 
of
 
the
 
seizure
 
of
 
the
 
Eagle
 
S
 
oil
tanker
 
due
 
to
 
the
 
financial
 
risk
 
involved.
 
The
 
decision
 
to
 
waive
 
enforcement
 
of
 
the
 
seizure
 
does
 
not
 
affect
 
further
legal
 
actions.
 
Fingrid
 
will
 
sue
 
for
 
damages
 
caused
 
by
 
the
 
Eagle
 
S.
On
 
29
 
January
 
2025,
 
Fingrid
 
appealed
 
to
 
the
 
Market
 
Court
 
against
 
the
 
decision
 
issued
 
by
 
the
 
Energy
 
Authority
 
on
 
30
December
 
2024
 
concerning
 
the
 
confirmation
 
of
 
the
 
determination
 
principles
 
for
 
fees
 
for
 
the
 
OL3
 
nuclear
 
power
plant’s
 
system
 
protection
 
scheme.
 
In
 
Fingrid’s
 
view,
 
the
 
OL3
 
system
 
protection
 
scheme
 
is
 
not
 
included
 
in
 
its
statutory
 
system
 
responsibility,
 
which
 
means
 
that
 
it
 
is
 
not
 
responsible
 
for
 
the
 
implementation
 
of
 
the
 
OL3
 
system
protection
 
scheme
 
or
 
any
 
fees.
22
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
1.9
Board
 
of
 
Directors’
 
proposal
 
for
 
the
 
distribution
 
of
 
profit
The
 
guiding
 
principle
 
for
 
Fingrid’s
 
dividend
 
policy
 
is
 
to
 
distribute
 
substantially
 
all
 
of
 
the
 
parent
 
company
 
profit
 
as
dividends.
 
When
 
making
 
the
 
decision,
 
however,
 
the
 
economic
 
conditions,
 
the
 
company’s
 
near-term
 
capital
expenditure
 
and
 
development
 
needs
 
as
 
well
 
as
 
any
 
prevailing
 
financial
 
targets
 
of
 
the
 
company
 
are
 
always
 
taken
 
into
account.
Fingrid
 
Oyj’s
 
parent
 
company’s
 
profit
 
for
 
the
 
financial
 
year
 
was
 
EUR
 
134,979,777.26
 
and
 
distributable
 
funds
 
in
 
the
financial
 
statements
 
total
 
EUR
 
172,219,414.81.
 
Since
 
the
 
close
 
of
 
the
 
financial
 
year,
 
there
 
have
 
been
 
no
 
material
changes
 
in
 
the
 
company’s
 
financial
 
position
 
and,
 
in
 
the
 
Board
 
of
 
Directors’
 
view,
 
the
 
proposed
 
dividend
 
distribution
does
 
not
 
compromise
 
the
 
company’s
 
solvency.
After
 
the
 
closing
 
date,
 
the
 
Board
 
of
 
Directors
 
has
 
proposed
 
to
 
the
 
Annual
 
General
 
Meeting
 
of
 
shareholders
 
that,
 
on
the
 
basis
 
of
 
the
 
balance
 
sheet
 
adopted
 
for
 
the
 
financial
 
period
 
that
 
ended
 
on
 
31
 
December
 
2024,
 
a
 
dividend
 
of
 
EUR
53,400.00
 
at
 
maximum
 
per
 
share
 
be
 
paid
 
for
 
Series
 
A
 
shares
 
and
 
EUR
 
19,500.00
 
at
 
maximum
 
for
 
Series
 
B
 
shares,
 
for
a
 
total
 
of
 
EUR
 
135,281,700.00
 
at
 
maximum.
 
The
 
dividends
 
will
 
be
 
paid
 
in
 
two
 
instalments.
 
The
 
first
 
instalment
 
of
 
EUR
35,600.00
 
for
 
each
 
Series
 
A
 
share
 
and
 
EUR
 
13,000.00
 
for
 
each
 
Series
 
B
 
share,
 
totalling
 
EUR
 
90,187,800.00
 
in
dividends,
 
shall
 
be
 
paid
 
on
 
7
 
April
 
2025.
 
The
 
second
 
instalment
 
of
 
EUR
 
17,800.00
 
at
 
maximum
 
per
 
share
 
for
 
each
Series
 
A
 
share
 
and
 
EUR
 
6,500.00
 
at
 
maximum
 
per
 
share
 
for
 
each
 
Series
 
B
 
share,
 
totalling
 
EUR
 
45,093,900.00
 
at
maximum
 
in
 
dividends,
 
will
 
be
 
paid
 
according
 
to
 
the
 
Board’s
 
decision
 
after
 
the
 
half-year
 
report
 
has
 
been
 
confirmed,
based
 
on
 
the
 
authorisation
 
given
 
to
 
the
 
Board
 
in
 
the
 
Annual
 
General
 
Meeting.
 
The
 
Board
 
has
 
the
 
right
 
to
 
decide,
based
 
on
 
the
 
authorisation
 
granted
 
to
 
it,
 
on
 
the
 
payment
 
of
 
the
 
second
 
dividend
 
instalment
 
after
 
the
 
half-year
report
 
has
 
been
 
confirmed
 
and
 
it
 
has
 
assessed
 
the
 
company’s
 
solvency,
 
financial
 
position
 
and
 
financial
 
development.
The
 
dividends
 
that
 
have
 
been
 
decided
 
on
 
with
 
the
 
authorisation
 
given
 
to
 
the
 
Board
 
will
 
be
 
paid
 
on
 
the
 
third
 
banking
day
 
after
 
the
 
decision.
 
The
 
authorisation
 
is
 
proposed
 
to
 
remain
 
valid
 
until
 
the
 
next
 
Annual
 
General
 
Meeting.
1.10
Annual
 
General
 
Meeting
 
2025
Fingrid
 
Oyj’s
 
Annual
 
General
 
Meeting
 
is
 
scheduled
 
to
 
be
 
held
 
on
 
2
 
April
 
2025
 
in
 
Helsinki.
 
In
 
Helsinki,
 
on
 
4
 
March
 
2025
Fingrid
 
Oyj
Board
 
of
 
Directors
1.11
Sustainability
 
statement
1.11.1
General
 
information
1.
 
Basis
 
for
 
preparation
BP-1
 
General
 
basis
 
for
 
preparation
 
of
 
sustainability
 
statements
The
 
sustainability
 
statement
 
covers
 
information
 
on
 
Fingrid
 
Group.
 
The
 
Group
 
comprises,
 
in
 
addition
 
to
 
the
 
parent
company
 
Fingrid
 
Oyj
 
(“Fingrid”),
 
two
 
subsidiaries
 
that
 
are
 
wholly
 
owned
 
by
 
Fingrid,
 
Finextra
 
Oy
 
(“Finextra”)
 
and
Fingrid
 
Datahub
 
Oy
 
(“Fingrid
 
Datahub”).
 
The
 
scope
 
of
 
consolidation
 
is
 
the
 
same
 
as
 
for
 
the
 
financial
 
statements.
 
The
report
 
essentially
 
covers
 
the
 
upstream
 
and
 
downstream
 
value
 
chain
 
information,
 
which,
 
as
 
described
 
in
 
more
 
detail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
23
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
elsewhere
 
in
 
this
 
report,
 
focuses
 
on
 
the
 
climate,
 
the
 
grid
 
building
 
materials,
 
the
 
value
 
chain
 
workers
 
especially
 
in
Finland,
 
the
 
landowners
 
as
 
an
 
affected
 
community,
 
and
 
data
 
protection,
 
information
 
security
 
and
 
system
 
security
from
 
the
 
perspectives
 
of
 
consumers
 
and
 
end-users.
 
No
 
information
 
has
 
been
 
omitted
 
based
 
on,
 
for
 
example,
classified
 
and
 
sensitive
 
information
 
or
 
innovation.
 
The
 
calculation
 
principles
 
are
 
presented
 
in
 
connection
 
with
 
each
sustainability
 
topic.
BP-2
 
Disclosures
 
in
 
relation
 
to
 
specific
 
circumstances
Any
 
sustainability
 
information
 
that
 
has
 
been
 
estimated
 
using
 
indirect
 
sources
 
is
 
addressed
 
in
 
connection
 
with
 
the
relevant
 
disclosures
 
(Preparation
 
and
 
calculation
 
principles).
The
 
sustainability
 
statement
 
includes
 
Fingrid’s
 
corporate
 
responsibility
 
ESG
 
targets
 
that
 
the
 
company
 
has
 
used
 
to
track
 
the
 
effectiveness
 
of
 
measures
 
related
 
to
 
the
 
management
 
of
 
sustainability
 
matters
 
from
 
2021
 
until
 
the
 
end
 
of
2024.
 
The
 
company’s
 
ESG
 
targets
 
cover
 
climate
 
and
 
environmental
 
responsibility
 
(E),
 
social
 
responsibility
 
(S)
 
and
good
 
governance
 
(G).
 
Each
 
material
 
topic
 
has
 
had
 
short-term
 
targets
 
extending
 
to
 
2025
 
and
 
long-term
 
targets
extending
 
to
 
2035.
 
Fingrid
 
signed
 
the
 
Global
 
Compact
 
initiative
 
of
 
the
 
United
 
Nations
 
(UN)
 
in
 
2016.
 
The
 
company’s
ESG
 
targets
 
contribute
 
especially
 
to
 
the
 
UN’s
 
global
 
Sustainable
 
Development
 
Goals
 
(SDGs)
 
related
 
to
 
energy
 
(SDG
7),
 
infrastructure
 
(SDG
 
9)
 
and
 
climate
 
action
 
(SDG
 
13).
 
Through
 
its
 
business,
 
the
 
company
 
also
 
contributes
 
more
clearly
 
to
 
six
 
other
 
SDGs
 
related
 
to
 
equality
 
(SDG
 
5),
 
work
 
and
 
economic
 
growth
 
(SDG
 
8),
 
consumption
 
(SDG
 
12),
 
life
on
 
land
 
(SDG
 
15),
 
good
 
governance
 
(SDG
 
16)
 
and
 
partnerships
 
(SDG
 
17).
A
 
Communication
 
on
 
Progress
 
(COP)
 
report
 
in
 
compliance
 
with
 
the
 
UN’s
 
Global
 
Compact
 
initiative
 
is
 
prepared
separately
 
from
 
the
 
sustainability
 
statement.
 
The
 
contents
 
of
 
the
 
industry-specific
 
SASB
 
standard
 
are
 
also
 
reported
separately.
 
SASB,
 
or
 
the
 
Sustainability
 
Accounting
 
Standards
 
Board,
 
has
 
published
 
the
 
sustainability
 
reporting
 
topics
and
 
indicators
 
that
 
are
 
material
 
for
 
the
 
Electric
 
Utilities
 
&
 
Power
 
Generators
 
sector.
2.
 
Governance
GOV
 
–1
 
The
 
role
 
of
 
the
 
administrative,
 
management
 
and
 
supervisory
 
bodies
In
 
Fingrid’s
 
sustainability
 
work,
 
the
 
highest
 
responsibility
 
for
 
sustainable
 
development
 
principles
 
and
 
promoting
them
 
lies
 
with
 
the
 
company’s
 
Board
 
of
 
Directors,
 
which
 
approves
 
the
 
company’s
 
Code
 
of
 
Conduct.
 
Based
 
on
 
the
materiality
 
assessment,
 
the
 
Board
 
of
 
Directors
 
adopts
 
the
 
corporate
 
responsibility
 
ESG
 
targets
 
and
 
monitors
 
their
implementation.
 
Corporate
 
responsibility
 
reporting
 
to
 
the
 
Board
 
of
 
Directors
 
takes
 
place
 
regularly
 
and
 
as
 
a
 
part
 
of
risk
 
management
 
as
 
well.
 
Compliance
 
and
 
corporate
 
responsibility
 
management
 
is
 
integrated
 
into
 
Fingrid’s
 
strategy,
management
 
system,
 
risk
 
management
 
and
 
financial
 
steering.
 
In
 
accordance
 
with
 
the
 
articles
 
of
 
association,
 
the
 
Board
 
of
 
Directors
 
consists
 
of
 
five
 
members.
 
The
 
Board
 
of
Directors
 
does
 
not
 
include
 
representatives
 
of
 
management
 
or
 
other
 
employees.
 
All
 
Board
 
members
 
are
 
independent
of
 
the
 
company.
 
Two
 
of
 
them
 
are
 
not
 
independent
 
of
 
the
 
company’s
 
owners.
 
The
 
information
 
on
 
the
 
composition
and
 
diversity
 
of
 
the
 
members
 
of
 
Fingrid’s
 
highest
 
governance
 
body
 
is
 
described
 
in
 
the
 
following
 
table.
Members
 
of
 
the
 
Board
 
of
 
Directors
2024
Number
 
of
 
board
 
members
5
Number
 
of
 
board
 
members,
 
female
2
Number
 
of
 
board
 
members,
 
male
3
Number
 
of
 
board
 
members,
 
female
 
(%)
40
Number
 
of
 
board
 
members,
 
male
 
(%)
60
 
 
 
 
 
 
 
24
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Those
 
involved
 
in
 
business
 
management
14
Other
 
members
0
Percentage
 
of
 
independent
 
board
 
members
 
(%)
60
Fingrid’s
 
executives
 
include
 
the
 
Group’s
 
executive
 
management
 
group
 
and
 
the
 
members
 
of
 
the
 
Board
 
of
 
Directors.
The
 
company’s
 
Board
 
of
 
Directors
 
is
 
responsible
 
for
 
organising
 
internal
 
control
 
and
 
risk
 
management,
 
and
 
it
approves
 
the
 
principles
 
of
 
internal
 
control
 
and
 
risk
 
management
 
at
 
least
 
every
 
two
 
years
 
and
 
more
 
often,
 
if
necessary.
 
The
 
Board
 
defines
 
the
 
company’s
 
strategic
 
risks
 
and
 
related
 
management
 
procedures
 
as
 
part
 
of
 
the
company’s
 
strategy
 
and
 
action
 
plan
 
and
 
supervises
 
their
 
implementation.
 
The
 
Board
 
decides
 
on
 
the
 
operating
 
model
for
 
the
 
company’s
 
internal
 
audit.
 
The
 
Board
 
members
 
regularly
 
receive
 
information
 
on
 
the
 
internal
 
audit
 
and
 
internal
audit
 
results
 
as
 
well
 
as
 
a
 
status
 
update
 
at
 
least
 
once
 
a
 
year
 
on
 
the
 
strategic
 
risks,
 
major
 
business
 
risks
 
and
 
continuity
threats
 
relating
 
to
 
the
 
company’s
 
operations,
 
and
 
their
 
management
 
and
 
realisation.
 
To
 
ensure
 
the
 
effective
 
fulfilment
 
of
 
the
 
Board
 
of
 
Directors’
 
supervisory
 
tasks,
 
the
 
Board
 
has
 
two
 
committees:
 
the
audit
 
committee
 
and
 
the
 
remuneration
 
committee.
 
The
 
audit
 
committee
 
is
 
appointed
 
by
 
the
 
Board
 
of
 
Directors
 
to
assist
 
the
 
Board.
 
The
 
Board
 
has
 
specified
 
the
 
duties
 
of
 
the
 
audit
 
committee
 
in
 
its
 
working
 
orders
 
in
 
accordance
 
with
recommendation
 
16
 
of
 
the
 
Corporate
 
Governance
 
Code.
 
The
 
remuneration
 
committee
 
is
 
another
 
committee
appointed
 
by
 
the
 
Board
 
of
 
Directors
 
to
 
assist
 
the
 
Board.
 
The
 
Board
 
has
 
specified
 
the
 
duties
 
of
 
the
 
remuneration
committee
 
in
 
its
 
working
 
order
 
in
 
accordance
 
with
 
recommendation
 
17
 
of
 
the
 
Corporate
 
Governance
 
Code.
 
The
 
members
 
of
 
the
 
company’s
 
Board
 
of
 
Directors
 
have
 
adequate
 
and
 
mutually
 
complementary
 
experience
 
and
expertise
 
in
 
the
 
areas
 
essential
 
for
 
the
 
company’s
 
business
 
and
 
societal
 
role,
 
and
 
sustainability
 
matters.
 
The
 
sectors
and
 
areas
 
of
 
expertise
 
and
 
experience
 
represented
 
in
 
the
 
Board
 
include
 
industry
 
and
 
the
 
energy
 
sector,
 
corporate
responsibility
 
and
 
sustainability
 
matters,
 
financing
 
and
 
accounting,
 
as
 
well
 
as
 
state
 
administration.
 
The
 
Board
members
 
have
 
also
 
accumulated
 
experience
 
in
 
the
 
sector
 
and
 
its
 
sustainability-related
 
impacts,
 
risks
 
and
opportunities
 
through
 
operations
 
and
 
positions
 
of
 
trust.
 
Regular
 
reporting
 
on
 
sustainability
 
matters
 
in
 
accordance
with
 
the
 
annual
 
cycle
 
and
 
a
 
corporate
 
responsibility
 
review
 
conducted
 
once
 
a
 
year
 
contribute
 
to
 
ensuring
 
that
 
the
Board
 
and
 
its
 
committees
 
have
 
expertise
 
in
 
sustainability-related
 
impacts,
 
risks
 
and
 
opportunities.
 
Where
 
required,
in-house
 
expertise
 
is
 
complemented
 
with
 
external
 
expertise.
 
The
 
President
 
&
 
CEO
 
is
 
responsible
 
for
 
arranging
 
corporate
 
responsibility
 
management
 
and
 
its
 
integration
 
in
business
 
operations.
 
The
 
President
 
&
 
CEO
 
and
 
the
 
heads
 
of
 
functions
 
are
 
each
 
responsible
 
for
 
compliance
 
and
corporate
 
responsibility
 
management
 
within
 
their
 
areas
 
of
 
responsibility.
 
The
 
executive
 
management
 
group
 
regularly
reviews
 
corporate
 
responsibility
 
issues,
 
and
 
alongside
 
financial
 
profitability,
 
social
 
issues
 
and
 
environmental
 
impacts
are
 
taken
 
into
 
account
 
in
 
decision-making.
 
In
 
terms
 
of
 
the
 
ESG
 
targets
 
of
 
corporate
 
responsibility,
 
each
 
target
 
has
 
a
director
 
appointed
 
by
 
the
 
President
 
&
 
CEO
 
from
 
the
 
executive
 
management
 
group.
 
The
 
appointed
 
director
 
is
responsible
 
for
 
development
 
and
 
monitoring
 
together
 
with
 
the
 
General
 
Counsel
 
in
 
charge
 
of
 
corporate
responsibility.
 
The
 
Compliance
 
and
 
Responsibility
 
Team
 
headed
 
by
 
the
 
company’s
 
General
 
Counsel
 
is
 
responsible
 
for
developing
 
corporate
 
responsibility
 
and
 
coordi
 
nating
 
sustainability
 
work
 
within
 
the
 
company.
GOV
 
-2
 
–
 
Information
 
provided
 
to
 
and
 
sustainability
 
matters
 
addressed
 
by
 
the
 
undertaking’s
 
administrative,
management
 
and
 
supervisory
 
bodies
The
 
Board
 
of
 
Directors
 
is
 
informed
 
about
 
material
 
sustainability-related
 
impacts,
 
risks
 
and
 
opportunities
 
through
regular
 
reporting
 
in
 
accordance
 
with
 
the
 
annual
 
cycle
 
and
 
an
 
annual
 
corporate
 
responsibility
 
review
 
summarising
sustainability
 
matters
 
by
 
the
 
General
 
Counsel.
 
Corporate
 
responsibility
 
aspects
 
are
 
included
 
in
 
the
 
Board
 
of
Directors’
 
decision-making
 
on
 
investments,
 
for
 
example,
 
and
 
other
 
strategic
 
decisions.
 
When
 
reviewing
 
investment
proposals,
 
the
 
Board
 
of
 
Directors
 
is
 
informed
 
about
 
the
 
material
 
risks,
 
but
 
also
 
about
 
potential
 
positive
sustainability
 
-related
 
impacts.
 
When
 
making
 
investment
 
decisions,
 
the
 
Board
 
of
 
Directors
 
reviews,
 
where
 
necessary,
the
 
trade
 
-offs
 
concerning
 
the
 
impacts,
 
risks
 
and
 
opportunities
 
in
 
relation
 
to
 
the
 
targets.
25
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
During
 
the
 
financial
 
year
 
2024,
 
the
 
Board
 
of
 
Directors
 
convened
 
twelve
 
times
 
and
 
addressed
 
the
 
following
sustainability
 
topics
 
that
 
had
 
been
 
prepared
 
in
 
the
 
executive
 
management
 
group
 
or
 
in
 
the
 
committees:
-
the
 
company’s
 
strategy
 
and
 
strategic
 
choices
 
(focusing
 
on
 
the
 
core
 
mission,
 
customer
 
focus,
 
world-class
expertise,
 
market
 
focus,
 
efficiency
 
and
 
profitability,
 
and
 
security
 
and
 
sustainability)
 
presented
 
by
 
the
President
 
&
 
CEO
 
and
 
the
 
monitoring
 
of
 
these,
 
including
 
the
 
company’s
 
sustainability
 
in
 
a
 
tighter
 
risk
environment
 
presented
 
by
 
the
 
CFO.
 
The
 
following
 
were
 
discussed
 
as
 
Fingrid’s
 
strategic
 
priorities:
 
(1)
Customers
 
as
 
enablers
 
of
 
the
 
transition,
 
(2)
 
Efficiently
 
utilised
 
main
 
grid,
 
(3)
 
A
 
large
 
and
 
proactive
 
electricity
market
 
and
 
(4)
 
Ensuring
 
resilience
 
and
 
risk
 
tolerance
 
-
the
 
audit
 
plan
 
for
 
internal
 
audit
 
presented
 
by
 
a
 
member
 
of
 
the
 
audit
 
committee
 
-
the
 
remuneration
 
committee
 
matters
 
presented
 
by
 
the
 
chair
 
of
 
the
 
Board
 
of
 
Directors
-
the
 
remuneration
 
principles
 
presented
 
by
 
the
 
President
 
&
 
CEO
 
and
 
the
 
actual
 
remuneration
 
of
 
personnel
and
 
the
 
executive
 
management
 
group
 
in
 
2023
-
the
 
personnel
 
review
 
presented
 
by
 
the
 
director
 
in
 
charge
 
of
 
HR
-
The
 
ICT
 
and
 
information
 
security-related
 
reviews
 
presented
 
as
 
regularly
 
monitored
 
items
 
by
 
the
 
ICT
 
director,
including
 
cybersecurity
 
and
 
the
 
impacts
 
of
 
the
 
NIS2
 
directive
 
on
 
Fingrid’s
 
operations
 
-
the
 
annual
 
risk
 
management
 
review,
 
internal
 
control
 
and
 
risk
 
management
 
principles
 
and
 
the
 
reform
 
of
 
the
risk
 
management
 
model
 
presented
 
by
 
a
 
leading
 
expert
-
the
 
company’s
 
Code
 
of
 
Conduct
 
presented
 
by
 
the
 
General
 
Counsel
 
-
the
 
corporate
 
responsibility
 
review
 
for
 
2024,
 
including
 
the
 
double
 
materiality
 
assessment,
 
presented
 
by
 
the
General
 
Counsel.
 
The
 
review
 
included
 
a
 
company
 
-level
 
summary
 
of
 
the
 
management
 
of
 
Fingrid’s
sustainability
 
work,
 
performance
 
against
 
the
 
targets
 
and
 
key
 
measures
 
in
 
2024
 
related
 
to
 
the
 
climate,
nature,
 
materials,
 
own
 
workforce,
 
value
 
chain
 
workers,
 
landowners,
 
data
 
protection,
 
information
 
security,
business
 
practices
 
and
 
system
 
security
 
-
the
 
Corporate
 
Governance
 
Statements
 
for
 
2023
 
and
 
2024
 
presented
 
by
 
the
 
General
 
Counsel
 
-
the
 
investment
 
reviews
 
and
 
investment
 
proposals
 
presented
 
by
 
the
 
deputy
 
managing
 
director.
Occupational
 
safety
 
targets
 
and
 
measures
 
were
 
monitored
 
regularly.
 
Occupational
 
safety
 
was
 
addressed
 
from
various
 
perspectives
 
by
 
the
 
Board
 
of
 
Directors,
 
the
 
audit
 
committee
 
and
 
the
 
shareholders’
 
meeting.
 
The
 
Board
 
of
Directors
 
addresses,
 
for
 
example,
 
in
 
the
 
beginning
 
of
 
each
 
year,
 
the
 
exact
 
occupational
 
safety
 
figures
 
for
 
the
previous
 
year,
 
and
 
occupational
 
safety
 
is
 
considered
 
when
 
making
 
investment
 
decisions.
 
The
 
audit
 
committee
 
convened
 
four
 
times
 
during
 
2024.
 
The
 
President
 
&
 
CEO,
 
the
 
CFO,
 
the
 
director
 
in
 
charge
 
of
power
 
system
 
operations,
 
the
 
HR
 
director
 
and
 
the
 
General
 
Counsel
 
participated
 
in
 
the
 
committee’s
 
meetings.
 
In
 
its
meetings,
 
the
 
audit
 
committee
 
addressed
 
issues
 
such
 
as
 
the
 
audit
 
plan
 
for
 
internal
 
audit,
 
assurance
 
of
 
sustainability
reporting,
 
the
 
company’s
 
strategic
 
risks,
 
the
 
risk
 
management
 
annual
 
review,
 
internal
 
control
 
and
 
risk
 
management
principles,
 
the
 
status
 
update
 
on
 
sustainability
 
reporting,
 
and
 
the
 
Corporate
 
Governance
 
Statement.
 
In
 
addition,
 
the
committee
 
addressed
 
the
 
review
 
of
 
the
 
strategic
 
risk
 
“distortion
 
of
 
corporate
 
culture”
 
presented
 
by
 
the
 
HR
 
director.
In
 
2024,
 
the
 
remuneration
 
committee
 
convened
 
three
 
times.
 
The
 
President
 
&
 
CEO
 
and
 
the
 
HR
 
director
 
participated
in
 
the
 
committee’s
 
meetings.
 
The
 
remuneration
 
committee
 
addressed
 
in
 
its
 
meetings,
 
among
 
other
 
issues,
 
the
remuneration
 
principles,
 
which
 
include
 
the
 
sustainability
 
indicators
 
described
 
in
 
connection
 
with
 
disclosure
requirement
 
GOV-3
 
(Integration
 
of
 
sustainability-related
 
performance
 
in
 
incentive
 
schemes).
 
In
 
addition,
 
the
committee
 
addressed
 
the
 
actual
 
remuneration
 
of
 
personnel
 
and
 
the
 
executive
 
management
 
group
 
in
 
2023
 
and
 
the
remu
 
neration
 
for
 
2025.
 
GOV
 
-3
 
Integration
 
of
 
sustainability-related
 
performance
 
in
 
incentive
 
schemes
 
 
 
 
 
 
 
 
 
 
 
26
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Sustainability-related
 
factors
 
have
 
an
 
impact
 
on
 
the
 
remuneration
 
of
 
the
 
President
 
&
 
CEO
 
and
 
other
 
executives,
 
as
most
 
of
 
the
 
metrics
 
used
 
in
 
the
 
remuneration
 
schemes
 
are
 
also
 
the
 
company’s
 
key
 
metrics
 
for
 
ESG
 
targets.
 
The
 
key
metrics
 
for
 
the
 
short-term
 
remuneration
 
of
 
the
 
management
 
in
 
particular
 
include
 
social
 
responsibility
 
metrics,
 
such
as
 
customer
 
NPS,
 
and
 
as
 
regards
 
personnel,
 
the
 
personnel
 
survey
 
results.
 
The
 
long-term
 
remuneration
 
metrics
 
are
linked
 
especially
 
with
 
climate
 
change
 
mitigation
 
and
 
focus
 
on
 
high
 
system
 
security,
 
functional
 
markets
 
and
connecting
 
wind
 
power
 
to
 
the
 
main
 
grid.
Responsibility
 
for
 
human
 
rights
 
is
 
considered
 
by
 
using
 
the
 
system
 
security
 
of
 
electricity
 
transmission,
 
which
 
is
 
related
to
 
protecting
 
life
 
and
 
health,
 
as
 
a
 
company-level
 
KPI
 
for
 
remuneration.
 
In
 
addition,
 
management
 
and
 
supervisors
have
 
a
 
management
 
KPI
 
that
 
covers
 
themes
 
related
 
to
 
the
 
promotion
 
of
 
human
 
rights.
 
Sustainability
 
targets
accounted
 
for
 
64
 
per
 
cent
 
of
 
management’s
 
variable
 
pay.
 
Climate
 
targets
 
accounted
 
for
 
0
 
per
 
cent
 
of
 
management’s
variable
 
pay.
 
From
 
a
 
climate
 
change
 
perspective,
 
performance
 
is
 
not
 
evaluated
 
in
 
relation
 
to
 
the
 
GHG
 
emission
reduction
 
target.
The
 
Board
 
of
 
Directors
 
approves
 
the
 
conditions
 
of
 
the
 
company's
 
incentive
 
schemes.
GOV
 
-4
 
Statement
 
on
 
due
 
diligence
The
 
following
 
table
 
summarises
 
the
 
core
 
elements
 
and
 
steps
 
of
 
the
 
due
 
diligence
 
process
 
with
 
regard
 
to
sustainability
 
matters
 
applied
 
by
 
Fingrid
 
and
 
the
 
company’s
 
actual
 
due
 
diligence
 
practices,
 
with
 
reference
 
to
 
the
location
 
of
 
the
 
information
 
in
 
the
 
sustainability
 
statement.
The
 
materiality
 
assessment
 
took
 
into
 
account
 
Fingrid’s
 
sustainability
 
due
 
diligence
 
process,
 
which
 
the
 
company
 
uses
to
 
observe,
 
prevent
 
and
 
mitigate
 
actual
 
and
 
potential
 
negative
 
impacts
 
on
 
people
 
and
 
the
 
environment.
 
This
continuous
 
due
 
diligence
 
process
 
is
 
based
 
on
 
the
 
human
 
rights
 
impact
 
assessment,
 
which
 
identified
 
the
 
company’s
existing
 
practices
 
and
 
their
 
development
 
needs
 
in
 
order
 
to
 
integrate
 
responsibility
 
for
 
human
 
rights
 
into
 
the
company’s
 
functions,
 
monitoring
 
and
 
communication.
CORE
 
ELEMENTS
 
OF
 
DUE
DILIGENCE
SECTIONS
 
IN
 
THE
 
SUSTAINABILITY
 
STATEMENT
a)
Embedding
 
due
diligence
 
in
 
governance,
strategy
 
and
 
business
model
As
 
described
 
in
 
the
 
sustainability
 
statement
 
section
 
‘EU
 
taxonomy’,
 
Fingrid
 
started
to
 
further
 
sharpen
 
its
 
human
 
rights
 
focus
 
with
 
an
 
overall
 
assessment
 
in
 
accordance
with
 
the
 
UN’s
 
Guiding
 
Principles
 
in
 
2016.
 
Based
 
on
 
that,
 
the
 
company
 
has
 
worked
to
 
embed
 
human
 
rights
 
work
 
in
 
its
 
governance,
 
strateg
 
y
 
and
 
business
 
model.
Sustainability-related
 
risks,
 
including
 
the
 
climate
 
and
 
human
 
rights,
 
are
 
part
 
of
Fingrid’s
 
enterprise
 
risk
 
management
 
(ERM),
 
which
 
is
 
elaborated
 
further
 
in
connection
 
with
 
disclosure
 
requirement
 
IRO
 
-1
 
(Description
 
of
 
the
 
process
 
to
identify
 
and
 
assess
 
mat
 
erial
 
impacts,
 
risks
 
and
 
opportunities).
Considering
 
human
 
rights
 
responsibility
 
in
 
management's
 
and
 
personnel’s
remuneration
 
is
 
described
 
in
 
connection
 
with
 
disclosure
 
requirement
 
GOV
 
-3
(Integration
 
of
 
sustainability
 
-related
 
performance
 
in
 
incentive
 
schemes).
The
 
due
 
diligence
 
principle
 
is
 
embedded
 
in
 
Fingrid’s
 
Code
 
of
 
Conduct,
 
which
 
is
described
 
in
 
more
 
detail
 
in
 
connection
 
with
 
disclosure
 
requirement
 
G1-1
 
(Business
conduct
 
policies
 
and
 
corporate
 
culture).
 
 
 
 
 
 
 
 
 
 
27
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
b)
Engaging
 
with
 
affected
stakeholders
 
in
 
all
 
key
steps
 
of
 
the
 
due
diligence
 
process
Affected
 
stakeholders
 
are
 
involved
 
in
 
planning
 
measures
 
to
 
mitigate
 
human
 
rights
risks.
 
These
 
stakeholders
 
include,
 
in
 
particular,
 
own
 
workforce,
 
service
 
providers’
employees,
 
and
 
landowners
 
on
 
whose
 
land
 
Fingrid
 
has
 
acquired
 
a
 
right-of-use
 
for
transmission
 
lines
 
through
 
an
 
expropriation
 
procedure.
The
 
processes
 
for
 
engaging
 
with
 
affected
 
communities
 
about
 
impacts
 
are
described
 
in
 
more
 
detail
 
in
 
connection
 
with
 
the
 
following
 
disclosure
 
requirements:
 
-
with
 
regard
 
to
 
own
 
workforce
 
S1-2
 
(Processes
 
for
 
engaging
 
with
 
own
workforce
 
and
 
workers’
 
representatives
 
about
 
impacts),
 
-
with
 
regard
 
to
 
value
 
chain
 
workers
 
S2-2
 
(Processes
 
for
 
engaging
 
with
value
 
chain
 
workers
 
about
 
impacts),
-
with
 
regard
 
to
 
landowners
 
S3-2
 
(Processes
 
for
 
engaging
 
with
 
affected
communities
 
about
 
impacts),
 
-
with
 
regard
 
to
 
consumers
 
and
 
end-users
 
S4-2
 
(Processes
 
for
 
engaging
with
 
consumers
 
and
 
end-users
 
about
 
impacts)
 
and
 
-
with
 
regard
 
to
 
service
 
providers
 
G1-2
 
(Management
 
of
 
relationships
with
 
suppliers).
c)
Identifying
 
and
assessing
 
adverse
impacts
The
 
latest
 
human
 
rights
 
impact
 
assessment
 
in
 
accordance
 
with
 
the
 
UN’s
 
Guiding
Principles
 
was
 
carried
 
out
 
jointly
 
with
 
external
 
human
 
rights
 
experts
 
in
 
2023.
 
This
is
 
elaborated
 
further
 
in
 
the
 
section
 
‘EU
 
taxonomy’.
The
 
most
 
significant
 
human
 
rights
 
issues
 
for
 
Fingrid
 
as
 
Finland’s
 
transmission
system
 
operator
 
are
 
related
 
to
 
the
 
protection
 
of
 
life
 
and
 
health,
 
data
 
protection
and
 
the
 
responsibility
 
of
 
supply
 
chains.
The
 
most
 
material
 
impacts
 
related
 
to
 
the
 
protection
 
of
 
life
 
and
 
health
 
are
described
 
in
 
more
 
detail
 
in
 
the
 
sections
 
‘Impacts,
 
risks
 
and
 
opportunities’,
 
in
standards
 
S1
 
(own
 
workforce),
 
S2
 
(value
 
chain
 
workers),
 
S3
 
(landowners)
 
and
 
in
the
 
section
 
‘Entity-specific
 
material
 
disclosures’
 
(system
 
security).
 
Data
 
protection
and
 
secure
 
personal
 
data
 
processing
 
are
 
addressed
 
in
 
standard
 
S4
 
(consumers
 
and
end-users).
 
The
 
responsibility
 
of
 
supply
 
chains
 
is
 
covered
 
in
 
connection
 
with
disclosure
 
requirements
 
G1-1
 
(Business
 
conduct
 
policies
 
and
 
corporate
 
culture)
and
 
G1-2
 
(Management
 
of
 
relationships
 
with
 
suppliers).
d)
Taking
 
actions
 
to
address
 
those
 
adverse
impacts
Incorporating
 
the
 
results
 
of
 
the
 
human
 
rights
 
impacts
 
assessments
 
in
 
the
processes
 
linked
 
to
 
the
 
human
 
rights
 
risks
 
that
 
were
 
brought
 
to
 
light.
 
As
 
the
processes
 
change,
 
it
 
is
 
ensured
 
that
 
they
 
do
 
not
 
give
 
rise
 
to
 
negative
 
human
 
rights
impacts.
 
Activities
 
harming
 
human
 
rights
 
are
 
addressed
 
in
 
compliance
 
with
 
the
company’s
 
human
 
rights
 
commitment,
 
including
 
corrective
 
action
 
when
 
needed.
Updating
 
the
 
company’s
 
human
 
rights
 
action
 
plan
 
annually.
The
 
implementation
 
of
 
measures
 
with
 
regard
 
to
 
protecting
 
life
 
and
 
health
 
is
described
 
in
 
more
 
detail
 
in
 
the
 
sustainability
 
statement
 
in
 
connection
 
with
 
the
following
 
topic-specific
 
disclosure
 
requirements:
 
-
with
 
regard
 
to
 
own
 
workforce
 
S1-3
 
(Processes
 
to
 
remediate
 
negative
impacts
 
and
 
channels
 
for
 
own
 
workforce
 
to
 
raise
 
concerns)
 
and
 
S1-4
(Taking
 
action
 
on
 
material
 
impacts
 
on
 
own
 
workforce,
 
and
 
approaches
 
to
managing
 
material
 
risks
 
and
 
pursuing
 
material
 
opportunities
 
related
 
to
own
 
work
 
force,
 
and
 
effectiveness
 
of
 
those
 
actions),
 
-
with
 
regard
 
to
 
value
 
chain
 
workers
S2-3
 
(Processes
 
to
 
remediate
negative
 
impacts
 
and
 
channels
 
for
 
value
 
chain
 
workers
 
to
 
raise
 
concerns)
and
 
S2-4
 
(Taking
 
action
 
on
 
material
 
impacts
 
on
 
value
 
chain
 
workers,
 
and
approaches
 
to
 
managing
 
material
 
risks
 
and
 
pursuing
 
material
 
 
 
 
 
 
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opportunities
 
related
 
to
 
value
 
chain
 
workers,
 
and
 
effectiveness
 
of
 
those
actions),
 
-
with
 
regard
 
to
 
landowners
 
S3-3
 
(Processes
 
to
 
remediate
 
negative
impacts
 
and
 
channels
 
for
 
affected
 
communities
 
to
 
raise
 
concerns)
 
and
S3-4
 
(Taking
 
action
 
on
 
material
 
impacts
 
on
 
affected
 
communities,
 
and
approaches
 
to
 
managing
 
material
 
risks
 
and
 
pursuing
 
material
opportunities
 
related
 
to
 
affected
 
communities,
 
and
 
effectiveness
 
of
those
 
actions),
-
with
 
regard
 
to
 
data
 
protection
 
and
 
secure
 
personal
 
data
 
processing
 
S4-
3
 
(Processes
 
to
 
remediate
 
negative
 
impacts
 
and
 
channels
 
for
 
consumers
and
 
end-users
 
to
 
raise
 
concerns)
 
and
 
S4-4
 
(Taking
 
action
 
on
 
material
impacts
 
on
 
consumers
 
and
 
end-users,
 
and
 
approaches
 
to
 
managing
material
 
risks
 
and
 
pursuing
 
material
 
opportunities
 
related
 
to
 
consumers
and
 
end-users,
 
and
 
effectiveness
 
of
 
those
 
actions),
 
and
 
-
with
 
regard
 
to
 
the
 
responsibility
 
of
 
procurement
 
G1-1
 
(Business
conduct
 
policies
 
and
 
corporate
 
culture)
 
and
 
G1-2
 
(Management
 
of
relationships
 
with
 
suppliers).
e)
Tracking
 
the
effectiveness
 
of
 
these
efforts
 
and
communicating
Tracking
 
of
 
the
 
measures
 
and
 
communicating
 
on
 
them
 
as
 
well
 
as
 
the
 
potential
negative
 
human
 
rights
 
impacts
 
are
 
raised
 
in
 
this
 
sustainability
 
statement.
Communications
 
overall
 
serve
 
to
 
ensure
 
awareness
 
of
 
the
 
reporting
 
channel
available
 
to
 
anyone
 
on
 
Fingrid’s
 
public
 
website
 
and
 
of
 
the
 
procedures
 
designed
 
to
protect
 
whistleblowers.
Tracking
 
to
 
protect
 
life
 
and
 
health
 
is
 
carried
 
out
 
continuously
 
through
 
personnel
and
 
landowner
 
surveys
 
and
 
by
 
safety
 
metrics.
 
These
 
cover,
 
for
 
example,
personnel’s
 
well-being
 
and
 
the
 
employee
 
Net
 
Promoter
 
Score
 
(eNPS),
 
absences
due
 
to
 
illness
 
and
 
the
 
lost-time
 
injury
 
frequency
 
(LTIF).
 
The
 
metrics
 
also
 
cover
compliance
 
in
 
data
 
protection
 
and
 
secure
 
processing
 
of
 
personal
 
data.
 
In
procurement,
 
tracking
 
is
 
implemented
 
through
 
audits
 
and
 
corrective
 
action
 
to
remedy
 
any
 
deviations.
The
 
metrics
 
and
 
targets
 
are
 
described
 
in
 
connection
 
with
 
the
 
following
 
disclosure
requirements:
 
-
with
 
regard
 
to
 
own
 
workforce
 
S1-5
 
(Targets
 
related
 
to
 
managing
material
 
negative
 
impacts,
 
advancing
 
positive
 
impacts,
 
and
 
managing
material
 
risks
 
and
 
opportunities),
 
S1-9
 
(Diversity
 
metrics),
 
S1-13
 
(Training
and
 
skills
 
development
 
metrics),
 
S1-14
 
(Health
 
and
 
safety
 
metrics),
 
S1-15
(Work-life
 
balance
 
metrics)
 
and
 
S1-16
 
(Remuneration
 
metrics
 
[pay
 
gap
and
 
total
 
remuneration]),
-
with
 
regard
 
to
 
value
 
chain
 
workers
 
S2-5
 
(Targets
 
related
 
to
 
managing
material
 
negative
 
impacts,
 
advancing
 
positive
 
impacts,
 
and
 
managing
material
 
risks
 
and
 
opportunities),
-
with
 
regard
 
to
 
landowners
 
S3-5
 
(Targets
 
related
 
to
 
managing
 
material
negative
 
impacts,
 
advancing
 
positive
 
impacts,
 
and
 
managing
 
material
risks
 
and
 
opportunities),
-
with
 
regard
 
to
 
data
 
protection
 
and
 
secure
 
personal
 
data
 
processing
 
S4-
5
 
(Targets
 
related
 
to
 
managing
 
material
 
negative
 
impacts,
 
advancing
positive
 
impacts,
 
and
 
managing
 
material
 
risks
 
and
 
opportunities),
 
and
-
with
 
regard
 
to
 
the
 
responsibility
 
of
 
procurement
 
G1-2
 
(Management
 
of
relationships
 
with
 
suppliers).
GOV
 
-5
 
Risk
 
management
 
and
 
internal
 
controls
 
over
 
sustainability
 
reporting
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The
 
internal
 
control
 
systems
 
relating
 
to
 
the
 
sustainability
 
reporting
 
process
 
are
 
part
 
of
 
the
 
overall
 
system
 
of
 
Fingrid’s
internal
 
control,
 
as
 
is
 
the
 
control
 
of
 
the
 
financial
 
reporting
 
process.
 
Controls
 
pertaining
 
to
 
risk
 
management
 
are
 
set
throughout
 
the
 
Group,
 
at
 
all
 
levels
 
and
 
all
 
units
 
of
 
the
 
Group.
 
Examples
 
of
 
the
 
controls
 
include
 
internal
 
guidelines,
approval
 
procedures
 
and
 
authorisations,
 
cross
 
-checking
 
with
 
cost
 
accounting,
 
matching,
 
verifications,
 
assessment
 
of
operative
 
efficiency,
 
securing
 
of
 
assets,
 
and
 
differentiation
 
of
 
tasks.
 
The
 
CFO
 
is
 
responsible
 
for
 
the
 
control
environment
 
related
 
to
 
both
 
the
 
financial
 
reporting
 
process
 
and
 
sustainability
 
reporting.
 
The
 
General
 
Counsel
 
is
responsible
 
for
 
the
 
compliance
 
of
 
sustainability
 
reporting.
The
 
identified
 
risks
 
related
 
to
 
sustainability
 
reporting
 
are
 
equated
 
with
 
other
 
sustainability
 
risks
 
and
 
are
 
considered
as
 
important
 
as
 
the
 
other
 
risks
 
mentioned
 
and
 
identified
 
in
 
the
 
sustainability
 
statement
 
.
 
An
 
integrated
 
model
 
related
to
 
risk
 
management
 
is
 
applied
 
to
 
sustainability
 
reporting.
 
With
 
regard
 
to
 
the
 
sustainability
 
reporting
 
process,
 
the
completeness
 
and
 
integrity
 
of
 
the
 
data
 
and
 
the
 
integrity
 
of
 
the
 
reporting
 
chain
 
have
 
been
 
identified
 
as
 
risks.
 
The
observations
 
related
 
to
 
sustainability
 
reporting
 
are
 
reported
 
regularly
 
to
 
the
 
Board
 
of
 
Directors
 
by
 
the
 
General
Counsel.
3.
 
Strategy
SBM
 
–1
 
Strategy,
 
business
 
model
 
and
 
value
 
chain
Fingrid
 
is
 
Finland’s
 
electricity
 
transmission
 
system
 
operator,
 
whose
 
tasks
 
are
 
defined
 
in
 
the
 
Finnish
 
Electricity
 
Market
Act.
 
The
 
company’s
 
obligations
 
are
 
to
 
maintain,
 
operate
 
and
 
develop
 
its
 
electricity
 
network
 
and
 
connections
 
to
 
other
networks,
 
connect
 
new
 
electricity
 
production
 
and
 
consumption
 
to
 
the
 
electricity
 
network,
 
transmit
 
electricity
 
and
maintain
 
a
 
balance
 
between
 
electricity
 
consumption
 
and
 
production.
 
In
 
addition,
 
the
 
company
 
has
 
the
 
obligation
 
to
develop
 
the
 
electricity
 
market.
 
The
 
EU
 
Regulation
 
on
 
the
 
internal
 
market
 
for
 
electricity
 
obligates
 
Fingrid
 
to
 
cooperate
 
within
 
ENTSO-E,
 
the
 
European
Network
 
of
 
Transmission
 
System
 
Operators
 
for
 
Electricity,
 
and
 
also
 
regionally
 
with
 
Nordic
 
and
 
Baltic
 
transmission
grid
 
companies,
 
to
 
improve
 
the
 
effectiveness
 
of
 
the
 
internal
 
market
 
in
 
electricity.
 
Fingrid’s
 
operations
 
are
 
supervised
and
 
regulated
 
nationally
 
by
 
the
 
Energy
 
Authority,
 
which
 
has
 
granted
 
the
 
company
 
a
 
licence
 
for
 
the
 
transmission
 
grid
operations.
 
Through
 
its
 
operations,
 
the
 
company
 
enables
 
the
 
green
 
transition
 
and
 
maintains
 
the
 
high
 
quality
 
of
 
the
power
 
system.
 
The
 
company
 
develops
 
the
 
power
 
system
 
and
 
the
 
electricity
 
market
 
in
 
a
 
changing
 
operating
environment,
 
improving
 
the
 
operating
 
conditions
 
of
 
the
 
electricity
 
market.
 
In
 
2024,
 
Fingrid
 
had
 
597
 
employees
 
only
in
 
Finland,
 
as
 
reported
 
in
 
disclosure
 
requirement
 
S1-6
 
(Characteristics
 
of
 
the
 
undertaking’s
 
employees).
As
 
a
 
transmission
 
system
 
operator,
 
Fingrid
 
influences
 
sustainability
 
matters
 
through
 
its
 
strategy
 
and
 
basic
 
tasks,
especially
 
by
 
securing
 
the
 
social
 
and
 
financial
 
well
 
-being
 
of
 
Finnish
 
society
 
and
 
enabling
 
the
 
cleaning
 
up
 
of
 
the
energy
 
system.
 
The
 
goal
 
of
 
grid
 
investments
 
is
 
to
 
create
 
the
 
conditions
 
for
 
Finland’s
 
competitiveness
 
in
 
industrial
investments
 
and
 
to
 
enable
 
the
 
achievement
 
of
 
Finland’s
 
carbon
 
neutrality
 
goal.
 
The
 
most
 
material
 
impacts
 
of
business
 
are
 
reflected
 
positively
 
in
 
a
 
well
 
-functioning
 
power
 
system
 
and
 
electricity
 
market
 
and
 
successful
 
climate
change
 
mitigation
 
in
 
Finland.
Fingrid’s
 
customers
 
include
 
distribution
 
system
 
operators
 
(DSOs),
 
electricity
 
producers,
 
industries
 
consuming
electricity,
 
balance
 
responsible
 
parties
 
and
 
other
 
electricity
 
market
 
operators.
 
The
 
company
 
produces
 
grid
 
and
electricity
 
market
 
services
 
for
 
its
 
customers.
 
Grid
 
services
 
consist
 
of
 
connection
 
into
 
the
 
main
 
grid
 
and
 
developing,
operating
 
and
 
maintaining
 
the
 
grid
 
according
 
to
 
the
 
customer’s
 
transmission
 
needs.
 
The
 
electricity
 
market
 
services
offer
 
all
 
industry
 
players
 
a
 
unified
 
price
 
area
 
for
 
electricity
 
trade
 
in
 
Finland,
 
balance
 
services,
 
reserve
 
marketplaces
and
 
open
 
electricity
 
market
 
data.
 
The
 
subsidiary,
 
Fingrid
 
Datahub
 
Oy,
 
offers
 
an
 
effective
 
information
 
exchange
platform
 
for
 
retail
 
market
 
participants.
 
Finextra
 
manages
 
statutory
 
public
 
service
 
obligations
 
that
 
are
 
not
 
part
 
of
 
 
 
 
 
 
 
 
 
 
 
 
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actual
 
transmission
 
grid
 
operations
 
or
 
transmission
 
system
 
responsibility.
 
These
 
tasks
 
include
 
peak
 
load
 
capacity
services
 
and
 
guarantee
 
-of-origin
 
services
 
for
 
electricity.
 
Through
 
its
 
operations,
 
the
 
company
 
creates
 
shared
 
value
 
for
 
its
 
customers,
 
employees,
 
contractual
 
partners,
shareholders
 
and
 
Finnish
 
society
 
as
 
a
 
whole.
 
The
 
value
 
of
 
the
 
basic
 
tasks
 
of
 
a
 
transmission
 
system
 
operator
 
and
critical
 
electricity
 
infrastructure
 
for
 
social
 
well
 
-being
 
is
 
evident
 
for
 
every
 
person
 
living
 
in
 
Finland
 
through
 
a
 
secure
supply
 
of
 
electricity
 
and
 
a
 
clean
 
power
 
system.
 
The
 
social
 
value
 
translates
 
into
 
competitiveness
 
for
 
Finland
 
based
 
on
clean,
 
reliable
 
and
 
affordable
 
electricity.
 
Fingrid
 
enables
 
this
 
competitiveness
 
by
 
investing
 
in
 
the
 
main
 
grid,
 
cross-
border
 
transmission
 
connections
 
and
 
electricity
 
market
 
solutions.
 
Fingrid
 
is
 
100%
 
under
 
Finnish
 
ownership,
 
and
 
the
dividends
 
the
 
company
 
pays
 
to
 
its
 
shareholders
 
and
 
its
 
taxes
 
return
 
to
 
Finnish
 
society.
 
In
 
the
 
business
 
model,
 
the
core
 
expertise
 
of
 
own
 
personnel
 
is
 
combined
 
with
 
that
 
of
 
other
 
actors,
 
which
 
means
 
that
 
some
 
of
 
the
 
value
 
created
also
 
benefits
 
the
 
contractors
 
and
 
suppliers
 
employed
 
in
 
Fingrid’s
 
projects.
 
Fingrid’s
 
business
 
model
 
and
 
value
 
creation
Inputs
Services
 
and
 
business
processes
Outputs
Outcomes
 
(creation
 
of
 
value)
-
Suppliers
 
and
business
 
partners
-
Income
 
and
 
debt
financing
-
Electricity
 
from
power
 
plants
 
and
neighbouring
countries
-
Power
 
system
flexibility
 
from
electricity
 
market
participants
 
-
Grid
 
transmission
lines,
 
substations
and
 
reserve
power
 
plants
-
Land
 
required
 
for
transmission
lines,
 
natural
resources
 
and
materials
-
ICT
 
structures
 
and
processes
-
Knowledge
 
capital
on
 
electricity,
markets
 
and
customers
-
Personnel
 
and
expertise
Services
 
for
 
customers
-
Grid
 
services
-
Electricity
 
market
services
-
Enabling
 
a
 
carbon
neutral
 
energy
system
 
and
 
the
achievement
 
of
climate
 
goals
-
Reliable
 
and
 
clean
electricity
 
for
 
society
and
 
industry
-
Efficiently
 
functioning
electricity
 
market
-
Power
 
system
 
growth
and
 
promoting
Finland’s
competitiveness
-
Developing
 
the
electricity
 
sector
 
and
expertise
-
Financial
 
benefits
 
for
stakeholders
 
and
 
the
national
 
economy
 
-
Employment
 
impacts
and
 
other
 
local
benefits
 
of
investments
-
Local
 
changes
 
in
 
land
use
 
and
 
the
environment,
 
and
energy
 
losses
 
in
electricity
transmission
-
Fingrid’s
 
nationwide
 
main
grid
 
creates
 
a
 
platform
 
for
a
 
clean
 
power
 
system.
Around
 
331
 
kilometres
 
of
new
 
grid
 
transmission
 
lines
and
 
25
 
new
 
or
 
expanded
substations.
-
Investments
 
in
 
the
 
grid
approx.
 
EUR
 
500
 
million.
-
Electricity
 
transmission
reliability
 
99.9995%.
-
The
 
average
 
emission
factor
 
for
 
the
 
electricity
consumed
 
in
 
Finland
 
is
 
33
 
g
CO
2
/kWh.
-
The
 
electricity
 
transmitted
in
 
Fingrid’s
 
network
accounts
 
for
 
85%
 
of
Finland’s
 
electricity
transmission.
-
Wind
 
and
 
solar
 
power
 
was
connected
 
to
 
the
 
main
 
grid
in
 
the
 
amount
 
of
 
1,600
megawatts,
 
which
 
will
indirectly
 
result
 
in
 
an
annual
 
emissions
 
reduction
of
 
150,818
 
carbon
 
dioxide
equivalent
 
tonnes
 
in
 
the
future.
 
The
 
reliability
 
of
cross
 
-border
 
transmission
connections
 
is
 
83.9%.
-
Customers
 
perceive
 
that
Fingrid
 
works
 
for
 
the
benefit
 
of
 
the
 
whole
 
of
society
 
(4.4).
-
Personnel
 
feel
 
their
 
work
 
is
meaningful
 
and
 
are
 
ready
Ensuring
 
transmission
capacity
-
Identifying
 
customer
needs
-
Main
 
grid
 
design
 
and
development
-
Grid
 
building
-
Grid
 
maintenance
Promoting
 
the
 
electricity
market
-
Electricity
 
market
solutions
 
in
 
a
 
changing
operating
 
environment
-
Ensuring
 
the
functioning
 
of
 
the
electricity
 
market
-
Maintaining
 
the
regional
 
electricity
markets
Power
 
system
 
operation
 
 
 
 
 
 
 
 
 
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Fingrid’s
 
business
 
model
 
and
 
value
 
creation
Inputs
Services
 
and
 
business
processes
Outputs
Outcomes
 
(creation
 
of
 
value)
to
 
recommend
 
their
employer
 
(eNPS
 
74).
Combined
 
lost
 
time
 
injury
frequency
 
(own
 
personnel
and
 
service
 
providers)
 
4.8.
-
Dividends
 
EUR
 
135,3
million
 
(Board
 
of
 
Directors’
proposal
 
to
 
the
 
Annual
General
 
Meeting)
 
and
corporate
 
income
 
tax
 
EUR
34,4
 
million.
 
Payments
 
to
financers
 
and
 
shareholders
EUR
 
182,9
 
million.
-
Fingrid
 
personnel’s
 
person-
years
 
566
 
and
 
service
providers’
 
person
 
-years
 
1,043.
-
Carbon
 
dioxide
 
emissions
249,021
 
carbon
 
dioxide
equivalent
 
tonnes
 
(Scope
1-3).
 
98%
 
utilisation
 
rate
and
 
71%
 
recycling
 
rate
 
for
waste.
-
Planning
 
of
 
the
operation
 
of
 
the
 
power
system
 
-
Monitoring
 
and
 
control
of
 
the
 
power
 
system
-
Managing
 
disturbances
and
 
the
 
continuity
 
of
the
 
power
 
system
SBM
 
-2
 
Interests
 
and
 
views
 
of
 
stakeholders
Fingrid’s
 
operations
 
as
 
the
 
party
 
charged
 
with
 
system
 
responsibility
 
for
 
the
 
power
 
system
 
impact
 
many
 
stakeholders.
Society
 
is
 
becoming
 
increasingly
 
reliant
 
on
 
electricity,
 
as
 
clean
 
energy
 
replaces
 
fossil
 
fuels.
 
A
 
large
 
part
 
of
 
the
electricity
 
used
 
in
 
Finland
 
is
 
transmitted
 
through
 
Fingrid’s
 
main
 
grid,
 
which
 
highlights
 
the
 
company’s
 
important
 
task
in
 
achieving
 
climate
 
goals.
 
The
 
development
 
of
 
the
 
power
 
system
 
and
 
Fingrid’s
 
investments
 
are
 
a
 
prerequisite
 
for
many
 
investments
 
related
 
to
 
the
 
use,
 
production
 
and
 
storage
 
of
 
electricity.
 
In
 
addition
 
to
 
reliable
 
electricity
transmission
 
and
 
the
 
power
 
system’s
 
balance
 
management,
 
stakeholders’
 
main
 
expectations
 
for
 
the
 
company
 
are
related
 
to
 
the
 
development
 
of
 
the
 
power
 
system.
 
Due
 
to
 
the
 
diversity
 
of
 
the
 
stakeholders,
 
individual
 
expectations
for
 
the
 
company
 
can
 
be
 
conflicting.
The
 
company’s
 
customer
 
base
 
has
 
diversified
 
following
 
the
 
energy
 
transformation.
 
New
 
actors
 
have
 
joined
 
the
customer
 
base,
 
representing
 
new
 
forms
 
of
 
electricity
 
production,
 
electricity
 
consumption
 
and
 
storage
 
and
 
electricity
market
 
services.
 
The
 
role
 
of
 
electricity
 
consumers
 
in
 
balancing
 
the
 
power
 
system
 
has
 
grown,
 
and
 
demand
 
for
flexibility
 
in
 
electricity
 
demand
 
and
 
production
 
has
 
increased,
 
creating
 
new
 
business
 
opportunities
 
for
 
a
 
number
 
of
actors.
The
 
scope
 
of
 
Fingrid’s
 
operations
 
has
 
increased
 
rapidly.
 
New
 
investments
 
require
 
planning;
 
developing
 
and
implementing
 
electricity
 
market
 
solutions
 
requires
 
work;
 
and
 
the
 
growing
 
main
 
grid
 
requires
 
maintenance.
 
The
 
pace
of
 
growth
 
in
 
wind
 
power
 
production
 
in
 
Finland
 
has
 
been
 
among
 
the
 
fastest
 
in
 
Europe,
 
and
 
this
 
requires
 
new
 
kinds
 
of
solutions
 
and
 
cooperation
 
models
 
from
 
Fingrid
 
to
 
respond
 
to
 
the
 
high
 
demand
 
for
 
connections
 
and
 
the
 
rapid
 
change
in
 
the
 
power
 
system
 
.
 
This
 
development
 
creates
 
new
 
opportunities
 
not
 
only
 
for
 
the
 
company’s
 
own
 
personnel
 
but
also
 
for
 
partners,
 
such
 
as
 
contractors,
 
supplier,
 
financers
 
and
 
various
 
developers.
 
A
 
key
 
stakeholder
 
group
 
in
 
terms
of
 
grid
 
construction
 
are
 
landowners
 
from
 
whom
 
Fingrid
 
expropriates
 
a
 
right-of-use
 
for
 
transmis
 
sion
 
line
 
areas.
 
 
 
 
 
 
 
 
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Implementing
 
a
 
major
 
investment
 
programme
 
requires
 
not
 
only
 
a
 
lot
 
of
 
expertise
 
and
 
workforce,
 
but
 
also
 
financial
backers.
 
The
 
company’s
 
investments
 
are
 
financed
 
using
 
equity
 
and
 
debt,
 
which
 
has
 
significantly
 
increased
 
the
number
 
of
 
the
 
company’s
 
debt
 
investors.
 
The
 
change
 
in
 
the
 
operating
 
environment
 
and
 
adapting
 
the
 
company’s
operations
 
to
 
the
 
legislation
 
and
 
economic
 
regulation
 
in
 
force
 
at
 
any
 
given
 
time
 
require
 
close
 
cooperation
 
with
 
the
supervisory
 
authority.
Close
 
and
 
long-term
 
customer
 
and
 
stakeholder
 
cooperation
 
helps
 
Fingrid
 
better
 
understand
 
the
 
expectations
 
for
 
the
company’s
 
operations
 
and
 
create
 
solutions
 
to
 
promote
 
Finland’s
 
carbon
 
neutrality
 
and
 
improve
 
the
 
nation’s
competitiveness.
 
Continuous
 
dialogue
 
with
 
stakeholders
 
creates
 
preconditions
 
for
 
the
 
growth
 
and
 
high
 
quality
 
of
 
the
power
 
system
 
and
 
is
 
a
 
key
 
component
 
of
 
Fingrid’s
 
responsible
 
and
 
ethical
 
business
 
practices.
The
 
executive
 
management
 
group
 
and
 
Board
 
of
 
Directors
 
regularly
 
review
 
feedback
 
on
 
customer
 
and
 
stakeholder
interaction
 
and
 
the
 
company’s
 
success
 
in
 
its
 
targets
 
and
 
related
 
measures.
 
The
 
expectations
 
of
 
key
 
stakeholders
 
and
the
 
stakeholder
 
interaction
 
measures
 
are
 
listed
 
in
 
the
 
following
 
table.
Based
 
on
 
the
 
double
 
materiality
 
assessment
 
under
 
sustainability
 
reporting
 
regulations,
 
Fingrid
 
has
 
not
 
identified
 
a
need
 
to
 
change
 
the
 
company’s
 
strategy
 
and/or
 
business
 
model
 
to
 
take
 
into
 
account
 
the
 
interests
 
and
 
views
 
of
stakeholders.
 
In
 
accordance
 
with
 
the
 
due
 
diligence
 
process,
 
stakeholder
 
interaction
 
also
 
ensures
 
that
 
it
 
is
 
possible
for
 
the
 
company
 
to
 
consider,
 
in
 
its
 
strategy
 
and
 
business,
 
the
 
interests,
 
views
 
and
 
rights
 
of
 
its
 
own
 
workforce,
 
value
chain
 
workers,
 
affected
 
communities
 
and
 
consumers
 
and
 
end-users,
 
including
 
respect
 
for
 
their
 
human
 
rights.
Stakeholders’
 
expectations
Fingrid’s
 
measures
 
2024
Owners
 
and
 
financers
●
Responsible
 
business
 
and
 
good
governance
●
High
 
productivity
 
●
Shareholder
 
value
 
and
 
stable
return
 
development
●
Debt
 
service
 
consistent
 
with
agreements
●
Transparent
 
and
 
high-quality
reporting
●
A
 
high
 
A-level
 
credit
 
rating
 
The
 
company
 
created
 
shareholder
 
value
 
and
paid
 
a
 
dividend
 
in
 
accordance
 
with
 
the
 
dividend
policy
 
to
 
the
 
shareholders.
Financing
 
the
 
company’s
 
investment
programme
 
by
 
expanding
 
the
 
debt
 
investor
base,
 
including
 
two
 
green
 
bonds
 
worth
 
EUR
 
500
million.
 
Strengthening
 
high
 
credit
 
ratings.
 
Active
and
 
transparent
 
financial
 
communications
 
on
the
 
company’s
 
strategy,
 
finances
 
and
 
business.
Customers
●
Reliable
 
electricity
 
and
 
a
 
well-
functioning
 
electricity
 
market
●
Services
 
that
 
meet
 
customers’
needs
●
Connecting
 
new
 
electricity
production
 
and
 
consumption
 
to
the
 
main
 
grid
●
Pricing
 
of
 
efficient
 
operations
and
 
right
 
service
 
quality
●
A
 
predictable
 
operating
 
model
Two
 
large
 
Fingrid
 
Current
 
events
 
and
 
several
webinars
 
on
 
projects
 
to
 
develop
 
the
 
electricity
market
 
and
 
grid
 
services
 
were
 
organised
 
for
customers.
Face
 
-to-face
 
meetings
 
were
 
held
 
with
 
various
customer
 
groups
 
both
 
within
 
the
 
scheduled
performance
 
review
 
programme
 
and
 
based
 
on
matters
 
that
 
came
 
to
 
light.
In
 
addition
 
to
 
wind
 
turbine
 
owners,
 
meetings
were
 
also
 
held
 
with
 
many
 
new
 
customer
 
groups:
industrial
 
investors,
 
solar
 
power
 
plants
 
and
battery
 
storage
 
systems.
Fingrid’s
 
advisory
 
committee
 
convened
 
four
times,
 
and
 
the
 
grid
 
committee
 
and
 
the
 
market
 
 
 
 
 
 
 
 
 
 
 
 
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committee
 
four
 
times
 
each.
 
Customer
communication
 
also
 
took
 
place
 
through
newsletters
 
and
 
the
 
customer
 
magazine.
Personnel
●
Equal
 
treatment
 
and
 
rewards
●
Well
 
-being
 
in
 
the
 
work
community
●
Occupational
 
safety
●
Professional
 
development
opportunities
●
Stable
 
employment
Fingrid
 
Academy
 
offered
 
diverse
 
training
 
for
 
the
personnel.
 
A
 
coaching
 
event
 
for
 
the
 
entire
personnel
 
took
 
place
 
in
 
May,
 
focusing
 
on
resilience.
Fingrid
 
applied
 
for
 
and
 
was
 
awarded
 
the
 
Feel-
good
 
workplace
 
recognition.
Policymakers
●
Reliable
 
electricity
●
Shaping
 
the
 
clean
 
and
 
market-
oriented
 
power
 
system
 
of
 
the
future
●
Well
 
-functioning
 
electricity
market
●
Participation
 
in
 
the
 
electricity
market
Regular
 
engagement
 
with
 
policymakers
 
as
recorded
 
in
 
the
 
public
 
transparency
 
register.
 
The
topics
 
have
 
included
 
offshore
 
wind
 
power,
 
the
capacity
 
mechanism
 
and,
 
generally,
 
Finland’s
situation
 
when
 
it
 
comes
 
to
 
production,
 
industry
and
 
electricity
 
networks.
An
 
event
 
was
 
organised
 
for
 
the
 
parliamentary
Commerce
 
Committee,
 
covering
 
Fingrid’s
operations,
 
investment
 
programme,
 
issues
related
 
to
 
the
 
sufficiency
 
of
 
electricity
 
and
market
 
projects.
Authorities
 
and
 
organisations
●
Promotion
 
of
 
common
interests
●
Clear,
 
reliable
 
and
 
timely
communication
●
Expertise
Meetings
 
with
 
national
 
and
 
local
 
authorities
 
and
decision-makers
 
concerning
 
the
 
development
 
of
the
 
electricity
 
network
 
and
 
connections,
offshore
 
wind
 
power
 
connections,
 
the
sufficiency
 
of
 
electricity
 
and
 
capacity
mechanisms.
 
Cooperation
 
in
 
environmental
impact
 
assessments
 
and
 
environmental
 
permit
matters.
Contractors
 
and
 
service
providers
●
Occupational
 
safety
●
Responsible
 
treatment
 
of
suppliers
●
Predictability
 
and
 
continuity
Several
 
info
 
events,
 
training
 
sessions,
 
and
meetings
 
of
 
safety
 
supervisors
 
and
 
the
 
suppliers’
occupational
 
safety
 
group
 
were
 
organised.
Newsletters
 
were
 
sent
 
to
 
worksites
 
to
 
support
safety
 
communications.
 
In
 
addition,
 
an
occupational
 
safety
 
campaign
 
was
 
launched.
 
The
management
 
had
 
meetings
 
with
 
key
 
service
providers.
Landowners
 
and
 
neighbours
●
Responsible
 
operating
 
methods
in
 
land
 
use
 
and
 
environmental
matters
 
to
 
reduce
 
negative
impacts
●
Proactive
 
and
 
reliable
engagement
Communications
 
and
 
direct
 
engagement
 
in
different
 
stages
 
of
 
transmission
 
line
 
projects
 
and
during
 
maintenance.
 
In
 
EIA
 
procedures,
 
events
for
 
the
 
general
 
public,
 
letters
 
to
 
landowners
 
and
advertisements
 
in
 
local
 
newspapers,
 
and
 
online
feedback
 
system.
Other
 
partners
●
Expertise
●
Promotion
 
of
 
common
interests
The
 
company
 
was
 
active
 
in
 
the
 
European
Network
 
of
 
Transmission
 
System
 
Operators
 
for
Electricity,
 
ENTSO-E.
 
The
 
cooperation
 
between
Nordic
 
and
 
the
 
Baltic
 
Sea
 
region’s
 
TSOs
 
was
 
 
 
 
 
 
 
34
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March
 
2025
particularly
 
active.
 
Several
 
multi-year
development
 
projects
 
were
 
underway.
Consumers
 
and
 
end-users
●
Reliable
 
and
 
affordable
electricity
Communications
 
to
 
consumers
 
on
 
Fingrid’s
electronic
 
communication
 
channels.
Participation
 
in
 
various
 
trade
 
fairs
 
and
 
a
 
panel
 
in
SuomiAreena
 
on
 
electricity
 
prices.
SBM
 
-3
 
Material
 
impacts,
 
risks
 
and
 
opportunities
 
and
 
their
 
interaction
 
with
 
strategy
 
and
 
business
 
model
Fingrid’s
 
material
 
sustainability-related
 
impacts,
 
risks
 
and
 
opportunities
 
are
 
described
 
on
 
an
 
aggregate
 
basis
 
in
 
the
text
 
below
 
and
 
in
 
the
 
following
 
table
 
of
 
material
 
sustainability
 
matters.
 
In
 
addition,
 
the
 
disclosures
 
are
 
elaborated
further
 
for
 
each
 
topic
 
in
 
connection
 
with
 
the
 
relevant
 
topical
 
standards.
The
 
material
 
sustainability-related
 
impacts,
 
risks
 
and
 
opportunities
 
are
 
taken
 
into
 
account
 
in
 
Fingrid’s
 
strategy,
management
 
system
 
and
 
risk
 
management.
 
This
 
integrated
 
approach
 
implements
 
the
 
interaction
 
of
 
sustainability
topics
 
with
 
the
 
strategy
 
and
 
business
 
model.
 
Fingrid
 
has
 
not
 
identified
 
any
 
material
 
risks
 
and
 
opportunities
 
that
would
 
have
 
materially
 
affected
 
the
 
company’s
 
financial
 
position,
 
financial
 
result
 
and
 
cash
 
flows
 
during
 
the
 
reporting
period,
 
except
 
for
 
the
 
opportunity
 
for
 
climate
 
change
 
mitigation
 
and
 
related
 
investments.
 
Fingrid
 
has
 
also
 
not
identified
 
any
 
material
 
risks
 
and
 
opportunities
 
for
 
which
 
there
 
would
 
be
 
a
 
significant
 
risk
 
of
 
a
 
material
 
adjustment
within
 
the
 
next
 
annual
 
reporting
 
period
 
to
 
the
 
carrying
 
amounts
 
of
 
assets
 
and
 
liabilities
 
reported
 
in
 
the
 
related
financial
 
statements.
 
The
 
company’s
 
material
 
sustainability-related
 
impacts
 
described
 
below
 
were
 
already
 
realised
during
 
the
 
reporting
 
period.
Fingrid
 
enables
 
climate
 
change
 
mitigation
 
through
 
grid
 
investments,
 
electricity
 
market
 
solutions
 
and
 
customer
flexibility.
 
Fingrid
 
creates
 
a
 
positive
 
climate
 
impact
 
through
 
its
 
operations
 
by
 
reinforcing
 
the
 
main
 
grid
 
and
developing
 
the
 
electricity
 
market
 
to
 
meet
 
the
 
needs
 
of
 
clean
 
electricity
 
production
 
and
 
the
 
electricity-consuming
industries
 
and
 
other
 
societal
 
parties.
 
This
 
enables
 
the
 
growth
 
of
 
a
 
clean
 
power
 
system
 
and
 
helps
 
indirectly
 
avoid
GHG
 
emissions.
 
Developing
 
the
 
main
 
grid
 
and
 
ensuring
 
the
 
quality
 
of
 
electricity
 
transmission
 
are
 
necessary
 
for
 
both
the
 
functioning
 
of
 
society
 
and
 
the
 
achievement
 
of
 
climate
 
goals.
 
However,
 
building
 
the
 
transmission
 
grid
 
causes
 
land
use
 
change,
 
deforestation
 
and
 
biodiversity
 
loss.
 
Risks
 
can
 
be
 
associated
 
with
 
the
 
grid
 
construction
 
materials
 
needed
to
 
build
 
a
 
clean
 
power
 
system,
 
as
 
they
 
can
 
be
 
subject
 
to
 
cost
 
increases
 
or
 
availability
 
challenges.
In
 
addition
 
to
 
the
 
occupational
 
well-being
 
and
 
safety
 
of
 
the
 
company’s
 
own
 
personnel,
 
the
 
impacts
 
on
 
the
 
workers
 
in
the
 
value
 
chain
 
are
 
material
 
in
 
Fingrid’s
 
business
 
model,
 
which
 
is
 
based
 
on
 
partnership.
 
Partners
 
are,
 
for
 
example,
responsible
 
for
 
grid
 
construction
 
and
 
maintenance
 
work.
 
Safe
 
working
 
conditions
 
and
 
reasonable
 
contract
 
policies
for
 
contractors
 
and
 
suppliers
 
are
 
at
 
the
 
core,
 
especially
 
at
 
worksites
 
and
 
projects
 
in
 
Finland,
 
but
 
also
 
when
 
making
international
 
equipment
 
and
 
materials
 
procurement.
Landowners
 
of
 
the
 
main
 
grid
 
transmission
 
line
 
areas
 
are
 
a
 
key
 
affected
 
community.
 
Fingrid
 
expropriates
 
a
 
right-of-
use
 
to
 
the
 
transmission
 
line
 
area
 
from
 
private
 
landowners
 
in
 
order
 
to
 
be
 
able
 
to
 
build,
 
operate
 
and
 
maintain
 
a
transmission
 
line,
 
and
 
this
 
is
 
associated
 
with
 
a
 
risk
 
of
 
erosion
 
of
 
general
 
acceptance.
 
The
 
company
 
also
 
plays
 
a
central
 
role
 
in
 
relation
 
to
 
consumers
 
and
 
end-users,
 
as
 
the
 
Fingrid
 
Datahub
 
maintains
 
and
 
manages
 
Finland’s
consumer
 
customers’
 
data
 
regarding
 
electricity
 
use,
 
enabling
 
the
 
efficient
 
functioning
 
of
 
the
 
retail
 
market.
 
Material
impacts
 
in
 
this
 
activity
 
are
 
related
 
to
 
privacy
 
and
 
data
 
protection.
Transition
 
risks,
 
i.e.
 
changes
 
resulting
 
from
 
the
 
transition
 
to
 
a
 
clean
 
power
 
system,
 
include
 
the
 
growing
 
complexity
 
of
the
 
power
 
system
 
as
 
weather-dependent
 
production
 
increases
 
and
 
variations
 
in
 
electricity
 
consumption
 
and
production
 
intensify.
 
Finland’s
 
transition
 
towards
 
a
 
clean
 
and
 
growing
 
power
 
system
 
has
 
been
 
one
 
of
 
the
 
fastest
 
in
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
35
FINGRID
 
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2025
Europe.
 
Part
 
of
 
this
 
development
 
can
 
be
 
seen
 
in
 
Fingrid’s
 
operations
 
and
 
on
 
the
 
electricity
 
market.
 
The
 
described
development
 
is
 
reflected
 
in
 
the
 
increase
 
and
 
variation
 
of
 
power
 
system
 
maintenance
 
costs,
 
such
 
as
 
reserve
 
and
transmission
 
loss
 
costs,
 
which
 
results
 
in
 
uncertainty
 
in
 
the
 
pricing
 
of
 
Fingrid’s
 
services,
 
requiring
 
corporate
 
financing
sustainability.
 
The
 
number
 
of
 
different
 
power
 
system
 
disturbances
 
has
 
also
 
grown,
 
increasing
 
risks
 
in
 
the
 
operation
of
 
the
 
power
 
system
 
and
 
availability
 
of
 
electricity.
 
Fingrid
 
aims
 
to
 
offer
 
its
 
customers
 
high-quality
 
electricity
transmission,
 
electricity
 
transmission
 
capacity
 
and
 
opportunities
 
to
 
connect
 
to
 
the
 
main
 
grid
 
to
 
meet
 
Finland’s
climate
 
targets
 
in
 
a
 
sufficiently
 
fast
 
and
 
cost
 
-effective
 
manner.
 
This
 
requires
 
developing
 
the
 
electricity
 
market,
balancing
 
electricity
 
consumption
 
and
 
production,
 
building
 
the
 
main
 
grid
 
and
 
creating
 
various
 
flexibility
 
solutions
together
 
with
 
customers.
 
A
 
key
 
to
 
success
 
in
 
this
 
is
 
a
 
regulatory
 
framework
 
that
 
enables
 
the
 
green
 
transition
 
and
well
 
-functioning
 
cooperation
 
between
 
Fingrid,
 
the
 
company's
 
customers
 
and
 
various
 
stakeholders.Sufficient
 
building
of
 
grid
 
infrastructure
 
also
 
requires
 
proactive
 
environmental
 
impact
 
assessments,
 
fast
 
project
 
permit
 
processes
 
and
effective
 
project
 
management.
 
Fingrid’s
 
extensive
 
investment
 
programme
 
requires,
 
in
 
addition
 
to
 
income
 
financing,
a
 
lot
 
of
 
debt
 
financing,
 
for
 
which
 
the
 
company
 
uses
 
the
 
Green
 
Finance
 
Framework.
 
The
 
implementation
 
of
 
the
 
green
 
transition
 
and
 
the
 
growth
 
of
 
the
 
power
 
system
 
can
 
be
 
subject
 
to
 
risks
 
from
changes
 
in
 
legislation
 
and
 
other
 
regulations
 
that
 
restrict
 
the
 
company’s
 
operating
 
conditions.
 
Some
 
of
 
these
 
risks
 
are
climate
 
-related
 
transition
 
risks.
 
A
 
significant
 
negative
 
change
 
in
 
the
 
regulatory
 
landscape
 
is
 
identified
 
as
 
a
 
strategic
risk
 
for
 
the
 
company,
 
in
 
addition
 
to
 
a
 
serious
 
electricity
 
disturbance
 
and
 
the
 
warping
 
of
 
the
 
corporate
 
culture.
 
The
needs
 
of
 
different
 
stakeholders
 
for
 
developing
 
the
 
main
 
grid
 
are
 
increasing
 
sharply.
 
Fingrid’s
 
corporate
 
financing
together
 
with
 
the
 
company’s
 
financial
 
controls
 
sets
 
limitations
 
on
 
annual
 
investment
 
levels.
 
The
 
progress
 
of
 
the
green
 
transition
 
is
 
at
 
the
 
core
 
of
 
Fingrid’s
 
strategy
 
and
 
business
 
model.
 
In
 
2024,
 
the
 
company
 
analysed,
 
through
scenario
 
analyses
 
on
 
the
 
investment
 
programme
 
that
 
enables
 
the
 
green
 
transition,
 
its
 
strategy’s
 
and
 
business
model’s
 
resilience
 
and
 
ability
 
to
 
address
 
material
 
sustainability-related
 
impacts,
 
risks
 
and
 
opportunities.
 
The
scenarios
 
are
 
based
 
on
 
alternative
 
electricity
 
production
 
and
 
consumption
 
projections,
 
which
 
are
 
determined
 
by
 
the
progress
 
of
 
the
 
green
 
transition
 
in
 
Finland.
 
The
 
implementation
 
of
 
the
 
investment
 
programme
 
depends
 
on
 
the
growth
 
of
 
electricity
 
production
 
and
 
consumption.
 
In
 
the
 
company,
 
a
 
warping
 
of
 
the
 
corporate
 
culture
 
in
 
a
 
rapidly
changing
 
operating
 
environment
 
and
 
in
 
meeting
 
a
 
number
 
of
 
different
 
stakeholder
 
needs,
 
as
 
well
 
as
 
breaches
 
of
 
the
company’s
 
Code
 
of
 
Conduct
 
or
 
values
 
could
 
impair
 
the
 
company’s
 
capacity
 
to
 
function
 
and
 
weaken
 
the
 
transmission
system
 
operator’s
 
reputation
 
as
 
an
 
enabler
 
of
 
the
 
green
 
transition.
 
Fingrid’s
 
risk
 
management
 
is
 
based
 
on
 
holistic
risk
 
and
 
continuity
 
management,
 
in
 
which
 
event
 
impacts
 
are
 
extensively
 
assessed
 
within
 
the
 
company
 
and
 
risk
management
 
is
 
designed
 
accordingly.
Material
 
sustainability
 
matters
 
in
 
Fingrid’s
 
own
 
operations
 
and
 
value
 
chain
Topic
Sub-topic
Sub-sub-topic
Impact
 
materiality
Financial
 
materiality
Upstream
 
value
chain
Own
 
operations
Downstream
 
value
chain
ESRS
 
E1
 
Climate
change
Climate
 
change
adaptation
↓
-
•
 
Climate
 
change
mitigation
↑
+
•
 
•
 
•
 
Energy
↓
-
•
 
•
 
•
ESRS
 
E4
Biodiversity
 
and
ecosystems
Direct
 
impact
 
drivers
 
of
biodiversity
 
loss
Climate
 
change
↓
•
 
Land-use
 
change,
 
fresh
water
 
-use
 
change
 
and
 
sea-
use
 
change
↓
•
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
36
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4
 
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2025
Material
 
sustainability
 
matters
 
in
 
Fingrid’s
 
own
 
operations
 
and
 
value
 
chain
Topic
Sub-topic
Sub-sub-topic
Impact
 
materiality
Financial
 
materiality
Upstream
 
value
chain
Own
 
operations
Downstream
 
value
chain
ESRS
 
E5
 
Resource
use
 
and
 
circular
economy
Resource
 
inflows,
including
 
resource
 
use
-
•
 
•
 
ESRS
 
S1
 
Own
workforce
Working
 
conditions
Health
 
and
 
safety
↑/↓
•
 
Equal
 
treatment
 
and
opportunities
 
for
 
all
Measures
 
against
 
violence
and
 
harassment
 
in
 
the
workplace
↑/↓
•
 
ESRS
 
S2
 
Workers
in
 
the
 
value
 
chain
Working
 
conditions
Working
 
time
↑/↓
•
 
Adequate
 
wages
↑/↓
•
 
Health
 
and
 
safety
↑/↓
•
 
ESRS
 
S3
 
Affected
communities
Communities’
economic,
 
social
 
and
cultural
 
rights
Land-related
 
impacts
 
-
•
 
ESRS
 
S4
Consumers
 
and
end-users
Information
 
-related
impacts
 
on
 
consumers
and/or
 
end-users
Privacy
↓
•
 
Entity-specific
topics
Protection
 
of
 
business
critical
 
and
 
personal
data
-
•
 
System
 
security
-
•
 
ESRS
 
G1
 
Business
conduct
Corporate
 
culture
↑
-
•
 
Protection
 
of
whistleblowers
↑↓
•
 
Corruption
 
and
 
bribery
Prevention
 
and
 
detection
including
 
training
↑
•
 
Incidents
↓
•
 
↑
 
Positive
 
impact
 
/
 
↓
 
Negative
 
impact
 
/
 
+
 
Opportunity
 
/
 
-
 
Risk
4.
 
Impacts,
 
risks
 
and
 
opportunities
 
management
4.1
 
Disclosures
 
on
 
the
 
materiality
 
assessment
 
process
IRO
 
-1
 
Description
 
of
 
the
 
processes
 
to
 
identify
 
and
 
assess
 
material
 
impacts,
 
risks
 
and
 
opportunities
In
 
2023,
 
Fingrid
 
carried
 
out
 
a
 
double
 
materiality
 
assessment
 
with
 
support
 
from
 
an
 
external
 
expert.
 
The
 
impacts,
opportunities
 
and
 
risks
 
identified
 
in
 
the
 
assessment,
 
as
 
well
 
as
 
the
 
related
 
sustainability
 
topics,
 
form
 
the
 
basis
 
for
 
the
sustainability
 
reporting
 
that
 
will
 
be
 
required
 
on
 
Fingrid’s
 
corporate
 
responsibility
 
work.
 
With
 
regard
 
to
 
the
 
2024
reporting
 
period,
 
the
 
double
 
materiality
 
assessment
 
was
 
found
 
to
 
be
 
up
 
to
 
date
 
by
 
the
 
executive
 
management
 
group
and
 
the
 
Board
 
of
 
Directors.
37
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March
 
2025
Fingrid
 
carries
 
out
 
enterprise
 
risk
 
management
 
in
 
accordance
 
with
 
the
 
internal
 
control
 
and
 
risk
 
management
principles
 
decided
 
by
 
the
 
Board
 
of
 
Directors,
 
combining
 
proactive
 
risk
 
management,
 
continuity
 
management
 
and
contingency
 
planning
 
for
 
a
 
state
 
of
 
emergency
 
in
 
society.
 
Sustainability
 
risks
 
are
 
not
 
prioritised
 
in
 
relation
 
to
 
other
risks;
 
instead,
 
these
 
risks,
 
including
 
climate
 
-related
 
risks,
 
are
 
part
 
of
 
the
 
company’s
 
enterprise
 
risk
 
management.
 
The
assessment
 
of
 
business
 
risks
 
is
 
developed
 
further
 
by
 
also
 
including
 
the
 
assessment
 
of
 
human
 
rights
 
risks
 
where
applicable.
 
The
 
sustainability
 
materiality
 
process
 
also
 
takes
 
into
 
account
 
the
 
connection
 
to
 
risk
 
management.
 
The
selected
 
approach
 
ensures
 
that
 
addressing
 
sustainability
 
risks
 
is
 
a
 
natural
 
part
 
of
 
the
 
company’s
 
management
 
and
decision-making.
The
 
materiality
 
process
 
was
 
based
 
on
 
the
 
Finnish
 
Accounting
 
Act
 
and
 
other
 
national
 
legislation
 
implementing
 
the
CSRD,
 
the
 
ESRS
 
reporting
 
standards
 
and
 
the
 
advice
 
provided
 
by
 
the
 
European
 
Financial
 
Reporting
 
Advisory
 
Group
(EFRAG)
 
concerning
 
double
 
materiality
 
assessments.
 
The
 
double
 
materiality
 
assessment
 
concerned
 
the
 
sustainability
topics,
 
sub-topics
 
and
 
sub-sub-topics
 
listed
 
in
 
Appendix
 
A
 
of
 
ESRS
 
1
 
General
 
requirements,
 
which
 
were
supplemented
 
with
 
entity-specific
 
sustainability
 
topics
 
material
 
for
 
Fingrid.
 
The
 
input
 
parameters
 
used
 
in
 
the
assessment
 
were
 
the
 
key
 
risks
 
and
 
the
 
related
 
financial
 
impacts
 
identified
 
in
 
Fingrid’s
 
proactive
 
risk
 
management,
maintained
 
in
 
the
 
company’s
 
risk
 
register
 
and
 
reported
 
to
 
the
 
company’s
 
Board
 
of
 
Directors,
 
as
 
well
 
as
 
other
relevant
 
internal
 
and
 
external
 
information
 
sources,
 
such
 
as
 
the
 
SASB’s
 
industry-specific
 
reporting
 
standard.
 
The
materiality
 
analysis
 
conducted
 
by
 
Fingrid
 
when
 
applying
 
the
 
GRI
 
reporting
 
guidelines
 
(Global
 
Reporting
 
Initiative,
Sustainability
 
Reporting
 
Standards)
 
was
 
also
 
used
 
in
 
the
 
assessment.
 
As
 
for
 
stakeholders,
 
the
 
input
 
data
 
included
 
the
results
 
of
 
the
 
corporate
 
responsibility
 
stakeholder
 
survey
 
2022
 
and
 
up-to-date
 
feedback
 
on
 
Fingrid’s
 
consultation
and
 
cooperation
 
with
 
its
 
affected
 
stakeholders.
For
 
the
 
assessment
 
of
 
materiality
 
related
 
to
 
pollution,
 
water
 
resources,
 
biodiversity
 
and
 
resource
 
use
 
and
 
circular
economy,
 
the
 
company
 
had
 
access
 
to
 
information
 
about
 
the
 
location
 
of
 
its
 
sites,
 
its
 
holdings
 
and
 
its
 
operations
 
as
 
a
whole.
 
The
 
geospatial
 
coordinates
 
of
 
the
 
assets
 
in
 
relation
 
to
 
areas
 
that
 
are
 
sensitive
 
in
 
terms
 
of
 
biodiversity
 
are
managed
 
in
 
the
 
company’s
 
geographic
 
database.
 
The
 
environmental
 
impacts
 
of
 
transmission
 
lines,
 
substations
 
and
reserve
 
power
 
plants
 
are
 
known,
 
and
 
impact
 
assessments
 
take
 
place
 
continuously
 
in,
 
among
 
other
 
things,
 
the
statutory
 
environmental
 
impact
 
assessments
 
of
 
transmission
 
line
 
projects
 
and
 
through
 
the
 
reserve
 
power
 
plants’
environmental
 
permit
 
obligation.
 
In
 
this
 
context,
 
regular
 
consultation
 
with
 
authorities
 
and
 
affected
 
communities
 
also
takes
 
place,
 
including
 
impacts
 
on
 
pollution,
 
water
 
resources,
 
biodiversity
 
and
 
ecosystems,
 
and
 
resource
 
use
 
and
circular
 
economy.
 
Transmission
 
line
 
areas
 
are
 
known
 
to
 
have
 
the
 
potential
 
to
 
both
 
reinforce
 
and
 
weaken
 
the
ecosystem
 
services
 
provided
 
by
 
nature.
 
In
 
the
 
assessment
 
of
 
overall
 
materiality,
 
both
 
the
 
direct
 
impact
 
drivers
 
and
the
 
impacts
 
on
 
the
 
state
 
of
 
species,
 
ecosystems
 
and
 
the
 
services
 
offered
 
by
 
them
 
were
 
considered.
 
To
 
assess
biodiversity
 
-related
 
risks
 
and
 
opportunities,
 
no
 
separate
 
scenario
 
or
 
resilience
 
analysis
 
was
 
performed,
 
but
 
the
assessment
 
acknowledged
 
the
 
connections
 
between
 
the
 
changing
 
climate
 
and
 
the
 
loss
 
of
 
biodiversity
 
as
 
described
 
in
connection
 
with
 
disclosure
 
requirement
 
E4-1
 
(Transition
 
plan
 
for
 
climate
 
change
 
mitigation).
As
 
for
 
the
 
relevant
 
business
 
conduct
 
criteria,
 
the
 
starting
 
point
 
was
 
the
 
company’s
 
operations
 
in
 
Finland
 
in
 
the
electricity
 
transmission
 
sector.
 
Fingrid’s
 
business
 
consists
 
of
 
grid
 
and
 
balance
 
services,
 
in
 
addition
 
to
 
which
 
the
company
 
offers
 
other
 
electricity
 
market
 
-related
 
services,
 
such
 
as
 
information
 
exchange,
 
financial
 
transmission
 
rights
and
 
a
 
market
 
related
 
to
 
power
 
system
 
reserves.
The
 
double
 
materiality
 
assessment
 
consisted
 
of
 
three
 
elements:
 
initial
 
charting,
 
assessment
 
of
 
Fingrid’s
 
impacts
 
on
people
 
and
 
the
 
environment,
 
and
 
identification
 
and
 
assessment
 
of
 
the
 
financial
 
impacts
 
on
 
Fingrid.
 
The
 
assessment
covered
 
short-term,
 
medium-term
 
and
 
long-term
 
impacts,
 
risks
 
and
 
opportunities,
 
taking
 
into
 
account
 
Fingrid’s
business
 
relationships
 
and
 
the
 
entire
 
value
 
chain
 
in
 
all
 
material
 
respects.
 
With
 
regard
 
to
 
the
 
value
 
chain,
 
the
 
impact
assessment
 
essentially
 
covered
 
international
 
goods
 
procurement,
 
the
 
operations
 
of
 
contractors
 
and
 
service
providers
 
and
 
the
 
electricity
 
market.
 
The
 
impact
 
assessment
 
was
 
performed
 
as
 
workshop
 
work
 
by
 
Fingrid’s
38
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4
 
March
 
2025
management
 
and
 
experts.
 
A
 
large
 
number
 
of
 
Fingrid’s
 
management
 
and
 
experts
 
from
 
different
 
functions
participated
 
in
 
the
 
workshops.
The
 
initial
 
charting
 
consisted
 
of
 
a
 
broad
 
review
 
of
 
Fingrid’s
 
material
 
sustainability
 
topics
 
from
 
the
 
perspectives
 
of
actual
 
and
 
potential
 
impacts
 
on
 
the
 
environment
 
or
 
people
 
and
 
financial
 
impacts
 
on
 
Fingrid’s
 
business.
 
Fingrid
identified
 
the
 
negative
 
and
 
positive
 
impacts
 
of
 
its
 
own
 
operations
 
and
 
those
 
resulting
 
from
 
its
 
business
 
relationships
with
 
upstream
 
and
 
downstream
 
value
 
chain
 
actors
 
on
 
people
 
and
 
the
 
environment
 
(impact
 
materiality)
 
and
 
the
financial
 
risks
 
and
 
opportunities
 
resulting
 
from
 
sustainability
 
factors
 
for
 
Fingrid’s
 
business.
 
The
 
initial
 
charting
 
utilised
information
 
from
 
Fingrid’s
 
regular
 
stakeholder
 
interaction
 
about
 
the
 
information
 
needs
 
of
 
key
 
affected
 
stakeholders
and
 
users
 
of
 
the
 
sustainability
 
statement.
 
The
 
initial
 
charting
 
resulted
 
in
 
a
 
preliminary
 
list
 
of
 
the
 
impacts,
 
risks
 
and
opportunities
 
related
 
to
 
sustainability
 
factors
 
for
 
prioritisation.
Thereafter,
 
Fingrid’s
 
management
 
and
 
experts
 
assessed
 
the
 
identified
 
negative
 
and
 
positive
 
impacts
 
on
 
people
 
and
the
 
environment
 
(impact
 
materiality)
 
based
 
on
 
scale,
 
scope
 
and
 
irremediability.
 
For
 
potential
 
impacts,
 
the
 
likelihood
of
 
their
 
materialisation
 
was
 
also
 
assessed.
 
Negative
 
and
 
positive
 
impacts
 
were
 
assessed
 
separately,
 
and
 
for
 
negative
human
 
rights
 
impacts,
 
the
 
assessment
 
was
 
primarily
 
based
 
on
 
their
 
severity,
 
considering
 
Fingrid’s
 
impacts
 
in
accordance
 
with
 
the
 
due
 
diligence
 
process.
Fingrid’s
 
management
 
and
 
experts
 
also
 
assessed
 
the
 
actual
 
and
 
potential
 
risks
 
and
 
opportunities
 
for
 
Fingrid’s
business
 
(financial
 
materiality)
 
based
 
on
 
the
 
size
 
and
 
likelihood
 
of
 
the
 
anticipated
 
impact.
 
The
 
assessment
 
was
performed
 
as
 
workshop
 
work
 
where
 
Fingrid’s
 
management
 
and
 
experts
 
placed
 
the
 
identified
 
impacts,
 
risks
 
and
opportunities
 
related
 
to
 
sustainability
 
factors
 
in
 
order
 
of
 
importance.
 
An
 
understanding
 
of
 
the
 
connections
 
of
 
the
identified
 
impacts
 
to
 
the
 
risks
 
and
 
opportunities
 
being
 
assessed
 
had
 
been
 
built
 
with
 
the
 
help
 
of
 
the
 
input
 
data
 
for
 
the
assessment
 
and
 
the
 
workshop
 
work.
Finally,
 
Fingrid’s
 
executive
 
management
 
group
 
ensured
 
the
 
commensurability
 
of
 
the
 
assessments
 
and
 
set
 
threshold
values
 
to
 
determine
 
which
 
sustainability
 
topics
 
are
 
material
 
for
 
reporting.
 
Fingrid’s
 
executive
 
management
 
group
validated
 
the
 
results
 
of
 
the
 
materiality
 
assessment
 
in
 
June
 
2023.
 
The
 
Board
 
of
 
Directors
 
discussed
 
it
 
in
 
June
 
2023.
The
 
materiality
 
assessment
 
will
 
be
 
reviewed
 
for
 
the
 
next
 
time
 
in
 
the
 
first
 
half
 
of
 
2025.
 
In
 
accordance
 
with
 
the
company’s
 
annual
 
management
 
cycle,
 
the
 
results
 
of
 
the
 
annual
 
review
 
of
 
the
 
materiality
 
assessment
 
(impacts,
 
risks
and
 
opportunities)
 
will
 
be
 
incorporated
 
in
 
the
 
company’s
 
risk
 
management
 
and
 
strategy
 
preparation
 
process.
 
Fingrid
will
 
also
 
update
 
its
 
sustainability
 
metrics
 
and
 
targets
 
for
 
2025.
E1
 
IRO
 
-1
 
Description
 
of
 
the
 
processes
 
to
 
identify
 
and
 
assess
 
material
 
climate
 
-related
 
impacts,
 
risks
 
and
opportunities
At
 
Fingrid,
 
risk
 
management
 
is
 
planned
 
using
 
a
 
holistic
 
approach.
 
The
 
objective
 
is
 
to
 
comprehensively
 
identify,
 
assess
and
 
monitor
 
threats
 
and
 
risks
 
on
 
the
 
company’s
 
operations,
 
the
 
environment,
 
personnel
 
and
 
assets,
 
and
 
protect
them
 
against
 
such
 
threats
 
and
 
risks.
 
This
 
enterprise
 
risk
 
management
 
(ERM)
 
includes
 
a
 
process
 
to
 
identify
 
and
 
assess
climate
 
-related
 
impacts,
 
risks
 
and
 
opportunities
 
as
 
part
 
of
 
the
 
company’s
 
annual
 
enterprise
 
risk
 
management
process.
 
This
 
covers
 
addressing
 
climate
 
risks
 
in
 
the
 
short
 
term
 
for
 
different
 
asset
 
classes
 
in
 
Finland’s
 
already
 
extreme
climate
 
conditions,
 
with
 
temperatures
 
varying
 
from
 
+40
 
to
 
-50°C,
 
for
 
example.
Based
 
on
 
a
 
GHG
 
inventory
 
covering
 
the
 
whole
 
value
 
chain,
 
its
 
previous
 
reporting
 
and
 
its
 
climate
 
engagement
 
work,
the
 
company
 
has
 
identified
 
the
 
sources
 
of
 
its
 
GHG
 
emissions
 
and
 
the
 
other
 
drivers
 
of
 
its
 
climate-related
 
impacts,
including
 
land
 
use.
 
The
 
company
 
is
 
aware
 
of
 
the
 
size
 
of
 
the
 
emissions,
 
impacts
 
and
 
opportunities
 
to
 
affect,
 
and
locked
 
-in
 
emissions
 
as
 
stated
 
in
 
the
 
standard
 
E1
 
disclosure
 
requirements
 
(E1-4
 
Targets
 
related
 
to
 
climate
 
change
39
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
mitigation
 
and
 
adaptation
 
and
 
E1-6
 
Gross
 
Scopes
 
1,
 
2,
 
3
 
and
 
Total
 
GHG
 
emissions).
 
This
 
information
 
was
 
available
during
 
the
 
materiality
 
assessment
 
and
 
the
 
process
 
to
 
identify
 
and
 
assess
 
climate
 
risks.
With
 
the
 
support
 
of
 
an
 
external
 
expert,
 
work
 
was
 
performed
 
at
 
Fingrid
 
in
 
2024
 
to
 
develop
 
the
 
process
 
to
 
identify
 
and
assess
 
material
 
climate-related
 
impacts,
 
risks
 
and
 
opportunities.
 
The
 
overall
 
objective
 
of
 
the
 
work
 
was
 
to
 
develop
Fingrid’s
 
risk
 
assessment
 
through
 
the
 
incorporation
 
of
 
climate
 
scenarios
 
and
 
to
 
ensure
 
that
 
climate
 
risk
 
management
can
 
be
 
embedded
 
in
 
the
 
company’s
 
risk
 
management
 
in
 
the
 
manner
 
required
 
by
 
evolving
 
regulations.
Fingrid’s
 
current
 
risk
 
assessment
 
and
 
climate
 
risk
 
management,
 
best
 
practices
 
and
 
legal
 
requirements
 
(CSRD/ESRS
and
 
the
 
EU
 
taxonomy)
 
were
 
taken
 
into
 
account
 
in
 
the
 
structure,
 
key
 
elements
 
and
 
assumptions
 
used
 
in
 
the
 
climate
risk
 
assessment
 
methodology.
 
The
 
work
 
was
 
performed
 
using
 
the
 
TCFD’s
 
(Task
 
Force
 
on
 
Climate
 
-related
 
Financial
Disclosures)
 
approach,
 
with
 
the
 
participation
 
of
 
Fingrid’s
 
key
 
businesses
 
and
 
the
 
persons
 
responsible
 
for
 
risks.
Based
 
on
 
the
 
methodology
 
developed,
 
the
 
transition
 
risks
 
and
 
physical
 
risks
 
resulting
 
from
 
climate
 
change
 
and
 
their
impacts
 
in
 
terms
 
of
 
the
 
risk
 
portfolio
 
and
 
the
 
development
 
of
 
risk
 
management
 
were
 
identified
 
and
 
validated.
 
For
physical
 
risks,
 
both
 
acute
 
and
 
chronic
 
climate
 
risks
 
were
 
considered.
 
Transition
 
risks
 
were
 
addressed
 
in
 
four
categories:
 
politics
 
and
 
legislation,
 
technology,
 
markets
 
and
 
reputation.
 
Physical
 
risks
 
were
 
reviewed
 
at
 
the
 
level
 
of
Fingrid’s
 
key
 
asset
 
classes:
 
transmission
 
lines,
 
substations,
 
reserve
 
power,
 
ICT
 
and
 
real
 
estate.
 
Transition
 
risks
 
were
reviewed
 
at
 
the
 
company
 
level.
 
The
 
key
 
steps
 
of
 
the
 
review
 
consisted
 
of
 
identifying
 
material
 
risks,
 
describing
 
the
risks
 
in
 
more
 
detail
 
and
 
assessing
 
the
 
likelihood
 
and
 
impacts
 
of
 
the
 
risks,
 
based
 
on
 
which
 
a
 
risk
 
rating
 
was
 
given
 
to
each
 
risk
 
identified
 
as
 
material.
 
The
 
work
 
resulted
 
in
 
an
 
operating
 
model
 
for
 
climate
 
risk
 
assessment,
 
which
 
is
repeated
 
every
 
year
 
and
 
is
 
based
 
on
 
materiality
 
and
 
likelihood,
 
and
 
in
 
which
 
an
 
estimated
 
financial
 
impact
 
is
 
also
determined
 
for
 
the
 
risks.
Applicable
 
climate
 
scenarios
 
(Intergovernmental
 
Panel
 
on
 
Climate
 
Change
 
IPCC
 
and
 
International
 
Energy
 
Agency
 
IEA)
aligned
 
with
 
the
 
latest
 
scientific
 
information
 
and
 
based
 
on
 
the
 
most
 
recent
 
research
 
data,
 
adapted
 
to
 
Finland’s
conditions,
 
were
 
used
 
in
 
the
 
work.
 
Fingrid
 
considers
 
that
 
the
 
scenarios
 
used
 
and
 
their
 
time
 
horizons
 
cover
 
its
plausible
 
risks
 
and
 
uncertainties,
 
and
 
they
 
have
 
not
 
been
 
identified
 
to
 
include
 
any
 
particular
 
restrictions
 
to
 
be
considered.
 
From
 
the
 
perspective
 
of
 
ensuring
 
the
 
compatibility
 
of
 
the
 
climate
 
scenarios,
 
Fingrid
 
has
 
not
 
identified
any
 
critical
 
climate
 
-related
 
assumptions
 
to
 
be
 
presented
 
in
 
its
 
financial
 
statements.
 
In
 
the
 
risk
 
review,
 
one
 
input
 
data
was
 
a
 
regional
 
breakdown
 
but
 
the
 
differences
 
did
 
not
 
require
 
moving
 
away
 
from
 
a
 
nationwide
 
review.
The
 
development
 
of
 
physical
 
risks
 
was
 
assessed
 
in
 
a
 
scenario
 
where
 
the
 
efforts
 
to
 
limit
 
emissions
 
fail
 
and
 
the
 
impacts
of
 
climate
 
change
 
gain
 
momentum
 
and
 
become
 
more
 
extreme
 
(IPCC
 
high
 
emissions,
 
SSP5-8.5).
 
Physical
 
risks
 
were
reviewed
 
on
 
a
 
long
 
time
 
horizon
 
of
 
around
 
30–50
 
years,
 
which
 
corresponds
 
with
 
the
 
expected
 
life
 
cycle
 
of
 
key
 
assets
and
 
the
 
capital
 
allocation
 
plans
 
as
 
these
 
assets
 
are
 
at
 
the
 
core
 
of
 
the
 
main
 
grid
 
development
 
plan.
 
The
 
main
 
grid
development
 
plan
 
implements
 
the
 
company’s
 
strategy
 
and
 
vision,
 
in
 
which
 
a
 
short
 
(1
 
year)
 
or
 
medium-term
 
(1–20
years)
 
time
 
horizon
 
is
 
not
 
material
 
for
 
a
 
review
 
of
 
physical
 
risks,
 
due
 
to
 
the
 
long
 
lifetime
 
of
 
Fingrid’s
 
key
 
assets.
 
The
physical
 
risk
 
review
 
assessed
 
the
 
extent
 
to
 
which
 
the
 
company’s
 
key
 
assets
 
and
 
business
 
operations
 
may
 
be
 
exposed
and
 
are
 
sensitive
 
to
 
the
 
identified
 
climate
 
-related
 
hazards,
 
taking
 
into
 
consideration
 
the
 
likelihood,
 
magnitude
 
and
duration
 
of
 
the
 
hazards
 
as
 
well
 
as
 
the
 
geospatial
 
coordinates
 
of
 
the
 
company’s
 
assets
 
in
 
Finland.
The
 
development
 
of
 
transition
 
risks
 
was
 
assessed
 
on
 
the
 
company
 
level
 
in
 
a
 
scenario
 
where
 
global
 
emissions
decrease
 
sharply
 
thanks
 
to
 
determined
 
emission
 
reduction
 
measures
 
and
 
the
 
worst
 
climate
 
change
 
impacts
 
are
 
kept
in
 
check
 
(IPCC
 
Paris
 
-aligned,
 
SSP1-2.6
 
and
 
IEA
 
SDS).
 
Transition
 
risks
 
were
 
reviewed
 
based
 
on
 
likelihood,
 
magnitude
and
 
duration
 
with
 
a
 
time
 
horizon
 
of
 
around
 
20
 
years.
 
The
 
time
 
horizon
 
is
 
shorter
 
than
 
in
 
the
 
review
 
of
 
physical
 
risks,
because
 
in
 
the
 
climate
 
policy
 
operating
 
environment,
 
only
 
a
 
few
 
national
 
or
 
international,
 
legally
 
binding
 
milestones
are
 
scheduled
 
for
 
the
 
period
 
from
 
2030–2050.
 
The
 
review
 
of
 
short-term
 
transition
 
risks
 
is
 
included
 
in
 
the
 
company’s
40
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
normal
 
annual
 
enterprise
 
risk
 
management
 
process.
 
The
 
work
 
did
 
not
 
identify
 
the
 
company
 
to
 
have
 
any
 
significant
assets
 
or
 
business
 
operations
 
that
 
are
 
not
 
compatible
 
with
 
the
 
transition
 
to
 
a
 
climate
 
neutral
 
economy.
The
 
input
 
data
 
and
 
assumptions
 
used
 
in
 
the
 
IPCC
 
scenarios
 
were
 
used
 
as
 
input
 
parameters
 
in
 
the
 
risk
 
descriptions
 
of
the
 
work.
 
The
 
work
 
resulted
 
in
 
a
 
climate
 
risk
 
assessment
 
methodology
 
suitable
 
for
 
Fingrid,
 
which
 
uses
 
climate
scenarios
 
based
 
on
 
the
 
latest
 
research
 
data
 
and
 
covers
 
both
 
transition
 
risks
 
and
 
physical
 
risks.
 
The
 
results
 
of
 
the
work
 
were
 
integrated
 
in
 
Fingrid’s
 
enterprise
 
risk
 
management
 
process,
 
in
 
which
 
the
 
heads
 
of
 
business
 
are
responsible
 
for
 
the
 
risks
 
in
 
their
 
areas
 
of
 
responsibility
 
and
 
for
 
the
 
measures
 
to
 
manage
 
them,
 
and
 
for
 
regular
reporting
 
with
 
the
 
support
 
of
 
the
 
persons
 
responsible
 
for
 
risks
 
in
 
the
 
businesses.
Risk
 
assessment
 
of
 
climate
 
-related
 
physical
 
risks
Fingrid
 
prepares
 
for
 
the
 
physical
 
risks
 
of
 
more
 
frequent
 
and
 
more
 
powerful
 
extreme
 
weather
 
phenomena
 
in
 
grid
construction
 
and
 
operations.
 
Due
 
to
 
the
 
critical
 
security
 
of
 
supply
 
aspect
 
of
 
its
 
operations,
 
Fingrid
 
has
 
used
 
this
approach
 
for
 
a
 
long
 
time
 
already.
 
The
 
management
 
of
 
physical
 
climate
 
risks
 
has
 
long
 
been
 
integrated
 
in
 
Fingrid’s
processes,
 
taking
 
into
 
consideration
 
natural
 
weather
 
variations
 
and
 
the
 
already
 
experienced
 
impacts
 
of
 
climate
change.
 
The
 
contingency
 
measures
 
related
 
to
 
physical
 
climate
 
risks
 
have
 
focused
 
on
 
various
 
context
 
-specific
 
risks
 
as
part
 
of
 
the
 
company’s
 
enterprise
 
risk
 
management
 
since
 
2023,
 
including,
 
in
 
accordance
 
with
 
the
 
EU
 
taxonomy,
temperature
 
-related,
 
wind-related,
 
water
 
-related
 
and
 
solid
 
mass-related
 
chronic
 
and
 
acute
 
risks.
 
The
 
physical
climate
 
risks
 
are
 
largely
 
hazards
 
already
 
identified
 
by
 
Fingrid
 
for
 
the
 
company’s
 
key
 
assets
 
and
 
business
 
activities.
These
 
are
 
primarily
 
related
 
to
 
the
 
rise
 
in
 
temperature
 
(heatwaves,
 
rise
 
in
 
heat
 
load),
 
changes
 
in
 
precipitation
patterns
 
(freezing
 
rain,
 
heavy
 
precipitation,
 
flood),
 
an
 
increase
 
in
 
the
 
likelihood
 
of
 
wildfires
 
and
 
changes
 
in
 
the
likelihood
 
of
 
storms
 
and
 
ground
 
frost.
 
Of
 
the
 
assets,
 
physical
 
risks
 
primarily
 
affect
 
transmission
 
lines,
 
substations
 
and
reserve
 
power.
Risk
 
assessment
 
of
 
climate
 
-related
 
transition
 
risks
When
 
reviewing
 
climate
 
risks
 
through
 
scenarios,
 
transition
 
risks
 
are
 
top
 
of
 
the
 
list
 
in
 
the
 
assessment
 
of
 
total
 
risk,
especially
 
as
 
a
 
systemic
 
risk
 
for
 
the
 
power
 
system.
 
Transition
 
risks
 
are
 
a
 
fairly
 
new
 
challenge
 
for
 
all
 
green
 
transition
actors,
 
and
 
Fingrid
 
is
 
in
 
many
 
ways
 
at
 
the
 
core
 
of
 
this
 
transition.
 
This
 
requires
 
proactive
 
and
 
continuous
 
monitoring
from
 
Fingrid,
 
because
 
many
 
transition
 
risks
 
still
 
involve
 
significant
 
uncertainties.
 
Transition
 
risks
 
are
 
a
 
material
sustainability
 
matter
 
for
 
the
 
company.
 
That
 
is
 
why
 
the
 
matter
 
is
 
addressed
 
already
 
in
 
connection
 
with
 
disclosure
requirement
 
SBM-3
 
(Material
 
impacts,
 
risks
 
and
 
opportunities
 
and
 
their
 
interaction
 
with
 
strategy
 
and
 
business
model).
Climate
 
change
 
transition
 
risks
 
consist
 
of
 
events
 
related
 
to
 
regulations
 
and
 
policies,
 
technological
 
development,
market
 
changes
 
and/or
 
reputation,
 
and
 
often
 
of
 
combinations
 
thereof.
 
The
 
risks
 
that
 
are
 
considered
 
critical
 
in
 
the
risk
 
assessment
 
included
 
many
 
of
 
the
 
system
 
level
 
challenges
 
faced
 
by
 
Finland’s
 
electricity
 
system,
 
especially
 
the
management
 
and
 
controllability
 
of
 
the
 
system
 
when
 
different
 
technologies
 
need
 
to
 
be
 
integrated
 
in
 
new
 
ways
 
to
maintain
 
the
 
balance
 
of
 
electricity
 
production
 
and
 
consumption.
 
Simultaneously,
 
new
 
electricity
 
production
technologies
 
are
 
changing
 
the
 
system’s
 
operating
 
principles
 
and
 
increasing
 
the
 
risk
 
level
 
of
 
operation
 
as
 
the
renewable,
 
more
 
weather
 
-dependent
 
electricity
 
system
 
becomes
 
less
 
controllable.
 
The
 
impact
 
of
 
climate
 
policies
 
on
the
 
carbon
 
price
 
and
 
the
 
spill-over
 
effect
 
on
 
investment
 
costs
 
and
 
the
 
costs
 
of
 
own
 
emission
 
reduction
 
measures
 
is
one
 
of
 
the
 
significant
 
transition
 
risks
 
with
 
a
 
cross
 
-cutting
 
dimension.
 
Together
 
with
 
this
 
development,
 
another
significant
 
risk
 
is
 
that
 
Fingrid
 
would
 
not
 
be
 
able
 
to
 
enable
 
the
 
green
 
transition
 
in
 
Finland
 
in
 
an
 
adequate
 
manner.
IRO
 
-2
 
Disclosure
 
requirements
 
in
 
ESRS
 
covered
 
by
 
the
 
undertaking’s
 
sustainability
 
statement
The
 
list
 
of
 
the
 
ESRS
 
standards’
 
disclosure
 
requirements
 
that
 
have
 
been
 
followed
 
when
 
preparing
 
the
 
sustainability
statement
 
based
 
on
 
the
 
materiality
 
assessment
 
(content
 
index)
 
can
 
be
 
found
 
in
 
Appendix
 
1.
41
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
The
 
list
 
of
 
data
 
points
 
listed
 
in
 
standard
 
ESRS
 
2
 
Appendix
 
B
 
based
 
on
 
other
 
EU
 
legislation
 
can
 
be
 
found
 
in
 
Appendix
 
2.
Fingrid’s
 
material
 
sustainability
 
topics,
 
taking
 
into
 
consideration
 
the
 
value
 
chain
 
in
 
its
 
material
 
parts,
 
are
 
presented
on
 
an
 
aggregate
 
basis
 
in
 
connection
 
with
 
disclosure
 
requirement
 
SBM-3
 
(Material
 
impacts,
 
risks
 
and
 
opportunities
and
 
their
 
interaction
 
with
 
strategy
 
and
 
business
 
model).
In
 
addition,
 
Fingrid
 
reports,
 
beyond
 
the
 
disclosure
 
requirements,
 
the
 
targets
 
and
 
metrics
 
included
 
in
 
the
 
company’s
previous
 
set
 
of
 
corporate
 
responsibility
 
ESG
 
targets
 
related
 
to
 
the
 
ESRS
 
standards
 
that,
 
based
 
on
 
the
 
double
materiality
 
assessment,
 
are
 
still
 
identified
 
as
 
material
 
for
 
the
 
company
 
on
 
the
 
sustainability
 
topic
 
level.
 
The
 
company
has
 
used
 
these
 
targets
 
and
 
metrics
 
included
 
in
 
its
 
set
 
of
 
ESG
 
targets
 
to
 
track
 
the
 
effectiveness
 
of
 
measures
 
related
 
to
the
 
management
 
of
 
its
 
sustainability
 
matters
 
from
 
2021
 
until
 
the
 
end
 
of
 
2024.
 
1.11.2
Environmental
 
information
EU
 
taxonomy
The
 
EU
 
taxonomy
 
is
 
designed
 
to
 
support
 
sustainable
 
finance
 
by
 
channelling
 
money
 
into
 
projects
 
that
 
are
 
sustainable
in
 
terms
 
of
 
climate
 
change
 
and
 
the
 
environment.
 
Fingrid
 
has
 
calculated
 
its
 
taxonomy
 
KPIs
 
in
 
compliance
 
with
 
the
Delegated
 
Regulation
 
(EU)
 
2139/2021,
 
Annex
 
1.
 
The
 
company
 
has
 
identified
 
relevant
 
activities
 
in
 
both
 
climate
change
 
mitigation
 
and
 
climate
 
change
 
adaptation,
 
but
 
the
 
taxonomy
 
-eligible
 
and
 
taxonomy
 
-aligned
 
activities
 
were
only
 
assessed
 
in
 
terms
 
of
 
the
 
most
 
material
 
environmental
 
target.
One
 
aspect
 
of
 
the
 
assessment
 
was
 
to
 
verify
 
that
 
Fingrid’s
 
operations
 
contributing
 
significantly
 
to
 
climate
 
change
mitigation
does
 
not
 
significantly
 
harm
 
the
 
other
 
environmental
 
taxonomy
 
targets
 
applicable
 
to
 
electricity
transmission.
 
Climate
 
change
 
adaptation
 
requires
 
the
 
identification,
 
assessment
 
and
 
management
 
of
 
the
 
physical
risks
 
arising
 
from
 
climate
 
change,
 
and
 
this
 
is
 
addressed
 
in
 
connection
 
with
 
disclosure
 
requirement
 
E1
 
IRO-1
(Description
 
of
 
the
 
processes
 
to
 
identify
 
and
 
assess
 
material
 
climate-related
 
impacts,
 
risks
 
and
 
opportunities).
 
The
Do
 
No
 
Significant
 
Harm
 
(DNSH)
 
principle
 
for
 
the
 
transition
 
to
 
circular
 
economy
 
requires
 
a
 
waste
 
management
 
plan
 
to
ensure
 
re
 
-use
 
or
 
recycling
 
to
 
the
 
maximum
 
extent
 
possible
 
according
 
to
 
the
 
waste
 
management
 
hierarchy.
 
Fingrid’s
systematic
 
and
 
goal-oriented
 
waste
 
management
 
complies
 
with
 
this
 
by
 
means
 
of
 
contract
 
terms
 
for
 
suppliers
 
and
waste
 
specification
 
documents,
 
as
 
described
 
in
 
connection
 
with
 
disclosure
 
requirement
 
E5-1
 
(Policies
 
related
 
to
resource
 
use
 
and
 
circular
 
economy).
 
To
 
prevent
 
and
 
reduce
 
pollution,
 
Fingrid
 
has
 
in
 
place
 
an
 
occupational
 
health
 
and
safety
 
management
 
system
 
based
 
on
 
the
 
ISO
 
45001
 
standard,
 
which
 
is
 
considered
 
to
 
meet
 
the
 
principles
 
of
 
the
International
 
Finance
 
Corporation’s
 
(IFC)
 
environmental,
 
health
 
and
 
safety
 
guidelines.
 
Fingrid
 
complies
 
with
 
the
applicable
 
standards
 
and
 
operational
 
methods
 
to
 
reduce
 
any
 
health
 
impacts
 
from
 
electric
 
and
 
magnetic
 
fields.
 
The
limit
 
values
 
set
 
by
 
the
 
Finnish
 
Ministry
 
of
 
Social
 
Affairs
 
and
 
Health
 
for
 
public
 
exposure,
 
based
 
on
 
the
recommendation
 
of
 
the
 
Council
 
of
 
the
 
European
 
Union,
 
are
 
not
 
exceeded
 
in
 
the
 
vicinity
 
of
 
transmission
 
lines.
Taxonomy
 
alignment
 
additionally
 
requires
 
that
 
no
 
polychlorinated
 
biphenyls
 
(PCBs)
 
are
 
used
 
in
 
the
 
operations.
Fingrid
 
does
 
not
 
use
 
any
 
PCBs
 
in
 
its
 
overhead
 
lines.
 
Due
 
to
 
the
 
often
 
long
 
lifetime
 
of
 
grid
 
equipment,
 
PCBs
 
have
 
still
been
 
detected,
 
generally
 
in
 
small
 
concentrations,
 
in
 
a
 
limited
 
part
 
of
 
oils
 
in
 
old
 
equipment.
 
This
 
equipment
 
will
 
be
dismantled
 
using
 
appropriate
 
met
 
hods
 
as
 
their
 
service
 
life
 
ends.
 
Fingrid’s
 
operations
 
also
 
do
 
not
 
do
 
significant
 
harm
to
 
the
 
protection
 
of
 
biodiversity
 
and
 
ecosystems
 
and
 
restoring
 
them.
 
Fingrid
 
carries
 
out
 
environmental
 
impact
assessments
 
in
 
compliance
 
with
 
the
 
EIA
 
Directive
 
and
 
implements
 
the
 
harm
 
reduction
 
and
 
compensation
 
measures
identified
 
as
 
necessary
 
to
 
protect
 
the
 
environment
 
as
 
described
 
in
 
connection
 
with
 
disclosure
 
requirement
 
E4-3
(Actions
 
and
 
resources
 
related
 
to
 
biodiversity
 
and
 
ecosystems).
 
Appropriate
 
assessments
 
in
 
compliance
 
with
 
the
Habitats
 
Directive
 
and
 
the
 
Bird
 
Directive
 
are
 
carried
 
out
 
in
 
vulnerable
 
areas
 
and
 
their
 
vicinities
 
(including
 
the
 
Natura
2000
 
network
 
of
 
protected
 
areas,
 
UNESCO
 
world
 
heritage
 
sites,
 
biodiversity
 
hot
 
spots
 
and
 
other
 
nature
 
reserves),
and
 
the
 
necessary
 
mitigation
 
measures
 
are
 
implemented.
 
42
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
As
 
a
 
minimum
 
level
 
of
 
protection
,
 
the
 
Taxonomy
 
Regulation
 
requires
 
measures
 
to
 
ensure
 
that
 
the
 
OECD
 
Guidelines
for
 
Multinational
 
Companies
 
and
 
the
 
UN
 
Guiding
 
Principles
 
on
 
Business
 
and
 
Human
 
Rights
 
are
 
complied
 
with.
 
Fingrid
has
 
revised
 
its
 
procedures
 
regarding
 
human
 
rights,
 
bribery,
 
competition
 
and
 
taxation.
 
The
 
company
 
estimates
 
that
 
it
meets
 
the
 
minimum
 
safeguards
 
of
 
social
 
responsibility
 
and
 
has
 
in
 
place
 
procedures
 
to
 
oversee
 
their
 
compliance
 
in
the
 
company’s
 
own
 
operations
 
as
 
well
 
as
 
in
 
business
 
relationships,
 
in
 
compliance
 
with
 
the
 
due
 
diligence
 
obligation.
In
 
2016,
 
Fingrid
 
signed
 
the
 
UN
 
Global
 
Compact
 
initiative
 
and
 
defined
 
the
 
Code
 
of
 
Conduct
 
for
 
its
 
personnel
 
in
compliance
 
with
 
these
 
principles
 
and
 
the
 
UN’s
 
Guiding
 
Principles
 
on
 
Business
 
and
 
Human
 
Rights.
 
The
 
public
 
Code
 
of
Conduct
 
approved
 
by
 
the
 
company’s
 
Board
 
of
 
Directors
 
also
 
includes
 
Fingrid’s
 
human
 
rights
 
commitment
 
drawn
 
up
with
 
assistance
 
from
 
a
 
third-party
 
specialist.
 
Fingrid
 
requires
 
its
 
service
 
providers
 
and
 
suppliers
 
to
 
commit
 
to
 
the
Supplier
 
Code
 
of
 
Conduct,
 
which
 
covers
 
issues
 
such
 
as
 
business
 
practices,
 
human
 
rights,
 
labour
 
rights,
 
occupational
safety,
 
the
 
environment,
 
and
 
anti-corruption
 
in
 
compliance
 
with
 
the
 
United
 
Nations’
 
Global
 
Compact
 
initiative.
 
The
Supplier
 
Code
 
of
 
Conduct
 
is
 
also
 
publicly
 
available
 
on
 
Fingrid’s
 
website.
 
As
 
early
 
as
 
2016,
 
Fingrid
 
started
 
to
 
further
sharpen
 
its
 
human
 
rights
 
focus
 
with
 
an
 
overall
 
assessment
 
in
 
compliance
 
with
 
the
 
UN’s
 
Guiding
 
Principles.
 
Since
then,
 
Fingrid
 
has
 
annually
 
updated
 
its
 
human
 
rights
 
action
 
plan
 
drawn
 
up
 
on
 
the
 
basis
 
of
 
the
 
assessment
 
and
reviewed
 
the
 
need
 
for
 
an
 
overall
 
update
 
of
 
the
 
assessment.
 
In
 
2023–2024,
 
the
 
human
 
rights
 
impact
 
and
 
risks
assessment
 
on
 
which
 
the
 
Human
 
Rights
 
Due
 
Diligence
 
(HRDD)
 
process
 
is
 
based
 
was
 
updated
 
with
 
support
 
from
 
third-
party
 
experts.
 
At
 
the
 
same
 
time,
 
the
 
human
 
rights
 
impact
 
assessment
 
(HRIA)
 
was
 
carried
 
out
 
for
 
Fingrid’s
 
entire
value
 
chain
 
to
 
assess
 
actual
 
or
 
potential
 
negative
 
human
 
rights
 
impacts.
 
The
 
human
 
rights
 
responsibility
 
of
 
the
subsidiaries
 
Finextra
 
and
 
Fingrid
 
Datahub
 
was
 
taken
 
into
 
consideration
 
in
 
the
 
assessment.
 
The
 
human
 
rights
assessment
 
focuses
 
on
 
ensuring
 
responsible
 
procurement,
 
because
 
the
 
company’s
 
business
 
model
 
is
 
based
 
on
combining
 
its
 
core
 
expertise
 
with
 
that
 
of
 
its
 
partners.
 
The
 
descriptions
 
of
 
other
 
areas
 
in
 
the
 
HRDD
 
process
 
were
 
also
edited
 
for
 
more
 
clarity
 
and
 
more
 
concrete
 
specifics
 
in
 
Fingrid’s
 
operations.
Anti-corruption
 
and
 
the
 
prohibition
 
to
 
offer
 
or
 
accept
 
an
 
undue
 
benefit,
 
including
 
anti-money
 
laundering,
 
anti-
extortion
 
and
 
anti-bribery,
 
are
 
included
 
in
 
the
 
Supplier
 
Code
 
of
 
Conduct
 
and
 
in
 
Fingrid’s
 
Code
 
of
 
Conduct,
 
which
obligate
 
the
 
entire
 
personnel,
 
with
 
various
 
practices
 
in
 
place
 
to
 
oversee
 
compliance
 
at
 
the
 
company
 
level.
 
The
 
Code
of
 
Conduct
 
also
 
prohibits
 
any
 
support
 
to
 
religious
 
or
 
political
 
activities
 
by
 
Fingrid.
 
More
 
detailed
 
instructions
 
linked
to
 
the
 
Code
 
of
 
Conduct
 
for
 
areas
 
such
 
as
 
business
 
gifts
 
and
 
ensuring
 
impartiality
 
include
 
other
 
principles,
 
policies
and
 
guidelines,
 
and
 
induction
 
programmes.
 
The
 
internal
 
control
 
and
 
risk
 
management
 
principles
 
define
 
the
operating
 
models
 
to
 
be
 
used
 
in
 
internal
 
control
 
and
 
risk
 
management,
 
and
 
the
 
control
 
measures
 
also
 
applicable
 
to
bribery,
 
demands
 
of
 
bribes
 
and
 
prevention
 
of
 
extortion.
 
The
 
risk
 
of
 
warping
 
of
 
the
 
corporate
 
culture
 
is
 
reported
annually
 
to
 
the
 
Board
 
of
 
Directors,
 
covering
 
any
 
behaviour
 
in
 
conflict
 
with
 
the
 
Code
 
of
 
Conduct
 
and
 
Fingrid’s
 
values.
The
 
company-level
 
public
 
reporting
 
includes
 
corruption
 
or
 
bribery
 
cases,
 
if
 
any.
Fingrid
 
complies
 
in
 
all
 
its
 
operations
 
with
 
the
 
principles
 
and
 
regulations
 
of
 
Finnish
 
and
 
EU
 
competition
 
law.
 
Each
person
 
working
 
at
 
Fingrid
 
has
 
the
 
duty
 
to
 
contribute
 
to
 
ensuring
 
that
 
Fingrid
 
complies
 
with
 
the
 
competition
legislation
 
in
 
force.
 
This
 
obligation
 
also
 
applies
 
to
 
the
 
company’s
 
customer
 
organisations.
 
Separate
 
public
 
guidelines
on
 
the
 
compliance
 
of
 
competition
 
law
 
are
 
in
 
place
 
for
 
Fingrid’s
 
advisory
 
committee,
 
other
 
committees
 
and
 
similar
working
 
groups.
 
Tendering
 
of
 
services
 
in
 
an
 
honest,
 
ethical,
 
professional,
 
market
 
-based
 
and
 
transparent
 
manner
 
is
included
 
in
 
the
 
company’s
 
Code
 
of
 
Conduct.
 
As
 
regards
 
taxation,
 
Fingrid
 
honours
 
its
 
Code
 
of
 
Conduct
 
by
 
being
 
a
 
responsible
 
tax
 
payer
 
and
 
does
 
not
 
make
 
special
arrangements
 
to
 
minimise
 
taxes.
 
Fingrid
 
commits,
 
for
 
its
 
part,
 
to
 
prevent
 
the
 
grey
 
economy.
 
The
 
company
 
has
 
no
taxation
 
risk
 
strategy
 
approved
 
by
 
the
 
Board
 
of
 
Directors,
 
because
 
the
 
company
 
has
 
not
 
identified
 
any
 
material
 
risks
related
 
to
 
taxation.
According
 
to
 
the
 
assessment
 
of
 
the
 
operations
 
in
 
2024,
 
a
 
substantial
 
proportion
 
of
 
Fingrid’s
 
operations
 
is
 
both
taxonomy
 
-eligible
 
and
 
taxonomy
 
-aligned
 
and
 
significantly
 
reduces
 
the
 
GHG
 
emissions
 
from
 
other
 
sectors.
43
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Taxonomy
 
-aligned
 
activities
 
accounted
 
for
 
95.6
 
per
 
cent
 
of
 
turnover,
 
97.2
 
per
 
cent
 
of
 
CapEx
 
and
 
86.2
 
per
 
cent
 
of
OpEx.
 
There
 
are
 
no
 
significant
 
changes
 
in
 
the
 
calculation
 
compared
 
to
 
the
 
previous
 
year.
 
Section
 
4.3
 
of
 
the
 
financial
statements
 
contains
 
a
 
more
 
detailed
 
breakdown
 
of
 
the
 
turnover
 
and
 
changes
 
during
 
the
 
reporting
 
period.
 
The
investment
 
programme
 
is
 
addressed
 
in
 
disclosure
 
requirement
 
E1-3
 
(Actions
 
and
 
resources
 
in
 
relation
 
to
 
climate
change
 
policies).
 
Taxonomy
 
-aligned
 
operational
 
expenditure
 
was
 
EUR
 
3.1
 
million
 
(EUR
 
2.4
 
million),
 
grid
 
maintenance
costs
 
were
 
EUR
 
45.6
 
million
 
(EUR
 
29.1
 
million)
 
and
 
lease
 
expenses
 
were
 
EUR
 
1.3
 
million
 
(EUR
 
1.1
 
million).
 
The
increase
 
in
 
grid
 
maintenance
 
costs
 
was
 
mainly
 
due
 
to
 
the
 
repair
 
of
 
the
 
EstLink
 
2
 
cross
 
-border
 
transmission
 
cable,
which
 
sustained
 
damage
 
in
 
January.
Electricity
 
transmission
 
is
 
classified
 
as
 
a
 
taxonomy
 
-eligible
 
sustainable
 
economic
 
activity,
 
which
 
has
 
technical
assessment
 
criteria
 
in
 
place
 
for
 
assessing
 
taxonomy
 
-alignment.
 
In
 
terms
 
of
 
climate
 
change
 
mitigation,
 
the
transmission
 
of
 
electricity
 
has
 
been
 
defined
 
as
 
an
 
enabling
 
activity
 
with
 
which
 
other
 
sectors’
 
GHG
 
emissions
 
can
 
be
significantly
 
reduced.
Calculations
 
have
 
been
 
made
 
on
 
the
 
portions
 
of
 
Fingrid’s
 
operations
 
that
 
are
 
taxonomy
 
-eligible
 
and
 
meet
 
the
assessment
 
criteria
 
related
 
to
 
climate
 
change
 
mitigation.
 
The
 
three
 
key
 
performance
 
indicators
 
(KPIs)
 
required
 
by
the
 
taxonomy
 
have
 
been
 
calculated:
 
turnover,
 
capital
 
expenditure
 
and
 
operational
 
expenditure.
 
The
 
starting
 
point
for
 
the
 
assessment
 
is
 
the
 
fact
 
that
 
electricity
 
transmission
 
has
 
been
 
classified
 
as
 
a
 
taxonomy
 
-eligible
 
sustainable
economic
 
activity.
 
However,
 
the
 
peak
 
load
 
capacity
 
income
 
from
 
Fingrid’s
 
operations
 
is
 
not
 
taxonomy
 
-eligible
because
 
it
 
is
 
not
 
directly
 
related
 
to
 
the
 
transmission
 
and
 
use
 
of
 
electricity
 
in
 
the
 
main
 
grid
 
and,
 
according
 
to
 
Fingrid’s
interpretation,
 
there
 
are
 
no
 
other
 
taxonomy
 
-eligible
 
activities
 
(in
 
compliance
 
with
 
the
 
Taxonomy
 
Regulation)
 
that
could
 
be
 
applied
 
in
 
this
 
case.
 
Due
 
to
 
the
 
same
 
reason,
 
the
 
Datahub
 
income
 
and
 
the
 
guarantee
 
of
 
origin
 
certificate
service
 
are
 
also
 
not
 
classified
 
as
 
taxonomy
 
-eligible
 
even
 
though
 
they
 
have
 
a
 
positive
 
impact
 
on
 
climate
 
change
mitigation.
When
 
assessing
 
the
 
taxonomy
 
-alignment
 
of
 
Fingrid’s
 
operations,
 
an
 
essential
 
criterion
 
is
 
met
 
in
 
that
 
the
transmission
 
system
 
is
 
an
 
interconnected
 
European
 
system.
 
However,
 
a
 
Fingrid
 
operation
 
is
 
not
 
taxonomy
 
-aligned
 
if
it
 
includes
 
infrastructure
 
dedicated
 
to
 
creating
 
a
 
direct
 
connection
 
or
 
expanding
 
an
 
existing
 
direct
 
connection
between
 
a
 
substation
 
or
 
network
 
and
 
a
 
power
 
production
 
plant
 
that
 
is
 
more
 
GHG
 
intensive
 
than
 
100
 
g
 
CO
2
e/kWh
measured
 
on
 
a
 
life
 
cycle
 
basis.
 
Such
 
direct
 
connections
 
are
 
rare
 
and
 
are
 
excluded
 
from
 
the
 
calculations
 
of
 
taxonomy-
aligned
 
operations.
 
Fingrid’s
 
reserve
 
power
 
activities
 
are
 
also
 
excluded
 
from
 
the
 
calculations,
 
on
 
the
 
same
 
grounds.
The
 
intelligent
 
measurement
 
systems
 
in
 
use
 
at
 
Fingrid
 
have
 
been
 
verified
 
to
 
comply
 
with
 
the
 
criteria
 
set
 
in
 
the
Electricity
 
Directive.
In
 
the
 
taxonomy
 
-alignment
 
calculations,
 
the
 
proportion
 
of
 
the
 
equipment
 
containing
 
PCBs
 
has
 
been
 
deducted
 
from
the
 
power
 
and
 
instrument
 
transformer
 
groups.
 
The
 
production
 
and
 
import
 
of
 
PCBs
 
have
 
been
 
prohibited
 
in
 
Finland
since
 
1990.
 
The
 
detected
 
PCB
 
concentrations
 
have
 
generally
 
been
 
low.
 
The
 
lifetime
 
of
 
grid
 
equipment
 
is
 
often
 
long,
which
 
is
 
why
 
PCBs
 
have
 
been
 
detected
 
in
 
a
 
limited
 
part
 
of
 
old
 
equipment
 
when
 
sampling
 
oils
 
in
 
power
 
transformers
and
 
dismantling
 
oil-insulated
 
equipment.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
44
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Turnover
 
of
 
taxonomy
 
-eligible
 
activities
Financial
 
year
 
2024
Year
Substantial
 
Contribution
 
Criteria
‘Does
 
Not
 
Significantly
 
Harm’
 
criteria
 
(DNSH
 
criteria)
 
Economic
 
Activities
Code
 
(a)
Turnover
Proportion
 
of
Turnover,
year
 
2024
Climate
 
Change
Mitigation
Climate
 
Change
Adaptation
Water
Pollution
Circular
 
Economy
Biodiversity
Climate
 
Change
Mitigation
Climate
 
Change
Adaptation
Water
Pollution
Circular
 
Economy
Biodiversity
Minimum
Safeguards
Proportion
 
of
 
Taxonomy
 
aligned
 
(A.1.)
 
or
 
eligible
 
(A.2.)
 
turnover,
 
year
 
2023
 
Category
enabling
 
activity
Category
 
transitional
 
activity
M€
%
Y;
 
N;
 
N/EL
 
(b)
 
(c)
Y;
 
N;
 
N/EL
 
(b)
 
(c)
Y;
 
N;
 
N/EL
 
(b)
 
(c)
Y;
 
N;
 
N/EL
 
(b)
 
(c)
Y;
 
N;
 
N/EL
 
(b)
 
(c)
Y;
 
N;
 
N/EL
 
(b)
 
(c)
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A.
 
TAXONOMY
 
-ELIGIBLE
 
ACTIVITIES
 
A.1.
 
Environmentally
 
sustainable
 
activities
 
(Taxonomy
 
-aligned)
Electricity
 
transmission
 
and
distribution
CCM
 
4.9
1,213
95.6
 
%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
95.8
 
%
E
Turnover
 
of
 
environmentally
 
sustainable
 
activities
 
(Taxonomy
 
-aligned)
 
(A.1)
 
1,213
95.6
 
%
96%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
95.8
 
%
Of
 
which
 
Enabling
1,213
95.6
 
%
96%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
95.8
 
%
E
Of
 
which
 
Transitional
A.2
 
Taxonomy
 
-Eligible
 
but
 
not
 
environmentally
 
sustainable
 
activities
 
(not
 
Taxonomy
 
-aligned
 
activities)
 
(g)
 
EL;
 
N/EL
 
(f)
 
EL;
 
N/EL
 
(f)
 
EL;
 
N/EL
 
(f)
 
EL;
 
N/EL
 
(f)
 
EL;
 
N/EL
 
(f)
 
EL;
 
N/EL
 
(f)
 
Electricity
 
transmission
 
and
distribution
CCM
 
4.9
34
2.7
 
%
KEL
E/KEL
E/KEL
E/KEL
E/KEL
E/KEL
2.4
 
%
Turnover
 
of
 
Taxonomy
 
-eligible
 
but
 
not
 
environmentally
 
sustainable
 
activities
 
(not
 
Taxonomy
 
-aligned
 
activities)
 
(A.2)
 
34
2.7
 
%
3%
0%
0%
0%
0%
0%
2.4
 
%
A.
 
Turnover
 
of
 
Taxonomy
 
eligible
 
activities
(A.1+A.2)
 
1,247
98%
98%
0%
0%
0%
0%
0%
98.2
 
%
B.
 
TAXONOMY
 
-NON-ELIGIBLE
 
ACTIVITIES
Turnover
 
of
 
Taxonomy
 
-non-
eligible
 
activities
 
22
1.7
 
%
TOTAL
1,269
100%
N/EL
 
=
 
Non-eligible
EL
 
=
 
Eligible
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
45
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Capex
 
of
 
taxonomy
 
-eligible
 
activities
Financial
 
year
 
2024
Year
Substantial
 
Contribution
 
Criteria
‘Does
 
Not
 
Significantly
 
Harm’
 
criteria
 
(DNSH
 
criteria)
 
Economic
 
Activities
Code
 
(a)
Turnover
Proportion
 
of
Turnover,
 
year
 
2024
Climate
 
Change
Mitigation
Climate
 
Change
Adaptation
Water
Pollution
Circular
 
Economy
Biodiversity
Climate
 
Change
Mitigation
Climate
 
Change
Adaptation
Water
Pollution
Circular
 
Economy
Biodiversity
Minimum
 
Safeguards
Proportion
 
of
Taxonomy
 
aligned
 
(A.1.)
 
or
 
eligible
 
(A.2.)
 
CapEx,
 
year
 
2023
Category
enabling
 
activity
Category
transitional
 
activity
M€
%
Y;
 
N;
 
N/EL
 
(b)
 
(c)
 
Y;
 
N;
 
N/EL
 
(b)
 
(c)
 
Y;
 
N;
 
N/EL
 
(b)
 
(c)
 
Y;
 
N;
 
N/EL
 
(b)
 
(c)
 
Y;
 
N;
 
N/EL
 
(b)
 
(c)
 
Y;
 
N;
 
N/EL
 
(b)
 
(c)
 
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A.
 
TAXONOMY
 
-ELIGIBLE
 
ACTIVITIES
A.1.
 
Environmentally
 
sustainable
 
activities
 
(Taxonomy
 
-aligned)
Electricity
 
transmission
 
and
 
distribution
CCM
 
4.9
449
97.2
 
%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
98.7
 
%
E
CapEx
 
of
 
environmentally
 
sustainable
 
activities
 
(Taxonomy
 
-aligned)
 
(A.1)
 
449
97.2
 
%
97.2
 
%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
98.7
 
%
Of
 
which
 
Enabling
449
97.2
 
%
97.2
 
%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
98.7
 
%
E
Of
 
which
 
Transitional
A.2
 
Taxonomy
 
-Eligible
 
but
 
not
 
environmentally
 
sustainable
 
activities
 
(not
 
Taxonomy
 
-aligned
 
activities)
 
(g)
EL;
 
N/EL
 
(f)
 
EL;
 
N/EL
 
(f)
EL;
 
N/EL
 
(f)
EL;
 
N/EL
 
(f)
EL;
 
N/EL
 
(f)
EL;
 
N/EL
 
(f)
Electricity
 
transmission
 
and
 
distribution
CCM
 
4.9
13
2.8
 
%
KEL
E/KEL
E/KEL
E/KEL
E/KEL
E/KEL
1.3
 
%
CapEx
 
of
 
Taxonomy
 
-eligible
 
but
 
not
 
environmentally
 
sustainable
 
activities
 
(not
 
Taxonomy
 
-aligned
 
activities)
 
(A.2)
 
13
2.8
 
%
2.8
 
%
0%
0%
0%
0%
0%
1.3
 
%
A.
 
CapEx
 
of
 
Taxonomy
 
eligible
 
activities
 
(A.1+A.2)
462
100%
100%
0%
0%
0%
0%
0%
100%
B.
 
TAXONOMY
 
-NON-ELIGIBLE
 
ACTIVITIES
CapEx
 
of
 
Taxonomy
 
-non-eligible
 
activities
 
0
0.0
 
%
TOTAL
 
462
100%
N/EL
 
=
 
Non-eligible
EL
 
=
 
Eligible
Capital
 
expenditure
 
and
 
total
 
investments
 
in
 
accordance
 
with
 
figures
 
reported
 
by
 
Fingrid
 
Group.
 
Fingrid
 
Group’s
 
accounting
 
principles
 
for
 
capital
 
expenditure
 
can
 
be
 
found
 
in
 
section
 
4.3
 
and
 
5.2
 
of
 
the
 
financial
 
statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
46
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Oapex
 
of
 
taxonomy
 
-eligible
 
activities
Financial
 
year
 
2024
Year
Substantial
 
Contribution
 
Criteria
‘Does
 
Not
 
Significantly
 
Harm’
 
criteria
 
(DNSH
 
criteria)
 
Economic
 
Activities
Code
 
(a)
Turnover
Proportion
 
of
Turnover,
 
year
 
2024
Climate
 
Change
Mitigation
Climate
 
Change
Adaptation
Water
Pollution
Circular
 
Economy
Biodiversity
Climate
 
Change
Mitigation
Climate
 
Change
Adaptation
Water
Pollution
Circular
 
Economy
Biodiversity
Minimum
 
Safeguards
Proportion
 
of
 
Taxonomy
 
aligned
 
(A.1.)
 
or
 
eligible
 
(A.2.)
 
OpEx,
 
year
 
2023
 
Category
enabling
 
activity
Category
transitional
activity
M€
%
Y;
 
N;
 
N/EL
 
(b)
 
(c)
 
Y;
 
N;
 
N/EL
 
(b)
 
(c)
 
Y;
 
N;
 
N/EL
 
(b)
 
(c)
 
Y;
 
N;
 
N/EL
 
(b)
 
(c)
 
Y;
 
N;
 
N/EL
 
(b)
 
(c)
 
Y;
 
N;
 
N/EL
 
(b)
 
(c)
 
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A.
 
TAXONOMY
 
-ELIGIBLE
 
ACTIVITIES
A.1
 
Environmentally
 
sustainable
 
activities
 
(Taxonomy
 
-aligned)
Electricity
 
transmission
 
and
 
distribution
CCM
 
4.9
51
86.2
 
%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
82.3
 
%
E
OpEx
 
of
 
environmentally
 
sustainable
 
activities
 
(Taxonomy
 
-aligned)
 
(A.1)
 
51
86.2
 
%
86.2
 
%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
82.3
 
%
Of
 
which
 
Enabling
51
86.2
 
%
86.2
 
%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
82.3
 
%
E
Of
 
which
 
Transitional
A.2
 
Taxonomy
 
-Eligible
 
but
 
not
 
environmentally
 
sustainable
 
activities
 
(not
 
Taxonomy
 
-aligned
 
activities)
 
(g)
EL;
 
N/EL
 
(f)
 
EL;
 
N/EL
 
(f)
 
EL;
 
N/EL
 
(f)
 
EL;
 
N/EL
 
(f)
 
EL;
 
N/EL
 
(f)
 
EL;
 
N/EL
 
(f)
 
Electricity
 
transmission
 
and
 
distribution
CCM
 
4.9
8
13.8
 
%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
17.7
 
%
OpEx
 
of
 
Taxonomy
 
-eligible
 
but
 
not
 
environmentally
 
sustainable
 
activities
 
(not
 
Taxonomy
 
-aligned
 
activities)
 
(A.2)
 
8
13.8
 
%
13.8
 
%
0%
0%
0%
0%
0%
17.7
 
%
A.
 
OpEx
 
of
 
Taxonomy
 
eligible
 
activities
 
(A.1+A.2)
 
59
100%
100%
0%
0%
0%
0%
0%
100%
B.
 
TAXONOMY
 
-NON-ELIGIBLE
 
ACTIVITIES
OpEx
 
of
 
Taxonomy
 
-non-eligible
 
activities
0
0.0
 
%
TOTAL
59
100%
N/EL
 
=
 
Non-eligible
EL
 
=
 
Eligible
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
47
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Nuclear
 
and
 
fossil
 
gas
 
related
 
activities
Row
 
Nuclear
 
energy
 
related
 
activities
1.
The
 
undertaking
 
carries
 
out,
 
funds
 
or
 
has
 
exposures
 
to
 
research,
 
development,
 
demonstration
 
and
 
deployment
 
of
 
innovative
 
electricity
 
generation
 
facilities
 
that
produce
 
energy
 
from
 
nuclear
 
processes
 
with
 
minimal
 
waste
 
from
 
the
 
fuel
 
cycle.
No
2.
The
 
undertaking
 
carries
 
out,
 
funds
 
or
 
has
 
exposures
 
to
 
construction
 
and
 
safe
 
operation
 
of
 
new
 
nuclear
 
installations
 
to
 
produce
 
electricity
 
or
 
process
 
heat,
including
 
for
 
the
 
purposes
 
of
 
district
 
heating
 
or
 
industrial
 
processes
 
such
 
as
 
hydrogen
 
production,
 
as
 
well
 
as
 
their
 
safety
 
upgrades,
 
using
 
best
 
available
technologies.
No
3.
The
 
undertaking
 
carries
 
out,
 
funds
 
or
 
has
 
exposures
 
to
 
safe
 
operation
 
of
 
existing
 
nuclear
 
installations
 
that
 
produce
 
electricity
 
or
 
process
 
heat,
 
including
 
for
 
the
purposes
 
of
 
district
 
heating
 
or
 
industrial
 
processes
 
such
 
as
 
hydrogen
 
production
 
from
 
nuclear
 
energy,
 
as
 
well
 
as
 
their
 
safety
 
upgrades.
No
Fossil
 
gas
 
related
 
activities
4.
The
 
undertaking
 
carries
 
out,
 
funds
 
or
 
has
 
exposures
 
to
 
construction
 
or
 
operation
 
of
 
electricity
 
generation
 
facilities
 
that
 
produce
 
electricity
 
using
 
fossil
 
gaseous
fuels.
No
5.
The
 
undertaking
 
carries
 
out,
 
funds
 
or
 
has
 
exposures
 
to
 
construction,
 
refurbishment,
 
and
 
operation
 
of
 
combined
 
heat/cool
 
and
 
power
 
generation
 
facilities
 
using
fossil
 
gaseous
 
fuels.
No
6.
The
 
undertaking
 
carries
 
out,
 
funds
 
or
 
has
 
exposures
 
to
 
construction,
 
refurbishment
 
and
 
operation
 
of
 
heat
 
generation
 
facilities
 
that
 
produce
 
heat/cool
 
using
 
fossil
gaseous
 
fuels.
No
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
48
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
ESRS
 
E1
 
–
 
Climate
 
Change
Material
 
impacts,
 
risks
 
and
 
opportunities
 
related
 
to
 
climate
 
change
When
 
it
 
comes
 
to
 
climate
 
change,
 
material
 
sub-topics
 
for
 
Fingrid
 
include
 
climate
 
change
 
adaptation,
 
climate
 
change
mitigation
 
and
 
energy.
 
Fingrid
 
is
 
implementing
 
its
 
largest
 
ever
 
investment
 
programme,
 
which
 
will
 
enable
 
the
electrification
 
of
 
society
 
and
 
the
 
transmission
 
of
 
clean
 
electricity
 
from
 
production
 
to
 
consumption
 
required
 
to
reduce
 
GHG
 
emissions.
 
To
 
support
 
this
 
change,
 
the
 
company
 
must
 
succeed
 
in
 
developing
 
the
 
electricity
 
market
 
and
the
 
solutions
 
serving
 
it.
 
The
 
material
 
positive
 
climate
 
impact
 
of
 
Fingrid’s
 
business
 
operations
 
shows
 
as
 
an
 
indirect
decline
 
in
 
GHG
 
emissions,
 
as
 
climate
 
change
 
mitigation
 
in
 
Finland
 
becomes
 
possible.
 
The
 
green
 
transition
 
creates
 
an
investment
 
opportunity,
 
but
 
at
 
the
 
same
 
time
 
the
 
company
 
has
 
to
 
manage
 
material
 
systemic
 
risks
 
related
 
to
 
the
transition
 
to
 
a
 
clean
 
power
 
system.
 
Transition
 
risks
 
primarily
 
arise
 
from
 
regulations
 
and
 
the
 
realisation
 
of
 
the
 
system
responsibility
 
for
 
the
 
electricity
 
network
 
in
 
the
 
carbon
 
neutral
 
energy
 
system
 
of
 
the
 
future,
 
when
 
balancing
 
the
power
 
system
 
will
 
be
 
more
 
challenging
 
than
 
today.
 
The
 
company
 
must
 
also
 
be
 
able
 
to
 
build
 
new
 
grid
 
infrastructure
with
 
the
 
pace
 
and
 
magnitude
 
required
 
by
 
the
 
green
 
transition.
 
ESRS
standard
Material
topics
Impact
Financial
 
impact
Identified
 
impacts
Risks
 
and
opportunities
Fingrid’s
 
policies
 
for
impacts,
 
risks
 
and
opportunities
management
E1
 
Climate
change
↑Climate
change
mitigation
↓Climate
change
adaptation
↓Energy
•
 
•
 
↑Enabling
 
climate
 
change
mitigation
 
and
 
indirect
reduction
 
of
 
GHG
 
emissions
by
 
connecting
 
new
renewable
 
energy
production
 
and
consumption
 
to
 
the
 
grid
↑/↓Flexibility
 
and
functionality
 
of
 
the
electricity
 
market
+Investment
 
need
arising
 
from
 
the
 
green
transition
-Risks
 
arising
 
from
 
the
transition
 
to
 
a
 
clean
power
 
system,
 
such
as
 
system
responsibility
 
and
adequacy
 
of
 
grid
building
Principles
 
of
 
ensuring
transmission
 
capacity
Principles
 
for
promoting
 
the
electricity
 
market
Internal
 
control
 
and
 
risk
management
 
principles
Loss
 
power
procurement
 
policy
Transmission
 
capacity
allocation
 
and
congestion
management
 
policy
Grid
 
planning,
 
building
and
 
maintenance
management
 
policies
Land
 
use
 
and
environmental
 
policy
↑
 
Positive
 
impact
 
/
 
↓
 
Negative
 
impact
 
/
 
+
 
Opportunity
 
/
 
-
 
Risk
E1-1
 
Transition
 
plan
 
for
 
climate
 
change
 
mitigation
Fingrid’s
 
transition
 
plan
 
for
 
climate
 
change
 
mitigation
 
is
 
a
 
set
 
of
 
targets
 
and
 
measures,
 
which
 
includes
 
as
 
key
elements
 
the
 
company’s
 
grid
 
investments,
 
the
 
reduction
 
of
 
the
 
company’s
 
own
 
GHG
 
emissions
 
aligned
 
with
 
the
 
Paris
Agreement
 
and
 
climate
 
change
 
adaptation
 
as
 
part
 
of
 
the
 
company’s
 
risk
 
management.
 
The
 
transition
 
plan
 
that
 
they
form
 
and
 
its
 
compatibility
 
with
 
Fingrid’s
 
business
 
strategy
 
and
 
financing
 
are
 
described
 
in
 
this
 
sustainability
statement
 
.
 
49
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
From
 
a
 
sustainable
 
development
 
perspective,
 
the
 
most
 
impactful
 
aspect
 
of
 
Fingrid’s
 
climate
 
work
 
is
 
the
 
positive
impact
 
–
 
the
 
climate
 
benefit
 
–
 
created
 
by
 
the
 
company
 
through
 
its
 
business.
 
The
 
EU
 
taxonomy
 
also
 
defines
 
the
transmission
 
of
 
electricity
 
as
 
an
 
enabling
 
activity
 
with
 
which
 
other
 
sectors’
 
GHG
 
emissions
 
can
 
be
 
significantly
reduced.
 
By
 
making
 
grid
 
investments,
 
Fingrid
 
enables
 
the
 
reduction
 
of
 
GHG
 
emissions
 
in
 
Finland
 
through
electrification.
 
The
 
company’s
 
power
 
system
 
vision
 
is
 
based
 
on
 
the
 
achievement
 
of
 
Finland’s
 
climate
 
goals
 
and
 
the
low-carbon
 
roadmaps
 
of
 
different
 
industries.
 
When
 
Fingrid
 
implements
 
grid
 
investments
 
as
 
approved
 
by
 
the
 
Board
of
 
Directors,
 
the
 
connection
 
of
 
renewable
 
production
 
and
 
consumption
 
becomes
 
possible
 
and
 
GHG
 
emissions
 
in
Finland
 
decrease.
 
In
 
addition
 
to
 
grid
 
investments,
 
climate
 
change
 
mitigation
 
is
 
enabled
 
through
 
electricity
 
market
solutions
 
and
 
customer
 
flexibility.
 
Through
 
its
 
operations,
 
Fingrid
 
supports
 
society’s
 
transition
 
to
 
a
 
sustainable
economy
 
and
 
the
 
limiting
 
of
 
global
 
warming
 
and
 
acts
 
as
 
an
 
enabler
 
in
 
achieving
 
climate
 
goals,
 
and
 
therefore,
 
there
 
is
no
 
need
 
for
 
the
 
company
 
to
 
change
 
its
 
strategy
 
or
 
business
 
model
 
in
 
this
 
respect.
The
 
planned
 
investments
 
are
 
managed
 
through
 
the
 
grid
 
development
 
plan,
 
which
 
covers
 
the
 
new
 
and
 
replacement
investments
 
in
 
the
 
main
 
grid
 
for
 
the
 
next
 
ten
 
years.
 
The
 
development
 
plan
 
is
 
the
 
current
 
best
 
estimate
 
of
 
future
investments
 
and
 
it
 
determines
 
the
 
size,
 
schedule
 
and
 
estimated
 
annual
 
costs
 
of
 
the
 
investment
 
projects.
 
The
company
 
finances
 
the
 
investments
 
included
 
in
 
its
 
development
 
plan
 
using
 
the
 
cash
 
flow
 
of
 
operating
 
activities
 
and
essentially
 
with
 
balance
 
sheet
 
financing
 
using
 
green
 
financing.
 
The
 
company’s
 
debt
 
financing
 
does
 
not
 
include
 
any
preconditions
 
or
 
covenants
 
based
 
on
 
financial
 
ratios.
 
Fingrid’s
 
development
 
plan
 
is
 
assessed
 
as
 
a
 
continuous
 
process
and
 
updated
 
several
 
times
 
a
 
year.
 
The
 
development
 
plan
 
is
 
reported
 
to
 
the
 
steering
 
group
 
tasked
 
with
 
ensuring
transmission
 
capacity,
 
the
 
executive
 
management
 
group
 
and
 
the
 
Board
 
of
 
Directors
 
at
 
least
 
twice
 
a
 
year.
 
The
 
Board
of
 
Directors
 
approves
 
the
 
plan
 
as
 
required.
 
Every
 
year,
 
the
 
Board
 
of
 
Directors
 
approves
 
the
 
investment
 
budget
 
for
the
 
next
 
year
 
and
 
the
 
financial
 
investment
 
ability
 
that
 
outlines
 
the
 
company’s
 
investments
 
for
 
the
 
next
 
few
 
years.
The
 
development
 
plan
 
was
 
last
 
approved
 
on
 
19
 
June
 
2023.
 
The
 
investment
 
budget
 
for
 
2025
 
was
 
approved
 
on
 
30
October
 
2024.
 
The
 
decision
 
outlining
 
the
 
investment
 
ability
 
for
 
the
 
next
 
few
 
years
 
was
 
made
 
by
 
the
 
Board
 
of
Directors
 
on
 
20
 
December
 
2024.
 
The
 
set
 
of
 
targets
 
and
 
measures
 
included
 
in
 
the
 
transition
 
plan
 
for
 
climate
 
change
mitigation
 
is
 
approved
 
by
 
the
 
Board
 
of
 
Directors
 
in
 
connection
 
with
 
sustainability
 
reporting.
In
 
2024,
 
according
 
to
 
the
 
EU
 
taxonomy
 
review,
 
a
 
substantial
 
proportion
 
of
 
Fingrid’s
 
operations
 
is
 
both
 
taxonomy-
eligible
 
and
 
taxonomy
 
-aligned
 
activity,
 
which
 
significantly
 
reduces
 
the
 
GHG
 
emissions
 
from
 
other
 
sectors.
 
The
 
same
applies
 
to
 
capital
 
and
 
operational
 
expenditure,
 
and
 
the
 
company
 
has
 
no
 
specific
 
targets
 
or
 
plans
 
to
 
adapt
 
its
operations
 
in
 
this
 
respect.
 
In
 
2024,
 
the
 
operational
 
expenditure
 
(OpEx)
 
allocated
 
to
 
the
 
implementation
 
of
 
the
transition
 
plan,
 
aligned
 
with
 
the
 
taxonomy’s
 
climate
 
change
 
mitigation
 
criteria,
 
was
 
EUR
 
51
 
million.
 
The
 
capital
expenditure
 
(CapEx)
 
allocated
 
to
 
the
 
implementation
 
of
 
the
 
transition
 
plan,
 
aligned
 
with
 
the
 
taxonomy’s
 
climate
change
 
mitigation
 
criteria,
 
was
 
EUR
 
449
 
million.
 
The
 
amounts
 
above
 
are
 
also
 
significant
 
monetary
 
amounts
 
of
 
CapEx
and
 
OpEx
 
required
 
to
 
implement
 
the
 
actions
 
taken
 
or
 
planned.
 
The
 
taxonomy
 
reporting
 
in
 
its
 
entirety
 
is
 
addressed
 
in
a
 
separate
 
section
 
(EU
 
taxonomy).
The
 
grid
 
building
 
and
 
maintenance
 
work
 
by
 
Fingrid
 
also
 
leads
 
to
 
GHG
 
emissions
 
that
 
result
 
in
 
negative
 
climate
impacts.
 
The
 
company
 
aims
 
to
 
reduce
 
these
 
emissions
 
in
 
line
 
with
 
the
 
Paris
 
Agreement.
 
Direct
 
GHG
 
emissions
 
result
from
 
the
 
sulphur
 
hexafluoride
 
(SF6)
 
needed
 
as
 
an
 
insulating
 
gas
 
at
 
substations
 
and
 
the
 
light
 
fuel
 
oil
 
needed
 
at
reserve
 
power
 
plants.
 
Indirect
 
emissions
 
result
 
from
 
electricity
 
consumption
 
and
 
the
 
power
 
losses
 
in
 
electricity
transmission.
 
Material
 
GHG
 
emissions
 
are
 
also
 
generated
 
in
 
the
 
upstream
 
value
 
chain,
 
especially
 
from
 
the
 
building
materials
 
of
 
transmission
 
line
 
and
 
substation
 
investments.
 
The
 
locked-in
 
of
 
GHG
 
emissions
 
and
 
the
 
limited
 
range
 
of
 
decarbonisation
 
levers
 
are
 
currently
 
related
 
to
 
the
 
use
 
of
sulphur
 
hexafluoride
 
at
 
substations
 
and
 
the
 
use
 
of
 
light
 
fuel
 
oil
 
at
 
reserve
 
power
 
plants.
 
Fingrid
 
has
 
also
 
decided
 
to
reduce
 
its
 
SF6
 
amount
 
as
 
the
 
equipment
 
reaches
 
the
 
end
 
of
 
its
 
service
 
life
 
and
 
new
 
technology
 
enables
 
new
solutions.
 
It
 
is
 
not
 
possible
 
to
 
switch
 
out
 
the
 
SF6
 
gas
 
without
 
modernising
 
the
 
equipment.
 
For
 
the
 
time
 
being,
 
the
50
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large
 
-scale
 
use
 
of
 
new
 
solutions
 
is
 
restricted
 
by
 
technical
 
requirements,
 
a
 
lack
 
of
 
technology
 
suitable
 
for
 
higher
voltage
 
levels
 
and
 
a
 
lack
 
of
 
practical
 
experience.
 
However,
 
the
 
SF6
 
emissions
 
are
 
not
 
estimated
 
to
 
compromise
 
the
achievement
 
of
 
the
 
company’s
 
current
 
and
 
future
 
GHG
 
emission
 
reduction
 
targets.
 
The
 
functionality
 
of
 
Fingrid’s
reserve
 
power
 
plants
 
is
 
key
 
in
 
implementing
 
the
 
company’s
 
system
 
responsibility
 
in
 
severe
 
disturbances.
 
Based
 
on
previous
 
studies,
 
it
 
has
 
not
 
been
 
possible
 
to
 
switch
 
over
 
to
 
renewable
 
fuels
 
at
 
the
 
plants.
The
 
company
 
has
 
not
 
set
 
GHG
 
emission
 
reduction
 
targets
 
that
 
would
 
be
 
science-based
 
and
 
compatible
 
with
 
limiting
global
 
warming
 
to
 
1.5°C.
 
In
 
2024,
 
Fingrid
 
decided
 
to
 
set
 
a
 
science-based
 
GHG
 
emission
 
reduction
 
target
 
and
 
submit
 
it
to
 
the
 
Science
 
Based
 
Targets
 
initiative
 
(SBTi)
 
for
 
validation.
 
The
 
key
 
emission
 
reduction
 
measures
 
to
 
achieve
 
the
target
 
are
 
the
 
procurement
 
of
 
aluminium
 
conductors
 
produced
 
using
 
fossil
 
-fee
 
electricity
 
and
 
the
 
switch
 
over
 
to
renewable
 
diesel
 
in
 
reserve
 
power
 
production,
 
which
 
is
 
currently
 
being
 
looked
 
into.
 
The
 
reduction
 
of
 
Scope
 
3
 
emissions
 
in
 
the
 
value
 
chain
 
is
 
addressed
 
in
 
connection
 
with
 
disclosure
 
requirement
 
E1-3
(Actions
 
and
 
resources
 
in
 
relation
 
to
 
climate
 
change
 
policies).
 
The
 
most
 
effective
 
way
 
to
 
reduce
 
emissions
 
occurring
in
 
the
 
value
 
chain
 
is
 
to
 
choose
 
low-emission
 
materials.
Fingrid
 
is
 
not
 
excluded
 
from
 
the
 
EU
 
Paris
 
-aligned
 
Benchmarks.
Fingrid’s
 
progress
 
in
 
investments
 
implementing
 
the
 
transition
 
plan
 
is
 
addressed
 
in
 
note
 
5.1
 
to
 
the
 
financial
statements
 
(Grid
 
assets).
 
In
 
the
 
reporting
 
year,
 
Fingrid
 
decided
 
to
 
invest
 
in
 
building
 
a
 
400-kilovolt
 
transmission
 
line
named
 
Lowlands
 
Line
 
from
 
Ka
 
lajoki
 
to
 
Jämsä.
 
The
 
company
 
started
 
building
 
a
 
400-kilovolt
 
Lake
 
Line
 
transmission
 
line
between
 
Vaala
 
and
 
Joroinen
 
and
 
a
 
400-kilovolt
 
underground
 
cable
 
connection
 
in
 
Helsinki.
 
The
 
construction
 
of
 
the
Aurora
 
Line
 
cross
 
-border
 
connection
 
between
 
Northern
 
Finland
 
and
 
Northern
 
Sweden
 
progressed
 
on
 
schedule
 
in
2024.
 
The
 
development
 
of
 
GHG
 
emissions
 
and
 
the
 
achievement
 
of
 
emission
 
reduction
 
targets
 
are
 
monitored
 
as
 
part
of
 
sustainability
 
reporting.
E1-2
 
Policies
 
related
 
to
 
climate
 
change
 
mitigation
 
and
 
adaptation
 
Fingrid’s
 
key
 
policies
 
for
 
the
 
management
 
of
 
impacts,
 
risks
 
and
 
opportunities
 
related
 
to
 
climate
 
change
 
mitigation
and
 
adaptation
 
are
 
the
 
principles
 
of
 
ensuring
 
transmission
 
capacity,
 
the
 
principles
 
for
 
promoting
 
the
 
electricity
market,
 
the
 
principles
 
for
 
internal
 
control
 
and
 
risk
 
management,
 
the
 
loss
 
power
 
procurement
 
policy,
 
the
transmission
 
capacity
 
allocation
 
and
 
congestion
 
management
 
policy
 
and
 
the
 
grid
 
planning,
 
building
 
and
 
maintenance
management
 
policies.
 
In
 
addition,
 
the
 
land
 
use
 
and
 
environmental
 
policy
 
focuses
 
on
 
climate
 
change
 
and
 
land-use
change
 
as
 
drivers
 
and
 
covers
 
the
 
lifetime
 
of
 
all
 
of
 
the
 
company’s
 
assets
 
and
 
its
 
value
 
chain
 
in
 
its
 
material
 
parts.
 
The
aforementioned
 
principles
 
are
 
approved
 
by
 
the
 
company’s
 
Board
 
of
 
Directors,
 
and
 
the
 
policies
 
are
 
approved
 
by
 
the
President
 
and
 
CEO.
 
From
 
a
 
climate
 
change
 
perspective,
 
their
 
content
 
is
 
essentially
 
related
 
to
 
the
 
company’s
 
relevant
position
 
in
 
climate
 
change
 
mitigation
 
and
 
enabling
 
renewable
 
energy
 
deployment.
 
The
 
principles
 
of
 
ensuring
 
transmission
 
capacity
 
cover
 
the
 
life
 
-cycle
 
management
 
of
 
the
 
entire
 
main
 
grid.
 
The
objective
 
of
 
the
 
principles
 
is
 
to
 
ensure
 
the
 
adequacy
 
of
 
the
 
transmission
 
capacity,
 
the
 
efficiency
 
and
 
safety
 
of
operations
 
and
 
the
 
correct
 
level
 
of
 
quality.
 
The
 
principles
 
for
 
the
 
promotion
 
of
 
the
 
electricity
 
market
 
describe
 
the
legislation
 
that
 
forms
 
the
 
basis
 
for
 
promoting
 
the
 
electricity
 
market,
 
the
 
targets
 
for
 
the
 
activities
 
and
 
the
 
principles
followed
 
at
 
Fingrid
 
when
 
promoting
 
the
 
electricity
 
market.
 
The
 
principles
 
for
 
internal
 
control
 
and
 
risk
 
management
describe
 
the
 
company’s
 
enterprise
 
risk
 
management,
 
which
 
covers
 
proactive
 
risk
 
management,
 
continuity
management
 
and
 
the
 
precautionary
 
and
 
contingency
 
planning
 
required
 
from
 
a
 
company
 
critical
 
in
 
terms
 
of
 
security
of
 
supply.
 
The
 
management
 
of
 
physical
 
climate
 
risks
 
and
 
transition
 
risks
 
related
 
to
 
climate
 
change
 
adaptation
 
is
 
part
of
 
the
 
company’s
 
enterprise
 
risk
 
management.
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The
 
management
 
of
 
the
 
reserve
 
power
 
plants’
 
environmental
 
impacts
 
is
 
supported
 
by
 
the
 
ISO
 
14001
 
environmental
management
 
system.
 
Fingrid’s
 
reserve
 
power
 
plants
 
are
 
subject
 
to
 
an
 
environmental
 
permit,
 
and
 
they
 
are
 
covered
by
 
the
 
EU’s
 
emissions
 
trading
 
scheme.
Fingrid
 
is
 
a
 
signatory
 
of
 
the
 
Finnish
 
Energy
 
Efficiency
 
Agreement
 
for
 
Industries.
 
The
 
voluntary
 
energy
 
efficiency
agreements
 
are
 
Finland’s
 
primary
 
method
 
for
 
meeting
 
the
 
obligations
 
laid
 
down
 
in
 
the
 
EU’s
 
Energy
 
Efficiency
Directive
 
for
 
a
 
more
 
efficient
 
use
 
of
 
energy.
E1-3
 
Actions
 
and
 
resources
 
in
 
relation
 
to
 
climate
 
change
 
policies
The
 
positive
 
impact
 
of
 
the
 
indirect
 
climate
 
benefit
 
created
 
by
 
Fingrid
 
through
 
its
 
business
 
operations
 
is
 
difficult
 
to
measure,
 
but
 
it
 
is
 
clear
 
that
 
this
 
systemic
 
climate
 
benefit
 
far
 
outweighs
 
the
 
negative
 
carbon
 
footprint
 
from
 
the
operations.
 
The
 
clean
 
energy
 
production
 
connected
 
to
 
the
 
main
 
grid
 
offers
 
one
 
way
 
to
 
estimate
 
the
 
future
 
indirect
climate
 
benefits
 
enabled
 
by
 
Fingrid’s
 
operations.
 
In
 
2024,
 
a
 
total
 
of
 
1,509
 
megawatts
 
of
 
wind
 
power
 
and
 
91
megawatts
 
of
 
solar
 
power
 
was
 
connected
 
to
 
Fingrid’s
 
main
 
grid,
 
which
 
will
 
help
 
to
 
indirectly
 
avoid
 
annual
 
emissions
of
 
around
 
150,818
 
CO
2
 
equivalent
 
tonnes
 
in
 
the
 
coming
 
years.
 
During
 
the
 
year,
 
Fingrid
 
additionally
 
concluded
 
new
agreements
 
on
 
connecting
 
a
 
total
 
of
 
roughly
 
904
 
megawatts
 
of
 
wind
 
power
 
and
 
631
 
megawatts
 
of
 
solar
 
power
production
 
to
 
the
 
electricity
 
network.
 
Once
 
realised,
 
this
 
will
 
lead
 
to
 
a
 
substantial
 
positive
 
climate
 
impact,
 
indirectly
avoiding
 
annual
 
emissions
 
of
 
around
 
109,213
 
CO
2
 
equivalent
 
tonnes.
Fingrid
 
has
 
estimated
 
the
 
carbon
 
dioxide
 
emissions
 
from
 
Finland’s
 
power
 
system
 
in
 
real
 
time
 
since
 
2019.
 
The
calculation
 
formula
 
in
 
use
 
for
 
the
 
emission
 
factor
 
is
 
based
 
on
 
real-time
 
production,
 
import
 
and
 
export
 
data,
 
and
emission
 
factors
 
for
 
specific
 
types
 
of
 
production.
 
The
 
average
 
emission
 
factor
 
for
 
the
 
electricity
 
consumed
 
in
 
Finland
in
 
2024
 
was
 
33
 
g
 
CO
2
/kWh.
 
The
 
emission
 
factor
 
continued
 
to
 
decrease
 
from
 
the
 
previous
 
year,
 
indicating
 
positive
progress
 
in
 
achieving
 
Finland’s
 
climate
 
targets.
From
 
a
 
carbon
 
footprint
 
perspective,
 
Fingrid’s
 
GHG
 
emissions
 
totalled
 
around
 
249,021
 
CO
2
 
equivalent
 
tonnes
 
in
2024.
 
The
 
calculation
 
also
 
includes
 
the
 
indirect
 
emissions
 
from
 
procurement
 
and
 
supply
 
chains
 
(location-based
Scope
 
1,
 
2
 
and
 
3).
 
Total
 
GHG
 
emissions
 
grew
 
22
 
per
 
cent
 
compared
 
to
 
the
 
previous
 
year,
 
mainly
 
due
 
to
 
the
 
higher
number
 
of
 
commissioned
 
transmission
 
lines.
The
 
building
 
of
 
the
 
grid
 
required
 
by
 
the
 
green
 
transition
 
increases
 
the
 
GHG
 
emissions
 
from
 
the
 
company’s
operations.
 
The
 
emissions
 
from
 
construction
 
are
 
highly
 
dependent
 
on
 
the
 
number
 
of
 
investment
 
projects
 
during
 
a
reporting
 
year.
 
They
 
create
 
a
 
‘carbon
 
peak’
 
for
 
the
 
specific
 
year,
 
even
 
though
 
the
 
grid
 
construction
 
materials
 
will
 
last
for
 
several
 
decades.
 
More
 
than
 
70
 
per
 
cent
 
of
 
Fingrid’s
 
GHG
 
emissions
 
were
 
generated
 
in
 
the
 
upstream
 
value
 
chain
(Scope
 
3).
 
Transmission
 
line
 
and
 
substation
 
investments
 
caused
 
the
 
majority
 
of
 
the
 
value
 
chain’s
 
emissions
 
and
represented
 
around
 
36
 
per
 
cent
 
of
 
the
 
total
 
emissions
 
(Scope
 
1,
 
2
 
and
 
3).
 
The
 
company
 
currently
 
has
 
a
 
EUR
 
4
 
billion
 
investment
 
programme
 
under
 
way
 
for
 
the
 
next
 
ten
 
years.
 
With
 
this
programme,
 
the
 
company
 
contributes
 
to
 
enabling
 
the
 
connection
 
of
 
clean
 
electricity,
 
produced
 
using,
 
for
 
example,
wind
 
or
 
solar
 
power,
 
to
 
the
 
electricity
 
network.
 
It
 
is
 
not
 
possible
 
for
 
the
 
company
 
to
 
specify
 
time
 
horizons,
 
estimated
results
 
or
 
significant
 
costs
 
for
 
each
 
measure.
 
The
 
company’s
 
significant
 
actual
 
expenditures
 
related
 
to
 
the
implementation
 
of
 
the
 
transition
 
plan
 
for
 
climate
 
change
 
mitigation
 
are
 
described
 
in
 
connection
 
with
 
disclosure
requirement
 
E1-1.
 
In
 
2024,
 
some
 
EUR
 
500
 
million
 
were
 
invested
 
in
 
the
 
main
 
grid.
 
Around
 
331
 
kilometres
 
of
 
new
 
grid
transmission
 
lines
 
and
 
25
 
new
 
or
 
expanded
 
substations
 
were
 
deployed.
 
In
 
reducing
 
the
 
upstream
 
value
 
chain’s
 
GHG
emissions
 
(Scope
 
3),
 
the
 
key
 
measure
 
was
 
the
 
procurement
 
of
 
low-emission
 
aluminium
 
for
 
the
 
conductors
 
needed
for
 
the
 
transmission
 
line
 
projects.
 
Fingrid
 
buys
 
them
 
directly
 
from
 
the
 
conductor
 
manufactures.
 
In
 
2024,
 
low-
emission
 
aluminium
 
was
 
set
 
as
 
one
 
of
 
the
 
criteria
 
in
 
the
 
tendering
 
of
 
conductors.
 
As
 
a
 
result,
 
agreements
 
on
 
the
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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supply
 
of
 
low-emission
 
aluminium
 
conductors
 
extending
 
until
 
2027
 
were
 
concluded.
 
The
 
new
 
agreements
 
cover
 
the
entire
 
conductor
 
procurement
 
volume.
 
In
 
addition,
 
low-emission
 
recycled
 
steel
 
structures
 
were
 
tested
 
at
 
three
 
new
substations.
 
Their
 
procurement
 
was
 
the
 
responsibility
 
of
 
the
 
substation
 
supplier.
A
 
considerable
 
proportion,
 
20
 
per
 
cent,
 
of
 
the
 
company’s
 
carbon
 
footprint
 
consists
 
of
 
emissions
 
(scope
 
2)
 
from
 
the
production
 
of
 
the
 
electricity
 
acquired
 
from
 
the
 
electricity
 
market
 
to
 
replace
 
power
 
losses
 
taking
 
place
 
during
electricity
 
transmission.
 
The
 
key
 
means
 
of
 
reducing
 
the
 
carbon
 
dioxide
 
emissions
 
caused
 
by
 
transmission
 
losses
 
is
 
to
build
 
the
 
main
 
grid
 
to
 
accommodate
 
new
 
clean
 
electricity
 
production.
 
This
 
will
 
also
 
reduce
 
the
 
carbon
 
footprint
 
from
energy
 
lost
 
during
 
grid
 
transmission.
 
The
 
greenh
 
ouse
 
gas
 
emissions
 
due
 
to
 
transmission
 
losses
 
were
 
49,605
 
CO
2
equivalent
 
tonnes
 
in
 
2024.
The
 
measures
 
carried
 
out
 
in
 
2024
 
to
 
improve
 
the
 
energy
 
efficiency
 
of
 
substations
 
and
 
reserve
 
power
 
plants
 
saved
43,904
 
megawatt
 
hours
 
of
 
electricity
 
or
 
heat
 
(Scope
 
2).
 
Within
 
the
 
Finnish
 
industries’
 
energy
 
efficiency
 
agreement
period
 
2017–2025,
 
Fingrid
 
has
 
saved
 
a
 
total
 
of
 
roughly
 
226,539
 
megawatt
 
hours.
 
The
 
company
 
achieved
 
the
 
12.9
 
per
cent
 
savings
 
target
 
set
 
for
 
the
 
agreement
 
period
 
already
 
in
 
2022.
From
 
the
 
perspective
 
of
 
reducing
 
own
 
direct
 
emissions,
 
the
 
switch
 
-over
 
to
 
renewable
 
diesel
 
was
 
looked
 
into
 
at
reserve
 
power
 
plants.
 
At
 
substations,
 
Fingrid
 
continued
 
work
 
to
 
reduce
 
the
 
growth
 
of
 
SF6
 
gas
 
volumes
 
by
 
focusing
on
 
SF6-free
 
gas
 
-insulated
 
switchgears.
 
SF6-free
 
technology
 
is
 
used
 
in
 
the
 
new
 
110-kilovolt
 
gas
 
-insulated
 
projects
always
 
when
 
technically
 
possible
 
using
 
commercially
 
available
 
products.
 
At
 
the
 
end
 
of
 
2024,
 
Fingrid
 
had
 
roughly
 
60
tonnes
 
of
 
SF6
 
gas
 
at
 
its
 
substations.
 
In
 
2024,
 
Fingrid’s
 
SF6
 
gas
 
emissions
 
totalled
 
some
 
1,796
 
CO
2
 
equivalent
 
tonnes.
This
 
means
 
a
 
gas
 
volume
 
of
 
around
 
71
 
kilograms
 
and
 
a
 
leakage
 
rate
 
of
 
0.12
 
per
 
cent.
 
The
 
long-term
 
annual
 
leakage
rate
 
has
 
been
 
very
 
low,
 
less
 
than
 
0.2
 
per
 
cent
 
on
 
average,
 
which
 
is
 
among
 
the
 
top
 
results
 
in
 
the
 
international
comparison
 
of
 
TSOs.
Achieved
 
greenhouse
 
gas
 
(GHG)
 
emission
 
reductions
2024
Achieved
 
greenhouse
 
gas
 
emission
 
reductions
 
(scope
 
1-3)
N/A
 
Indirect
 
climate
 
benefit
 
(renewable
 
connected
 
to
 
main
 
grid,
 
tCO2eq./year)
150,818
Expected
 
greenhouse
 
gas
 
emission
 
reductions
Expected
 
greenhouse
 
gas
 
emission
 
reductions
 
(scope
 
1-3)
N/A
 
Indirect
 
climate
 
benefit
 
(signed
 
connection
 
agreements,
 
tCO2eq./year)
109,213
N/A
 
=
 
The
 
information
 
cannot
 
be
 
reported
 
yet.
E1-4
 
Targets
 
related
 
to
 
climate
 
change
 
mitigation
 
and
 
adaptation
Fingrid
 
has
 
not
 
set
 
GHG
 
emission
 
reduction
 
targets
 
that
 
would
 
be
 
science-based
 
and
 
compatible
 
with
 
limiting
 
global
warming
 
to
 
1.5°C.
 
In
 
line
 
with
 
its
 
transition
 
plan,
 
Fingrid
 
decided
 
in
 
2024
 
to
 
set
 
a
 
science-based
 
GHG
 
emission
reduction
 
target
 
and
 
submit
 
it
 
to
 
the
 
Science
 
Based
 
Targets
 
initiative
 
(SBTi)
 
for
 
val
 
idation.
The
 
company’s
 
set
 
of
 
corporate
 
responsibility
 
ESG
 
targets
 
includes
 
several
 
climate
 
change-related
 
targets,
 
whose
metrics
 
and
 
outcomes
 
are
 
presented
 
in
 
the
 
table
 
below.
 
Fingrid’s
 
ESG
 
metrics
 
are
 
defined
 
by
 
the
 
company’s
management
 
and
 
are
 
voluntary.
 
They
 
help
 
track
 
targets
 
whose
 
topics
 
are
 
based
 
on
 
the
 
previous
 
materiality
assessment
 
performed
 
on
 
the
 
company’s
 
strategy
 
and
 
business
 
in
 
accordance
 
with
 
the
 
global
 
GRI
 
reporting
guidelines.
 
The
 
materiality
 
assessment
 
took
 
into
 
consideration
 
the
 
expectations
 
of
 
stakeholders.
 
Concerning
 
these
targets
 
set
 
by
 
Fingrid
 
prior
 
to
 
the
 
publication
 
of
 
the
 
ESRS
 
reporting
 
standards
 
and
 
their
 
metrics,
 
not
 
all
 
of
 
the
information
 
required
 
under
 
the
 
standards’
 
minimum
 
disclosure
 
requirements
 
is
 
available
 
for
 
disclosure.
 
The
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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environmental
 
targets
 
are
 
not
 
required
 
by
 
legislation
 
and
 
are
 
not
 
based
 
on
 
scientific
 
evidence.
 
Stakeholders
 
have
not
 
been
 
directly
 
engaged
 
in
 
setting
 
the
 
targets.
Targets
 
set
 
by
 
Fingrid
 
(2021–2025)
2021–2025
 
targets
2024
 
outturn
Well
 
-functioning
 
markets:
 
Finland
 
remaining
 
as
 
a
 
single
 
electricity
 
pricing
 
area
Yes
Yes
Connecting
 
emission-free
 
production:
 
Connecting
 
wind
 
power
 
to
 
the
 
main
grid
 
(MW)
 
 
+
 
5
 
000
904
Third
 
AC
 
connection
 
to
 
Sweden:
 
Project's
 
degree
 
of
 
completion
 
in
 
2025
 
(%)
100
90
North-
 
South
 
transmission:
 
Lake
 
Line
 
II:
 
Project's
 
degree
 
of
 
completion
 
in
 
2025
(%)
60
50
All
 
markets
 
in
 
15-minute
 
periods:
 
Project's
 
degree
 
of
 
completion
 
in
 
2025
 
(%)
100
75
SF6-emissions:
 
emission/volume
 
(%)
0.1
0.12
CO2
 
emissions
 
of
 
transmission
 
losses
 
(tCO2eq.)
84,000
49,605
Energy
 
efficiency:
 
Energy
 
savings
 
(MWh)
181,000
43,904
Around
 
904
 
megawatts
 
worth
 
of
 
wind
 
power
 
connection
 
agreements
 
were
 
concluded
 
in
 
2024.
 
The
 
SF6
 
emission
leakage
 
rate
 
was
 
0.12
 
per
 
cent.
 
Finland
 
started
 
to
 
use
 
the
 
energy
 
marketplace
 
for
 
15-minute
 
automatic
 
Frequency
Restoration
 
Reserve
 
on
 
12
 
June
 
2024.
 
The
 
technical
 
capability
 
for
 
the
 
15-minute
 
manual
 
Frequency
 
Restoration
Reserve
 
marketplace
 
was
 
achieved
 
during
 
2024.
 
The
 
energy
 
efficiency
 
measures
 
carried
 
out
 
in
 
2024
 
saved
 
43,904
megawatt
 
hours.
 
During
 
the
 
Finnish
 
industries’
 
energy
 
efficiency
 
agreement
 
period
 
2017–2025,
 
the
 
company
 
has
saved
 
a
 
total
 
of
 
roughly
 
226,539
 
megawatt
 
hours.
The
 
above-described
 
targets
 
and
 
their
 
metrics
 
are
 
related
 
to
 
the
 
following
 
list
 
of
 
Fingrid’s
 
ESG
 
visions.
Responsibility
 
vision:
 
Finland
 
carbon
 
neutral
 
by
 
2035,
 
targets
●
Fingrid’s
 
investments
 
and
 
development
 
projects
 
enable
 
the
 
reduction
 
of
 
carbon
 
dioxide
 
emissions
 
in
electricity
 
production.
●
Grid
 
investments
 
to
 
be
 
carried
 
out
 
to
 
integrate
 
emission-free
 
electricity
 
production
 
to
 
the
 
grid
 
are
completed
 
on
 
schedule,
 
the
 
market
 
development
 
projects
 
are
 
implemented
 
and
 
the
 
grid’s
 
system
 
security
remains
 
good.
Responsibility
 
vision:
 
Emission-free
 
transmission
 
losses,
 
targets
●
Fingrid’s
 
grid
 
investments
 
have
 
enabled
 
the
 
integration
 
of
 
new
 
emission-free
 
production
 
into
 
the
 
grid,
reducing
 
the
 
CO
2
 
emissions
 
of
 
transmission
 
losses
 
without
 
any
 
carbon
 
offsets
●
Improved
 
energy
 
efficiency
 
based
 
on
 
commitments
Responsibility
 
vision:
 
Zero
 
SF6
 
emissions
 
from
 
the
 
grid,
 
targets
●
Reducing
 
SF6
 
gas
 
emissions
 
using
 
modern
 
technologies
 
and
 
preparing
 
for
 
adoption
 
of
 
new
 
technologies
 
●
The
 
roadmap
 
for
 
new
 
technologies
 
has
 
been
 
drawn
 
up
 
and
 
a
 
pilot
 
project
 
is
 
underway
●
The
 
main
 
grid’s
 
SF6
 
emissions
 
are
 
low
 
compared
 
with
 
other
 
TSOs
E1-5
 
Energy
 
consumption
 
and
 
mix
In
 
Fingrid’s
 
business,
 
direct
 
energy
 
consumption
 
is
 
caused
 
by
 
the
 
fuel
 
needed
 
at
 
the
 
reserve
 
power
 
plants.
 
The
majority
 
of
 
indirect
 
energy
 
consumption
 
is
 
caused
 
by
 
the
 
power
 
loss
 
during
 
electricity
 
transmission.
 
Other
 
indirect
energy
 
consumption
 
results
 
from
 
the
 
use
 
of
 
electricity
 
and
 
district
 
heating
 
at
 
the
 
premises,
 
substations
 
and
 
reserve
power
 
plants.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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The
 
reserve
 
power
 
plants
 
owned
 
by
 
the
 
company
 
are
 
not
 
used
 
for
 
commercial
 
electricity
 
production.
 
The
 
plants
 
are
only
 
used
 
in
 
severe
 
disturbances
 
of
 
the
 
power
 
system
 
and
 
in
 
test
 
runs
 
to
 
ensure
 
their
 
reliable
 
operation.
Energy
 
consumption
 
and
 
mix
2024
(1)
 
Fuel
 
consumption
 
from
 
coal
 
and
 
coal
 
products
 
(MWh)
 
0
(2)
 
Fuel
 
consumption
 
from
 
crude
 
oil
 
and
 
petroleum
 
products
 
(MWh)
 
20,666
(3)
 
Fuel
 
consumption
 
from
 
natural
 
gas
 
(MWh)
 
0
(4)
 
Fuel
 
consumption
 
from
 
other
 
fossil
 
sources
 
(MWh)
0
(5)
 
Consumption
 
of
 
purchased
 
or
 
acquired
 
electricity,
 
heat,
 
steam,
 
or
 
cooling
from
 
fossil
 
sources
 
(MWh)
1,285,308
(6)
 
Total
 
energy
 
consumption
 
from
 
fossil
 
sources
 
(MWh)
1,305,974
Share
 
of
 
fossil
 
sources
 
in
 
total
 
consumption
 
(%)
81
(7)
 
Total
 
energy
 
consumption
 
from
 
nuclear
 
sources
 
(MWh)
223,704
Share
 
of
 
nuclear
 
energy
 
in
 
overall
 
energy
 
consumption
 
(%)
14
(8)
 
Fuel
 
consumption
 
for
 
renewable
 
sources
 
including
 
biomass
 
[also
comprising
 
industrial
 
and
 
municipal
 
waste
 
of
 
biologic
 
origin],
 
biofuels,
 
biogas,
hydrogen
 
from
 
renewable
 
sources,
 
etc.
 
(MWh)
0
(9)
 
Consumption
 
of
 
purchased
 
or
 
acquired
 
electricity,
 
heat,
 
steam,
 
and
 
cooling
from
 
renewable
 
sources
 
(MWh)
85,702
(10)
 
Consumption
 
of
 
self-generated
 
non-fuel
 
renewable
 
energy
 
(MWh)
0
(11)
 
Total
 
energy
 
consumption
 
from
 
renewable
 
sources
 
(MWh)
 
85,702
Share
 
of
 
renewable
 
energy
 
in
 
overall
 
energy
 
consumption
 
(%)
5
Total
 
consumption
 
of
 
energy
 
(MWh)
1,615,380
In
 
defining
 
the
 
energy
 
mix,
 
the
 
market
 
-based
 
method
 
was
 
used
 
for
 
purchased
 
electricity.
Self-generated
 
energy
 
(MWh)
2024
Energy
 
generated
 
from
 
non-renewable
 
sources
5,317
Own
 
reserve
 
power
 
plants
5,317
Energy
 
generated
 
from
 
renewable
 
sources
0
Own
 
reserve
 
power
 
plants
0
Energy
 
intensity
2024
Energy
 
intensity
 
(MWh/EUR)
0.00127
Net
 
revenue
 
from
 
activities
 
in
 
high
 
climate
 
impact
 
sectors
 
(including
 
NACE
 
D
35.1
 
Electric
 
power
 
generation,
 
transmission
 
and
 
distribution)
 
(EUR)
 
1,269,277,216
The
 
energy
 
intensity
 
calculation
 
is
 
based
 
on
 
total
 
turnover
 
in
 
accordance
 
with
 
figures
 
reported
 
by
 
Fingrid
 
Group.
 
Fingrid
 
Group’s
 
turnover
 
and
 
accounting
principles
 
for
 
turnover
 
are
 
presented
 
in
 
the
 
section
 
4.3
 
of
 
the
 
financial
 
statements.
E1-6
 
Gross
 
Scopes
 
1,
 
2,
 
3
 
and
 
Total
 
GHG
 
Retrospective
Milestones
 
and
 
target
 
years
Base
 
year
Comparable
(2023)
2024
Change-%
2025
2030
2050
Annual
target
Scope
 
1
 
GHG
 
emissions
The
 
gross
 
Scope
 
1
 
GHG
 
emissions
 
in
 
metric
 
tonnes
 
of
CO2eq
N/A
5,841
6,955
+19
N/A
N/A
N/A
N/A
The
 
percentage
 
of
 
Scope
 
1
 
GHG
 
emissions
 
from
regulated
 
emissions
 
trading
 
schemes
 
(%)
N/A
81
74
-10
Scope
 
2
 
GHG
 
emissions
 
(tCO2eq)
 
The
 
gross
 
location-based
 
Scope
 
2
 
GHG
 
emissions
 
in
metric
 
tonnes
 
of
 
CO2eq
N/A
58,894
50,982
-13
N/A
N/A
N/A
N/A
The
 
gross
 
market
 
-based
 
Scope
 
2
 
GHG
 
emissions
 
in
metric
 
tonnes
 
of
 
CO2eq
N/A
741,391
884,309
+19
N/A
N/A
N/A
N/A
Significant
 
Scope
 
3
 
GHG
 
emissions
 
(tCO2eq)
 
Total
 
gross
 
indirect
 
(Scope
 
3)
 
GHG
 
emissions
N/A
130,561
191,084
+46
N/A
N/A
N/A
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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1
 
Purchased
 
goods
 
and
 
services
N/A
21,870
30,242
+38
2
 
Capital
 
goods
N/A
42,642
94,291
+121
3
 
Fuel
 
and
 
energy
 
related
 
activities
 
(not
 
included
 
in
Scope
 
1
 
or
 
2
 
emissions)
N/A
60,484
61,373
+1
4
 
Upstream
 
transport
 
and
 
distribution
N/A
982
2,852
+191
5
 
Operational
 
waste
N/A
2,169
493
-77
6
 
Business
 
travel
N/A
923
898
-3
7
 
Commuting
 
of
 
employees
N/A
468
408
-13
8
 
Upstream
 
leased
 
assets
N/A
1,025
528
-48
9
 
Downstream
 
transport*
10
 
Processing
 
of
 
products
 
sold*
11
 
Use
 
of
 
products
 
sold*
12
 
End-of-life
 
processing
 
of
 
sold
 
products*
13
 
Downstream
 
leased
 
assets*
14
 
Franchising*
15
 
Investments*
Total
 
GHG
 
emissions
 
(tCO2eq)
Total
 
location-based
 
GHG
 
emissions
N/A
195,296
249,021
+22
Total
 
market
 
-based
 
GHG
 
emissions
N/A
877,792
1,082,348
+19
*non-material
N/A
 
=
 
The
 
information
 
cannot
 
be
 
reported
 
yet.
GHG
 
intensity
 
based
 
on
 
net
 
revenue
 
(tCO2eq/EUR)
2024
Total
 
(location-based)
 
GHG
 
emissions
 
based
 
on
 
net
 
revenue
0.00020
Total
 
(market
 
-based)
 
GHG
 
emissions
 
based
 
on
 
net
 
revenue
0.00085
The
 
GHG
 
intensity
 
calculation
 
is
 
based
 
on
 
total
 
turnover
 
in
 
accordance
 
with
 
figures
 
reported
 
by
 
Fingrid
 
Group.
 
Fingrid
 
Group’s
 
accounting
 
principles
for
 
turnover
 
can
 
be
 
found
 
in
 
the
 
section
 
4.3
 
of
 
the
 
financial
 
statements.
Biogenic
 
GHG
 
emissions
 
(tCO2eq)
2024
Biogenic
 
GHG
 
emissions,
 
Scope
 
1
0
Biogenic
 
GHG
 
emissions,
 
Scope
 
2
81,743
Biogenic
 
GHG
 
emissions,
 
Scope
 
3
N/A
N/A
 
=
 
The
 
information
 
cannot
 
be
 
reported
 
yet.
 
The
 
Scope
 
2
 
biogenic
 
emissions
 
are
 
calculated
 
using
 
the
 
location-based
 
method.
Share
 
of
 
Scope
 
3
 
emissions
 
based
 
on
 
primary
 
data
 
(%)
2024
1.
 
Purchased
 
goods
 
and
 
services
0
2.
 
Capital
 
goods
96
3.
 
Fuel
 
and
 
energy
 
related
 
activities
 
(not
 
included
 
in
 
Scope
 
1
 
or
 
2
 
emissions)
100
4.
 
Upstream
 
transport
 
and
 
distribution
100
5.
 
Operational
 
waste
100
6.
 
Business
 
travel
100
7.
 
Commuting
 
of
 
employees
0
8.
 
Upstream
 
leased
 
assets
100
E1-7
 
GHG
 
removals
 
and
 
GHG
 
mitigation
 
projects
 
financed
 
through
 
carbon
 
credits
Fingrid
 
does
 
not
 
have
 
any
 
measures
 
related
 
to
 
GHG
 
removals
 
and
 
storage.
E1-8
 
Internal
 
carbon
 
pricing
Fingrid
 
does
 
not
 
apply
 
internal
 
carbon
 
pricing
 
systems.
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E1-9
 
Anticipated
 
financial
 
effects
 
from
 
material
 
physical
 
and
 
transition
 
risks
 
and
 
potential
 
climate
 
-related
opportunities
The
 
disclosure
 
requirement
 
is
 
omitted
 
based
 
on
 
the
 
transitional
 
provision.
Preparation
 
and
 
calculation
 
principles
 
E1
 
energy
 
consumption,
 
GHG
 
emissions
 
and
 
emission
 
reductions
Energy
 
consumption
 
reporting
 
includes
 
as
 
purchased
 
electricity
 
the
 
transmission
 
losses,
 
the
 
auxiliary
 
energy
 
of
substations
 
and
 
reserve
 
power
 
plants
 
and
 
the
 
electricity
 
consumption
 
at
 
Fingrid’s
 
own
 
premises.
 
Purchased
 
heat
comprises
 
the
 
district
 
heating
 
of
 
Fingrid’s
 
own
 
premises.
 
Energy
 
consumption
 
is
 
expressed
 
as
 
energy
 
end
 
use.
 
To
describe
 
the
 
energy
 
mix,
 
purchased
 
energy
 
is
 
divided
 
into
 
fossil
 
energy,
 
energy
 
generated
 
using
 
nuclear
 
power
 
and
energy
 
generated
 
with
 
renewables
 
in
 
accordance
 
with
 
the
 
national
 
residual
 
mix
 
for
 
electricity
 
published
 
by
 
the
Energy
 
Authority
 
for
 
2023.
Own
 
energy
 
production
includes
 
the
 
electricity
 
produced
 
at
 
the
 
company’s
 
own
 
reserve
 
power
 
plants
 
during
 
severe
grid
 
disturbances.
Energy
 
intensity
 
calculation
 
includes
 
the
 
company’s
 
turnover
 
in
 
its
 
entirety.
Gross
 
Scopes
 
1,
 
2,
 
3
 
and
 
total
 
GHG
 
emissions
are
 
calculated
 
according
 
to
 
the
 
GHG
 
Protocol
 
(GHG
 
Protocol
 
Corporate
Accounting
 
and
 
Reporting
 
Standard
 
and
 
Corporate
 
Value
 
Chain
 
(Scope
 
3)
 
Accounting
 
and
 
Reporting
 
Standard).
 
The
calculation
 
includes
 
all
 
greenhouse
 
gases
 
covered
 
by
 
the
 
GHG
 
Protocol
 
(CO2,
 
CH4,
 
N2O,
 
HFCs,
 
PFCs,
 
SF6,
 
and
 
NF3)
 
to
the
 
extent
 
that
 
the
 
information
 
is
 
available.
 
The
 
reporting
 
covers
 
direct
 
GHG
 
emissions
 
from
 
Fingrid’s
 
own
operations
 
(Scope
 
1),
 
indirect
 
GHG
 
emissions
 
(Scope
 
2)
 
from
 
the
 
production
 
of
 
purchased
 
energy
 
and
 
indirect
 
GHG
emissions
 
from
 
other
 
parts
 
of
 
the
 
value
 
chain
 
(Scope
 
3),
 
including
 
the
 
material
 
emission
 
sources
 
in
 
the
 
upstream
value
 
chain.
 
The
 
Scope
 
1
 
emissions
 
consist
 
of
 
fuels
 
used
 
by
 
the
 
reserve
 
power
 
plants
 
and
 
the
 
SF6
 
leakages
 
at
 
the
 
substations.
 
The
quantitative
 
data
 
is
 
collected
 
from
 
Fingrid’s
 
asset
 
management
 
system.
 
The
 
emission
 
calculation
 
is
 
based
 
on
 
the
 
EU
Emissions
 
Trading
 
System’s
 
information,
 
the
 
fuel
 
emission
 
factors
 
based
 
on
 
national
 
statistics
 
and
 
the
 
GWP
 
factors
published
 
by
 
the
 
IPCC.
 
Scope
 
2
 
emissions
 
are
 
calculated
 
using
 
both
 
the
 
location-based
 
and
 
the
 
market
 
-based
 
method.
 
For
 
electricity,
the
location
 
-based
 
method
 
uses
 
the
 
real
 
-time
 
emission
 
factor
 
for
 
electricity
 
consumed
 
calculated
 
by
 
Fingrid.
 
In
 
2023,
Fingrid
 
discarded
 
the
 
arithmetic
 
mean
 
and
 
instead
 
adopted
 
a
 
volume-weighted
 
annual
 
average
 
in
 
its
 
annual
reporting.
 
This
 
more
 
accurately
 
reflects
 
the
 
average
 
emissions
 
level
 
because
 
the
 
electricity
 
production
 
with
 
a
 
higher
emission
 
intensity
 
takes
 
place
 
during
 
periods
 
with
 
higher
 
electricity
 
consumption.
 
The
 
calculation
 
of
 
the
 
emissions
from
 
loss
 
power
 
uses
 
a
 
more
 
precise
 
method,
 
in
 
which
 
the
 
amount
 
of
 
losses
 
and
 
the
 
level
 
of
 
the
 
emission
 
factor
 
are
determined
 
hourly.
 
The
 
emission
 
factor
 
used
 
for
 
district
 
heating
 
is
 
the
 
average
 
published
 
by
 
Statistics
 
Finland
 
for
 
the
last
 
three
 
statistical
 
years.
In
 
the
 
market
 
-based
 
method
 
for
 
purchased
 
electricity,
 
the
 
national
 
emission
 
factor
 
for
the
 
residual
 
mix
 
electricity
 
for
 
2023
 
published
 
by
 
the
 
Energy
 
Authority
 
is
 
used.
 
Biogenic
 
carbon
 
dioxide
 
emissions
(Scope
 
2)
 
are
 
generated
 
by
 
the
 
wood
 
fuels
 
and
 
other
 
renewable
 
fuels
 
used
 
in
energy
 
production,
 
including
 
the
 
bio-waste
 
in
 
municipal
 
waste.
 
Fingrid
 
has
 
determined
 
an
 
average
 
biogenic
 
carbon
dioxide
 
emission
 
factor
 
for
 
electricity
 
produced
 
in
 
Finland
 
and
 
uses
 
this
 
for
 
the
 
reporting
 
of
 
the
 
biogenic
 
carbon
dioxide
 
emissions
 
of
 
its
 
purchased
 
electricity.
 
The
 
fuel
 
classification
 
published
 
by
 
Statistics
 
Finland
 
and
 
energy
statistics
 
have
 
been
 
used
 
for
 
determining
 
the
 
factor.
57
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
In
 
2023,
 
Fingrid
 
implemented
 
a
 
GHG
 
calculation
 
development
 
project,
 
in
 
which
 
all
 
15
 
Scope
 
3
 
categories
 
were
reviewed
 
and
 
eight
 
categories
 
were
 
identified
 
to
 
be
 
material
 
for
 
Fingrid.
 
The
 
categories
 
included
 
in
 
the
 
calculation
are
 
listed
 
in
 
connection
 
with
 
disclosure
 
requirement
 
E1-6.
 
The
 
omitted
 
categories
 
were
 
identified
 
as
 
non-material
based
 
on
 
either
 
the
 
absence
 
of
 
the
 
activity
 
in
 
question
 
or
 
the
 
low
 
level
 
of
 
emissions.
 
Scope
 
3
 
emissions
 
are
calculated
 
in
 
CO
2
 
equivalent
 
tonnes.
 
The
 
operational
 
data
 
used
 
in
 
the
 
calculation
 
is
 
mainly
 
obtained
 
from
 
Fingrid’s
internal
 
systems.
 
For
 
transmission
 
lines,
 
the
 
calculation
 
includes
 
the
 
projects
 
developed
 
by
 
Fingrid,
 
but
 
not
purchased
 
transmission
 
lines,
 
which
 
account
 
for
 
a
 
minor
 
proportion
 
of
 
the
 
total.
 
Key
 
source
 
systems
 
include
 
the
asset
 
management
 
information
 
system,
 
the
 
type
 
drawings
 
of
 
the
 
transmission
 
line
 
structures,
 
the
 
energy
 
market
management
 
system
 
(auxiliary
 
energy),
 
HR
 
systems
 
and
 
financial
 
systems
 
(monetary
 
amounts
 
of
 
purchased
 
products
and
 
services,
 
project
 
finance
 
reporting).
 
Other
 
sources
 
used
 
include
 
the
 
emission
 
data
 
provided
 
by
 
leased
 
reserve
power
 
plants
 
and
 
the
 
travel
 
agency,
 
as
 
well
 
as
 
the
 
emission
 
reporting
 
of
 
the
 
waste
 
management
 
service
 
provider.
The
 
emission
 
factors
 
used
 
in
 
the
 
calculation
 
are
 
mainly
 
from
 
national
 
and
 
global
 
databases,
 
such
 
as
 
ecoinvent
 
3.8,
EXIOBASE
 
3.8.2,
 
DEFRA’s
 
GHG
 
conversion
 
factors
 
(full
 
set
 
2022),
 
Statistics
 
Finland
 
and
 
the
 
national
 
Emissions
database
 
for
 
construction.
 
In
 
addition,
 
Environmental
 
Product
 
Declaration
 
data
 
provided
 
by
 
equipment
 
suppliers
 
has
been
 
used
 
for
 
substation
 
equipment
 
and
 
generalised
 
to
 
cover
 
other
 
equipment
 
in
 
the
 
same
 
equipment
 
group.
 
GHG
 
gas
 
intensity
 
calculation
 
includes
 
the
 
company’s
 
turnover
 
in
 
its
 
entirety,
 
and
 
the
 
intensity
 
is
 
determined
 
for
both
 
location-based
 
and
 
market
 
-based
 
emissions.
Calculation
 
of
 
Scope
 
1
 
and
 
2
 
emissions
 
in
 
their
 
entirety
 
is
 
based
 
on
 
primary
 
data.
 
For
 
Scope
 
3
 
emissions,
 
the
 
emission
sources
 
that
 
have
 
been
 
calculated
 
using
 
physical
 
operational
 
data
 
collected
 
from
 
Fingrid’s
 
systems
 
and
 
not,
 
for
example,
 
a
 
cost
 
-based
 
method,
 
have
 
been
 
defined
 
as
 
being
 
based
 
on
 
primary
 
data.
 
The
 
most
 
significant
 
Scope
 
3
emission
 
sources
 
are
 
based
 
on
 
primary
 
data.
Because
 
Fingrid
 
has
 
so
 
far
 
not
 
set
 
a
 
science-based
 
emission
 
reduction
 
target
 
and
 
a
 
related
 
base
 
year,
 
Fingrid
 
does
not
 
report
 
the
achieved
 
or
 
anticipated
 
Scope
 
1-3
 
GHG
 
emission
 
reductions
for
 
2024.
 
However,
 
Fingrid
 
reports
 
the
indirect
 
climate
 
benefit
 
created
 
when
 
clean
 
wind
 
and
 
solar
 
power
 
production
 
is
 
connected
 
to
 
the
 
main
 
grid.
The
achieved
 
indirect
 
climate
 
benefit
 
is
 
based
 
on
 
wind
 
and
 
solar
 
power
 
production
 
connected
 
to
 
the
 
main
 
grid
 
when
production
 
has
 
started
 
in
 
2024.
 
The
 
electricity
 
production
 
is
 
calculated
 
based
 
on
 
the
 
plants’
 
capacity
 
and
 
peak
consumption
 
hours,
 
and
 
this
 
emission-free
 
amount
 
is
 
assumed
 
to
 
replace
 
the
 
average
 
electricity
 
consumed
 
in
Finland.
 
It
 
should
 
be
 
noted
 
that
 
this
 
indirect
 
positive
 
annual
 
impact
 
will
 
be
 
repeated,
 
after
 
a
 
single
 
reporting
 
year,
also
 
in
 
the
 
coming
 
years.
Anticipated
 
indirect
 
climate
 
benefit
 
refers
 
to
 
wind
 
and
 
solar
 
energy
 
production
 
for
 
which
an
 
agreement
 
on
 
connection
 
to
 
the
 
main
 
grid
 
was
 
made
 
in
 
2024.
 
Annual
 
electricity
 
production
 
at
 
the
 
plants
 
in
question
 
is
 
estimated
 
based
 
on
 
information
 
publicly
 
disclosed
 
by
 
the
 
project
 
developers.
 
The
 
calculation
 
of
 
the
indirect
 
climate
 
benefit
 
is
 
based
 
on
 
the
 
assumption
 
of
 
replacing
 
the
 
average
 
electricity
 
consumed
 
in
 
Finland,
 
similarly
to
 
the
 
actual
 
climate
 
benefit.
ESRS
 
E4
 
–
 
Biodiversity
 
and
 
ecosystems
Material
 
biodiversity
 
and
 
ecosystem
 
-related
 
impacts,
 
risks
 
and
 
opportunities
The
 
material
 
negative
 
impacts
 
caused
 
by
 
Fingrid’s
 
business
 
on
 
biodiversity
 
and
 
ecosystems
 
are
 
related
 
to
 
the
 
loss
 
of
biodiversity
 
as
 
a
 
result
 
of
 
grid
 
building
 
and
 
maintenance.
 
A
 
key
 
aspect
 
from
 
a
 
biodiversity
 
perspective
 
is
 
the
transmission
 
line
 
areas
 
of
 
the
 
nationwide
 
main
 
grid
 
and
 
the
 
land-use
 
change
 
and
 
deforestation
 
occurring
 
in
 
them.
The
 
transmission
 
line
 
areas
 
are
 
not
 
owned
 
by
 
Fingrid.
 
Fingrid
 
does
 
not
 
use
 
the
 
wood
 
removed
 
to
 
implement
 
the
system
 
responsibility
 
for
 
electricity
 
transmission
 
and
 
to
 
secure
 
safe
 
electricity
 
transmission;
 
instead,
 
the
 
transmission
line
 
area
 
landowners
 
decide
 
on
 
its
 
use.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
58
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
In
 
expropriation,
 
Fingrid
 
obtains
 
a
 
restricted
 
right-of-use,
 
which
 
is
 
needed
 
for
 
building
 
and
 
maintaining
 
the
transmission
 
line.
 
The
 
landowner
 
retains
 
all
 
other
 
rights
 
to
 
use
 
the
 
property.
 
Some
 
of
 
the
 
main
 
grid
 
transmission
lines
 
are
 
located
 
in
 
biodiversity-sensitive
 
areas
 
as
 
reported
 
under
 
the
 
disclosure
 
requirement
 
E4-5
 
(Impact
 
metrics
related
 
to
 
biodiversity
 
and
 
ecosystems
 
change).
 
Grid
 
building
 
may
 
also
 
affect
 
threatened
 
species,
 
and
 
these
 
negative
impacts
 
and
 
the
 
opportunities
 
to
 
mitigate
 
them
 
are
 
considered
 
when
 
assessing
 
the
 
environmental
 
impacts
 
of
projects.
 
The
 
impacts
 
are
 
most
 
typically
 
related
 
to
 
securing
 
the
 
protection
 
of
 
flying
 
squirrels
 
when
 
building
transmission
 
lines
 
in
 
cases
 
where
 
it
 
is
 
warranted,
 
in
 
route
 
planning
 
for
 
new
 
transmission
 
lines,
 
to
 
rely
 
on
 
the
widening
 
of
 
the
 
existing
 
transmission
 
line
 
areas
 
to
 
mitigate
 
the
 
total
 
impacts
 
on
 
people
 
and
 
the
 
environment.
 
In
addition
 
to
 
what
 
is
 
described
 
above,
 
the
 
company
 
has
 
not
 
identified
 
any
 
material
 
negative
 
impacts
 
with
 
regards
 
to
land
 
degrada
 
tion,
 
desertification
 
or
 
soil
 
sealing.
ESRS
standard
Material
 
topics
Impact
Financial
 
impact
Identified
 
impacts
Risks
 
and
opportunities
Fingrid’s
policies
 
for
impacts,
 
risks
and
opportunities
management
E4
Biodiversity
and
ecosystems
↓Direct
 
impacts
 
of
biodiversity
 
loss
•
 
Climate
 
change
•
 
Land-use
 
change
•
 
↓Environmental
 
impacts
 
of
transmission
 
line
 
and
substation
 
construction
 
and
removal
 
of
 
trees
 
and
clearings
 
in
 
the
transmission
 
line
 
areas
Land
 
use
 
and
environmental
policy
↑
 
Positive
 
impact
 
/↓
 
Negative
 
impact
E4-1
 
Transition
 
plan
 
and
 
consideration
 
of
 
biodiversity
 
and
 
ecosystems
 
in
 
strategy
 
and
 
business
 
model
The
 
material
 
impacts
 
of
 
Fingrid’s
 
business
 
on
 
nature
 
are
 
linked
 
to
 
the
 
company’s
 
statutory
 
responsibility
 
for
 
the
power
 
system’s
 
reliability
 
and
 
the
 
development
 
of
 
the
 
main
 
grid.
 
In
 
addition
 
to
 
maintaining
 
the
 
current
 
grid
infrastructure,
 
the
 
operations
 
involve
 
building
 
new
 
transmission
 
lines
 
and
 
substations,
 
which
 
leads
 
to
 
land-use
change
 
and
 
negative
 
impacts
 
on
 
biodiversity.
 
This
 
challenges
 
the
 
compatibility
 
of
 
the
 
company’s
 
business
 
and
strategy
 
with
 
the
 
national
 
and
 
global
 
targets
 
related
 
to
 
biodiversity
 
and
 
ecosystems.
 
The
 
business’s
 
resilience
 
in
relation
 
to
 
biodiversity
 
has
 
been
 
analysed
 
considering
 
own
 
operations
 
and
 
the
 
material
 
parts
 
of
 
the
 
value
 
chain,
 
but
no
 
actual
 
scenario
 
or
 
resilience
 
analysis
 
has
 
been
 
performed.
 
Since
 
grid
 
building
 
and
 
maintenance
 
have
 
a
 
negative
impact
 
on
 
biodiversity,
 
transition
 
risks
 
may
 
arise
 
from
 
increasing
 
or
 
tightening
 
biodiversity
 
regulations
 
and
potentially
 
also
 
from
 
the
 
accumulation
 
of
 
these
 
impacts,
 
transforming
 
them
 
into
 
systemic
 
risks.
The
 
ongoing
 
green
 
transition
 
underscores
 
the
 
overall
 
understanding
 
of
 
not
 
only
 
the
 
links
 
between
 
nature
conservation
 
and
 
climate
 
change
 
mitigation,
 
but
 
also
 
their
 
social
 
consequences
 
and
 
a
 
just
 
transition.
 
Engagement
 
of
landowners,
 
close
 
neighbours
 
of
 
transmission
 
lines
 
and
 
other
 
stakeholders,
 
including
 
if
 
required
 
Indigenous
 
peoples,
takes
 
place
 
continuously,
 
especially
 
in
 
the
 
environmental
 
impact
 
assessments
 
of
 
transmission
 
line
 
projects,
 
which
the
 
company
 
regularly
 
has
 
underway.
 
Fingrid
 
continuously
 
works
 
to
 
align
 
its
 
strategy
 
and
 
business
 
model
 
with
 
the
 
national
 
and
 
global
 
targets
 
related
 
to
biodiversity
 
and
 
ecosystems.
 
While
 
regulations
 
to
 
protect
 
biodiversity
 
increase,
 
Fingrid
 
must
 
be
 
able
 
to
 
fulfil
 
its
statutory
 
tasks
 
also
 
in
 
the
 
future.
 
Securing
 
the
 
conditions
 
for
 
grid
 
building
 
and
 
maintenance
 
is
 
necessary
 
for
 
both
 
the
functioning
 
of
 
society
 
and
 
climate
 
change
 
mitigation.
 
59
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
The
 
company’s
 
land
 
use
 
and
 
environmental
 
policy,
 
which
 
is
 
described
 
in
 
disclosure
 
requirement
 
E4-2
 
(Policies
related
 
to
 
biodiversity
 
and
 
ecosystems)
 
and
 
which
 
was
 
updated
 
in
 
2024
 
to
 
reflect
 
the
 
requirements
 
of
 
sustainability
reporting
 
and
 
ESRS
 
standards,
 
among
 
other
 
things,
 
serves
 
as
 
a
 
transition
 
plan
 
related
 
to
 
biodiversity.
 
From
 
the
perspective
 
of
 
the
 
nature-related
 
impacts
 
of
 
grid
 
building,
 
the
 
key
 
is
 
to
 
minimise
 
land-use
 
change.
 
Grid
 
investments
are
 
always
 
only
 
implemented
 
to
 
meet
 
the
 
needs
 
of
 
society
 
and
 
clients.
 
In
 
addition
 
to
 
new
 
investments,
 
the
 
company
aims
 
to
 
increase
 
the
 
utilisation
 
rate
 
of
 
the
 
existing
 
grid
 
and
 
adopt
 
solutions
 
that
 
will
 
increase
 
the
 
transmission
capacity.
 
In
 
investments
 
and
 
maintenance,
 
nature-related
 
impacts
 
are
 
avoided
 
and
 
mitigated
 
in
 
many
 
ways
 
in
accordance
 
with
 
the
 
mitigation
 
hierarchy,
 
as
 
described
 
in
 
the
 
land
 
use
 
and
 
environmental
 
policy.
 
Fingrid
 
tracks
 
the
development
 
of
 
the
 
offset
 
practices
 
for
 
ecological
 
compensation
 
and
 
impairment
 
of
 
nature-related
 
values
 
and
assesses
 
the
 
need
 
for
 
them
 
and
 
their
 
suitability
 
for
 
its
 
business.
E4-2
 
Policies
 
related
 
to
 
biodiversity
 
and
 
ecosystems
A
 
key
 
principle
 
in
 
relation
 
to
 
impacts
 
on
 
biodiversity
 
and
 
ecosystems
 
is
 
Fingrid’s
 
land
 
use
 
and
 
environmental
 
policy,
in
 
accordance
 
with
 
which
 
the
 
company
 
reduces
 
its
 
negative
 
impacts
 
on
 
the
 
climate
 
and
 
the
 
environment
 
in
 
the
ongoing
 
green
 
transition.
 
This
 
policy,
 
approved
 
by
 
the
 
President
 
&
 
CEO,
 
focuses
 
on
 
climat
 
e
 
change
 
and
 
land-use
change
 
as
 
drivers
 
and
 
covers
 
the
 
lifetime
 
of
 
all
 
of
 
the
 
company’s
 
assets.
 
In
 
addition
 
to
 
the
 
protection
 
of
 
biodiversity
and
 
ecosystems,
 
the
 
policy
 
covers
 
the
 
principles
 
for
 
sustainable
 
land
 
use
 
and
 
for
 
addressing
 
deforestation.
 
The
 
policy
enshrines
 
the
 
environmental
 
precautionary
 
principle,
 
which
 
is
 
included
 
in
 
Fingrid’s
 
Code
 
of
 
Conduct
 
and
 
the
 
UN’s
Global
 
Compact
 
initiative,
 
which
 
the
 
company
 
has
 
committed
 
to.
In
 
accordance
 
with
 
the
 
land
 
use
 
and
 
environmental
 
policy,
 
the
 
mitigation
 
of
 
environmental
 
impacts
 
begins
 
from
 
the
preliminary
 
planning
 
of
 
transmission
 
line
 
routes,
 
when
 
solutions
 
are
 
sought
 
to
 
avoid
 
the
 
immediate
 
vicinity
 
of
residential
 
areas,
 
protected
 
sites
 
and
 
sites
 
that
 
have
 
been
 
identified
 
as
 
biodiversity-sensitive.
 
Route
 
planning
explores
 
possibilities
 
to
 
reduce
 
environmental
 
impacts
 
by
 
using
 
already
 
changed
 
areas,
 
such
 
as
 
fields,
 
instead
 
of
forests.
 
However,
 
the
 
planning
 
avoids
 
any
 
unnecessary
 
lengthening
 
of
 
a
 
transmission
 
line
 
route
 
that
 
would
 
in
principle
 
increase
 
land-use
 
change,
 
thus
 
leading
 
to
 
higher
 
negative
 
overall
 
impacts
 
on
 
nature
 
and
 
people.
 
From
 
the
perspective
 
of
 
social
 
consequences,
 
the
 
land
 
use
 
and
 
environmental
 
policy
 
also
 
addresses
 
the
 
consideration
 
of
landowners
 
and
 
other
 
concerned
 
parties
 
in
 
the
 
grid’s
 
lifetime.
 
Fingrid
 
does
 
not
 
have
 
production
 
that
 
generates
 
impacts
 
on
 
nature.
 
The
 
land
 
use
 
and
 
environmental
 
policy
 
also
 
does
not
 
specifically
 
address
 
the
 
impacts
 
on
 
nature
 
from
 
the
 
upstream
 
value
 
chain
 
(procurement),
 
because
 
they
 
have
 
not
been
 
identified
 
as
 
material
 
for
 
the
 
company.
 
Oceans
 
or
 
seas
 
practices
 
or
 
policies
 
are
 
not
 
material
 
for
 
the
 
company.
Climate
 
change
 
as
 
a
 
whole
 
is
 
reported
 
in
 
standard
 
E1.
E4-3
 
Actions
 
and
 
resources
 
related
 
to
 
biodiversity
 
and
 
ecosystems
Fingrid
 
has
 
well
 
-established
 
operating
 
models
 
in
 
place
 
for
 
considering
 
and
 
protecting
 
biodiversity
 
in
 
its
 
business.
 
The
operating
 
models
 
have
 
been
 
continuously
 
applied
 
in
 
the
 
grid
 
building
 
investments
 
underway
 
in
 
2024
 
and
 
in
 
the
regular
 
grid
 
maintenance
 
carried
 
out
 
in
 
the
 
reporting
 
year.
 
In
 
transmission
 
line
 
projects,
 
the
 
avoidance
 
of
 
impacts
 
on
flora
 
and
 
natural
 
habitats
 
that
 
are
 
the
 
direct
 
result
 
of
 
land-use
 
change
 
has
 
been
 
started
 
from
 
the
 
preliminary
planning
 
of
 
routes
 
by
 
avoiding
 
sites
 
that
 
have
 
been
 
identified
 
as
 
valuable.
 
In
 
major
 
projects,
 
the
 
impacts
 
on
 
nature
and
 
the
 
possibilities
 
to
 
mitigate
 
them
 
have
 
been
 
established
 
through
 
an
 
environmental
 
impact
 
assessment
 
(EIA)
required
 
by
 
law,
 
which,
 
through
 
the
 
interaction
 
included
 
in
 
the
 
procedure,
 
brings
 
the
 
knowledge
 
of
 
local
 
people
 
and,
if
 
required,
 
also
 
of
 
indigenous
 
peoples
 
to
 
the
 
project.
 
In
 
projects
 
with
 
minor
 
impacts,
 
the
 
mitigation
 
possibilities
 
have
been
 
identified
 
through
 
an
 
environmental
 
assessment.
 
In
 
the
 
planning
 
phase
 
of
 
new
 
substation
 
projects,
 
the
 
area’s
nature
 
-related
 
values
 
have
 
also
 
been
 
assessed
 
to
 
avoid
 
adverse
 
impacts.
 
60
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
In
 
the
 
general
 
planning
 
phase
 
of
 
transmission
 
line
 
projects,
 
impacts
 
are
 
mitigated
 
through
 
the
 
location
 
of
 
towers.
Construction
 
is
 
preferably
 
scheduled
 
in
 
winter
 
to
 
leverage
 
the
 
protective
 
effect
 
of
 
frozen
 
soil
 
and
 
snow
 
cover,
 
which
makes
 
the
 
construction
 
work
 
easier
 
and
 
reduces
 
damage
 
to
 
the
 
ground.
 
The
 
risk
 
of
 
birds
 
colliding
 
with
 
transmission
lines
 
is
 
reduced
 
by
 
installing
 
diverters
 
at
 
valuable
 
birdlife
 
areas
 
and,
 
if
 
necessary,
 
disturbances
 
can
 
be
 
avoided
 
by
limiting
 
construction
 
or
 
maintenance
 
work
 
during
 
the
 
breeding
 
season.
 
The
 
site
 
-specific
 
environmental
 
guidelines
ensure
 
the
 
implementation
 
of
 
mitigation
 
measures
 
throughout
 
the
 
entire
 
lifetime.
The
 
nature
 
sites
 
to
 
be
 
considered
 
during
 
work
 
have
 
also
 
been
 
assessed
 
for
 
the
 
maintenance
 
of
 
and
 
vegetation
management
 
at
 
existing
 
transmission
 
lines
 
carried
 
out
 
in
 
the
 
reporting
 
year.
 
A
 
compensation
 
policy
 
has
 
been
 
used
for
 
the
 
clearing
 
of
 
trees
 
at
 
the
 
border
 
zones
 
during
 
transmission
 
line
 
maintenance,
 
aimed
 
at
 
increasing
 
decaying
wood
 
valuable
 
for
 
biodiversity.
 
The
 
landowners
 
will
 
in
 
the
 
future
 
receive
 
financial
 
compensation
 
from
 
Fingrid
 
if
 
they
are
 
willing
 
to
 
leave
 
two-to
 
-four
 
-metre
 
-high
 
tree
 
stumps
 
on
 
their
 
property
 
to
 
increase
 
decaying
 
wood.
Grid
 
building
 
and
 
maintenance
 
is
 
outsourced
 
to
 
contractors
 
and
 
service
 
providers.
 
Fingrid
 
requires
 
commitments
 
in
landowner
 
engagement,
 
respect
 
of
 
site-specific
 
environmental
 
values
 
and
 
proper
 
waste
 
and
 
chemical
 
handling
 
from
contractors
 
and
 
service
 
providers
 
by
 
means
 
of
 
contract
 
terms,
 
environmental
 
and
 
safety
 
training,
 
and
 
audits.
 
All
personnel
 
working
 
at
 
Fingrid’s
 
worksites
 
complete
 
online
 
training
 
on
 
environmental
 
matters.
 
Service
 
providers
receive
 
environmental
 
training
 
when
 
investment
 
projects
 
are
 
sta
 
rted,
 
and
 
environmental
 
aspects
 
are
 
monitored
 
on-
site
 
as
 
part
 
of
 
worksite
 
monitoring.
Transmission
 
line
 
areas
 
ways
 
can
 
also
 
improve
 
biodiversity.
 
As
 
part
 
of
 
its
 
operating
 
model,
 
Fingrid
 
therefore
 
actively
encourages
 
landowners
 
to
 
make
 
safe
 
use
 
of
 
transmission
 
line
 
areas
 
for
 
the
 
benefit
 
of
 
people
 
and
 
nature.
Transmission
 
line
 
areas
 
are
 
kept
 
open
 
by
 
regular
 
selective
 
clearing,
 
which
 
can
 
replace
 
the
 
habitats
 
of
 
species
threatened
 
by
 
disappearing
 
meadows
 
or
 
drained
 
peatlands.
 
The
 
selective
 
clearing
 
method
 
means
 
that
 
junipers
 
and
short
 
scrubs
 
are
 
left
 
standing,
 
taking
 
into
 
account
 
the
 
safety
 
distances
 
to
 
live
 
conductors
 
and
 
clearing
 
cycles.
 
In
connection
 
with
 
the
 
EIA
 
procedure,
 
potential
 
rural
 
biotopes
 
are
 
identified
 
with
 
the
 
objective
 
to
 
encourage
landowners
 
to
 
maintain
 
and
 
protect
 
the
 
scenic
 
and
 
nature
 
values
 
of
 
transmission
 
line
 
areas.
 
Fingrid
 
offers
 
financial
support
 
for
 
the
 
maintenance
 
of
 
traditional
 
rural
 
biotopes
 
located
 
in
 
transmission
 
line
 
areas
 
by
 
means
 
of
 
initial
funding
 
and
 
by
 
drawing
 
up
 
a
 
maintenance
 
plan.
 
Overall,
 
the
 
company
 
offers
 
information
 
on
 
utilising
 
transmission
line
 
areas
 
in
 
the
 
form
 
of
 
guidelines
 
for
 
land
 
planners
 
and
 
idea
 
cards
 
intended
 
for
 
landowners.
The
 
extensive
 
grid
 
investment
 
programme
 
enabling
 
the
 
green
 
transition
 
is
 
directly
 
reflected
 
in
 
the
 
number
 
of
necessary
 
statutory
 
environmental
 
impact
 
assessments
 
and
 
other
 
actions
 
for
 
promoting
 
biodiversity
 
described
above.
 
In
 
2024,
 
Fingrid
 
had
 
several
 
grid
 
projects
 
in
 
the
 
planning
 
phase
 
and
 
several
 
EIAs
 
underway:
 
Anttila-Länsisalmi,
Hausjärvi-Anttila,
 
Hikiä-Inkoo,
 
Juurikkaperä
 
-Toivila,
 
Kristiinankaupunki
 
-Nokia,
 
reinforcement
 
of
 
the
 
Forest
 
Line
 
and
Nuojuankangas
 
-Seitenoikea.
 
The
 
EIA
 
procedure
 
is
 
an
 
important
 
planning
 
tool
 
for
 
Fingrid
 
to
 
find
 
the
 
environmentally
best
 
transmission
 
line
 
routes
 
in
 
cooperation
 
with
 
landowners,
 
authorities
 
and
 
other
 
stakeholders.
A
 
study
 
on
 
shorter
 
clearing
 
cycles
 
at
 
selected
 
transmission
 
line
 
areas
 
sites
 
for
 
promoting
 
biodiversity
 
was
 
continued
in
 
2024.
 
The
 
work
 
identified
 
potential
 
sites
 
for
 
piloting
 
the
 
shorter
 
clearing
 
cycle.
In
 
the
 
reporting
 
year,
 
the
 
company
 
did
 
not
 
use
 
biodiversity
 
offsets.
 
A
 
green
 
corridor
 
was
 
planned
 
as
 
a
 
new
 
mitigation
measure
 
for
 
transmission
 
line
 
projects.
 
The
 
green
 
corridor
 
secures
 
especially
 
the
 
protection
 
of
 
flying
 
squirrels,
 
a
threatened
 
species,
 
by
 
enabling
 
their
 
movements
 
across
 
a
 
broad
 
transmission
 
line
 
area
 
consisting
 
of
 
several
transmission
 
lines.
E4-4
 
Targets
 
related
 
to
 
biodiversity
 
and
 
ecosystems
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
61
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Fingrid’s
 
set
 
of
 
corporate
 
responsibility
 
ESG
 
targets
 
includes
 
several
 
targets
 
related
 
to
 
the
 
reduction
 
of
 
nature-
related
 
impacts,
 
whose
 
metrics
 
and
 
outcomes
 
are
 
presented
 
in
 
the
 
table
 
below.
 
Concerning
 
these
 
targets
 
set
 
prior
to
 
the
 
publication
 
of
 
the
 
ESRS
 
reporting
 
standards
 
and
 
their
 
metrics,
 
not
 
all
 
of
 
the
 
information
 
required
 
under
 
the
standards’
 
minimum
 
disclosure
 
requirements
 
is
 
available
 
for
 
disclosure
 
as
 
described
 
in
 
more
 
detail
 
in
 
connection
with
 
disclosure
 
requirement
 
E1-4
 
(Targets
 
related
 
to
 
climate
 
change
 
mitigation
 
and
 
adaptation).
 
When
 
setting
 
the
targets,
 
the
 
company
 
did
 
not
 
use
 
any
 
offsets
 
or
 
give
 
any
 
particular
 
consideration
 
to
 
ecological
 
threshold
 
values
 
and
specific
 
biodiversity
 
guidelines
 
or
 
frameworks,
 
but
 
the
 
targets
 
can
 
be
 
considered
 
to
 
meet
 
these
 
expectations
concerning
 
the
 
mitigation
 
of
 
biodiversity
 
loss.
 
From
 
the
 
perspective
 
of
 
the
 
nature-related
 
impact
 
mitigation
hierarchy,
 
the
 
target
 
of
 
the
 
company’s
 
projects
 
to
 
promote
 
biodiversity
 
is
 
related
 
to
 
the
 
avoidance
 
and
 
minimisation
of
 
the
 
adverse
 
effects
 
from
 
land-use
 
change
 
resulting
 
from
 
grid
 
building
 
through
 
a
 
positive
 
impact
 
mechanism,
 
i.e.
the
 
opportunities
 
of
 
regularly
 
and
 
selectively
 
cleared
 
transmission
 
line
 
areas
 
to
 
increase
 
biodiversity.
Targets
 
set
 
by
 
Fingrid
 
(2021–2025)
2025
 
target
2024
 
outturn
Completed
 
projects
 
promoting
 
biodiversity
 
(qty)
 
+1
1
Utilisation
 
of
 
existing
 
transmission
 
line
 
routes:
 
Utilisation
 
percent
 
(of
 
new
transmission
 
line
 
kilometers)
90
74
Positive
 
environmental
 
impacts
 
of
 
technical
 
solutions:
 
Number
 
of
 
adopted
solutions
 
increasing
 
the
 
transmission
 
capacity
 
of
 
the
 
existing
 
grid
 
(qty)
 
+1
1
Measures
 
to
 
reduce
 
the
 
environmental
 
impact
 
of
 
office
 
work
 
(qty)
 
+1
1
Environmental
 
deviations:
 
Number
 
of
 
significant
 
deviations
 
(qty)
0
0
With
 
regard
 
to
 
the
 
biodiversity
 
target,
 
a
 
study
 
on
 
shorter
 
clearing
 
cycles
 
at
 
selected
 
transmission
 
line
 
areas
 
sites
 
for
promoting
 
biodiversity
 
was
 
continued
 
in
 
2024.
 
To
 
promote
 
the
 
positive
 
environmental
 
impacts
 
of
 
technical
solutions,
 
shunt
 
compensation
 
was
 
built
 
to
 
increase
 
transmission
 
capacity
 
especially
 
for
 
the
 
growing
 
power
requirement
 
of
 
Southern
 
Finland
 
and
 
the
 
Helsinki
 
region.
 
As
 
measures
 
to
 
reduce
 
the
 
environmental
 
impacts
 
of
 
office
work,
 
environmental
 
aspects
 
were
 
considered
 
in
 
procurements
 
and
 
modifications
 
of
 
premises.
 
No
 
significant
environmental
 
deviations
 
occurred
 
during
 
the
 
reporting
 
year.
The
 
above-described
 
targets
 
and
 
their
 
metrics
 
are
 
related
 
to
 
the
 
following
 
list
 
of
 
Fingrid’s
 
ESG
 
visions.
Responsibility
 
vision:
 
Reducing
 
negative
 
impacts
 
on
 
nature
 
and
 
improving
 
biodiversity
●
Successful
 
EIA
 
processes
 
which
 
take
 
into
 
account
 
biodiversity
 
and
 
traditional
 
rural
 
biotopes
●
Developing
 
clearing
 
practices
 
and
 
cooperation
 
with
 
landowners
 
and
 
environmental
 
NGOs
 
has
 
improved
biodiversity
 
in
 
transmission
 
line
 
areas
●
Technical
 
solutions
 
(such
 
as
 
DLR
 
and
 
dynamic
 
shunt
 
compensation)
 
have
 
increased
 
the
 
transmission
 
capacity
of
 
the
 
existing
 
grid
E4-5
 
Impact
 
metrics
 
related
 
to
 
biodiversity
 
and
 
ecosystems
 
change
Some
 
of
 
the
 
main
 
grid
 
transmission
 
lines
 
are
 
located
 
in
 
biodiversity
 
-sensitive
 
areas
 
as
 
presented
 
in
 
the
 
following
table.
 
The
 
necessary
 
mitigation
 
measures
 
have
 
been
 
assessed
 
for
 
these
 
areas
 
to
 
implement
 
transmission
 
line
maintenance.
Sites
 
located
 
in
 
or
 
near
 
biodiversity-sensitive
 
areas
2024
Number
 
of
 
sites
 
owned,
 
leased
 
or
 
managed
431
Area
 
of
 
sites
 
owned,
 
leased
 
or
 
managed
 
(hectares)
1,345
 
 
 
 
 
 
 
 
 
 
 
62
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
The
 
land-use
 
change
 
caused
 
by
 
building
 
the
 
main
 
grid’s
 
transmission
 
lines
 
and
 
substations
 
is
 
mostly
 
the
 
result
 
of
 
the
establishment
 
of
 
new
 
transmission
 
line
 
areas
 
and
 
the
 
removal
 
of
 
trees
 
from
 
these
 
areas.
 
The
 
following
 
table
describes
 
the
 
extent
 
of
 
the
 
land-use
 
change
 
resulting
 
from
 
new
 
transmission
 
line
 
areas
 
in
 
2024
 
and
 
the
 
cumulative
area
 
of
 
the
 
company’s
 
transmission
 
line
 
areas
 
at
 
the
 
end
 
of
 
the
 
reporting
 
year.
 
The
 
undergrowth
 
below
 
the
transmission
 
lines
 
is
 
cleared
 
regularly
 
during
 
their
 
lifetime.
 
The
 
height
 
of
 
the
 
forests
 
at
 
the
 
border
 
zones
 
of
 
the
transmission
 
lines
 
is
 
controlled
 
by
 
helicopter
 
sawing
 
and
 
felling
 
operations
 
so
 
that
 
any
 
falling
 
trees
 
do
 
not
 
come
 
into
contact
 
with
 
the
 
transmission
 
lines,
 
causing
 
danger
 
to
 
people
 
or
 
disturbances
 
in
 
electricity
 
transmission.
Total
 
land-use
 
area
 
(hectares)
2024
Cumulative
 
transmission
 
line
 
area
 
at
 
the
 
end
 
of
 
the
 
reporting
 
year
62,768.00
Change
 
in
 
transmission
 
line
 
area
 
during
 
the
 
reporting
 
year
+
 
1
 
350
Preparation
 
and
 
calculation
 
principles
 
E4
State
 
-
 
and
 
private
 
-owned
 
nature
 
reserves
 
and
 
Natura
 
sites
 
as
 
per
 
the
 
datasets
 
of
 
the
 
Finnish
 
Environmental
 
Institute
are
 
considered
 
as
 
biodiversity-sensitive
 
areas.
 
Geographic
 
information
 
analysis
 
is
 
used
 
to
 
review
 
the
 
overlapping
 
of
these
 
areas
 
in
 
relation
 
to
 
the
 
areas
 
owned
 
and
 
leased
 
by
 
Fingrid
 
and
 
to
 
areas
 
for
 
which
 
the
 
company
 
has
 
acquired
rights-of-use
 
through
 
expropriation.
 
The
 
information
 
of
 
these
 
areas
 
is
 
managed
 
in
 
the
 
company’s
 
geographic
database.
 
In
 
Fingrid’s
 
operations,
 
transmission
 
lines,
 
substations,
 
reserve
 
power
 
plants
 
and
 
properties
 
where
 
the
company
 
has
 
activities
 
that
 
cause
 
nature-related
 
impacts
 
are
 
considered
 
as
 
sites
 
causing
 
nature
 
-related
 
impacts.
 
For
transmission
 
lines,
 
the
 
calculation
 
of
 
the
 
area
 
includes
 
the
 
entire
 
transmission
 
line
 
area,
 
comprising
 
the
 
area
 
below
the
 
transmission
 
line
 
and
 
its
 
border
 
zones.
The
 
calculation
 
of
 
the
 
area
 
for
 
land-use
 
change
 
covers
 
the
 
transmission
 
line
 
areas.
 
The
 
change
 
is
 
reviewed
 
based
 
on
the
 
year
 
when
 
the
 
transmission
 
line
 
was
 
commissioned.
ESRS
 
E5
 
–
 
Resource
 
use
 
and
 
circular
 
economy
Material
 
impacts,
 
risks
 
and
 
opportunities
 
related
 
to
 
resource
 
use
 
and
 
circular
 
economy
From
 
the
 
perspective
 
of
 
resource
 
use
 
and
 
circular
 
economy,
 
the
 
inflow
 
of
 
resources
 
needed
 
for
 
grid
 
building
 
are
material
 
for
 
Fingrid’s
 
business.
 
Resources
 
are
 
needed
 
to
 
build
 
transmission
 
lines
 
and
 
substations
 
as
 
part
 
of
 
the
company’s
 
investment
 
programme
 
and
 
transition
 
plan
 
for
 
climate
 
change
 
mitigation.
 
Rising
 
material
 
costs
 
and
availability
 
challenges
 
can
 
cause
 
material
 
risks
 
for
 
the
 
building
 
of
 
a
 
main
 
grid
 
that
 
enables
 
climate
 
change
 
mitigation,
while
 
at
 
the
 
same
 
time
 
efforts
 
are
 
made
 
to
 
achieve
 
low
 
emissions
 
and
 
a
 
transition
 
from
 
the
 
use
 
of
 
primary
 
resources
to
 
recycled
 
resources.
 
From
 
the
 
perspective
 
of
 
resource
 
outflows,
 
the
 
majority
 
of
 
dismantled
 
materials
 
can
 
be
 
recycled,
 
and
 
the
 
company’s
waste
 
management
 
is
 
arranged
 
in
 
a
 
centralised
 
manner
 
with
 
a
 
single
 
waste
 
management
 
provider.
 
Resource
outflows
 
are
 
not
 
a
 
material
 
sustainability
 
topic
 
for
 
Fingrid,
 
but
 
they
 
are
 
reported
 
on
 
as
 
necessary
 
in
 
relation
 
to
 
the
EU
 
taxonomy.
 
The
 
Do
 
No
 
Significant
 
Harm
 
(DNSH)
 
principle
 
for
 
the
 
transition
 
to
 
circular
 
economy
 
requires
 
a
 
waste
management
 
plan
 
to
 
ensure
 
re
 
-use
 
or
 
recycling
 
to
 
the
 
maximum
 
extent
 
possible
 
according
 
to
 
the
 
waste
management
 
hierarchy.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
63
FINGRID
 
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www.fingrid.fi
4
 
March
 
2025
ESRS
standard
Material
topics
Impact
Financial
 
impact
Identified
impacts
Risks
 
and
opportunities
Fingrid’s
 
policies
 
for
 
impacts,
risks
 
and
 
opportunities
management
E5
 
Resource
use
 
and
circular
economy
Resources
inflows,
including
resource
 
use
•
 
-
 
Rising
 
material
 
costs
and
 
availability
challenges
Land
 
use
 
and
 
environmental
policy
+
 
Opportunity
 
/
 
-
 
Risk
E5-1
 
Policies
 
related
 
to
 
resource
 
use
 
and
 
circular
 
economy
Fingrid’s
 
policies
 
for
 
the
 
management
 
of
 
resource
 
use
 
and
 
circular
 
economy
 
-related
 
impacts,
 
risks
 
and
 
opportunities
include
 
the
 
land
 
use
 
and
 
environmental
 
policy
 
approved
 
by
 
the
 
company’s
 
President
 
&
 
CEO,
 
the
 
contract
 
terms
 
for
suppliers
 
and
 
the
 
waste
 
specification
 
documents.
 
The
 
land
 
use
 
and
 
environmental
 
policy
 
contains
 
guidelines
 
for
 
the
management
 
of
 
the
 
risks
 
and
 
opportunities
 
related
 
to
 
the
 
materials
 
needed
 
in
 
grid
 
building,
 
when
 
considering
 
the
target
 
to
 
reduce
 
carbon
 
footprint
 
impacts
 
and
 
the
 
use
 
of
 
primary
 
materials.
 
The
 
key
 
materials
 
used
 
in
 
building
 
are
 
mostly
 
primary
 
materials,
 
because
 
the
 
availability
 
of
 
secondary
 
materials
meeting
 
the
 
technical
 
requirements
 
of
 
grid
 
building
 
is
 
so
 
far
 
limited.
 
The
 
purity
 
requirements
 
for
 
electrotechnical
aluminium
 
and
 
copper
 
limit
 
the
 
use
 
of
 
recycled
 
materials
 
in
 
the
 
transmission
 
line
 
conductors
 
and
 
substation
transformers.
 
In
 
terms
 
of
 
steel
 
consumption,
 
the
 
guyed
 
tower,
 
which
 
is
 
currently
 
used
 
as
 
the
 
standard
 
solution
 
for
Fingrid’s
 
transm
 
ission
 
towers,
 
is
 
lightweight
 
and
 
material-efficient.
 
The
 
use
 
of
 
secondary
 
materials
 
can
 
also
 
be
limited
 
by
 
availability,
 
especially
 
when
 
it
 
comes
 
to
 
steel.
 
Fingrid
 
works
 
together
 
with
 
its
 
contractors
 
to
 
reduce
 
the
consumption
 
of
 
primary
 
natural
 
resources
 
needed
 
for
 
grid
 
building.
 
Contractors
 
are
 
encouraged
 
through
 
contract
terms,
 
for
 
example,
 
to
 
favour
 
recycled
 
materials
 
instead
 
of
 
primary
 
materials,
 
where
 
possible.
As
 
a
 
client,
 
Fingrid
 
requires
 
through
 
contract
 
terms
 
that
 
its
 
contractual
 
partners
 
follow
 
the
 
waste
 
hierarchy
 
and
 
the
waste
 
management
 
prioritisation
 
such
 
that
 
the
 
primary
 
means
 
is
 
to
 
reduce
 
the
 
volume
 
of
 
waste
 
generated.
 
As
required
 
in
 
the
 
waste
 
specification
 
documentation,
 
materials
 
to
 
be
 
decommissioned
 
and
 
waste
 
are
 
recycled
efficiently
 
when
 
building
 
new
 
grid
 
sections
 
or
 
dismantling
 
old
 
structures.
E5-2
 
Actions
 
and
 
resources
 
in
 
relation
 
to
 
resource
 
use
 
and
 
circular
 
economy
Based
 
on
 
volumes,
 
the
 
key
 
materials
 
needed
 
in
 
Fingrid’s
 
grid
 
investments
 
to
 
promote
 
climate
 
change
 
mitigation
 
are
steel,
 
aluminium,
 
copper
 
and
 
concrete.
 
In
 
2024,
 
the
 
company
 
acquired
 
for
 
the
 
first
 
time
 
steel
 
structures
 
made
 
from
recycled
 
steel
 
for
 
three
 
new
 
substations.
 
Based
 
on
 
the
 
experiences
 
gained
 
from
 
this
 
test
 
project
 
concerning
 
the
availability
 
and
 
cost
 
and
 
climate
 
impacts
 
of
 
the
 
materials,
 
Fingrid
 
will
 
assess
 
potential
 
further
 
measures
 
to
 
use
recycled
 
steel
 
on
 
a
 
broader
 
scale
 
in
 
grid
 
building.
 
Generally,
 
roughly
 
a
 
fifth
 
of
 
the
 
globally
 
manufactured
 
steel
 
is
based
 
on
 
the
 
reuse
 
of
 
recycled
 
steel,
 
which
 
reduces
 
the
 
need
 
for
 
primary
 
raw
 
materials.
 
However,
 
the
 
material
 
for
the
 
workshop
 
that
 
currently
 
manufactures
 
transmission
 
towers
 
typically
 
comes
 
from
 
wholesalers
 
without
 
detailed
information
 
or
 
specifications
 
concerning
 
the
 
proportion
 
of
 
recycled
 
material.
 
E5-3
 
Targets
 
related
 
to
 
resource
 
use
 
and
 
circular
 
economy
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
64
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2025
Fingrid
 
does
 
not
 
have
 
a
 
target
 
related
 
to
 
the
 
inflows
 
of
 
materials,
 
which
 
has
 
been
 
identified
 
as
 
a
 
material
sustainability
 
topic.
 
Legislation
 
does
 
not
 
require
 
such
 
target,
 
but
 
the
 
company
 
is
 
developing
 
the
 
tracking
 
of
effectiveness
 
in
 
this
 
area
 
and
 
assessing
 
opportunities
 
to
 
set
 
a
 
voluntary
 
target.
Fingrid’s
 
set
 
of
 
corporate
 
responsibility
 
ESG
 
targets
 
includes
 
voluntary
 
targets
 
for
 
materials
 
recycling
 
and
 
recovery.
These
 
metrics
 
related
 
to
 
waste
 
management
 
and
 
the
 
recycling
 
step
 
of
 
the
 
waste
 
hierarchy
 
and
 
their
 
outcomes
 
in
2024
 
are
 
presented
 
in
 
the
 
following
 
table.
 
Concerning
 
these
 
targets
 
set
 
prior
 
to
 
the
 
publication
 
of
 
the
 
ESRS
 
reporting
standards
 
and
 
their
 
metrics,
 
not
 
all
 
of
 
the
 
information
 
required
 
under
 
the
 
standards’
 
minimum
 
disclosure
requirements
 
is
 
available
 
for
 
disclosure
 
as
 
described
 
in
 
more
 
detail
 
in
 
connection
 
with
 
disclosure
 
requirement
 
E1-4
(Targets
 
related
 
to
 
climate
 
change
 
mitigation
 
and
 
adaptation).
Targets
 
set
 
by
 
Fingrid
 
(2021–2025)
 
(%)
2025
 
target
2024
 
outturn
Material
 
recycling:
 
Recycling
 
rate
90
71
Material
 
recovery:
 
Recovery
 
rate
98
98
The
 
above-described
 
targets
 
and
 
their
 
metrics
 
are
 
related
 
to
 
the
 
following
 
list
 
of
 
Fingrid’s
 
ESG
 
visions.
Responsibility
 
vision:
 
Recycling
 
materials
 
and
 
reducing
 
waste
●
The
 
recycling
 
rate
 
for
 
demolition
 
material
 
from
 
Fingrid’s
 
operations
 
is
 
90%
 
and
 
the
 
utilisation
 
rate
 
is
 
98%
●
Reduction
 
of
 
construction
 
waste
 
at
 
worksites
 
and
 
reduction
 
of
 
office
 
waste
E5-4
 
Resource
 
inflows
The
 
use
 
of
 
the
 
key
 
materials
 
needed
 
in
 
grid
 
investments
 
(steel,
 
aluminium,
 
copper
 
and
 
concrete)
 
for
 
2024
 
is
presented
 
in
 
the
 
table
 
below.
No
 
biological
 
materials
 
are
 
used
 
in
 
the
 
manufacture
 
of
 
grid
 
building
 
materials.
 
The
 
volume
 
of
 
secondary
 
reused
 
or
recycled
 
components,
 
secondary
 
intermediary
 
products
 
and
 
secondary
 
materials
 
is
 
insignificant.
Materials
 
used
 
during
 
the
 
reporting
 
period
 
(tonnes)
2024
Steel
9,628
Aluminium
2,952
Concrete
36,801
Copper
637
Total
50,018
E5-5
 
Resource
 
outflows
The
 
total
 
volume
 
of
 
waste
 
in
 
2024
 
was
 
approximately
 
12,038
 
tonnes,
 
of
 
which
 
hazardous
 
waste
 
made
 
up
 
roughly
944
 
tonnes.
 
Of
 
the
 
resulting
 
material,
 
71
 
per
 
cent
 
was
 
recycled
 
and
 
98
 
per
 
cent
 
was
 
recovered.
 
Non-recycled
 
waste
accounted
 
for
 
29
 
per
 
cent.
Waste
 
flows
 
that
 
are
 
relevant
 
to
 
the
 
company’s
 
sector
 
or
 
operations
 
result
 
from
 
investment
 
projects,
 
when
 
new
electricity
 
transmission
 
grid
 
sections
 
are
 
built
 
and
 
old
 
structures
 
are
 
dismantled.
 
The
 
most
 
relevant
 
materials
included
 
in
 
waste,
 
according
 
to
 
list-of-waste
 
entries,
 
are
 
the
 
following:
 
concrete
 
from
 
construction
 
and
 
demolition,
ferrous
 
metal
 
from
 
recycling
 
and
 
waste
 
management,
 
wood
 
from
 
construction
 
and
 
demolition,
 
and
 
cables
 
that
 
do
not
 
contain
 
hazardous
 
substances
 
from
 
construction
 
and
 
demolition.
 
The
 
operations
 
do
 
not
 
generate
 
radioactive
waste.
a)
 
the
 
total
 
amount
 
of
 
waste
 
generated
 
(t)
12,038
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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March
 
2025
b)
 
the
 
total
 
amount
 
by
 
weight
 
diverted
 
from
 
disposal
hazardous
 
waste
non-hazardous
waste
total
 
amount
i.
 
preparation
 
for
 
reuse
 
(t)
0
0
0
ii.
 
recycling
 
(t)
218
8,388
8,605
iii.
 
other
 
recovery
 
operations
 
(t)
535
2,656
3,192
total
 
(t)
11,797
c)
 
the
 
amount
 
by
 
weight
 
directed
 
to
 
disposal
hazardous
 
waste
non-hazardous
waste
total
 
amount
i.
 
incineration
 
(t)
5
0
5
ii.
 
landfill
 
(t)
181
0
181
iii.
 
other
 
disposal
 
operations
 
(t)
6
50
56
total,
 
(t)
241
total
 
amount
 
(t)
percentage
d)
 
non-recycled
 
waste
3,433
29
E5-6
 
Anticipated
 
financial
 
effects
 
from
 
material
 
resource
 
use
 
and
 
circular
 
economy-related
 
risks
 
and
 
opportunities
Fingrid
 
does
 
not
 
identify
 
any
 
specific
 
financial
 
effects
 
that
 
could
 
arise
 
for
 
the
 
company
 
from
 
a
 
material
 
risk
 
related
 
to
resource
 
use
 
and
 
circular
 
economy.
Preparation
 
and
 
calculation
 
principles
 
E5
The
 
calculation
 
of
 
inflowing
 
materials
 
includes
 
the
 
substation
 
and
 
transmission
 
line
 
assets
 
commissioned
 
in
 
the
reporting
 
year.
 
The
 
quantity
 
of
 
commissioned
 
assets
 
is
 
obtained
 
directly
 
from
 
Fingrid’s
 
asset
 
management
 
system.
The
 
commissioned
 
assets
 
are
 
grouped
 
by
 
calculation
 
components,
 
which,
 
for
 
transmission
 
lines,
 
are
 
towers
 
and
foundations
 
by
 
type
 
and
 
conductors
 
by
 
type.
 
At
 
substations,
 
the
 
calculation
 
components
 
are
 
the
 
equipment
 
groups
by
 
voltage
 
level
 
and
 
the
 
other
 
substation
 
infrastructure.
 
The
 
quantity
 
of
 
other
 
substation
 
infrastructure
 
is
 
estimated
based
 
on
 
the
 
number
 
of
 
circuit-breakers
 
commissioned
 
during
 
the
 
reporting
 
year,
 
and
 
the
 
estimated
 
quantitative
data
 
includes
 
the
 
weight
 
of
 
steel
 
support
 
structures,
 
the
 
weight
 
of
 
the
 
earthing
 
network
 
and
 
the
 
volume
 
of
 
cabling.
In
 
calculating
 
the
 
quantity
 
of
 
materials
 
for
 
buildings,
 
the
 
area
 
of
 
the
 
building
 
is
 
used.
Copper,
 
aluminium,
 
steel
 
and
 
concrete
 
have
 
been
 
identified
 
as
 
material
 
inflowing
 
materials
 
in
 
Fingrid’s
 
operations.
An
 
average
 
calculation
 
component-specific
 
material
 
factor
 
has
 
been
 
calculated
 
for
 
these
 
materials
 
based
 
on
 
data
obtained
 
from
 
the
 
investment
 
projects.
 
The
 
data
 
is
 
mainly
 
obtained
 
from
 
equipment
 
manufacturers
 
and
 
technical
documents.
 
The
 
average
 
material
 
factors
 
for
 
the
 
calculation
 
components
 
have
 
been
 
calculated
 
separately
 
for
 
the
voltage
 
levels
 
400,
 
220
 
and
 
110
 
kilovolts.
The
 
quantity
 
of
 
inflowing
 
materials
 
has
 
been
 
calculated
 
by
 
multiplying
 
the
 
quantity
 
of
 
the
 
calculation
 
component
 
by
its
 
material
 
factors
 
in
 
the
 
reporting
 
year.
Figures
 
related
 
to
 
resource
 
outflows
 
are
 
obtained
 
from
 
the
 
reporting
 
systems
 
maintained
 
by
 
the
 
waste
 
management
providers.
 
If
 
waste
 
materials
 
are
 
delivered
 
to
 
be
 
processed
 
by
 
actors
 
outside
 
waste
 
management
 
contracts,
appropriate
 
waste
 
accounting
 
documents
 
and
 
transfer
 
documents
 
are
 
always
 
requested
 
for
 
them.
 
All
 
quantities
entered
 
in
 
waste
 
reporting
 
are
 
based
 
on
 
waste
 
weighing
 
certificates.
 
The
 
waste
 
processing
 
methods
 
are
 
determined
by
 
the
 
waste
 
management
 
provider.
 
The
 
waste
 
reports
 
of
 
different
 
actors
 
are
 
added
 
together
 
quarterly,
 
which
 
gives
the
 
final
 
figures
 
for
 
outflowing
 
materials
 
for
 
the
 
reporting
 
year.
1.11.3
Social
 
information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
66
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
ESRS
 
S1
 
–
 
Own
 
workforce
Material
 
impacts,
 
risks
 
and
 
opportunities
 
related
 
to
 
own
 
workforce
Fingrid
 
is
 
an
 
expert
 
organisation
 
in
 
which
 
operations
 
are
 
based
 
on
 
skilled,
 
healthy
 
and
 
well
 
-being
 
personnel
 
who
recognise
 
the
 
importance
 
of
 
their
 
work
 
for
 
the
 
company,
 
customers
 
and
 
society.
 
From
 
the
 
perspective
 
of
 
own
workforce,
 
i.e.
 
personnel
 
and
 
temporary
 
workers
 
who
 
mainly
 
work
 
under
 
Fingrid’s
 
work
 
guidance,
 
the
 
material
impacts
 
are
 
related
 
to
 
securing
 
the
 
working
 
conditions,
 
equal
 
treatment
 
and
 
equal
 
opportunities
 
for
 
personnel.
 
In
the
 
area
 
of
 
human
 
rights
 
impacts,
 
the
 
most
 
significant
 
negative
 
impacts
 
and
 
risks
 
when
 
it
 
comes
 
to
 
life
 
and
 
health
are
 
related
 
to,
 
for
 
example,
 
worksite
 
visits.
 
In
 
addition,
 
the
 
increase
 
in
 
duties
 
and
 
competence
 
requirements
 
due
 
to
the
 
energy
 
transformation
 
and
 
related
 
transition
 
plans
 
increases
 
the
 
load
 
caused
 
by
 
work,
 
thus
 
leading
 
to
 
higher
risks
 
for
 
employees’
 
health.
 
When
 
Fingrid’s
 
own
 
workforce
 
-related
 
actions
 
succeed,
 
their
 
identified
 
impact
 
on
occupational
 
well-being
 
and
 
safety
 
is
 
positive,
 
while
 
unsuccessful
 
actions
 
have
 
a
 
negative
 
impact.
The
 
input
 
data
 
for
 
the
 
double
 
materiality
 
assessment
 
and
 
workshop
 
work
 
have
 
helped
 
ensure
 
an
 
understanding
 
that
there
 
are
 
no
 
specific
 
workers
 
to
 
consider
 
who
 
would
 
be
 
more
 
affected
 
by
 
a
 
risk
 
of
 
negative
 
impact
 
than
 
others.
 
The
impacts
 
are
 
related
 
to
 
Fingrid’s
 
own
 
workforce
 
in
 
its
 
entirety
 
and
 
are
 
limited
 
to
 
individual
 
cases.
 
The
 
company
operates
 
in
 
Finland
 
and
 
its
 
operations
 
do
 
not
 
involve
 
any
 
significant
 
risk
 
of
 
forced
 
labour
 
or
 
child
 
labour.
ESRS
standard
Material
 
topics
Impact
Financial
 
impact
Identified
 
impacts
Risks
 
and
opportunities
Fingrid’s
 
policies
 
for
 
impacts,
risks
 
and
 
opportunities
management
S1
 
Own
workforce
↑/↓Working
conditions
•
 
Health
 
and
 
safety
↑/↓Equal
treatment
 
and
opportunities
 
for
 
all
•
 
Measures
 
against
violence
 
and
harassment
 
in
 
the
workplace
•
 
↑/↓Well
 
-being
 
and
safety
 
of
 
own
personnel
 
Practices
 
and
 
goals
 
of
 
Fingrid’s
occupational
 
health
 
and
 
safety
management
Occupational
 
safety
 
handbook
Fingrid’s
 
Code
 
of
 
Conduct
Management
 
principles
HR
 
policy
Equal
 
opportunity
 
and
 
non-
discrimination
 
plan
↑
 
Positive
 
impact
 
/↓
 
Negative
 
impact
S1-1
 
Policies
 
related
 
to
 
own
 
workforce
Key
 
principles
 
for
 
the
 
management
 
of
 
impacts,
 
risks
 
and
 
opportunities
 
related
 
to
 
own
 
workforce
 
include
 
Fingrid’s
management
 
principles,
 
HR
 
policy,
 
equal
 
opportunity
 
and
 
non-discrimination
 
plan,
 
Code
 
of
 
Conduct,
 
and
 
practices
and
 
goals
 
of
 
Fingrid’s
 
occupational
 
health
 
and
 
safety
 
management.
 
The
 
Code
 
of
 
Conduct
 
ensures
 
equal
 
management
 
practices
 
across
 
the
 
organisation
 
and
 
aims
 
to
 
ensure
 
a
 
health,
 
well-
being
 
and
 
high-performing
 
work
 
community.
 
Taking
 
care
 
of
 
personnel’s
 
physical
 
and
 
mental
 
well
 
-being
 
at
 
work
promotes
 
productivity
 
and
 
employee
 
satisfaction,
 
reducing
 
absences
 
due
 
to
 
illness
 
and
 
work-related
 
injuries,
 
among
other
 
things.
 
Equal
 
treatment
 
creates
 
trust
 
and
 
commitment
 
towards
 
the
 
employer.
 
The
 
Code
 
of
 
Conduct
 
supporting
equality
 
and
 
diversity
 
create
 
a
 
good
 
foundation
 
for
 
a
 
well
 
-functioning
 
corporate
 
culture
 
and
 
for
 
attracting
 
the
 
best
talent
 
to
 
the
 
company.
 
The
 
aforementioned
 
principles
 
are
 
approved
 
by
 
the
 
company’s
 
Board
 
of
 
Directors,
 
and
 
the
policies
 
are
 
approved
 
by
 
the
 
President
 
and
 
CEO.
 
The
 
practices
 
and
 
goals
 
of
 
Fingrid’s
 
occupational
 
health
 
and
 
safety
67
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management
 
are
 
approved
 
by
 
the
 
President
 
and
 
CEO.
 
The
 
equal
 
opportunity
 
and
 
non-discrimination
 
plan
 
is
approved
 
by
 
the
 
HR
 
director.
 
All
 
policies
 
cover
 
Fingrid’s
 
entire
 
own
 
workforce.
 
Fingrid
 
is
 
committed
 
to
 
responsible
 
and
 
ethical
 
business
 
practices
 
to
 
promote
 
sustainable
 
development
 
(Code
 
of
Conduct).
 
These
 
principles
 
are
 
based
 
on
 
the
 
United
 
Nations
 
Global
 
Compact
 
initiative
 
and
 
the
 
principles
 
guiding
business
 
operations
 
and
 
human
 
rights.
 
The
 
Code
 
of
 
Conduct
 
also
 
includes
 
Fingrid’s
 
human
 
rights
 
commitment.
 
The
company
 
follows
 
due
 
diligence
 
and
 
respects
 
internationally
 
recognised
 
human
 
rights.
 
Fingrid
 
avoids
 
operating
 
in
 
a
manner
 
that
 
leads
 
to
 
adverse
 
human
 
rights
 
impacts,
 
addresses
 
any
 
adverse
 
human
 
rights
 
impacts
 
when
 
they
 
occur,
and
 
takes
 
remediation
 
measures
 
when
 
required
 
.
 
As
 
explicitly
 
stated
 
in
 
its
 
Code
 
of
 
Conduct,
 
the
 
company
 
does
 
not
accept
 
the
 
use
 
of
 
child
 
labour
 
and
 
forced
 
labour.
 
The
 
company
 
also
 
does
 
not
 
accept
 
human
 
trafficking.
 
Engagement
with
 
own
 
workforce
 
takes
 
place
 
in
 
statutory
 
cooperation
 
bodies,
 
i.e.
 
the
 
cooperation
 
and
 
dialogue
 
meeting
 
with
shop
 
stewards
 
and
 
the
 
OHS
 
committee.
The
 
company’s
 
Code
 
of
 
Conduct
 
includes
 
the
 
prohibition
 
of
 
all
 
forms
 
of
 
discrimination,
 
harassment
 
and
 
bullying.
 
The
company
 
is
 
committed
 
to
 
promoting
 
diversity
 
in
 
everything
 
it
 
does.
 
All
 
employees
 
are
 
guaranteed
 
equal
opportunities,
 
rights
 
and
 
treatment.
Personnel’s
 
occupational
 
health
 
and
 
safety
 
come
 
first
 
in
 
all
 
of
 
Fingrid’s
 
activities.
 
In
 
an
 
expert
 
organisation,
 
the
hazards
 
of
 
work
 
are
 
not
 
limited
 
to
 
the
 
physical
 
aspects
 
of
 
working,
 
but
 
work
 
can
 
also
 
cause
 
a
 
mental
 
load.
 
Fingrid’s
occupational
 
health
 
and
 
safety
 
management
 
is
 
steered
 
by
 
Fingrid’s
 
occupational
 
health
 
and
 
safety
 
policy
 
and
 
goals.
The
 
company
 
has
 
in
 
place
 
an
 
occupational
 
health
 
and
 
safety
 
management
 
system
 
based
 
on
 
ISO
 
45001,
 
which
 
is
applied
 
to
 
the
 
operations
 
of
 
Fingrid’s
 
own
 
workforce,
 
suppliers
 
and
 
sub-suppliers
 
and
 
materials,
 
equipment
 
and
engineering
 
ordered
 
by
 
Fingrid.
 
Requirements
 
for
 
occupational
 
health
 
and
 
safety
 
management
 
are
 
established
 
in
 
the
occupational
 
safety
 
manual,
 
which
 
is
 
the
 
responsibility
 
of
 
the
 
President
 
&
 
CEO.
 
It
 
is
 
important
 
for
 
the
 
company
 
that
each
 
employee
 
returns
 
home
 
safely
 
and
 
healthy.
S1-2
 
Processes
 
for
 
engaging
 
with
 
own
 
workforce
 
and
 
workers’
 
representatives
 
about
 
impacts
The
 
statutory
 
cooperation
 
bodies
 
are
 
the
 
cooperation
 
and
 
dialogue
 
meeting
 
and
 
the
 
occupational
 
health
 
and
 
safety
committee.
 
The
 
cooperation
 
and
 
dialogue
 
meeting
 
discusses
 
personnel
 
issues
 
extensively.
 
Statutory
 
OHS
 
matters
 
are
handled
 
by
 
the
 
company’s
 
OHS
 
committee,
 
which
 
includes
 
elected
 
personnel
 
representatives.
 
The
 
employer’s
representative
 
in
 
the
 
OHS
 
committee
 
is
 
the
 
OHS
 
Manager
 
appointed
 
by
 
the
 
company.
Each
 
year,
 
the
 
cooperation
 
and
 
dialogue
 
meeting
 
reviews
 
matters
 
required
 
by
 
the
 
Co-operation
 
Act,
 
such
 
as
 
key
figures
 
related
 
to
 
personnel’s
 
occupational
 
well
 
-being
 
and
 
health,
 
the
 
results
 
of
 
the
 
personnel
 
survey
 
and
 
the
 
equal
opportunity
 
and
 
non-discrimination
 
plan.
 
The
 
cooperation
 
and
 
dialogue
 
meeting,
 
which
 
convenes
 
four
 
times
 
a
 
year,
is
 
comprised
 
of
 
the
 
shop
 
stewards
 
of
 
salaried
 
employees
 
and
 
senior
 
salaried
 
employees,
 
the
 
HR
 
manager
 
and
 
the
 
HR
director.
 
Cooperation
 
with
 
the
 
shop
 
stewards
 
has
 
been
 
constructive,
 
as
 
the
 
company
 
has
 
concluded
 
local
agreements
 
related
 
to
 
working
 
time,
 
remote
 
work
 
and
 
travel
 
allowances.
A
 
briefing
 
is
 
organised
 
for
 
the
 
entire
 
personnel
 
each
 
year,
 
with
 
the
 
representatives
 
of
 
the
 
HR
 
unit
 
sharing
information
 
about
 
the
 
equal
 
opportunity
 
and
 
non-discrimination
 
plan
 
and
 
occupational
 
well
 
-being
 
and
 
safety.
 
An
extensive
 
survey
 
is
 
also
 
carried
 
out
 
at
 
least
 
once
 
a
 
year
 
to
 
measure
 
employee
 
satisfaction,
 
and
 
the
 
results
 
are
 
shared
with
 
the
 
entire
 
personnel.
Fingrid
 
has
 
an
 
agreement
 
with
 
occupational
 
healthcare
 
services
 
that
 
applies
 
to
 
all
 
persons
 
employed
 
by
 
Fingrid.
 
The
occupational
 
healthcare
 
services
 
make
 
workplace
 
visits
 
to
 
the
 
company’s
 
various
 
locations
 
and,
 
in
 
this
 
way,
 
take
 
part
as
 
an
 
external
 
healthcare
 
specialist
 
in
 
the
 
identification
 
and
 
assessment
 
of
 
the
 
risks
 
affecting
 
the
 
company’s
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occupational
 
health
 
and
 
work
 
ability.
 
In
 
addition
 
they
 
provide
 
recommendations
 
for
 
measures
 
to
 
prevent
 
and
mitigate
 
the
 
risks.
Fingrid’s
 
occupational
 
health
 
and
 
safety
 
procedures
 
are
 
continuously
 
developed
 
and
 
the
 
work
 
environments
 
are
upgraded
 
on
 
the
 
basis
 
of
 
risk
 
assessments
 
and
 
workplace
 
surveys.
 
All
 
accidents,
 
near
 
misses
 
and
 
safety
 
observations
are
 
investigated
 
and
 
the
 
lessons
 
learned
 
are
 
implemented.
An
 
annual
 
review
 
is
 
prepared
 
for
 
Fingrid’s
 
executive
 
management
 
group
 
on
 
the
 
effectiveness
 
of
 
the
 
occupational
health
 
and
 
safety
 
management
 
system
 
and
 
the
 
results
 
of
 
internal
 
audits.
 
The
 
OHS
 
committee,
 
comprised
 
of
personnel
 
representatives,
 
convenes
 
three
 
times
 
a
 
year
 
and
 
annually
 
creates
 
an
 
action
 
plan
 
based
 
on
 
factors
 
such
 
as
risk
 
assessments,
 
safety
 
observations,
 
occurred
 
accidents
 
and
 
near
 
misses.
 
The
 
entire
 
personnel
 
may
 
also
 
make
suggestions
 
to
 
the
 
OHS
 
committee
 
for
 
developing
 
occupational
 
health
 
and
 
safety.
Training
 
organised
 
for
 
personnel
 
is
 
planned
 
annually
 
depending
 
on
 
need.
 
It
 
is
 
discussed
 
in
 
the
 
internal
 
occupational
safety
 
group
 
and
 
OHS
 
committee.
 
In
 
addition,
 
personnel
 
are
 
engaged
 
in
 
decision-making
 
through
 
HR
 
development
groups,
 
and
 
their
 
opinions
 
are
 
heard
 
through
 
regular
 
personnel
 
surveys
 
measuring,
 
among
 
other
 
aspects,
 
the
 
well-
being
 
of
 
personnel
 
and
 
their
 
willingness
 
to
 
recommend
 
the
 
company
 
as
 
a
 
workplace
 
(eNPS).
Through
 
the
 
aforementioned
 
engagement
 
practices,
 
Fingrid
 
addresses,
 
together
 
with
 
personnel,
 
also
 
the
 
impacts
 
on
personnel
 
from
 
decarbonisation
 
and
 
a
 
transition
 
to
 
greener
 
and
 
climate
 
-neutral
 
operations.
 
These
 
impacts
 
show,
 
in
particular,
 
as
 
an
 
increase
 
in
 
the
 
load
 
caused
 
by
 
expert
 
work,
 
as
 
duties
 
and
 
competence
 
requirements
 
increase,
 
with
Fingrid
 
as
 
a
 
company
 
playing
 
a
 
key
 
role
 
in
 
the
 
implementation
 
of
 
the
 
green
 
transition
 
and
 
the
 
growth
 
of
 
the
 
power
system.
S1-3
 
Processes
 
to
 
remediate
 
negative
 
impacts
 
and
 
channels
 
for
 
own
 
workforce
 
to
 
raise
 
concerns
Personnel
 
has
 
access
 
to
 
several
 
feedback
 
and
 
reporting
 
channels
 
and
 
has
 
received
 
instructions
 
on
 
their
 
use.
Personnel
 
are
 
supported
 
in
 
remediating
 
negative
 
impacts
 
by
 
their
 
supervisor,
 
their
 
supervisor’s
 
supervisor,
 
HR
experts,
 
trade
 
union
 
shop
 
stewards
 
and
 
OHS
 
representatives.
 
They
 
all
 
have
 
the
 
obligation
 
to
 
take
 
corrective
 
action
once
 
they
 
have
 
been
 
made
 
aware
 
of
 
potential
 
grievances
 
or
 
misconduct.
 
In
 
addition,
 
personnel
 
may
 
turn
 
to
occupational
 
health
 
care
 
professionals
 
in
 
all
 
matters
 
related
 
to
 
occupati
 
onal
 
well-being
 
and
 
health.
Personnel
 
have
 
the
 
opportunity
 
to
 
give
 
anonymous
 
feedback
 
in
 
annual
 
personnel
 
surveys.
 
In
 
addition,
 
a
 
confidential
and
 
independent
 
reporting
 
channel
 
is
 
in
 
place
 
for
 
personnel
 
and
 
third
 
parties
 
to
 
make
 
reports
 
anonymously.
 
This
and
 
the
 
processing
 
of
 
whistleblower
 
reports
 
are
 
discussed
 
in
 
connection
 
with
 
disclosure
 
requirement
 
G1-1
 
(Business
conduct
 
policies
 
and
 
corporate
 
culture).
The
 
investigation
 
and
 
reporting
 
of
 
occupational
 
safety
 
incidents
 
and
 
the
 
division
 
of
 
responsibilities
 
and
 
follow
 
-up
regarding
 
corrective
 
action
 
take
 
place
 
in
 
the
 
HSEQ
 
reporting
 
system.
 
Safety
 
observations
 
can
 
also
 
be
 
made
anonymously
 
on
 
Fingrid’s
 
public
 
website.
 
Fingrid’s
 
OHS
 
committee
 
coordinates
 
the
 
risk
 
assessments
 
of
 
the
company’s
 
own
 
personnel.
 
Risk
 
assessments
 
are
 
processed
 
in
 
the
 
OHS
 
committee.
S1-4
 
Taking
 
action
 
on
 
material
 
impacts
 
on
 
own
 
workforce,
 
and
 
approaches
 
to
 
managing
 
material
 
risks
 
and
pursuing
 
material
 
opportunities
 
related
 
to
 
own
 
workforce,
 
and
 
effectiveness
 
of
 
those
 
actions
Several
 
training
 
sessions
 
on
 
occupational
 
health,
 
safety
 
and
 
well
 
-being
 
were
 
organised
 
in
 
2024.
 
In
 
accordance
 
with
the
 
OHS
 
committee’s
 
action
 
plan,
 
personnel
 
were
 
provided
 
with
 
training
 
on
 
first
 
aid
 
and
 
response
 
to
 
violence
 
and
threats.
 
The
 
‘Together
 
at
 
work,
 
healthy
 
and
 
well
 
-being
 
Fingrid
 
employees’
 
campaign
 
addressed
 
mental
 
well
 
-being
and
 
psycho
 
-social
 
load
 
factors.
 
In
 
occupational
 
safety,
 
the
 
shared
 
theme
 
with
 
service
 
providers
 
was
 
‘Safe
 
work
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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2025
through
 
planning’,
 
which
 
is
 
described
 
in
 
connection
 
with
 
disclosure
 
requirement
 
S2-4
 
(Taking
 
action
 
on
 
material
impacts
 
on
 
value
 
chain
 
workers,
 
and
 
approaches
 
to
 
managing
 
material
 
risks
 
and
 
pursuing
 
material
 
opportunities
related
 
to
 
value
 
chain
 
workers,
 
and
 
effectiveness
 
of
 
those
 
actions).
In
 
accordance
 
with
 
the
 
HR
 
unit’s
 
action
 
plan,
 
personnel
 
were
 
coached
 
in
 
spring
 
2024
 
during
 
the
 
traditional
 
coaching
day,
 
the
 
theme
 
of
 
which
 
was
 
resilience.
 
In
 
addition,
 
a
 
development
 
day,
 
situational
 
awareness
 
reviews
 
and
 
HR
management
 
info
 
flashes
 
were
 
organised
 
for
 
supervisors
 
to
 
harmonise
 
management
 
practices
 
and
 
ensure
 
well
 
-being
at
 
work.
 
These
 
actions
 
are
 
aimed
 
at
 
creating
 
a
 
positive
 
impact
 
on
 
the
 
well-being
 
and
 
safety
 
of
 
own
 
personnel.
 
In
addition,
 
a
 
campaign
 
was
 
implemented
 
to
 
strengthen
 
diversity
 
and
 
equality
 
and
 
to
 
avoid
 
negative
 
impacts.
 
The
effectiveness
 
of
 
the
 
actions
 
is
 
assessed
 
regularly
 
through
 
a
 
personnel
 
survey.
The
 
personnel
 
training
 
programme
 
was
 
reviewed
 
with
 
personnel
 
representatives
 
in
 
the
 
cooperation
 
and
 
dialogue
meeting.
 
Fingrid
 
offers
 
its
 
entire
 
personnel
 
opportunities
 
to
 
develop
 
and
 
grow
 
their
 
competence.
 
The
 
aim
 
is
 
to
secure
 
competence
 
by
 
offering
 
person
 
nel
 
internal
 
and
 
external
 
training,
 
job
 
rotation
 
and
 
co-operation
 
across
organisational
 
boundaries.
 
Fingrid
 
expects
 
the
 
green
 
transition
 
to
 
increase
 
the
 
scope
 
of
 
the
 
company’s
 
operations
and
 
thus
 
the
 
load
 
caused
 
by
 
work
 
on
 
its
 
own
 
workforce.
 
The
 
personnel
 
association
 
Kehys
 
and
 
Young
 
Professionals
organised
 
several
 
recreational
 
events
 
to
 
support
 
personnel’s
 
well
 
-being
 
during
 
2024.
The
 
company’s
 
human
 
rights
 
efforts
 
included
 
updating
 
the
 
company’s
 
human
 
rights
 
action
 
plan
 
to
 
prevent
 
potential
negative
 
impacts
 
on
 
the
 
well-being
 
and
 
safety
 
of
 
own
 
workforce.
 
Implementing
 
the
 
own
 
work
 
force
 
-related
 
action
plans
 
described
 
here
 
does
 
not
 
re
 
quire
 
major
 
OpEx
 
or
 
CapEx.
S1-5
 
Targets
 
related
 
to
 
managing
 
material
 
negative
 
impacts,
 
advancing
 
positive
 
impacts,
 
and
 
managing
 
material
risks
 
and
 
opportunities
The
 
company’s
 
own
 
corporate
 
responsibility
 
ESG
 
targets
 
include
 
several
 
targets
 
related
 
to
 
reducing
 
the
 
negative
impacts
 
on
 
the
 
occupational
 
well
 
-being
 
and
 
safety
 
of
 
own
 
workforce,
 
whose
 
metrics
 
and
 
outcomes
 
are
 
presented
 
in
the
 
table
 
below.
 
In
 
addition,
 
a
 
diversified
 
personnel
 
structure
 
is
 
a
 
target
 
related
 
to
 
a
 
diverse
 
work
 
community.
 
Targets
 
set
 
by
 
Fingrid
 
(2021–2025)
2025
 
target
2024
 
outturn
Result
 
of
 
the
 
personnel
 
survey
Among
 
the
 
best
workplaces
 
in
Finland
eNPS
 
74
Cases
 
of
 
discrimination
 
(pcs)
0
3
Combined
 
occupational
 
accident
 
frequency
 
(own
 
personnel
 
and
 
service
providers,
 
LTIF)
 
<
 
5
4.8
Sickness
 
absences
 
(%)
 
<
 
2
1.7
Early
 
retirements
 
(pcs)
0
2
In
 
the
 
2024
 
personnel
 
survey,
 
employee
 
satisfaction
 
measured
 
with
 
the
 
eNPS
 
index
 
was
 
high
 
(74).
 
Reports
 
on
 
three
discrimination
 
experiences
 
were
 
received
 
through
 
different
 
channels.
 
These
 
reports
 
were
 
taken
 
seriously,
 
and
 
the
situations
 
were
 
resolved
 
toget
 
her
 
with
 
personnel
 
representatives.
 
The
 
personnel
 
had
 
a
 
healthy
 
age
 
structure.
 
The
service
 
providers’
 
and
 
Fingrid’s
 
own
 
workforce’s
 
combined
 
lost
 
time
 
injury
 
frequency
 
(LTIF)
 
was
 
4.8
 
absences
 
due
 
to
workplace
 
accidents
 
per
 
million
 
hours
 
worked.
 
The
 
frequency
 
fell
 
from
 
the
 
previous
 
year
 
and
 
was
 
below
 
5,
 
in
 
line
with
 
the
 
target.
At
 
Fingrid,
 
the
 
executive
 
management
 
group
 
sets
 
the
 
targets
 
related
 
to
 
own
 
workforce.
 
Fingrid’s
 
own
 
workforce
 
has
not
 
been
 
directly
 
consulted
 
when
 
setting
 
the
 
targets.
 
The
 
implementation
 
of
 
the
 
targets
 
is
 
monitored
 
in
 
the
cooperation
 
and
 
dialogue
 
meetings
 
together
 
with
 
shop
 
stewards.
 
Potential
 
improvement
 
actions
 
are
 
also
 
planned
together
 
with
 
shop
 
stewards.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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The
 
above-described
 
targets
 
and
 
their
 
metrics
 
are
 
related
 
to
 
the
 
following
 
list
 
of
 
Fingrid’s
 
ESG
 
visions.
Responsibility
 
vision:
 
An
 
open,
 
collaborative,
 
renewing
 
and
 
high-performing
 
work
 
community
●
Personnel
 
survey’s
 
top
 
result
 
compared
 
to
 
other
 
specialist
 
organisations
 
●
Leadership:
 
Fingrid
 
among
 
the
 
best
 
workplaces
 
●
Healthy
 
and
 
happy
 
work
 
community:
 
low
 
absences
 
due
 
to
 
illness,
 
no
 
premature
 
retirement
 
●
Diverse
 
work
 
community:
 
different
 
educational
 
and
 
ethnic
 
backgrounds,
 
more
 
even
 
gender
 
distribution,
even
 
age
 
distribution
Responsibility
 
vision,
 
targets:
 
Each
 
of
 
our
 
employees
 
and
 
everyone
 
working
 
at
 
a
 
Fingrid
 
worksite
 
returns
 
home
healthy
 
and
 
in
 
one
 
piece
 
–
 
at
 
the
 
end
 
of
 
every
 
workday
 
●
Low
 
LTIF
 
(less
 
than
 
5)
●
No
 
serious
 
occupational
 
safety
 
deviations
●
Fingrid
 
is
 
known
 
for
 
exceptional
 
occupational
 
safety
S1-6
 
Characteristics
 
of
 
the
 
undertaking’s
 
employees
The
 
number
 
of
 
Fingrid’s
 
employees
 
has
 
grown
 
significantly
 
in
 
recent
 
years.
 
In
 
2024,
 
the
 
number
 
of
 
employees
 
was
597.
 
The
 
characteristics
 
of
 
employees
 
by
 
gender,
 
country
 
and
 
contract
 
type
 
are
 
presented
 
in
 
the
 
tables
 
below.
Gender
Number
 
of
employees
 
(by
 
head
count)
Female
161
Male
436
Other
0
Not
 
reported
0
Employees
 
in
 
own
 
workforce
 
in
 
total
597
Region
Number
 
of
employees
 
(by
 
head
count)
Finland
597
Other
 
countries
0
Employees
 
in
 
own
 
workforce
 
in
 
total
597
In
 
the
 
financial
 
statements,
 
the
 
headcount
 
is
 
stated
 
in
 
the
 
section
 
4.8.
2024
FEMALE
MALE
OTHERS*)
NOT
REPORTED
TOTAL
Number
 
of
 
employees
 
(head
 
count
 
/
 
full-time
 
equivalent)
161
436
0
0
597
Number
 
of
 
permanent
 
employees
 
(head
 
count
 
/
 
full-time
 
equivalent)
134
400
0
0
534
Number
 
of
 
temporary
 
employees
 
(head
 
count
 
/
 
full-time
 
equivalent)
27
36
0
0
63
Number
 
of
 
non-guaranteed
 
hours
 
employees
 
(head
 
count
 
/
 
full-time
equivalent)
16
17
0
0
33
Number
 
of
 
full-time
 
employees
 
(head
 
count
 
/
 
full-time
 
equivalent)
138
410
0
0
548
Number
 
of
 
part-time
 
employees
 
(head
 
count
 
/
 
full-time
 
equivalent)
7
9
0
0
16
The
 
number
 
of
 
employees
 
who
 
left
 
the
 
company
 
in
 
2024
 
was
 
14
 
and
 
the
 
rate
 
of
 
employee
 
turnover
 
was
 
2.3
 
per
 
cent.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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S1-7
 
Characteristics
 
of
 
non-employees
 
in
 
the
 
undertaking’s
 
own
 
workforce
Fingrid
 
buys
 
services,
 
such
 
as
 
cleaning,
 
security
 
and
 
consulting
 
services
 
from
 
various
 
service
 
providers.
 
If
 
the
 
persons
working
 
in
 
these
 
tasks
 
spend
 
the
 
majority
 
of
 
their
 
working
 
time
 
under
 
Fingrid’s
 
work
 
guidance,
 
they
 
are
 
included
 
in
the
 
company’s
 
own
 
workforce
 
as
 
temporary
 
workers.
 
Fingrid’s
 
own
 
workforce
 
did
 
not
 
include
 
any
 
self-employed
persons
 
during
 
the
 
reporting
 
year.
Number
 
of
 
non-employees
2024
Head
 
count
4
S1-9
 
Diversity
 
metrics
Gender
 
distribution
 
at
 
top
 
management
2024
Female
 
(head
 
count)
5
Male
 
(head
 
count)
9
Total
14
Female
 
(%)
36
Male
 
(%)
64
In
 
what
 
is
 
presented
 
above,
 
the
 
definition
 
of
 
Fingrid’s
 
senior
 
management
 
includes
 
the
 
members
 
of
 
Fingrid
 
Group’s
Board
 
of
 
Directors
 
and
 
executive
 
management
 
group.
 
The
 
boards
 
of
 
directors
 
or
 
executive
 
management
 
groups
 
of
subsidiaries
 
are
 
not
 
included
 
in
 
senior
 
management.
Age
 
distribution
 
amongst
 
employees
2024
under
 
30
 
years
 
old
 
(head
 
count)
105
30–50
 
years
 
old
 
(head
 
count)
340
over
 
50
 
years
 
old
 
(head
 
count)
152
Total
597
under
 
30
 
years
 
old
 
(%)
18
30–50
 
years
 
old
 
(%)
57
over
 
50
 
years
 
old
 
(%)
25
S1-10
 
Adequate
 
Wages
All
 
employees
 
in
 
Fingrid’s
 
own
 
workforce
 
are
 
paid
 
appropriate
 
and
 
adequate
 
wages
 
based
 
on
 
the
 
Finnish
 
collective
agreement
 
system.
 
Two
 
different
 
studies
 
conducted
 
in
 
the
 
energy
 
sector
 
are
 
used
 
for
 
verifying
 
the
 
appropriateness
of
 
wages:
 
a
 
survey
 
carried
 
out
 
among
 
the
 
Finnish
 
Energy
 
Industries’
 
members
 
and
 
an
 
annual
 
salary
 
survey
 
by
Mercer.
 
The
 
results
 
of
 
both
 
studies
 
are
 
reviewed
 
in
 
a
 
cooperation
 
and
 
dialogue
 
meeting
 
together
 
with
 
the
 
shop
stewards.
S1-11
 
Social
 
protection
All
 
of
 
the
 
company’s
 
employees
 
are
 
covered
 
by
 
social
 
protection
 
through
 
public
 
programmes
 
and
 
the
 
company’s
own
 
benefits
 
against
 
loss
 
of
 
income
 
due
 
to
 
illness,
 
unemployment,
 
employment
 
injury
 
and
 
acquired
 
disability,
parental
 
leave
 
or
 
retirement.
S1-13
 
Training
 
and
 
skills
 
development
 
metrics
The
 
percentage
 
of
 
employees
 
that
 
participated
 
in
 
regular
 
performance
 
and
 
career
 
development
 
reviews
 
in
 
2024
 
was
88
 
per
 
cent
 
for
 
women
 
and
 
95
 
per
 
cent
 
for
 
men.
Employees
 
who
 
participated
 
in
 
regular
 
performance
 
and
 
career
development
 
reviews
Female
 
(%)
88
Male
 
(%)
95
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Training
 
hours
 
per
 
employee
 
by
 
gender
2024
Training
 
hours/employee,
 
female
6,414
Training
 
hours/employee,
 
male
14,782
Training
 
hours,
 
total
21,196
Training
 
days/employee,
 
female
5
Training
 
days/employee,
 
male
5
Training
 
days/employee,
 
average
5
S1-14
 
Health
 
and
 
safety
 
metrics
Fingrid’s
 
own
 
workforce
 
did
 
not
 
sustain
 
any
 
lost-time
 
workplace
 
injuries
 
in
 
2024.
 
In
 
the
 
value
 
chain,
 
Fingrid’s
 
service
providers
 
sustained
 
13
 
lost-time
 
workplace
 
injuries.
 
The
 
service
 
providers’
 
and
 
Fingrid’s
 
combined
 
lost
 
time
 
injury
frequency
 
decreased
 
from
 
the
 
previous
 
year
 
to
 
4.8
 
lost-time
 
workplace
 
accidents
 
per
 
million
 
hours
 
worked.
Fingrid’s
 
own
 
workforce
 
had
 
5
 
recordable
 
workplace
 
injuries
 
and
 
service
 
providers’
 
personnel
 
had
 
34.
 
The
 
service
providers’
 
and
 
Fingrid’s
 
combined
 
total
 
recordable
 
injury
 
frequency
 
was
 
14.5
 
recordable
 
workplace
 
injuries
 
per
million
 
hours
 
worked.
Health
 
and
 
safety
2024
Percentage
 
of
 
people
 
in
 
own
 
workforce
 
who
 
are
 
covered
 
by
 
the
 
health
 
and
safety
 
management
 
system
 
(%)
100
Number
 
of
 
fatalities
 
as
 
a
 
result
 
of
 
work-related
 
injuries
 
and
 
work-related
 
ill
health
 
Employees
 
in
 
own
 
workforce
0
 
Non-employees
 
in
 
own
 
workforce
0
Total
0
Number
 
of
 
fatalities
 
as
 
a
 
result
 
of
 
work-related
 
injuries
 
and
 
work-related
 
ill
health
 
Other
 
workers
 
working
 
on
 
the
 
company's
 
sites,
 
such
 
as
 
value
 
chain
 
workers
0
Number
 
of
 
recordable
 
work-related
 
injuries
 
Employees
 
in
 
own
 
workforce
5
 
Non-employees
 
in
 
own
 
workforce
0
Total
5
 
Service
 
providers
34
Working
 
hours
 
Employees
 
in
 
own
 
workforce
908,110
 
Non-employees
 
in
 
own
 
workforce
2,114
Total
910,224
 
Service
 
providers
1,773,858
Rate
 
of
 
recordable
 
work-related
 
injuries
 
(TRIF)
 
Own
 
workforce
5.5
 
Service
 
providers
19.2
 
Combined
14.5
Number
 
of
 
work-related
 
injuries
 
resulting
 
in
 
lost
 
time
 
Employees
 
in
 
own
 
workforce
0
 
Non-employees
 
in
 
own
 
workforce
0
Total
0
 
Service
 
providers
13
Rate
 
of
 
work-related
 
injuries
 
resulting
 
in
 
lost
 
time
 
(LTIF)
 
Own
 
workforce
0
 
Service
 
providers
7.3
 
Combined
4.8
Number
 
of
 
cases
 
of
 
occupational
 
diseases
 
Confirmed
 
cases
 
of
 
occupational
 
diseases
 
in
 
own
 
workforce
0
Number
 
of
 
days
 
lost
 
to
 
work-related
 
injuries
 
and
 
fatalities
 
from
 
work-
related
 
accidents,
 
work-related
 
ill
 
health
 
and
 
fatalities
 
from
 
ill
 
health
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Employees
 
in
 
own
 
workforce
0
 
Other
 
own
 
workforce
0
Total
0
S1-15
 
Work
 
-life
 
balance
 
metrics
All
 
of
 
the
 
company’s
 
employees
 
are
 
entitled
 
to
 
parental
 
leave
 
under
 
Finnish
 
legislation
 
and
 
the
 
collective
agreements
 
of
 
the
 
Finnish
 
Energy
 
Industries.
 
The
 
percentage
 
of
 
entitled
 
employees
 
that
 
took
 
family-related
 
leave,
 
and
 
a
breakdown
 
by
 
gender
Head
 
count
%
Entitled
 
employees
 
that
 
took
 
family-related
 
leave,
 
total
48
100
Entitled
 
employees
 
that
 
took
 
family-related
 
leave,
 
female
10
21
Entitled
 
employees
 
that
 
took
 
family-related
 
leave,
 
male
38
79
S1-16
 
–
 
Remuneration
 
metrics
 
(pay
 
gap
 
and
 
total
 
remuneration)
The
 
determination
 
of
 
wages
 
at
 
Fingrid
 
is
 
based
 
on
 
the
 
classification
 
of
 
job
 
qualifications,
 
performance
 
at
 
work
 
and
skills
 
and
 
experience.
 
The
 
aim
 
is
 
to
 
prevent
 
undue
 
pay
 
gaps
 
by
 
thorough
 
determination
 
of
 
job
 
demands.
 
The
 
annual
total
 
remuneration
 
ratio
 
of
 
the
 
highest
 
paid
 
individual
 
in
 
the
 
undertaking
 
to
 
the
 
median
 
annual
 
total
 
remuneration
for
 
all
 
employees
 
was
 
478
 
per
 
cent
 
in
 
2024,
 
and
 
the
 
gender
 
pay
 
gap
 
was
 
approximately
 
8
 
per
 
cent.
 
Gender
 
pay
 
gap
2024
Level
 
of
 
average
 
gross
 
salary
 
of
 
female
 
employees
 
(EUR)
73,525
Level
 
of
 
average
 
gross
 
salary
 
of
 
male
 
employees
 
(EUR)
80,345
Gender
 
pay
 
gap
 
(%)
8
Total
 
remuneration
 
ratio
The
 
annual
 
total
 
remuneration
 
ratio
 
of
 
the
 
highest
 
paid
 
individual
 
(EUR)
356,409
The
 
median
 
annual
 
total
 
remuneration
 
for
 
all
 
employees
 
(excluding
 
the
highest-paid
 
individual)
 
(EUR)
74,605
Total
 
remuneration
 
ratio
 
(%)
478
S1-17
 
Incidents,
 
complaints
 
and
 
severe
 
human
 
rights
 
impacts
In
 
2024,
 
three
 
discrimination
 
experiences
 
were
 
reported.
 
No
 
fines,
 
sanctions
 
or
 
indemnities
 
were
 
related
 
to
 
these.
The
 
company
 
did
 
not
 
become
 
aware
 
of
 
any
 
severe
 
human
 
rights
 
issues
 
and
 
incidents
 
related
 
to
 
its
 
own
 
workforce.
Incidents,
 
complaints
 
and
 
severe
 
human
 
rights
 
impacts
2024
Recorded
 
incidents
 
of
 
discrimination,
 
including
 
harassment
 
(total
 
number
 
of
incidents)
 
Incidents
3
Complaints
 
related
 
to
 
working
 
conditions,
 
equality,
 
other
 
labour
 
rights
 
or
human
 
rights
 
reported
 
through
 
grievance
 
mechanism
 
channels
 
(number
 
of
complaints)
 
Complaints
0
Total
 
amount
 
of
 
fines,
 
penalties,
 
and
 
compensation
 
for
 
damages
 
paid
 
for
 
the
reported
 
incidents
 
and
 
complaints
 
Fines,
 
penalties,
 
and
 
compensation
0
Human
 
fights
 
incidents
 
(number
 
of
 
cases)
 
The
 
number
 
of
 
severe
 
human
 
rights
 
incidents
 
regarding
 
own
 
workforce
0
Total
 
amount
 
of
 
fines,
 
penalties,
 
and
 
compensation
 
for
 
damages
 
paid
 
for
human
 
rights
 
incidents
 
Fines,
 
penalties,
 
and
 
compensation
0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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ESRS
 
S2
 
–
 
Workers
 
in
 
the
 
value
 
chain
Material
 
impacts,
 
risks
 
and
 
opportunities
 
related
 
to
 
value
 
chain
 
workers
The
 
impacts
 
on
 
value
 
chain
 
workers
 
are
 
related
 
to
 
Fingrid’s
 
business
 
model
 
and
 
strategy,
 
which
 
consider
 
cooperation
and
 
the
 
development
 
of
 
operations
 
together
 
with
 
partners.
 
Partners
 
are
 
responsible
 
for,
 
among
 
other
 
things,
 
grid
building
 
and
 
maintenance
 
work.
 
The
 
input
 
data
 
for
 
the
 
double
 
materiality
 
assessment
 
and
 
workshop
 
work
 
have
helped
 
ensure
 
an
 
understanding
 
of
 
how
 
the
 
identified
 
impacts
 
can
 
be
 
related
 
to
 
all
 
value
 
chain
 
workers
 
and
 
how
specific
 
value
 
chain
 
workers
 
can
 
be
 
more
 
affected
 
by
 
a
 
risk
 
of
 
negative
 
impact
 
than
 
others,
 
as
 
described
 
in
 
the
following.
Fingrid’s
 
value
 
chain
 
includes
 
a
 
number
 
of
 
contractors
 
and
 
suppliers.
 
Material
 
positive
 
impacts
 
arise
 
especially
 
in
 
grid
building
 
worksites
 
and
 
maintenance
 
when
 
securing
 
safe
 
working
 
conditions
 
and
 
reasonable
 
contract
 
policies.
 
Key
aspects
 
in
 
preventing
 
negative
 
human
 
rights
 
impacts
 
in
 
procurement
 
include,
 
for
 
example,
 
the
 
safety
 
of
 
grid
 
building
and
 
clearing
 
workers
 
and
 
the
 
working
 
conditions
 
and
 
contract
 
terms
 
of
 
foreign
 
workforce.
 
The
 
same
 
impacts
 
are
involved
 
in
 
–
 
considering
 
the
 
level
 
of
 
the
 
company’s
 
control
 
–
 
international
 
materials
 
and
 
equipment
 
procurement,
most
 
of
 
which
 
is
 
the
 
responsibility
 
of
 
main
 
contractors
 
in
 
Fingrid’s
 
value
 
chain.
 
From
 
the
 
perspective
 
of
 
value
 
chain
workers
 
and
 
their
 
human
 
rights,
 
procurement
 
also
 
involves
 
risk
 
sectors
 
(e.g.
 
the
 
construction,
 
forest,
 
cleaning
 
and
extractive
 
industries)
 
and
 
high
 
human
 
rights
 
risk
 
countries.
 
These
 
impacts
 
and
 
risks
 
are
 
managed
 
through,
 
among
other
 
things,
 
the
 
Supplier
 
Code
 
of
 
Conduct
 
and
 
risk-based
 
audits,
 
as
 
described
 
in
 
connection
 
with
 
disclosure
requirements
 
G1-1
 
(Business
 
conduct
 
policies
 
and
 
corporate
 
culture)
 
and
 
G1-2
 
(Management
 
of
 
relationships
 
with
suppliers).
 
The
 
material
 
negative
 
impacts
 
are
 
related
 
to
 
individual
 
incidents,
 
and
 
the
 
company
 
has
 
not
 
identified
 
any
risk
 
of
 
child
 
labour
 
or
 
particularly
 
significant
 
forced
 
labour.
ESRS
 
standard
Material
 
topics
Impact
Financial
 
impact
Identified
 
impacts
Risks
 
and
opportunities
Fingrid’s
 
policies
 
for
impacts,
 
risks
 
and
opportunities
management
S2
 
Workers
 
in
the
 
value
chain
↑/↓Working
conditions
•
 
Working
 
time
•
 
Adequate
wages
•
 
Health
 
and
safety
•
 
↑/↓Safe
 
working
conditions
 
and
reasonable
 
contract
policies
 
for
contractors
 
and
suppliers
Practices
 
and
 
goals
 
of
Fingrid’s
 
occupational
health
 
and
 
safety
management
Occupational
 
safety
handbook
Fingrid’s
 
Supplier
 
Code
of
 
Conduct
Procurement
 
policy
↑
 
Positive
 
impact
 
/↓
 
Negative
 
impact
S2-1
 
Policies
 
related
 
to
 
value
 
chain
 
workers
Key
 
principles
 
in
 
the
 
management
 
of
 
the
 
impacts,
 
risks
 
and
 
opportunities
 
related
 
to
 
contractors
 
and
 
suppliers
 
are
 
the
procurement
 
policy,
 
the
 
corporate
 
responsibility
 
requirements
 
for
 
suppliers
 
(Supplier
 
Code
 
of
 
Conduct),
 
Fingrid’s
practices
 
and
 
goals
 
in
 
occupational
 
health
 
and
 
safety,
 
and
 
the
 
contract
 
terms
 
related
 
to
 
safety
 
and
 
subcontracting
and
 
the
 
use
 
of
 
labour.
 
The
 
Supplier
 
Code
 
of
 
Conduct
 
and
 
the
 
practices
 
and
 
goals
 
of
 
occupational
 
health
 
and
 
safety
75
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
management
 
are
 
approved
 
by
 
the
 
President
 
and
 
CEO.
 
The
 
contract
 
terms
 
related
 
to
 
safety
 
and
 
subcontracting
 
and
the
 
use
 
of
 
labour
 
are
 
approved
 
by
 
the
 
director
 
in
 
charge
 
of
 
grid
 
building
 
and
 
maintenance.
Fingrid’s
 
human
 
rights
 
commitments
 
as
 
part
 
of
 
the
 
company’s
 
Code
 
of
 
Conduct
 
and
 
the
 
corporate
 
responsibility
requirements
 
for
 
suppliers
 
in
 
the
 
value
 
chain
 
are
 
described
 
in
 
connection
 
with
 
disclosure
 
requirement
 
G1-1
(Business
 
conduct
 
policies
 
and
 
corporate
 
culture).
 
Fingrid’s
 
corporate
 
responsibility
 
requirements
 
for
 
suppliers
explicitly
 
prohibit
 
human
 
trafficking
 
and
 
the
 
use
 
of
 
forced
 
labour
 
and
 
child
 
labour
 
in
 
relation
 
to
 
workers
 
in
 
the
 
value
chain.
Fingrid’s
 
Code
 
of
 
Conduct
 
is
 
in
 
line
 
with
 
internationally
 
recognised
 
documents,
 
as
 
described
 
in
 
disclosure
requirement
 
G1-1
 
(Business
 
conduct
 
policies
 
and
 
corporate
 
culture).
 
In
 
2024,
 
no
 
incidents
 
involving
 
a
 
breach
 
of
these
 
principles
 
in
 
its
 
up-
 
or
 
downstream
 
value
 
chain
 
were
 
reported
 
to
 
the
 
company.
 
The
 
application
 
of
 
the
corporate
 
responsibility
 
requirements
 
is
 
described
 
in
 
connection
 
with
 
disclosure
 
requirement
 
G1-2
 
(Management
 
of
relationships
 
with
 
suppliers).
S2-2
 
Processes
 
for
 
engaging
 
with
 
value
 
chain
 
workers
 
about
 
impacts
Continuous
 
dialogue
 
with
 
contractors
 
and
 
suppliers
 
is
 
pursued
 
to
 
ensure
 
compliance
 
with
 
the
 
company’s
 
Code
 
of
Conduct,
 
safe
 
working
 
conditions
 
and
 
reasonable
 
contract
 
policies.
 
This
 
includes
 
risk-based
 
audits
 
on
 
grid
 
worksites
in
 
Finland
 
and
 
in
 
the
 
international
 
production
 
facilities
 
of
 
equipment
 
and
 
materials
 
suppliers.
 
For
 
worksite
 
occupational
 
safety,
 
Fingrid
 
maintains
 
an
 
occupational
 
safety
 
group
 
for
 
service
 
providers,
 
the
 
objective
of
 
which
 
is
 
to
 
promote
 
occupational
 
safety,
 
share
 
good
 
practices
 
and
 
lessons
 
learned
 
and
 
address
 
occupational
safety
 
approaches.
 
In
 
investment
 
projects,
 
occupational
 
safety
 
matters
 
are
 
addressed,
 
among
 
other
 
things,
 
in
 
the
kick-off
 
meetings
 
and
 
worksite
 
meetings
 
of
 
projects.
 
Occupational
 
safety
 
is
 
also
 
ensured
 
through
 
worksite
 
visits,
training,
 
safety
 
meetings,
 
reporting,
 
and
 
by
 
collecting
 
and
 
investigating
 
safety
 
observations
 
and
 
near
 
misses.
 
The
responsibility
 
for
 
the
 
engagement
 
described
 
above
 
and
 
the
 
consideration
 
of
 
the
 
results
 
lies
 
with
 
the
 
director
 
in
charge
 
of
 
grid
 
building
 
and
 
maintenance.
S2-3
 
Processes
 
to
 
remediate
 
negative
 
impacts
 
and
 
channels
 
for
 
value
 
chain
 
workers
 
to
 
raise
 
concerns
Fingrid
 
requires
 
a
 
high
 
level
 
of
 
occupational
 
safety
 
and
 
reasonable
 
contract
 
policies
 
in
 
investment
 
projects
 
and
maintenance
 
alike.
 
Fingrid’s
 
contract
 
terms
 
concerning
 
safety
 
are
 
appended
 
to
 
all
 
agreements.
 
The
 
occupational
 
safety
 
qualification
 
requirements
 
for
 
service
 
providers
 
are
 
described
 
in
 
the
 
contract
 
terms
concerning
 
safety.
 
They
 
are
 
provided
 
with
 
annual
 
occupational
 
safety
 
training
 
as
 
needed,
 
on
 
topics
 
such
 
as
 
electrical
safety,
 
occupational
 
safety,
 
and
 
safety
 
-related
 
contract
 
terms.
Service
 
providers
 
can
 
make
 
propositions
 
on
 
their
 
own
 
initiative
 
and
 
give
 
feedback
 
on,
 
among
 
other
 
things,
occupational
 
safety
 
issues
 
at
 
joint
 
meetings,
 
through
 
the
 
HSEQ
 
reporting
 
system
 
and
 
in
 
the
 
suppliers’
 
occupational
safety
 
group.
 
OHS
 
topics
 
are
 
communicated
 
on
 
twice
 
a
 
year
 
in
 
the
 
“Safety
 
on
 
the
 
lines”
 
magazine.
 
Occupational
safety
 
briefings
 
are
 
also
 
organised
 
to
 
review
 
current
 
issues
 
and
 
any
 
accidents
 
and
 
near
 
misses
 
that
 
have
 
occurred
and
 
any
 
reported
 
safety
 
observations.
Accidents
 
and
 
near
 
misses
 
sustained
 
by
 
suppliers
 
are
 
investigated
 
and
 
lessons
 
are
 
learned
 
from
 
them.
 
Responsibility
for
 
corrective
 
action
 
is
 
allocated
 
through
 
the
 
HSEQ
 
reporting
 
system.
A
 
Supplier
 
Code
 
of
 
Conduct
 
is
 
implemented
 
to
 
ensure
 
commitment
 
to
 
sustainable,
 
responsible
 
and
 
ethical
 
practices,
including
 
risk-based
 
compliance
 
monitoring
 
in
 
terms
 
of
 
both
 
occupational
 
safety
 
and
 
reasonable
 
contract
 
policies.
76
FINGRID
 
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www.fingrid.fi
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March
 
2025
The
 
audits
 
performed
 
at
 
worksites
 
and
 
in
 
international
 
goods
 
procurement
 
are
 
addressed
 
in
 
connection
 
with
disclosure
 
requirement
 
G1-2
 
(Management
 
of
 
relationships
 
with
 
suppliers).
The
 
confidential
 
and
 
independent
 
reporting
 
channel
 
and
 
the
 
processing
 
of
 
reports
 
are
 
also
 
described
 
in
 
connection
with
 
disclosure
 
requirement
 
G1-1
 
(Business
 
conduct
 
policies
 
and
 
corporate
 
culture).
 
Safety
 
observations
 
can
 
also
 
be
made
 
anonymously.
 
Fingrid
 
does
 
not
 
assess
 
the
 
value
 
chain
 
workers’
 
awareness
 
of
 
and
 
trust
 
in
 
the
 
processes
described
 
above.
S2-4
 
Taking
 
action
 
on
 
material
 
impacts
 
on
 
value
 
chain
 
workers,
 
and
 
approaches
 
to
 
managing
 
material
 
risks
 
and
pursuing
 
material
 
opportunities
 
related
 
to
 
value
 
chain
 
workers,
 
and
 
effectiveness
 
of
 
those
 
actions
Fingrid
 
annually
 
prepares
 
an
 
occupational
 
safety
 
action
 
plan,
 
which
 
describes
 
the
 
occupational
 
safety
 
development
measures
 
and
 
priorities,
 
the
 
occupational
 
safety
 
metrics
 
that
 
should
 
be
 
given
 
emphasis,
 
and
 
their
 
annual
 
interim
targets.
 
The
 
action
 
plan
 
is
 
approved
 
in
 
Fingrid’s
 
internal
 
occupational
 
safety
 
group.
The
 
workplace
 
safety
 
and
 
working
 
conditions
 
of
 
suppliers
 
working
 
at
 
Fingrid’s
 
worksites
 
is
 
ensured
 
with
 
measures
such
 
as
 
regular
 
worksite
 
visits,
 
management’s
 
occupational
 
safety
 
rounds
 
and
 
sustainability
 
audits.
 
Service
 
providers
are
 
required
 
to
 
provide
 
an
 
account
 
of
 
the
 
arrangement
 
of
 
occupational
 
healthcare
 
services
 
as
 
stated
 
in
 
the
 
Act
 
on
the
 
Contractor’s
 
Obligations
 
and
 
Liability
 
when
 
Work
 
is
 
Contracted
 
Out.
The
 
occupational
 
safety
 
theme
 
for
 
Fingrid’s
 
actions
 
targeted
 
at
 
service
 
providers
 
in
 
2024
 
was
 
‘safe
 
work
 
through
planning’.
 
An
 
occupational
 
safety
 
campaign
 
was
 
organised
 
under
 
the
 
theme:
 
Plan,
 
assess
 
and
 
reflect
 
before
 
you
 
act.
Fingrid
 
provided
 
service
 
providers
 
with
 
electrical
 
and
 
occupational
 
safety
 
training,
 
for
 
example
 
on
 
the
 
guidelines
concerning
 
operating
 
and
 
electrical
 
work
 
safety
 
in
 
the
 
main
 
grid.
 
The
 
company’s
 
work
 
to
 
improve
 
occupational
safety
 
had
 
an
 
impact
 
on
 
the
 
number
 
of
 
safety
 
observations.
 
In
 
2024,
 
the
 
number
 
of
 
safety
 
observations
 
made
 
at
Fingrid’s
 
worksites
 
was
 
1,488,
 
which
 
is
 
more
 
than
 
double
 
compared
 
to
 
the
 
previous
 
year.
The
 
identification
 
of
 
hazards
 
in
 
investment
 
projects
 
and
 
maintenance
 
and
 
the
 
assessment
 
of
 
risks
 
is
 
described
 
in
 
the
contract
 
terms
 
concerning
 
safety.
 
The
 
identification
 
of
 
hazards
 
in
 
investment
 
projects
 
and
 
maintenance
 
and
 
the
assessment
 
of
 
risks
 
is
 
divided
 
as
 
follows:
 
preparing
 
a
 
safety
 
document,
 
risk
 
assessment
 
as
 
part
 
of
 
the
 
safety
 
plan,
assessments
 
of
 
the
 
risks
 
of
 
the
 
work
 
and
 
the
 
safety
 
planning
 
carried
 
out
 
by
 
the
 
working
 
group
 
at
 
the
 
worksite.
 
For
shared
 
workplaces,
 
a
 
document
 
on
 
hazards
 
and
 
adverse
 
conditions
 
is
 
prepared
 
instead
 
of
 
a
 
safety
 
document.
Based
 
on
 
the
 
risks,
 
a
 
third
 
party
 
is
 
used
 
in
 
international
 
procurements
 
to
 
ensure
 
compliance
 
with
 
occupational
 
safety
standards
 
and
 
reasonable
 
contract
 
policies
 
at
 
the
 
workplaces
 
of
 
Fingrid’s
 
equipment
 
and
 
material
 
suppliers.
 
The
prevention
 
of
 
negative
 
impacts
 
on
 
value
 
chain
 
workers
 
from
 
Fingrid’s
 
own
 
actions,
 
especially
 
procurement,
 
is
additionally
 
described
 
in
 
connection
 
with
 
disclosure
 
requirements
 
G1-1
 
(Business
 
conduct
 
policies
 
and
 
corporate
culture)
 
and
 
G1-2
 
(Management
 
of
 
relationships
 
with
 
suppliers).
 
Fingrid
 
is
 
not
 
aware
 
of
 
any
 
significant
 
human
 
rights
violations
 
in
 
the
 
upstream
 
or
 
downstream
 
value
 
chain
 
in
 
2024.
Implementing
 
the
 
actions
 
related
 
to
 
value
 
chain
 
workers
 
described
 
here
 
does
 
not
 
require
 
major
 
OpEx
 
or
 
CapEx.
S2-5
 
Targets
 
related
 
to
 
managing
 
material
 
negative
 
impacts,
 
advancing
 
positive
 
impacts,
 
and
 
managing
 
material
risks
 
and
 
opportunities
As
 
part
 
of
 
the
 
company’s
 
set
 
of
 
corporate
 
responsibility
 
ESG
 
targets,
 
Fingrid
 
tracks
 
suppliers’
 
occupational
 
safety
performance
 
through
 
Fingrid’s
 
and
 
suppliers’
 
combined
 
lost
 
-time
 
injuries
 
frequency
 
as
 
described
 
in
 
disclosure
requirement
 
S1-14
 
(Health
 
and
 
safety
 
metrics).
 
The
 
value
 
chain
 
workers
 
have
 
not
 
directly
 
participated
 
in
 
setting,
tracking
 
or
 
assessing
 
the
 
targets.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
77
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
ESRS
 
S3
 
–
 
Affected
 
communities
Material
 
impacts,
 
risks
 
and
 
opportunities
 
related
 
to
 
affected
 
communities
The
 
company
 
has
 
identified
 
a
 
material
 
risk
 
related
 
to
 
affected
 
communities,
 
and
 
specifically
 
transmission
 
line
 
area
landowners,
 
due
 
to
 
Fingrid’s
 
activity
 
as
 
a
 
transmission
 
system
 
operator.
 
This
 
requires
 
maintenance
 
of
 
the
 
existing
grid
 
and
 
additional
 
grid
 
building
 
on
 
land
 
not
 
owned
 
by
 
the
 
company.
 
One
 
of
 
the
 
focal
 
points
 
in
 
the
 
company’s
strategy
 
is
 
an
 
efficiently
 
utilised
 
main
 
grid.
 
The
 
input
 
data
 
for
 
the
 
double
 
materiality
 
assessment
 
and
 
workshop
 
work
have
 
helped
 
ensure
 
an
 
understanding
 
of
 
all
 
affected
 
communities
 
in
 
own
 
operations,
 
along
 
the
 
value
 
chain
 
(e.g.
suppliers’
 
production
 
facilities)
 
and
 
at
 
the
 
end
 
of
 
the
 
value
 
chain
 
(e.g.
 
metal
 
manufacture).
 
Considering
 
the
 
level
 
of
the
 
company’s
 
control,
 
key
 
communities
 
for
 
Fingrid
 
are
 
the
 
close
 
neighbours
 
of
 
the
 
transmission
 
line
 
areas
 
and,
among
 
them,
 
specifically
 
those
 
on
 
whose
 
land
 
the
 
grid
 
structures
 
are
 
located.
 
No
 
specific
 
landowners
 
have
 
been
identified
 
who
 
may
 
be
 
at
 
greater
 
risk
 
of
 
harm
 
than
 
others;
 
the
 
risk
 
is
 
assessed
 
to
 
relate
 
to
 
all
 
landowners
 
in
 
equal
measure.
 
The
 
company
 
has
 
had
 
no
 
projects
 
in
 
the
 
areas
 
of
 
the
 
indigenous
 
Sami
 
people
 
in
 
recent
 
years.
 
Landowners’
 
concerns
 
are
 
highlighted
 
in
 
new
 
transmission
 
line
 
projects.
 
Fingrid
 
does
 
not
 
own
 
the
 
land
 
and
 
trees
under
 
the
 
transmission
 
lines;
 
they
 
remain
 
the
 
property
 
of
 
the
 
landowners.
 
General
 
acceptance
 
among
 
landowners
and
 
close
 
neighbours
 
can
 
be
 
eroded
 
by
 
how
 
the
 
transmission
 
line
 
area
 
restricts
 
construction
 
and
 
changes
 
the
landscape.
The
 
fact
 
that,
 
in
 
addition
 
to
 
Fingrid’s
 
grid
 
projects,
 
landowners
 
may
 
also
 
be
 
affected
 
by
 
a
 
number
 
of
 
other
 
actors’
projects
 
and
 
different
 
practices
 
within
 
the
 
green
 
transition,
 
accentuates
 
the
 
experience
 
of
 
landowners
 
and
 
increases
the
 
complexity
 
of
 
the
 
impacts
 
on
 
them.
 
Landowners
 
expect
 
Fingrid
 
to
 
increase
 
the
 
compensation
 
paid
 
to
 
them
 
for
compulsory
 
purchases
 
to
 
reinforce
 
their
 
right
 
to
 
property.
 
In
 
addition,
 
the
 
company
 
is
 
expected
 
to
 
replace
 
overhead
lines
 
through
 
underground
 
cables.
 
However,
 
the
 
use
 
of
 
underground
 
cables
 
in
 
the
 
grid
 
is
 
currently
 
limited
 
to
substation
 
areas
 
and
 
urban
 
areas
 
when
 
it
 
is
 
not
 
possible
 
to
 
use
 
overhead
 
cables
 
due
 
to
 
a
 
lack
 
of
 
physical
 
space.
 
The
risk
 
is
 
that
 
general
 
acceptance
 
may
 
erode
 
among
 
landowners.
ESRS
 
standard
Material
 
topics
Impact
Financial
 
impact
Identified
impacts
Risks
 
and
 
opportunities
Fingrid’s
 
policies
 
for
 
impacts,
risks
 
and
 
opportunities
management
S3
 
Affected
communities
Communities’
economic,
social
 
and
cultural
 
rights
•
 
Land-related
impacts
•
 
-
 
Erosion
 
of
 
general
acceptance
 
among
landowners
 
and
 
close
neighbours
 
(grid’s
 
land-
use
 
restrictions
 
and
landscape
 
changes
 
and
underground
 
cable
demands)
Fingrid’s
 
Code
 
of
 
Conduct
Land
 
use
 
and
 
environment
policy
Communications
 
policy
+
 
Opportunity
 
/
 
-
 
Risk
S3-1
 
Policies
 
related
 
to
 
affected
 
communities
The
 
land
 
use
 
and
 
environmental
 
policy
 
approved
 
by
 
the
 
company’s
 
President
 
&
 
CEO
 
covers,
 
in
 
addition
 
to
 
climate
and
 
environmental
 
impact
 
management,
 
the
 
consideration
 
of
 
landowners
 
in
 
grid
 
planning,
 
building
 
and
maintenance.
 
In
 
order
 
to
 
be
 
able
 
to
 
build,
 
operate
 
and
 
maintain
 
a
 
transmission
 
line,
 
Fingrid
 
expropriates
 
a
 
right-of-
78
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
use
 
to
 
the
 
transmission
 
line
 
area
 
from
 
private
 
landowners.
 
The
 
acquisition
 
of
 
land
 
for
 
substations
 
and
 
reserve
 
power
plants
 
is
 
primarily
 
based
 
on
 
voluntary
 
transactions.
 
The
 
policy
 
is
 
available
 
on
 
the
 
company’s
 
public
 
website.
Other
 
key
 
policies
 
in
 
the
 
management
 
of
 
the
 
impacts,
 
risks
 
and
 
opportunities
 
related
 
to
 
landowners
 
and
 
close
neighbours
 
of
 
the
 
grid
 
include
 
the
 
communications
 
policy
 
approved
 
by
 
the
 
President
 
&
 
CEO
 
and
 
Fingrid’s
 
Code
 
of
Conduct
 
and
 
the
 
human
 
rights
 
commitment
 
contained
 
therein.
 
The
 
Code
 
of
 
Conduct
 
is
 
based
 
on
 
the
 
United
 
Nations
Global
 
Compact
 
initiative
 
and
 
the
 
principles
 
guiding
 
business
 
operations
 
and
 
human
 
rights.
 
No
 
affected
 
community-
related
 
incidents
 
involving
 
non-respect
 
of
 
human
 
rights
 
principles
 
have
 
been
 
reported
 
to
 
the
 
company.
S3-2
 
Processes
 
for
 
engaging
 
with
 
affected
 
communities
 
about
 
impacts
Cooperation
 
with
 
landowners
 
and
 
neighbours
 
living
 
near
 
grid
 
transmission
 
lines
 
in
 
new
 
transmission
 
line
 
projects
begins
 
in
 
the
 
preliminary
 
planning
 
phase
 
when
 
assessing
 
environmental
 
impacts
 
and
 
opportunities
 
to
 
mitigate
 
them.
Through
 
the
 
statutory
 
environmental
 
impact
 
assessment
 
(the
 
EIA
 
procedure),
 
landowners
 
and
 
other
 
stakeholders
receive
 
information
 
and
 
can
 
have
 
a
 
say
 
in
 
the
 
project.
 
Engaging
 
these
 
parties
 
is
 
very
 
important
 
in
 
terms
 
of
 
ensuring
that
 
the
 
transmission
 
line
 
adapts
 
to
 
the
 
environment,
 
taking
 
into
 
account
 
various
 
perspectives
 
and
 
stakeholders.
 
In
transmission
 
line
 
route
 
selection,
 
the
 
company
 
considers
 
not
 
only
 
environmental
 
data
 
but
 
also
 
the
 
feedback
received
 
from
 
stakeholders.
Fingrid
 
goes
 
beyond
 
statutory
 
requirements
 
by
 
informing
 
the
 
local
 
communities
 
about
 
the
 
EIA
 
procedures
 
of
transmission
 
line
 
projects
 
by
 
means
 
of
 
landowner
 
letters.
 
In
 
addition
 
to
 
statutory
 
consultations,
 
Fingrid
 
has
 
an
electronic
 
feedback
 
system
 
in
 
place.
 
The
 
letters
 
are
 
supported
 
by
 
ads
 
in
 
local
 
newspapers
 
if
 
necessary.
 
The
 
projects
are
 
also
 
presented
 
in
 
public
 
EIA
 
events
 
open
 
to
 
all.
 
From
 
the
 
perspective
 
of
 
human
 
rights
 
impacts,
 
the
 
EIA
 
procedure
also
 
considers
 
human
 
health,
 
living
 
conditions
 
and
 
amenity.
 
People
 
are
 
concerned
 
about
 
the
 
electromagnetic
 
fields
in
 
the
 
vicinity
 
of
 
transmission
 
lines,
 
concerning
 
which
 
Fingrid
 
publishes
 
up-to
 
-date
 
information
 
and
 
engages
 
in
dialogue
 
with,
 
for
 
example,
 
landowners
 
in
 
EIA
 
procedures.
After
 
the
 
environmental
 
impact
 
assessment
 
phase,
 
Fingrid
 
engages
 
with
 
the
 
landowners
 
in
 
person
 
when
 
the
 
project
advances
 
to
 
general
 
planning
 
and
 
the
 
location
 
of
 
the
 
transmission
 
line
 
route
 
and
 
the
 
locations
 
of
 
the
 
transmission
towers
 
are
 
known.
 
The
 
landowner
 
may
 
express
 
their
 
opinion
 
on
 
the
 
planning
 
solution
 
or
 
request
 
a
 
review.
Grid
 
transmission
 
line
 
projects
 
are
 
subject
 
to
 
the
 
provisions
 
of
 
the
 
Act
 
on
 
the
 
Redemption
 
of
 
Immovable
 
Property
and
 
Special
 
Rights,
 
under
 
which
 
an
 
expropriation
 
permit
 
may
 
be
 
granted
 
when
 
the
 
public
 
need
 
so
 
requires.
 
An
expropriation
 
permit
 
is
 
applied
 
for
 
from
 
the
 
government
 
to
 
establish
 
a
 
right
 
of
 
use
 
to
 
the
 
transmission
 
line
 
area
 
and
to
 
reduce
 
the
 
landowner’s
 
rights
 
of
 
use.
 
At
 
the
 
application
 
stage,
 
a
 
landowner
 
can
 
give
 
a
 
statement
 
on
 
the
expropriation
 
permit
 
application
 
to
 
the
 
permit
 
authority.
 
Once
 
the
 
expropriation
 
permit
 
has
 
been
 
granted,
 
the
National
 
Land
 
Survey
 
of
 
Finland
 
initiates
 
an
 
expropriation
 
procedure,
 
which
 
is
 
carried
 
out
 
by
 
an
 
independent
expropriation
 
committee.
 
The
 
landowners
 
and
 
the
 
expropriation
 
permit
 
applicant,
 
i.e.
 
Fingrid,
 
are
 
parties
 
to
 
the
procedure
 
and
 
all
 
decisions
 
are
 
made
 
by
 
the
 
independent
 
expropriation
 
committee
 
after
 
having
 
consulted
 
the
parties.
 
The
 
owner
 
of
 
the
 
expropriated
 
property
 
receives
 
full
 
compensation
 
for
 
their
 
financial
 
losses.
Engagement
 
with
 
landowners
 
continues
 
in
 
the
 
project’s
 
maintenance
 
phase
 
in
 
accordance
 
with
 
the
 
company’s
 
land
use
 
and
 
environmental
 
policy.
 
Agreements
 
are
 
made
 
beforehand
 
on
 
work
 
and
 
vegetation
 
management
 
performed
on
 
the
 
landowners’
 
land,
 
if
 
necessary.
 
The
 
responsibility
 
for
 
the
 
engagement
 
and
 
the
 
consideration
 
of
 
the
 
results
 
lies
with
 
the
 
director
 
in
 
charge
 
of
 
grid
 
building
 
and
 
maintenance.
S3-3
 
Processes
 
to
 
remediate
 
negative
 
impacts
 
and
 
channels
 
for
 
affected
 
communities
 
to
 
raise
 
concerns
 
 
 
 
 
 
 
 
 
 
 
 
79
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Abnormal
 
damage
 
sustained
 
by
 
landowners
 
is
 
processed
 
in
 
the
 
company
 
using
 
a
 
similar
 
process
 
as
 
for
 
environmental
damage.
 
The
 
investigation
 
of
 
potential
 
negative
 
impacts
 
also
 
involves
 
cooperation
 
with
 
authorities
 
as
 
necessary.
 
The
statutory
 
expropriation
 
procedure
 
ensures
 
the
 
remediation
 
or
 
compensation
 
of
 
negative
 
impacts
 
to
 
landowners.
 
Fingrid’s
 
website
 
contains
 
a
 
feedback
 
form
 
and
 
a
 
feedback
 
system
 
for
 
construction
 
projects
 
for
 
raising
 
concerns.
Landowners
 
can
 
also
 
engage
 
with
 
Fingrid’s
 
or
 
the
 
contractor’s
 
contact
 
persons,
 
whose
 
contact
 
information
 
is
indicated
 
in
 
project
 
communications.
 
The
 
confidential
 
and
 
independent
 
reporting
 
channel
 
and
 
the
 
processing
 
of
reports
 
are
 
described
 
in
 
connection
 
with
 
disclosure
 
requirement
 
G1-1
 
(Business
 
conduct
 
policies
 
and
 
corporate
culture).
Information
 
on
 
processes
 
to
 
remediate
 
negative
 
impacts
 
and
 
channels
 
for
 
raising
 
concerns
 
is
 
shared
 
beginning
 
with
the
 
environmental
 
impact
 
assessment
 
of
 
projects.
 
The
 
affected
 
communities’
 
awareness
 
of
 
these
 
structures
 
or
processes
 
is
 
not
 
separately
 
assessed,
 
however.
 
In
 
the
 
expropriation
 
phase,
 
legislation
 
requires
 
that
 
compensation
matters
 
be
 
processed
 
in
 
any
 
case,
 
even
 
if
 
the
 
landowner
 
does
 
not
 
take
 
initiative
 
in
 
the
 
matter.
S3-4
 
Taking
 
action
 
on
 
material
 
impacts
 
on
 
affected
 
communities,
 
and
 
approaches
 
to
 
managing
 
material
 
risks
 
and
pursuing
 
material
 
opportunities
 
related
 
to
 
affected
 
communities,
 
and
 
effectiveness
 
of
 
those
 
actions
Fingrid
 
reduces
 
the
 
risk
 
of
 
erosion
 
of
 
general
 
acceptance
 
among
 
landowners
 
and
 
close
 
neighbours
 
through
environmental
 
impact
 
assessments
 
that
 
support
 
transmission
 
line
 
route
 
planning
 
and
 
through
 
lifetime
 
landowner
dialogue
 
and
 
information.
 
In
 
addition,
 
Fingrid
 
offers
 
financial
 
support
 
for
 
managing
 
the
 
traditional
 
rural
 
biotopes
located
 
in
 
transmission
 
line
 
areas
 
and
 
works
 
to
 
promote
 
the
 
utilisation
 
of
 
transmission
 
line
 
areas,
 
which
 
is
 
addressed
in
 
connection
 
with
 
disclosure
 
requirement
 
E4-3
 
(Actions
 
and
 
resources
 
related
 
to
 
biodiversity
 
and
 
ecosystems).
 
In
2024,
 
several
 
transmission
 
line
 
project
 
environmental
 
impact
 
assessments
 
were
 
underway.
 
The
 
extensive
 
grid
investment
 
programme
 
enabling
 
the
 
green
 
transition
 
will
 
be
 
directly
 
reflected
 
in
 
the
 
number
 
of
 
necessary
environmental
 
impact
 
assessments
 
also
 
in
 
the
 
coming
 
years.
Landowners’
 
dissatisfaction
 
with
 
the
 
compensation
 
paid
 
for
 
expropriation
 
has
 
continued.
 
Fingrid
 
has
 
increased
 
its
communications
 
to
 
landowners.
 
The
 
company
 
has
 
emphasised
 
its
 
official
 
status
 
as
 
the
 
party
 
carrying
 
out
 
a
 
task
specified
 
in
 
the
 
Electricity
 
Market
 
Act
 
and
 
the
 
need
 
for
 
legislation
 
to
 
guarantee
 
adequate
 
compensation
 
for
landowners.
 
The
 
company
 
tracks
 
the
 
reform
 
of
 
expropriation
 
legislation
 
to
 
reinforce
 
landowners’
 
right
 
to
 
property.
In
 
its
 
opinion
 
on
 
the
 
government
 
proposal
 
concerning
 
the
 
amendment
 
of
 
the
 
expropriation
 
act
 
in
 
2024,
 
Fingrid
stated
 
that
 
landowners
 
already
 
now
 
receive
 
at
 
least
 
full
 
compensation
 
for
 
their
 
losses
 
caused
 
by
 
transmission
 
line
projects.
 
However,
 
the
 
company
 
does
 
not
 
oppose
 
a
 
potential
 
increase
 
in
 
compensation
 
paid
 
for
 
expropriation.
Implementing
 
the
 
actions
 
described
 
here
 
does
 
not
 
require
 
major
 
OpEx
 
or
 
CapEx.
The
 
company
 
is
 
not
 
aware
 
of
 
any
 
severe
 
human
 
rights
 
issues
 
or
 
incidents
 
related
 
to
 
affected
 
communities.
S3-5
 
Targets
 
related
 
to
 
managing
 
material
 
negative
 
impacts,
 
advancing
 
positive
 
impacts,
 
and
 
managing
 
material
risks
 
and
 
opportunities
Fingrid
 
tracks
 
its
 
general
 
acceptance
 
among
 
landowners
 
and
 
close
 
neighbours
 
by
 
measuring
 
landowners’
 
satisfaction
with
 
the
 
management
 
of
 
investment
 
projects.
 
Landowner
 
surveys
 
are
 
conducted
 
for
 
the
 
transmission
 
line
 
projects
completed
 
during
 
the
 
year.
 
The
 
survey
 
is
 
carried
 
out
 
by
 
an
 
independent
 
third
 
party
 
who
 
asks
 
the
 
concerned
landowners
 
directly
 
to
 
share
 
their
 
views.
 
The
 
target
 
setting
 
process
 
did
 
not
 
involve
 
direct
 
engagement
 
with
landowners.
 
In
 
2024,
 
surveys
 
were
 
conducted
 
for
 
four
 
projects,
 
and
 
the
 
average
 
score
 
given
 
by
 
landowners
 
for
 
the
management
 
of
 
transmission
 
line
 
projects
 
was
3.6.
 
Targets
 
set
 
by
 
Fingrid
 
(2021–2025)
2025
 
target
2024
 
outturn
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
80
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Landowners'
 
satisfaction
 
with
 
the
 
management
 
of
 
investment
 
projects
 
(survey
rating
 
on
 
a
 
scale
 
of
 
1-5)
 
 
>
 
4
3.6
ESRS
 
S4
 
–
 
Consumers
 
and
 
end-users
Material
 
impacts,
 
risks
 
and
 
opportunities
 
related
 
to
 
consumers
 
and
 
end-users
Fingrid’s
 
operations
 
have
 
significant
 
impacts
 
on
 
the
 
people
 
who
 
are
 
the
 
end-users
 
of
 
electricity,
 
even
 
though
households
 
are
 
not
 
the
 
company’s
 
direct
 
customers.
 
When
 
assessing
 
the
 
topics
 
in
 
the
 
ESRS
 
standards,
 
the
 
material
impacts
 
of
 
Fingrid’s
 
business,
 
from
 
the
 
perspective
 
of
 
consumers
 
and
 
end
 
users,
 
focus
 
on
 
protecting
 
consumers’
privacy
 
and
 
data
 
protection
 
in
 
Fingrid
 
Datahub’s
 
activities.
 
The
 
centralised
 
electricity
 
information
 
exchange
 
system
maintained
 
by
 
Fingrid
 
Datahub
 
processes
 
large
 
amounts
 
of
 
personal
 
data
 
related
 
to
 
electricity
 
consumption.
 
Fingrid
must
 
manage
 
the
 
risk
 
of
 
data
 
breaches,
 
which
 
are
 
managed
 
through
 
information
 
security
 
and
 
data
 
protection
policies
 
and
 
measures
 
related
 
to
 
the
 
protection
 
of
 
personal
 
data,
 
as
 
described
 
in
 
disclosure
 
requirements
 
S4-1
(Policies
 
related
 
to
 
consumers
 
and
 
end-users)
 
and
 
S4-4
 
(Taking
 
action
 
on
 
material
 
impacts
 
on
 
consumers
 
and
 
end-
users).
 
Fingrid
 
has
 
identified
 
customer
 
and
 
stakeholder
 
trust
 
in
 
Fingrid
 
as
 
a
 
positive
 
impact
 
of
 
these
 
actions.
The
 
impacts
 
on
 
data
 
described
 
above
 
are
 
related
 
to
 
Fingrid’s
 
business
 
operations,
 
and
 
they
 
are
 
taken
 
into
 
account
 
in
the
 
company’s
 
strategy
 
as
 
part
 
of
 
overall
 
security.
 
The
 
input
 
data
 
for
 
the
 
double
 
materiality
 
assessment
 
and
workshop
 
work
 
have
 
helped
 
ensure
 
an
 
understanding
 
of
 
how
 
these
 
identified
 
impacts
 
may
 
relate
 
equally
 
to
 
all
consumers
 
and
 
end-users
 
and
 
how
 
they
 
may
 
be
 
limited
 
to
 
an
 
individual
 
case
 
or
 
be
 
broader
 
than
 
this.
 
No
 
particularly
affected
 
groups
 
have
 
been
 
identified.
ESRS
standard
Material
 
topics
Impact
Financial
 
impact
Identified
 
impacts
Risks
 
and
opportunities
Fingrid’s
 
policies
 
for
 
impacts,
risks
 
and
 
opportunities
management
S4
Consumers
and
 
end-
users
↓Information-
related
 
impacts
on
 
consumers
and/or
 
end-
users
•
 
Privacy
Entity
 
-specific
topics
•
 
Protection
 
of
business
 
critical
and
 
personal
data
•
 
•
 
↑Customer
 
and
stakeholder
 
trust
↓Privacy
 
and
information
security
 
of
consumers
 
and
security
 
of
 
Fingrid’s
critical
 
data
-Paralysis
 
of
 
IT
systems
 
and
 
loss
of
 
power
 
system
availability,
 
and
 
a
leak
 
of
 
critical
data,
 
including
Datahub
 
user
data
Fingrid’s
 
Code
 
of
 
Conduct
Communications
 
policy
Information
 
security
 
policy
Data
 
policy
Data
 
protection
 
policy
Document
 
management
policy
Company
 
security
 
policy
↑
 
Positive
 
impact
 
/
 
↓
 
Negative
 
impact
 
/
 
+
 
Opportunity
 
/
 
-
 
Risk
 
S4-1
 
Policies
 
related
 
to
 
consumers
 
and
 
end-users
Policies
 
approved
 
by
 
Fingrid’s
 
President
 
&
 
CEO
 
related
 
to
 
information
 
security,
 
data
 
management,
 
data
 
protection
and
 
company
 
security
 
are
 
central
 
to
 
managing
 
the
 
material
 
impacts,
 
risks
 
and
 
opportunities
 
related
 
to
 
consumers
and
 
end-users.
81
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
The
 
data
 
in
 
Fingrid
 
Datahub
 
is
 
protected
 
by
 
appropriate
 
technical
 
and
 
organisational
 
measures.
 
The
 
privacy
statements
 
are
 
available
 
on
 
Fingrid’s
 
public
 
website.
 
Data
 
protection
 
risk
 
management
 
includes
 
regular
 
threat
scenario
 
rehearsals
 
to
 
secure
 
personal
 
data,
 
among
 
other
 
things.
 
Fingrid’s
 
corporate
 
safety
 
&
 
security
 
arrangements
 
are
 
an
 
integral
 
aspect
 
of
 
the
 
overall
 
risk
 
management.
 
Corporate
safety
 
&
 
security
 
planning
 
and
 
actions
 
are
 
steered
 
with
 
the
 
relevant
 
policy
 
and
 
other
 
guidelines.
 
The
 
related
 
key
areas
 
include
 
occupational
 
safety,
 
environment,
 
safety
 
&
 
security
 
of
 
real
 
estate,
 
premises
 
and
 
personnel,
 
safety
 
of
rescue
 
operations,
 
as
 
well
 
as
 
the
 
management
 
of
 
internal
 
and
 
external
 
risks
 
of
 
misconduct
 
and
 
crime.
 
Further
guidance
 
on
 
the
 
planning
 
and
 
continuous
 
development
 
of
 
the
 
various
 
subareas
 
of
 
corporate
 
safety
 
&
 
security
 
is
 
also
provided
 
in
 
other
 
policies,
 
such
 
as
 
the
 
information
 
security
 
policy,
 
and
 
the
 
related
 
specific
 
guidelines.
The
 
management
 
of
 
Fingrid’s
 
information
 
security
 
arrangements
 
complies
 
with
 
the
 
ISO
 
27001
 
standard.
 
When
processing
 
personal
 
data,
 
data
 
protection
 
is
 
ensured
 
proactively
 
and
 
comprehensively
 
for
 
the
 
total
 
lifespan
 
of
 
the
personal
 
data.
 
The
 
processing
 
of
 
personal
 
data
 
is
 
systematic,
 
guided
 
by
 
instructions
 
and
 
documented
 
and
 
complies
with
 
the
 
EU’s
 
General
 
Data
 
Protection
 
Regulation
 
and
 
other
 
legislation
 
related
 
to
 
data
 
protection
 
.
The
 
principles
 
described
 
above
 
cover
 
all
 
consumer
 
and
 
end-user
 
groups
 
where
 
relevant.
Fingrid’s
 
human
 
rights
 
commitments
 
relevant
 
to
 
consumers
 
and
 
end-users
 
as
 
part
 
of
 
the
 
company’s
 
Code
 
of
 
Conduct
are
 
described
 
in
 
connection
 
with
 
disclosure
 
requirement
 
G1-1
 
(Business
 
conduct
 
policies
 
and
 
corporate
 
culture).
 
The
Code
 
of
 
Conduct
 
is
 
aligned
 
with
 
internationally
 
recognised
 
documents.
S4-2
 
Processes
 
for
 
engaging
 
with
 
consumers
 
and
 
end-users
 
about
 
impacts
Fingrid
 
engages
 
with
 
consumers
 
and
 
end-users
 
primarily
 
via
 
electronic
 
means
 
of
 
communication.
 
Fingrid’s
 
public
website
 
and
 
social
 
media
 
channels
 
provide
 
consumers
 
and
 
end-users
 
with
 
information
 
about
 
Fingrid’s
 
grid
 
and
 
how
the
 
price
 
of
 
electricity
 
is
 
formed,
 
as
 
well
 
as
 
possible
 
power
 
disturbances.
 
The
 
price
 
of
 
electricity
 
can
 
also
 
be
monitored
 
using
 
Fingrid’s
 
“Tuntihinta”
 
(i.e.
 
“Hourly
 
Price”)
 
mobile
 
app,
 
which
 
can
 
be
 
used
 
to
 
send
 
notifications
 
of,
for
 
example,
 
disruptions
 
in
 
the
 
power
 
system
 
to
 
consumers
 
who
 
use
 
the
 
app.
Consumers
 
are
 
informed
 
about
 
electricity
 
disturbances
 
that
 
may
 
affect
 
them
 
in
 
disturbance
 
bulletins
 
on
 
Fingrid’s
public
 
website.
 
The
 
company
 
also
 
encourages
 
consumers
 
to
 
prepare
 
for
 
possible
 
power
 
disturbances.
 
The
 
public
website
 
contains
 
a
 
number
 
of
 
guidelines
 
particularly
 
on
 
electricity
 
shortages.
 
Fingrid’s
 
Open
 
Data
 
online
 
service
offers
 
electricity
 
market
 
participants
 
and
 
all
 
interested
 
parties
 
information
 
on
 
Finland’s
 
electricity
 
system
 
and
 
the
electricity
 
market
 
in
 
digital
 
format,
 
freely
 
and
 
free-of-charge.
In
 
terms
 
of
 
Fingrid’s
 
Datahub,
 
end-users
 
have
 
the
 
right
 
to
 
access
 
information
 
pertaining
 
to
 
them.
 
Through
 
a
customer
 
portal,
 
end-users
 
have
 
the
 
possibility
 
to
 
access
 
information
 
about
 
them
 
that
 
is
 
saved
 
in
 
the
 
Datahub
system.
 
The
 
customer
 
portal
 
contains
 
information
 
about
 
the
 
end
 
consumer’s
 
electricity
 
contracts,
 
the
 
contract’s
point
 
of
 
electricity
 
consumption,
 
consumption
 
data
 
for
 
the
 
point
 
of
 
consumption,
 
customer
 
information
 
and
authorisation
 
information.
Fingrid
 
engages
 
with
 
its
 
customers
 
and
 
other
 
stakeholders
 
in
 
several
 
different
 
ways.
 
Seminars
 
and
 
webinars
 
are
arranged
 
for
 
customers
 
and
 
stakeholders.
 
The
 
company
 
also
 
attends
 
many
 
trade
 
fairs
 
in
 
order
 
to
 
engage
 
with
stakeholders.
 
Fingrid
 
publishes
 
a
 
customer
 
magazine
 
three
 
times
 
a
 
year
 
and
 
a
 
monthly
 
newsletter.
 
Fingrid
 
has
 
three
customer
 
committees
 
geared
 
to
 
developing
 
customer
 
activities:
 
an
 
advisory
 
committee,
 
a
 
grid
 
committee
 
and
 
a
market
 
committee.
 
Regular
 
dialogue
 
with
 
customers
 
takes
 
place
 
through
 
these
 
committees.
 
Fingrid
 
also
 
arranges
one-on-one
 
discussions
 
with
 
its
 
customers
 
annually.
 
The
 
goal
 
is
 
to
 
better
 
understand
 
customers’
 
challenges
 
and
 
to
collect
 
ideas
 
for
 
furthering
 
co
 
-operation.
 
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Fingrid’s
 
President
 
&
 
CEO
 
is
 
responsible
 
for
 
ensuring
 
engagement.
 
Fingrid
 
has
 
not
 
identified
 
particularly
 
vulnerable
groups
 
among
 
consumers
 
and
 
end-users.
S4-3
 
Processes
 
to
 
remediate
 
negative
 
impacts
 
and
 
channels
 
for
 
consumers
 
and
 
end-users
 
to
 
raise
 
concerns
Consumers
 
and
 
end-users
 
may
 
contact
 
Fingrid
 
in
 
a
 
range
 
of
 
matters.
 
The
 
feedback
 
channels
 
are
 
disclosed
 
on
 
an
aggregate
 
basis
 
on
 
Fingrid’s
 
public
 
website.
 
Consumers
 
and
 
end-users
 
have
 
the
 
opportunity
 
to
 
report
 
faults
 
directly
to
 
the
 
main
 
grid
 
control
 
centre.
 
Feedback
 
on
 
construction-related
 
projects
 
can
 
be
 
given
 
in
 
the
 
map
 
service,
 
and
general
 
feedback
 
can
 
be
 
submitted
 
using
 
a
 
form
 
on
 
the
 
public
 
website.
 
In
 
addition,
 
misconduct
 
can
 
be
 
reported
 
via
 
a
confidential
 
and
 
independent
 
whistleblowing
 
channel,
 
through
 
which
 
reports
 
can
 
be
 
submitted
 
anonymously.
 
This
and
 
the
 
processing
 
of
 
whistleblower
 
reports
 
are
 
discussed
 
in
 
connection
 
with
 
disclosure
 
requirement
 
G1-1
 
(Business
conduct
 
policies
 
and
 
corporate
 
culture).
Fingrid
 
Datahub’s
 
end
 
consumers
 
are
 
instructed
 
on
 
how
 
to
 
use
 
the
 
customer
 
portal
 
through
 
extensive
 
service
descriptions
 
and
 
user
 
manuals
 
on
 
Fingrid’s
 
public
 
website.
 
End
 
consumers
 
have
 
the
 
opportunity
 
to
 
raise
 
their
concerns,
 
needs
 
and
 
service
 
development
 
suggestions
 
using
 
the
 
contact
 
form
 
in
 
the
 
customer
 
portal.
 
Contacts
 
are
processed
 
by
 
Fingrid
 
Datahub’s
 
customer
 
service.
 
Customer
 
and
 
stakeholder
 
feedback
 
is
 
collected
 
in
 
all
 
meetings
 
and
 
events.
 
In
 
addition
 
to
 
these,
 
an
 
annual
 
customer
satisfaction
 
survey
 
is
 
conducted,
 
giving
 
customers
 
the
 
opportunity
 
to
 
rate
 
Fingrid’s
 
operations
 
and
 
services
 
and
 
also
provide
 
open
 
feedback.
 
There
 
is
 
a
 
process
 
for
 
handling
 
customer
 
feedback
 
and
 
possible
 
complaints
 
to
 
ensure
 
they
are
 
addressed
 
systematically.
 
Feedback
 
is
 
used
 
to
 
improve
 
Fingrid’s
 
operations.
 
Consumers’
 
and
 
end-users’
awareness
 
of
 
the
 
processes
 
described
 
here
 
has
 
not
 
been
 
separately
 
assessed,
 
however.
S4-4
 
Taking
 
action
 
on
 
material
 
impacts
 
on
 
consumers
 
and
 
end-users,
 
and
 
approaches
 
to
 
managing
 
material
 
risks
and
 
pursuing
 
material
 
opportunities
 
related
 
to
 
consumers
 
and
 
end-users,
 
and
 
effectiveness
 
of
 
those
 
actions
Fingrid
 
has
 
increased
 
communications
 
aimed
 
at
 
consumers
 
and
 
end-users,
 
including
 
on
 
the
 
operation
 
of
 
the
electricity
 
system.
 
To
 
increase
 
customers’
 
and
 
stakeholders’
 
trust,
 
Fingrid
 
has
 
raised
 
its
 
profile
 
in
 
mass
 
media,
 
giving
numerous
 
interviews
 
about
 
the
 
power
 
system,
 
electricity
 
market
 
and
 
energy
 
transformation.
 
Decision-makers
 
and
authorities
 
have
 
also
 
been
 
informed
 
on
 
issues
 
related
 
to
 
the
 
sufficiency
 
of
 
electricity
 
and
 
the
 
functioning
 
of
 
the
power
 
system.
 
Fingrid
 
has
 
strived
 
to
 
develop
 
its
 
customer
 
activities
 
such
 
that
 
customers
 
would
 
see
 
Fingrid
 
as
 
a
 
whole
 
rather
 
than
separate
 
services.
 
The
 
aim
 
is
 
not
 
only
 
to
 
streamline
 
customer
 
service,
 
but
 
also
 
to
 
more
 
easily
 
implement
 
the
 
changes
required
 
by
 
the
 
transfo
 
rmation
 
of
 
the
 
energy
 
system.
Fingrid
 
has
 
created
 
its
 
own
 
written
 
guidelines
 
on
 
data
 
protection,
 
and
 
data
 
protection
 
issues
 
are
 
also
 
part
 
of
 
the
online
 
induction
 
courses.
 
In
 
addition,
 
targeted
 
training
 
and
 
exercises
 
have
 
been
 
held
 
for
 
people
 
operating
 
in
different
 
roles.
 
Data
 
responsibility
 
plays
 
a
 
key
 
role
 
in
 
Fingrid’s
 
information
 
security
 
and
 
data
 
protection
 
operating
models.
 
In
 
2024,
 
Fingrid
 
continued
 
to
 
focus
 
on
 
personnel’s
 
information
 
security
 
awareness.
 
Various
 
info
 
sessions
 
on
 
the
 
topic
were
 
arranged
 
for
 
personnel.
 
Online
 
information
 
security
 
training,
 
which
 
was
 
mandatory
 
for
 
all
 
personnel,
 
was
 
also
provided.
 
The
 
company’s
 
information
 
security
 
is
 
continuously
 
developed
 
and
 
systematic
 
in
 
accordance
 
with
 
ISO
27001
 
certification.
 
For
 
example,
 
the
 
information
 
security
 
policy
 
was
 
updated
 
to
 
comply
 
with
 
the
 
NIS2
 
Directive
 
on
cybersecurity.
 
In
 
addition,
 
AI
 
software
 
was
 
introduced
 
to
 
improve
 
productivity,
 
and
 
personnel
 
were
 
trained
 
and
supported
 
in
 
using
 
the
 
software.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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No
 
significant
 
human
 
rights
 
violations
 
or
 
incidents
 
were
 
detected
 
in
 
2024.
 
Implementing
 
the
 
measures
 
described
here
 
does
 
not
 
require
 
major
 
OpEx
 
or
 
CapEx.
S4-5
 
Targets
 
related
 
to
 
managing
 
material
 
negative
 
impacts,
 
advancing
 
positive
 
impacts,
 
and
 
managing
 
material
risks
 
and
 
opportunities
The
 
company’s
 
own
 
corporate
 
responsibility
 
ESG
 
targets
 
include
 
end-user-
 
and
 
stakeholder
 
-related
 
targets,
 
whose
metrics
 
and
 
outcomes
 
are
 
presented
 
in
 
the
 
table
 
below.
 
End-users
 
and
 
stakeholders
 
have
 
not
 
been
 
directly
 
involved
in
 
setting
 
the
 
targets,
 
monitoring
 
their
 
implementation
 
or
 
identifying
 
the
 
lessons
 
learned
 
and
 
improvements
 
gained
from
 
them.
 
The
 
executive
 
management
 
group
 
and
 
Board
 
of
 
Directors
 
regularly
 
review
 
the
 
success
 
of
 
customer
 
and
stakeholder
 
interaction
 
and
 
related
 
measures.
Targets
 
set
 
by
 
Fingrid
 
(2021–2025)
2025
 
target
2024
 
outturn
 
Customer
 
satisfaction
 
(cNPS)
 
>
 
50
+60
 
Main
 
grid
 
safety:
 
Number
 
of
 
damages
 
to
 
third
 
parties
0
0
The
 
ENTSO-E
 
price
 
comparison
 
related
 
to
 
monitoring
 
the
 
affordability
 
of
 
grid
 
service
 
fees
 
has
 
been
 
interrupted.
The
 
above-described
 
targets
 
and
 
their
 
metrics
 
are
 
related
 
to
 
the
 
following
 
list
 
of
 
Fingrid’s
 
ESG
 
visions.
Responsibility
 
vision
 
and
 
targets:
 
Affordable
 
for
 
customers,
 
fair
 
partner
 
to
 
customers,
 
most
 
market
 
favourable
TSO
●
Customers
 
are
 
happy
 
with
 
Fingrid’s
 
services
 
●
Among
 
the
 
most
 
affordable
 
TSOs
 
in
 
Europe
 
●
Well
 
-functioning
 
electricity
 
market
 
and
 
system
 
security
 
at
 
a
 
good
 
level
Responsibility
 
vision
 
and
 
targets:
 
Fingrid
 
is
 
known
 
for
 
its
 
good
 
reputation
 
and
 
for
 
being
 
a
 
reliable
 
operator
 
and
energy
 
influencer
●
Fingrid
 
is
 
known
 
as
 
a
 
reliable
 
company
 
with
 
a
 
good
 
reputation
 
and
 
is
 
a
 
sought-after
 
partner
 
with
understandable
 
goals
Responsibility
 
vision
 
and
 
targets:
 
The
 
continuity
 
and
 
profitability
 
of
 
our
 
operations
 
through
 
good
 
risk
management.
 
Open
 
and
 
comprehensive
 
external
 
reporting
 
and
 
communications.
 
High-level
 
information
 
security
and
 
responsibility
 
for
 
data
●
No
 
significant
 
information
 
security
 
or
 
data
 
protection
 
breaches
 
resulting
 
in
 
adverse
 
business
 
impacts
Responsibility
 
vision
 
and
 
targets:
 
Main
 
grid
 
does
 
not
 
cause
 
harm
 
to
 
the
 
public
●
The
 
main
 
grid
 
is
 
safe,
 
no
 
accidents
 
or
 
health
 
impacts
Material
 
entity-specific
 
disclosures
Fingrid
 
has
 
identified
 
two
 
material
 
entity-specific
 
topics.
 
Securing
 
Fingrid’s
 
critical
 
data
 
has
 
been
 
identified
 
as
 
a
material
 
entity-specific
 
topic
 
related
 
to
 
standard
 
S4
 
(Consumers
 
and
 
end-users).
 
Another
 
identified
 
material
 
entity-
specific
 
topic
 
is
 
syst
 
em
 
security.
Protection
 
of
 
business
 
critical
 
and
 
personal
 
data
Impacts
 
related
 
to
 
the
 
data
 
privacy
 
of
 
consumers
 
and/or
 
end-users
 
are
 
addressed
 
in
 
standard
 
S4
 
(Consumers
 
and
end-users).
 
Securing
 
data
 
that
 
is
 
business-critical
 
for
 
Fingrid
 
(network
 
models)
 
and
 
personal
 
data
 
has
 
been
 
identified
as
 
an
 
entity-specific
 
data
 
-related
 
topic
 
as
 
described
 
in
 
disclosure
 
requirement
 
S4
 
SBM-3
 
(Material
 
impacts,
 
risks
 
and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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opportunities
 
related
 
to
 
consumers
 
and
 
end-users).
 
A
 
risk
 
that
 
must
 
be
 
managed
 
is
 
the
 
paralysis
 
of
 
IT
 
systems
 
and
loss
 
of
 
power
 
system
 
availability,
 
and
 
a
 
leak
 
of
 
critical
 
information,
 
including
 
Fingrid
 
Datahub’s
 
user
 
information.
The
 
key
 
policies
 
for
 
managing
 
the
 
impacts,
 
risks
 
and
 
opportunities
 
related
 
to
 
securing
 
data
 
that
 
is
 
critical
 
to
 
Fingrid
are
 
described
 
in
 
connection
 
with
 
disclosure
 
requirement
 
S4-1
 
(Policies
 
related
 
to
 
consumers
 
and
 
end-users).
 
The
processes
 
for
 
engagement
 
are
 
described
 
in
 
disclosure
 
requirement
 
S4-2
 
(Processes
 
for
 
engaging
 
with
 
consumers
 
and
end-users
 
about
 
impacts).
 
The
 
processes
 
for
 
remediating
 
negative
 
impacts
 
and
 
channels
 
for
 
raising
 
concerns
 
are
described
 
in
 
disclosure
 
requirement
 
S4-3
 
(Processes
 
to
 
remediate
 
negative
 
impacts
 
and
 
channels
 
for
 
consumers
 
and
end-users
 
to
 
raise
 
concerns).
 
Taking
 
action
 
on
 
material
 
impacts
 
on
 
consumers
 
and
 
end-users,
 
and
 
approaches
 
to
managing
 
material
 
risks
 
and
 
pursuing
 
material
 
opportunities,
 
and
 
the
 
effectiveness
 
of
 
those
 
actions
 
are
 
described
 
in
disclosure
 
requirement
 
S4-4
 
(Taking
 
action
 
on
 
material
 
impacts
 
on
 
consumers
 
and
 
end-users,
 
and
 
approaches
 
to
managing
 
material
 
risks
 
and
 
pursuing
 
material
 
opportunities
 
related
 
to
 
consumers
 
and
 
end-users,
 
and
 
effectiveness
of
 
those
 
actions).
As
 
a
 
target
 
related
 
to
 
managing
 
material
 
negative
 
impacts,
 
advancing
 
positive
 
impacts,
 
and
 
managing
 
material
 
risks
and
 
opportunities,
 
Fingrid
 
ensures
 
that
 
business-critical
 
data
 
is
 
only
 
accessed
 
by
 
those
 
who
 
need
 
it.
 
No
 
significant
information
 
security
 
or
 
data
 
protection
 
breaches
 
resulting
 
in
 
adverse
 
business
 
impacts
 
were
 
detected
 
in
 
2024.
 
No
information
 
security
 
breaches
 
were
 
reported
 
to
 
the
 
data
 
protection
 
ombudsman.
System
 
security
ESRS
standard
Material
topics
Impact
Financial
 
impact
Identified
 
impacts
Risks
 
and
opportunities
Fingrid’s
 
policies
 
for
 
impacts,
risks
 
and
 
opportunities
management
–
Entity
 
-specific
topics
•
 
System
security
•
 
•
 
↑Reliable
 
electricity
for
 
society
 
and
industry,
 
and
promoting
 
Finland’s
competitiveness
-Loss
 
of
 
power
regionally
 
or
nationwide
(blackout)
Principles
 
for
 
managing
system
 
security
Reserve
 
policy
Balance
 
service
 
policy
Contingency
 
policy
Reserve
 
power
 
plant
management
 
policy
Company
 
security
 
policy
↑
 
Positive
 
impact
 
/
 
↓
 
Negative
 
impact
 
/
 
+
 
Opportunity
 
/
 
-
 
Risk
In
 
Fingrid’s
 
business
 
operations,
 
positive
 
material
 
impacts
 
relate
 
to
 
the
 
main
 
grid’s
 
high
 
system
 
security.
 
An
identified
 
impact
 
is
 
reflected
 
as
 
reliable
 
electricity
 
for
 
society
 
and
 
industry,
 
and
 
as
 
promoting
 
Finland’s
competitiveness.
 
A
 
material
 
risk
 
that
 
must
 
be
 
managed
 
is
 
a
 
blackout
 
in
 
which
 
electricity
 
is
 
not
 
available
 
regionally
 
or,
in
 
the
 
worst
 
case,
 
in
 
all
 
of
 
Finland.
 
An
 
electricity
 
outage
 
caused
 
by
 
a
 
serious
 
disturbance
 
has
 
also
 
been
 
identified
 
as
 
a
strategic
 
risk
 
for
 
the
 
company.
From
 
the
 
perspective
 
of
 
human
 
rights
 
impacts,
 
electricity
 
network
 
structures
 
and
 
electricity
 
transmission
 
involve
risks
 
affecting
 
people’s
 
lives
 
and
 
health.
 
By
 
ensuring
 
electricity
 
transmission,
 
Fingrid
 
protects
 
the
 
fundamental
 
right
to
 
life
 
and
 
health.
 
Failure
 
to
 
carry
 
out
 
this
 
task
 
could
 
have
 
severe
 
human
 
rights
 
implications
 
for
 
a
 
large
 
number
 
of
people.
The
 
key
 
policies
 
from
 
the
 
perspective
 
of
 
the
 
main
 
grid’s
 
system
 
security
 
are
 
the
 
Board-approved
 
principles
 
for
managing
 
system
 
security,
 
and
 
the
 
policies
 
approved
 
by
 
the
 
President
 
&
 
CEO
 
related
 
to
 
reserves,
 
balance
 
service,
 
 
 
 
 
 
 
 
 
 
 
 
 
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contingency
 
and
 
reserve
 
power
 
plant
 
management.
 
The
 
aim
 
of
 
the
 
principles
 
for
 
managing
 
system
 
security
 
is
 
to
maintain
 
the
 
current
 
sufficient
 
level
 
of
 
system
 
security
 
in
 
the
 
main
 
grid
 
for
 
customers
 
and
 
society.
 
The
 
greatest
possible
 
transmission
 
capacity
 
is
 
made
 
available
 
to
 
the
 
electricity
 
market
 
without
 
compromising
 
the
 
main
 
grid’s
system
 
security.
In
 
terms
 
of
 
actions
 
and
 
resources,
 
high
 
system
 
security
 
is
 
maintained
 
through
 
continuous
 
preparation
 
for
 
failures,
proactive
 
operational
 
planning,
 
and
 
constant
 
operation
 
control.
 
Important
 
information
 
about
 
disturbances
 
is
published
 
as
 
quickly
 
as
 
possible,
 
and
 
also
 
analysed
 
and
 
reported
 
on
 
afterwards.
 
Preparations
 
for
 
exceptional
disturbance
 
situations
 
are
 
made
 
and
 
action
 
in
 
such
 
situations
 
is
 
regularly
 
rehearsed.
 
At
 
the
 
beginning
 
of
 
September
2024,
 
Fingrid
 
took
 
part
 
in
 
the
 
Finnish
 
Defence
 
Forces’
 
local
 
defence
 
exercise
 
focusing
 
on
 
cyber-security.
 
The
 
exercise
focused
 
on
 
protecting
 
the
 
electricity
 
system
 
that
 
is
 
critical
 
to
 
society,
 
and
 
it
 
included
 
testing
 
the
 
cyber
 
threat
 
to
 
the
grid
 
and
 
the
 
co-operation
 
between
 
different
 
actors.
Fingrid’s
 
set
 
of
 
corporate
 
responsibility
 
ESG
 
targets
 
includes
 
a
 
system
 
security
 
target.
 
The
 
metric
 
for
 
it
 
as
 
well
 
as
 
its
outcome
 
in
 
2024
 
are
 
presented
 
in
 
the
 
following
 
table.
2025
 
target
2024
 
outturn
 
Reliability:
 
Transmission
 
security
 
in
 
the
 
main
 
grid
 
(%)
99.9995
99.9995
Preparation
 
and
 
calculation
 
principles
 
S
 
standards
Personnel
 
data
 
is
 
collected
 
as
 
the
 
head
 
count
 
and
 
includes
 
all
 
employees
 
regardless
 
of
 
the
 
percentage
 
of
 
their
working
 
time.
 
In
 
all
 
personnel
 
figures,
 
the
 
data
 
corresponds
 
to
 
the
 
personnel
 
situation
 
on
 
the
 
last
 
day
 
of
 
the
 
year,
 
31
December
 
2024,
 
for
 
both
 
the
 
company’s
 
own
 
personnel
 
and
 
for
 
non-employees
 
who
 
are
 
in
 
the
 
company’s
 
own
workforce.
Fingrid’s
 
own
 
workforce
 
covered
 
by
 
the
 
occupational
 
health
 
and
 
safety
 
management
 
system
 
is
 
calculated
 
as
 
a
relative
 
percentage
 
(%)
 
of
 
Fingrid’s
 
entire
 
personnel.
 
The
 
number
 
of
 
fatalities
 
as
 
a
 
result
 
of
 
work-related
 
injuries
 
and
 
work
 
-related
 
ill
 
health
 
is
 
the
 
number
 
of
 
fatal
workplace
 
accidents
 
that
 
occurred
 
to
 
own
 
personnel,
 
non-employees,
 
and
 
value
 
chain
 
workers.
 
Data
 
on
 
the
 
number
of
 
fatalities
 
as
 
a
 
result
 
of
 
work-related
 
ill
 
health
 
is
 
not
 
available.
The
 
working
 
hours
 
of
 
employees
 
and
 
non-employees
 
are
 
reported
 
based
 
on
 
actual
 
hours
 
worked.
 
The
 
working
hours
 
of
 
service
 
providers
 
are
 
reported
 
as
 
the
 
number
 
of
 
working
 
hours
 
spent
 
on
 
the
 
work
 
and
 
its
 
planning,
including
 
the
 
working
 
hours
 
of
 
sub-suppliers.
The
 
total
 
recordable
 
injury
 
frequency
 
(TRIF)
 
is
 
reported
 
for
 
own
 
workforce
 
and
 
service
 
providers,
 
including
 
sub-
suppliers.
 
The
 
TRIF
 
is
 
the
 
number
 
of
 
accidents
 
per
 
million
 
hours
 
worked.
 
The
 
TRIF
 
includes,
 
in
 
addition
 
to
 
the
 
day
 
of
the
 
accident,
 
workplace
 
accidents
 
that
 
resulted
 
in
 
at
 
least
 
one
 
day’s
 
absence,
 
workplace
 
accidents
 
that
 
required
medical
 
care,
 
and
 
workplace
 
accidents
 
that
 
resulted
 
in
 
substitute
 
work.
 
A
 
workplace
 
accident
 
that
 
requires
 
medical
care
 
does
 
not
 
result
 
in
 
the
 
employee’s
 
absence
 
beyond
 
the
 
day
 
of
 
the
 
accident,
 
but
 
does
 
require
 
medical
 
care,
 
for
example,
 
at
 
a
 
hospital
 
or
 
healthcare
 
centre.
 
A
 
workplace
 
accident
 
that
 
resulted
 
in
 
substitute
 
work
 
does
 
not
 
result
 
in
the
 
employee’s
 
absence
 
beyond
 
the
 
day
 
of
 
the
 
accident
 
but
 
does
 
result
 
in
 
at
 
least
 
one
 
day
 
of
 
incapacity
 
to
 
carry
 
out
their
 
work
 
beyond
 
the
 
day
 
of
 
the
 
accident.
 
It
 
thus
 
does
 
not
 
result
 
in
 
sick
 
leave,
 
but
 
the
 
injured
 
employee
 
performs
substitute
 
work.
The
 
number
 
of
 
workplace
 
accidents
 
is
 
the
 
number
 
of
workplace
 
accidents
 
of
 
own
 
personnel,
 
non-employees,
service
 
providers
 
and
 
sub-suppliers
 
resulting
 
in
 
at
 
least
 
one
 
day
 
of
 
absence
 
in
 
addition
 
to
 
the
 
day
 
of
 
the
 
accident.
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The
 
lost
 
-time
 
injury
 
frequency
 
(LTIF)
 
is
 
the
 
number
 
of
 
workplace
 
accidents
 
resulting
 
in
 
an
 
absence
 
per
 
million
 
hours
worked.
 
The
 
LTIF
 
is
 
reported
 
for
 
own
 
workforce
 
and
 
service
 
providers,
 
including
 
sub-suppliers.
 
The
 
combined
 
LTIF
includes
 
the
 
working
 
hours
 
of
 
Fingrid’s
 
own
 
workforce,
 
service
 
providers
 
and
 
sub-suppliers,
 
and
 
workplace
 
accidents
leading
 
to
 
absence.
The
 
number
 
of
 
occupational
 
diseases
 
includes
 
occupational
 
diseases
 
compensated
 
by
 
the
 
insurance
 
company
during
 
the
 
year.
The
 
number
 
of
 
working
 
days
 
lost
 
due
 
to
 
work
 
-related
 
injuries
 
and
 
fatalities
 
includes
 
the
 
number
 
of
 
working
 
days
lost
 
for
 
employees
 
and
 
other
 
workforce,
 
but
 
the
 
date
 
of
 
the
 
accident
 
is
 
not
 
counted.
Data
 
on
 
the
 
number
 
of
 
working
days
 
lost
 
due
 
to
 
work
 
-related
 
ill
 
health
 
is
 
not
 
available.
System
 
security
 
is
 
calculated
 
with
 
the
 
formula
system
 
security
 
=
 
/
 
(SE+SJE),
where
 
SE
 
=
 
energy
 
transmitted
 
in
 
the
electricity
 
grid,
 
and
 
SJE
 
=
 
energy
 
not
 
transmitted
 
due
 
to
 
a
 
disturbance
 
in
 
the
 
electricity
 
grid.
 
An
 
operation
disturbance
 
is
 
an
 
unexpected
 
situation
 
in
 
the
 
use
 
of
 
the
 
grid
 
and
 
is
 
caused
 
by
 
a
 
fault
 
in
 
the
 
equipment
 
or
 
system
 
that
affects
 
electricity
 
transmission.
 
A
 
fault
 
is
 
usually
 
defined
 
as
 
a
 
situation
 
in
 
which
 
the
 
equipment
 
does
 
not
 
meet
 
the
required
 
characteristics,
 
but
 
only
 
faults
 
that
 
cause
 
an
 
operation
 
disturbance
 
are
 
recorded
 
in
 
the
 
fault
 
statistics.
Energy
 
not
 
transferred
 
due
 
to
 
an
 
operation
 
disruption
 
is
 
the
 
energy
 
that
 
has
 
not
 
been
 
delivered
 
to
 
the
 
customer
 
at
the
 
main
 
grid
 
connection
 
point.
 
There
 
is
 
a
 
delivery
 
interruption
 
in
 
a
 
connection
 
point
 
when
 
the
 
customer
 
or
 
the
customer’s
 
network
 
has
 
no
 
electricity
 
due
 
to
 
a
 
fault
 
in
 
Fingrid’s
 
grid.
 
The
 
electricity
 
outage
 
ends
 
when
 
Fingrid
restores
 
power
 
at
 
the
 
connection
 
point.
 
The
 
electricity
 
outage
 
also
 
ends
 
when
 
the
 
customer
 
receives
 
electricity
 
from
some
 
other
 
source,
 
such
 
as
 
through
 
stand
 
-by
 
supply
 
connections,
 
even
 
if
 
Fingrid’s
 
connection
 
point
 
is
 
not
 
in
 
use.
1.11.4
Governance
 
information
ESRS
 
G1
 
–
 
Business
 
conduct
Material
 
impacts,
 
risks
 
and
 
opportunities
 
related
 
to
 
business
 
conduct
From
 
a
 
business
 
conduct
 
perspective,
 
the
 
material
 
positive
 
impacts
 
of
 
Fingrid’s
 
business
 
operations
 
are
 
reflected
 
in
business
 
operations
 
and
 
a
 
corporate
 
culture
 
that
 
are
 
ethical,
 
aligned
 
with
 
the
 
company’s
 
values
 
and
 
compliant
 
with
regulations.
 
The
 
impacts
 
stem
 
from
 
the
 
company’s
 
strategy
 
and
 
business
 
model,
 
which
 
is
 
based
 
on
 
partnership.
 
A
strategic
 
risk
 
to
 
be
 
managed
 
is
 
the
 
distortion
 
of
 
the
 
corporate
 
culture,
 
which
 
could
 
appear
 
as
 
disregard
 
for
 
the
company’s
 
Code
 
of
 
Conduct
 
and
 
responsibility
 
requirements
 
or
 
as
 
other
 
unprofessional
 
conduct.
 
In
 
addition,
regulations
 
are
 
increasingly
 
influencing
 
Fingrid’s
 
operations
 
and
 
in
 
many
 
cases
 
have
 
become
 
more
 
unpredictable.
This
 
underscores
 
the
 
importance
 
of
 
risk
 
management
 
from
 
the
 
perspectives
 
of
 
both
 
operating
 
conditions
 
and
corporate
 
financing.
 
Regarding
 
the
 
company’s
 
financial
 
regulation,
 
the
 
Energy
 
Authority
 
has,
 
in
 
its
 
decisions
 
of
 
29
 
December
 
2023,
confirmed
 
the
 
regulatory
 
methods
 
applicable
 
to
 
the
 
reasonableness
 
of
 
the
 
pricing
 
by
 
electricity
 
and
 
natural
 
gas
network
 
companies
 
in
 
2024–2031.
 
In
 
Fingrid’s
 
view,
 
the
 
assessment
 
of
 
impacts
 
in
 
the
 
preparation
 
of
 
the
 
Energy
Authority’s
 
regulatory
 
model
 
decision
 
has
 
been
 
deficient
 
and
 
there
 
are
 
still
 
issues
 
open
 
to
 
interpretation
 
related
 
to
the
 
presented
 
decision.
 
Fingrid’s
 
goal
 
is
 
a
 
solution
 
that
 
would
 
also
 
enable
 
the
 
future
 
development
 
of
 
the
 
grid,
allowing
 
the
 
hundreds
 
of
 
billions
 
in
 
green
 
transition
 
investments
 
in
 
Finland
 
to
 
be
 
implemented
 
as
 
planned.
 
On
 
29
January
 
2024,
 
Fingrid
 
appealed
 
to
 
the
 
Market
 
Court
 
against
 
the
 
Energy
 
Authority’s
 
decision
 
on
 
the
 
methods
concerning
 
the
 
specification
 
of
 
the
 
profit
 
for
 
the
 
electricity
 
transmission
 
grid
 
operations
 
for
 
the
 
sixth
 
regulatory
period
 
1
 
January
 
2024–31
 
December
 
2027
 
and
 
seventh
 
regulatory
 
period
 
1
 
January
 
2028–31
 
December
 
2031.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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2025
According
 
to
 
Fingrid’s
 
assessment,
 
the
 
decision
 
on
 
the
 
regulatory
 
methods
 
is
 
a
 
significant
 
weakening
 
of
 
the
electricity
 
transmission
 
grid
 
operations’
 
reasonable
 
profit
 
regulatory
 
method
 
that
 
expired
 
at
 
year
 
-end.
 
ESRS
standard
Material
 
topics
Impact
Financial
 
impact
Identified
 
impacts
Risks
 
and
opportunities
Fingrid’s
 
policies
 
for
impacts,
 
risks
 
and
opportunities
management
G1
Business
conduct
↑/↓Corporate
culture
 
↑/↓Protection
 
of
whistleblowers
↑/↓Corruption
and
 
bribery
•
 
Prevention
 
and
detection,
including
 
training
•
 
Corruption
 
and
bribery
•
 
•
 
↑Ethical
 
business
operations
 
and
corporate
 
culture
 
in
compliance
 
with
 
the
values
 
and
regulations
-Warping
 
of
corporate
 
culture
and
 
consequent
decline
 
of
operational
 
capability
or
 
reputation
 
(action
in
 
conflict
 
with
 
the
Code
 
of
 
Conduct
 
or
values)
-Impacts
 
from
changes
 
in
 
legislation
and
 
other
 
regulation
on
 
operating
conditions
 
and
 
the
economy
Fingrid’s
 
Code
 
of
Conduct
Management
 
principles
Internal
 
control
 
and
 
risk
management
 
principles
Ensuring
 
impartiality
 
in
preparing
 
matters
 
and
decision-making
Related
 
party
 
principles
Insider
 
guidelines
Disclosure
 
policy
Corporate
 
finance
principles
Treasury
 
policy
Fingrid’s
 
Supplier
 
Code
of
 
Conduct
Procurement
 
policy
↑
 
Positive
 
impact
 
/
 
↓
 
Negative
 
impact
 
/
 
+
 
Opportunity
 
/
 
-
 
Risk
G1-1
 
Business
 
conduct
 
policies
 
and
 
corporate
 
culture
The
 
foundation
 
for
 
all
 
of
 
Fingrid’s
 
operations
 
is
 
ethical
 
business
 
operations
 
and
 
corporate
 
culture
 
in
 
compliance
 
with
the
 
values
 
and
 
regulations.
 
The
 
corporate
 
culture
 
is
 
based
 
on
 
openness
 
and
 
the
 
personnel’s
 
strong
 
commitment
 
to
the
 
company’s
 
values
 
and
 
Code
 
of
 
Conduct.
 
Fingrid’s
 
intent,
 
in
 
line
 
with
 
the
 
company’s
 
values,
 
is
 
an
 
open,
 
fair,
efficient
 
and
 
responsible
 
work
 
community.
 
The
 
corporate
 
culture
 
has
 
been
 
built
 
using
 
various
 
leadership
 
approaches
for
 
several
 
years
 
now.
The
 
company’s
 
Board
 
of
 
Directors
 
approves
 
the
 
following
 
material
 
policies
 
related
 
to
 
business
 
conduct:
 
Fingrid’s
Code
 
of
 
Conduct,
 
management
 
principles,
 
internal
 
control
 
and
 
risk
 
management
 
principles,
 
ensuring
 
impartiality
 
in
preparing
 
matters
 
and
 
decision-making,
 
corporate
 
finance
 
principles,
 
related
 
party
 
principles
 
and
 
insider
 
guidelines.
The
 
company’s
 
President
 
&
 
CEO
 
approves
 
the
 
following
 
material
 
policies
 
related
 
to
 
business
 
conduct:
 
disclosure
policy,
 
treasury
 
policy,
 
Fingrid’s
 
supplier
 
Code
 
of
 
Conduct
 
and
 
procurement
 
policy.
Fingrid’s
 
main
 
policies
 
related
 
to
 
business
 
conduct
 
are
 
the
 
company’s
 
Code
 
of
 
Conduct,
 
management
 
principles
 
and
internal
 
control
 
and
 
risk
 
management
 
principles.
 
Fingrid’s
 
Code
 
of
 
Conduct
 
is
 
based
 
on
 
the
 
United
 
Nations
 
Global
Compact
 
initiative
 
and
 
the
 
principles
 
guiding
 
business
 
operations
 
and
 
human
 
rights.
 
Appropriate
 
due
 
diligence
 
is
 
part
of
 
the
 
application
 
of
 
Fingrid’s
 
Code
 
of
 
Conduct.
 
In
 
2016,
 
Fingrid
 
signed
 
the
 
Global
 
Compact
 
initiative
 
of
 
the
 
United
Nations.
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The
 
Code
 
of
 
Conduct
 
also
 
includes
 
Fingrid’s
 
human
 
rights
 
commitment
 
and
 
environmental
 
precautionary
 
principle.
Fingrid’s
 
Code
 
of
 
Conduct
 
includes
 
a
 
prohibition
 
on
 
money
 
laundering
 
and
 
corruption,
 
such
 
as
 
blackmail
 
and
 
bribery.
The
 
Code
 
of
 
Conduct
 
and
 
all
 
of
 
its
 
values
 
and
 
commitments
 
apply
 
to
 
every
 
Fingrid
 
business
 
unit
 
and,
 
in
 
turn,
 
all
Fingrid
 
employees.
 
In
 
the
 
company’s
 
assessment,
 
no
 
business
 
unit
 
is
 
more
 
exposed
 
to
 
corruption
 
and
 
bribery
 
than
another.
 
Fingrid’s
 
managers
 
and
 
the
 
entire
 
work
 
community
 
ensure
 
that
 
behaviour
 
is
 
in
 
line
 
with
 
the
 
Code
 
of
Conduct.
 
Online
 
training
 
in
 
the
 
Code
 
of
 
Conduct
 
is
 
also
 
required
 
for
 
all
 
personnel
 
at
 
the
 
start
 
of
 
employment
 
and
regularly
 
at
 
least
 
every
 
three
 
years
 
and
 
more
 
frequently
 
as
 
needed.
 
In
 
2024,
 
Fingrid’s
 
Code
 
of
 
Conduct
 
was
 
updated
and
 
an
 
update
 
of
 
the
 
online
 
training
 
course
 
was
 
started.
The
 
contractors,
 
service
 
providers
 
and
 
goods
 
suppliers
 
who
 
are
 
Fingrid’s
 
contractual
 
partners
 
are
 
required
 
to
 
comply
with
 
separate
 
corporate
 
responsibility
 
requirements
 
or
 
other
 
similar,
 
separately
 
agreed
 
requirements.
 
The
requirements
 
cover
 
issues
 
such
 
as
 
business
 
practices,
 
human
 
rights,
 
labour
 
rights,
 
occupational
 
safety,
 
the
environment,
 
and
 
anti-corruption
 
in
 
compliance
 
with
 
the
 
Global
 
Compact
 
initiative.
 
In
 
addition,
 
suppliers
 
must
ensure
 
and
 
oversee,
 
as
 
regards
 
deliveries
 
to
 
Fingrid,
 
that
 
their
 
own
 
suppliers
 
also
 
comply
 
with
 
legislation
 
and
 
the
agreed
 
corporate
 
responsibility
 
requirements.
 
Any
 
activities
 
harming
 
human
 
rights
 
are
 
addressed
 
in
 
compliance
 
with
the
 
company’s
 
human
 
rights
 
commitment,
 
including
 
corrective
 
action
 
when
 
needed.
 
The
 
Supplier
 
Code
 
of
 
Conduct
includes
 
an
 
auditing
 
right,
 
which
 
is
 
described
 
in
 
more
 
detail
 
in
 
connection
 
with
 
the
 
next
 
disclosure,
 
G1-2
(Management
 
of
 
relationships
 
with
 
suppliers).
 
The
 
Supplier
 
Code
 
of
 
Conduct
 
was
 
updated
 
in
 
2024.
Fingrid’s
 
personnel
 
and
 
external
 
stakeholders
 
have
 
access
 
to
 
several
 
feedback
 
and
 
reporting
 
channels.
 
Personnel
have
 
been
 
provided
 
with
 
instructions
 
on
 
their
 
use
 
on
 
Fingrid’s
 
public
 
website,
 
intranet
 
and
 
induction
 
training
 
course.
Employees
 
can
 
report
 
misconduct
 
to
 
their
 
supervisor,
 
management
 
or
 
HR
 
department.
 
To
 
ensure
 
responsible
conduct,
 
a
 
confidential
 
and
 
independent
 
reporting
 
channel
 
is
 
in
 
place
 
where
 
people
 
can
 
report
 
misconduct
anonymously
 
or
 
using
 
their
 
real
 
name.
 
The
 
reporting,
 
i.e.
 
whistleblowing
 
channel
 
is
 
available
 
to
 
Fingrid’s
 
personnel
and
 
all
 
external
 
stakeholders.
The
 
guidelines
 
regarding
 
reporting
 
misconduct,
 
the
 
reporting
 
channel
 
and
 
whistleblower
 
protection
 
comply
 
with
 
the
provisions
 
of
 
the
 
Finnish
 
Act
 
on
 
the
 
Protection
 
of
 
Individuals
 
Reporting
 
Violations
 
of
 
European
 
Union
 
and
 
National
Rights
 
(the
 
so-called
 
Whistleblower
 
Protection
 
Act).
 
All
 
suspected
 
breaches
 
are
 
investigated
 
confidentially
 
and
professionally,
 
and
 
with
 
guaranteed
 
protection
 
of
 
privacy.
 
It
 
is
 
moreover
 
ensured
 
that
 
the
 
whistleblower
 
will
 
not
face
 
negative
 
consequences.
 
Whistleblowing
 
reports
 
are
 
handled
 
by
 
the
 
Fingrid’s
 
designated
 
Legal
 
Counsel
 
in
 
charge
of
 
compliance,
 
the
 
General
 
Counsel
 
and
 
the
 
President
 
&
 
CEO.
 
If
 
a
 
report
 
has
 
been
 
submitted
 
with
 
the
whistleblower’s
 
real
 
name,
 
the
 
aforementioned
 
party
 
handling
 
the
 
report
 
will
 
ensure
 
that
 
the
 
person’s
 
data
 
is
processed
 
in
 
the
 
manner
 
required
 
by
 
law.
 
If
 
the
 
report
 
leads
 
to
 
whistleblower
 
protection
 
for
 
the
 
person,
 
the
 
parties
handling
 
the
 
report
 
will
 
ensure
 
that
 
the
 
person’s
 
whistleblower
 
protection
 
is
 
implemented
 
together
 
with
 
the
 
HR
Director
 
and
 
HR
 
Manager.
 
A
 
training
 
course
 
on
 
whistleblowing
 
guidelines
 
was
 
organised
 
for
 
all
 
personnel
 
at
 
the
 
start
of
 
2024.
Fingrid’s
 
corporate
 
responsibility
 
ESG
 
targets
 
include
 
several
 
targets
 
related
 
to
 
business
 
conduct
 
policies
 
and
corporate
 
culture.
 
Concerning
 
these
 
targets
 
set
 
prior
 
to
 
the
 
publication
 
of
 
the
 
ESRS
 
reporting
 
standards
 
and
 
their
metrics,
 
not
 
all
 
of
 
the
 
information
 
required
 
under
 
the
 
standards’
 
minimum
 
disclosure
 
requirements
 
is
 
available
 
for
disclosure
 
as
 
described
 
in
 
more
 
detail
 
in
 
connection
 
with
 
disclosure
 
requirement
 
E1-4
 
(Targets
 
related
 
to
 
climate
change
 
mitigation
 
and
 
adaptation).
Targets
 
and
 
metrics
 
related
 
to
 
policies
As
 
a
 
target
 
related
 
to
 
the
 
up-to-dateness
 
of
 
the
 
principles
 
and
 
policies
 
guiding
 
operations,
 
the
 
company
 
monitors
how
 
well
 
the
 
principles
 
and
 
policies
 
have
 
been
 
updated
 
in
 
relation
 
to
 
the
 
planned
 
need
 
for
 
updating
 
in
 
the
 
annual
 
 
 
 
 
 
 
 
 
 
 
 
 
89
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cycle
 
and
 
how
 
well
 
they
 
correspond
 
to
 
the
 
company’s
 
business
 
practices.
 
In
 
2024,
 
all
 
principles
 
and
 
policies,
 
with
 
the
exception
 
of
 
the
 
data
 
protection
 
policy,
 
were
 
updated
 
at
 
least
 
according
 
to
 
the
 
annual
 
cycle.
For
 
internal
 
auditing,
 
the
 
target
 
is
 
that
 
no
 
significant
 
critical
 
shortcomings
 
arise.
 
No
 
significant
 
shortcomings
 
were
identified
 
in
 
the
 
internal
 
audits
 
in
 
2024.
 
Audits
 
were
 
carried
 
out
 
according
 
to
 
the
 
annual
 
plan:
 
the
 
balance
 
service
process,
 
reserve
 
market
 
data
 
management,
 
decision-making
 
and
 
approval
 
authorisations,
 
and
 
approval
 
of
commitments,
 
risks
 
and
 
documents
 
related
 
to
 
decision-making,
 
and
 
risk
 
management
 
reporting
 
(Enterprise
 
Risk
Management).
The
 
implementation
 
of
 
responsible
 
practices
 
is
 
tracked
 
through
 
personnel
 
survey,
 
which
 
are
 
used
 
to
 
determine
personnel’s
 
view
 
on
 
the
 
level
 
of
 
compliance
 
with
 
responsible
 
practices.
 
In
 
the
 
2024
 
survey,
 
employees
 
gave
 
a
 
score
of
 
4.4
 
(on
 
a
 
scale
 
of
 
1–5)
 
to
 
the
 
question
 
of
 
how
 
well
 
Fingrid
 
employees
 
comply
 
with
 
responsible
 
practices.
Targets
 
set
 
by
 
Fingrid
 
(2021–2025)
2025
 
target
2024
 
outturn
 
Personnel's
 
view
 
of
 
the
 
responsibility
 
of
 
operating
 
methods
 
(survey
 
rating
 
on
a
 
scale
 
of
 
1–5)
 
>
 
4
4.4
Targets
 
and
 
metrics
 
related
 
to
 
risk
 
management
 
and
 
continuity
 
management
Risks
 
and
 
continuity
 
are
 
managed
 
on
 
the
 
basis
 
of
 
the
 
internal
 
control
 
and
 
risk
 
management
 
principles
 
approved
 
by
the
 
Board
 
of
 
Directors.
 
No
 
significant
 
risks
 
resulting
 
from
 
insufficient
 
preparedness
 
in
 
the
 
company
 
were
 
realised
 
in
2024.
 
Continuity
 
exercise
 
s
 
were
 
carried
 
out
 
as
 
planned.
 
Targets
 
and
 
metrics
 
related
 
to
 
the
 
responsibility
 
of
 
the
 
supply
 
chain
In
 
terms
 
of
 
the
 
responsibility
 
of
 
the
 
supply
 
chain,
 
the
 
company
 
tracks
 
the
 
number
 
of
 
deviations
 
in
 
contractor
obligations
 
or
 
employment
 
matters.
 
No
 
significant
 
deviations
 
were
 
observed
 
in
 
2024.
Targets
 
and
 
metrics
 
related
 
to
 
other
 
key
 
stakeholders
In
 
terms
 
of
 
service
 
providers,
 
the
 
company
 
tracks
 
the
 
willingness
 
of
 
service
 
providers
 
to
 
work
 
with
 
Fingrid
 
and
 
the
functioning
 
of
 
the
 
service
 
provider
 
market.
 
In
 
2024,
 
sufficient
 
bids
 
to
 
ensure
 
competition
 
were
 
received
 
for
 
all
 
critical
investment
 
project
 
s.
The
 
above-described
 
targets
 
and
 
their
 
metrics
 
are
 
related
 
to
 
the
 
following
 
list
 
of
 
Fingrid’s
 
ESG
 
visions.
Responsibility
 
vision
 
and
 
targets
:
 
Fingrid
 
is
 
committed
 
to
 
and
 
engages
 
employees
 
to
 
commit
 
to
 
responsibility
 
and
 
to
good
 
corporate
 
governance
 
of
 
listed
 
companies
 
aligned
 
with
 
the
 
company’s
 
values.
 
Ensuring
 
the
 
continuity
 
and
profitability
 
of
 
operations
 
through
 
good
 
risk
 
management
 
Fingrid
 
is
 
a
 
responsible
 
buyer
 
of
 
services
 
and
 
goods.
 
-
The
 
entire
 
work
 
community
 
is
 
committed
 
to
 
a
 
responsible
 
way
 
of
 
working
 
and
 
open
 
communications
-
The
 
company’s
 
guidelines
 
are
 
in
 
line
 
with
 
legislation,
 
and
 
the
 
company’s
 
personnel
 
have
 
received
 
training
 
in
the
 
rules
 
and
 
know
 
the
 
guidelines
-
No
 
significant
 
information
 
security
 
or
 
data
 
protection
 
breaches
 
resulting
 
in
 
adverse
 
business
 
impacts
-
Responsibility
 
requirements
 
included
 
in
 
all
 
of
 
the
 
company’s
 
sourcing
 
activities
-
Competitive,
 
well-functioning
 
and
 
high-quality
 
service
 
provider
 
markets
-
No
 
major
 
deviations
 
or
 
problems
 
in
 
contractor
 
obligation
 
or
 
employment
 
relationship
 
matters
-
Supplier
 
audits
 
cover
 
95%
 
of
 
the
 
value
 
of
 
factory
 
suppliers
 
in
 
2025
G1-2
 
Management
 
of
 
relationships
 
with
 
suppliers
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The
 
Supplier
 
Code
 
of
 
Conduct,
 
which
 
is
 
mandatory
 
for
 
contractors
 
and
 
suppliers,
 
is
 
always
 
applied
 
to
 
procurements
worth
 
at
 
least
 
EUR
 
60,000
 
and
 
it
 
is
 
attached
 
to,
 
for
 
example,
 
service,
 
material,
 
equipment
 
and
 
ICT
 
purchase
agreements.
 
In
 
recurring
 
procurements,
 
such
 
as
 
in
 
the
 
supplier
 
registers
 
used
 
for
 
substations
 
and
 
transmission
 
line
procurements,
 
a
 
commitment
 
to
 
Fingrid’s
 
Supplier
 
Code
 
of
 
Conduct
 
as
 
part
 
of
 
the
 
overall
 
contract
 
is
 
a
 
condition
 
for
being
 
entered
 
in
 
the
 
supplier
 
register.
 
In
 
addition,
 
contractual
 
partners
 
are
 
required
 
to
 
commit
 
to
 
separate
 
terms
and
 
conditions
 
regarding
 
the
 
use
 
of
 
subcontracting
 
and
 
labour,
 
safety
 
and
 
environmental
 
matters.
 
The
 
above-
mentioned
 
contract
 
terms
 
are
 
approved
 
by
 
the
 
director
 
in
 
charge
 
of
 
grid
 
building
 
and
 
maintenance.
 
The
 
contract
terms
 
regarding
 
subcontracting
 
and
 
the
 
use
 
of
 
labour
 
were
 
clarified
 
in
 
2024
 
regarding
 
the
 
main
 
contractor’s
responsibility
 
to
 
ensure
 
foreign
 
workers’
 
right
 
to
 
work
 
and
 
compliance
 
with
 
national
 
legislation
 
and
 
local
 
rules.
Compliance
 
with
 
and
 
implementation
 
of
 
the
 
requirements
 
described
 
above
 
are
 
ensured
 
through
 
risk-based
 
audits.
 
If
deviations
 
are
 
detected,
 
their
 
remediation
 
is
 
supported
 
in
 
co
 
-operation
 
with
 
the
 
suppliers.
 
Worksite
 
responsibility
audits
 
are
 
used
 
to
 
verify
 
contractors’
 
and
 
service
 
providers’
 
contractor
 
obligations,
 
occupational
 
safety
 
and
environmental
 
management.
 
Audits
 
are
 
carried
 
out
 
by
 
an
 
independent
 
auditor
 
in
 
projects
 
involving
 
the
 
use
 
of
 
non-
Finnish
 
workforce.
 
The
 
regional
 
state
 
administrative
 
agency
 
also
 
performed
 
inspections
 
at
 
worksites.
 
The
 
majority
 
of
the
 
international
 
procurement
 
of
 
goods
 
is
 
handled
 
by
 
Fingrid’s
 
main
 
contractors.
 
Audits
 
are
 
performed
 
with
 
the
 
help
of
 
a
 
third
 
party
 
on
 
both
 
Fingrid’s
 
direct
 
contractual
 
partners
 
and
 
their
 
sub-suppliers,
 
but
 
also
 
possible
 
future
 
material
or
 
equipment
 
suppliers.
 
Fingrid
 
requires
 
any
 
audits
 
to
 
be
 
carried
 
out
 
in
 
co
 
-operation
 
with
 
the
 
supplier.
 
Suppliers
 
are
obligated
 
to
 
remediate
 
any
 
breaches
 
they
 
commit
 
within
 
a
 
timeframe
 
agreed
 
with
 
Fingrid.
In
 
2024,
 
10
 
sites
 
were
 
audited,
 
from
 
investment
 
project
 
worksites
 
to
 
maintenance
 
operations.
 
In
 
international
 
goods
sourcing,
 
third
 
-party
 
supplier
 
audits
 
were
 
carried
 
out
 
at
 
13
 
production
 
plants
 
in
 
a
 
total
 
of
 
7
 
countries.
 
Four
 
audits
were
 
carried
 
out
 
by
 
an
 
independent
 
auditor
 
in
 
projects
 
concerning
 
the
 
use
 
of
 
non-Finnish
 
workforce.
 
The
 
regional
state
 
administrative
 
agency
 
performed
 
inspections
 
at
 
one
 
clearing
 
worksite.
Because
 
of
 
the
 
domestic
 
nature
 
of
 
transmission
 
grid
 
operations
 
and
 
from
 
the
 
perspective
 
of
 
ensuring
 
the
 
grid’s
system
 
security,
 
co
 
-operation
 
with
 
contractual
 
suppliers
 
operating
 
in
 
Finland
 
is
 
important
 
to
 
Fingrid.
 
In
 
grid
maintenance,
 
response
 
times
 
for
 
critical
 
work
 
are
 
typically
 
short,
 
which
 
is
 
why
 
the
 
proportion
 
of
 
local
 
labour
 
in
 
this
work
 
is
 
high.
 
Due
 
to
 
the
 
special
 
expertise
 
and
 
equipment
 
required
 
by
 
the
 
investment
 
projects,
 
the
 
impact
 
on
 
both
regional
 
and
 
local
 
employment
 
is
 
generally
 
lower
 
in
 
these
 
projects.
Construction
 
work
 
on
 
the
 
grid
 
is
 
carried
 
out
 
on
 
a
 
project
 
basis,
 
in
 
separate
 
substation
 
and
 
transmission
 
line
 
projects
typically
 
as
 
turn-key
 
contracts.
 
The
 
main
 
contractor,
 
acting
 
in
 
the
 
role
 
of
 
Fingrid’s
 
contractual
 
partner,
 
is
 
in
 
charge
 
of
the
 
detailed
 
design,
 
the
 
procurement
 
of
 
material
 
and
 
equipment
 
as
 
well
 
as
 
building
 
and
 
installations
 
until
commissioning.
 
The
 
main
 
contractor
 
on
 
a
 
specific
 
project
 
may
 
have
 
several
 
subcontractors
 
and
 
must
 
submit
 
the
most
 
significant
 
subcontractors
 
for
 
approval
 
by
 
Fingrid.
 
Fingrid
 
also
 
directly
 
procures
 
various
 
materials
 
and
equipment,
 
such
 
as
 
reactors,
 
transformers
 
and
 
conductors.
The
 
suitability
 
and
 
qualifications
 
of
 
the
 
contractors
 
and
 
service
 
providers
 
carrying
 
out
 
grid
 
construction
 
and
maintenance
 
are
 
verified
 
primarily
 
by
 
means
 
of
 
separate
 
supplier
 
registers
 
and
 
shortlisting
 
procedures.
 
As
 
stated
above,
 
contractual
 
partners
 
are
 
required
 
to
 
commit
 
to
 
contractor
 
obligations
 
and
 
separate
 
company
 
terms
 
and
conditions
 
regarding
 
the
 
use
 
of
 
subcontracting
 
and
 
labour,
 
occupational
 
safety
 
and
 
environmental
 
matters.
 
To
ensure
 
the
 
equal
 
treatment
 
of
 
suppliers,
 
purchasing
 
personnel
 
are
 
trained
 
in
 
setting
 
suitability
 
and
 
minimum
requirements.
 
Each
 
person
 
is
 
required
 
to
 
identify
 
and
 
declare
 
in
 
writing
 
any
 
conflicts
 
of
 
interest
 
before
 
making
 
a
procurement
 
decision.
 
As
 
part
 
of
 
the
 
procurement
 
process,
 
regular
 
checks
 
are
 
performed
 
to
 
ensure
 
that
 
the
 
selected
 
suppliers
 
are
 
not
subject
 
to
 
mandatory
 
or
 
discretionary
 
exclusion
 
criteria
 
based
 
on
 
the
 
Act
 
on
 
Public
 
Procurement
 
and
 
Concession
Contracts
 
for
 
special
 
sectors
 
or
 
international
 
sanctions.
 
In
 
addition,
 
reviews
 
in
 
accordance
 
with
 
the
 
Act
 
on
 
the
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Contractor’s
 
Obligations
 
and
 
Liability
 
when
 
Work
 
is
 
Contracted
 
Out
 
are
 
carried
 
out
 
at
 
the
 
latest
 
before
 
the
 
contract
is
 
signed.
 
All
 
the
 
reviews
 
must
 
be
 
passed
 
in
 
order
 
for
 
a
 
contract
 
to
 
arise.
Training
 
in
 
public
 
procurements
 
is
 
broadly
 
provided
 
to
 
all
 
personnel
 
every
 
autumn.
 
The
 
2024
 
training
 
covered
procurement
 
planning
 
and
 
basic
 
principles,
 
the
 
course
 
of
 
the
 
negotiation
 
procedure,
 
including
 
the
 
procurement
notice
 
and
 
requirements
 
concerning
 
the
 
bidder,
 
direct
 
procurement
 
criteria,
 
and
 
contract
 
amendment
 
situations.
Training
 
on
 
procurements
 
that
 
fall
 
below
 
the
 
threshold
 
values
 
was
 
also
 
arranged
 
in
 
the
 
autumn.
 
The
 
training
 
covered
the
 
company’s
 
internal
 
procurement
 
policy
 
and
 
procurement
 
guidelines,
 
including
 
responsibility-related
 
checks
 
on
bidders.
 
Complementary
 
smaller
 
training
 
sessions
 
to
 
complement
 
these
 
were
 
organised
 
in
 
business
 
units
 
during
 
the
year
 
on
 
both
 
public
 
procurements
 
and
 
procurements
 
that
 
fall
 
below
 
the
 
threshold
 
values.
Continuous
 
dialogue
 
is
 
sought
 
with
 
contractors
 
and
 
suppliers
 
in
 
accordance
 
with
 
the
 
company’s
 
due
 
diligence
process.
 
Fingrid’s
 
project
 
managers
 
are
 
given
 
training
 
in
 
interaction
 
skills
 
and
 
project
 
teamwork.
 
Some
 
employees
are
 
also
 
trained
 
in
 
managing
 
challenging
 
situations
 
with
 
customers
 
or
 
suppliers.
 
In
 
large
 
investment
 
projects,
 
the
project
 
managers
 
engage
 
in
 
close
 
dialogue
 
with
 
suppliers.
 
In
 
the
 
most
 
significant
 
and
 
strategic
 
projects,
 
a
 
joint
steering
 
group
 
is
 
formed
 
together
 
with
 
the
 
supplier.
 
Besides
 
project
 
implementation,
 
the
 
steering
 
groups
 
hold
 
a
dialogue
 
on
 
suppliers’
 
opportunities,
 
for
 
example,
 
to
 
reduce
 
emissions
 
and
 
promote
 
sustainability
 
matters
 
in
 
their
value
 
chains.
 
Fingrid
 
and
 
maintenance
 
suppliers
 
organise
 
annual
 
quality
 
meetings
 
in
 
which
 
sustainability
 
topics,
among
 
other
 
things,
 
are
 
addressed.
 
Fingrid
 
also
 
arranges
 
a
 
“Main
 
Grid
 
Day”
 
event
 
for
 
suppliers
 
every
 
18
 
months
 
to
discuss
 
topical
 
issues.
G1-3
 
Prevention
 
and
 
detection
 
of
 
corruption
 
and
 
bribery
Every
 
Fingrid
 
employee
 
is
 
obligated
 
to
 
identify
 
and
 
report
 
non-compliance,
 
risks
 
or
 
control
 
shortcomings
 
they
observe.
 
Fingrid
 
encourages
 
all
 
conduct
 
or
 
suspected
 
conduct
 
that
 
goes
 
against
 
the
 
Code
 
of
 
Conduct
 
or
Whistleblower
 
Protection
 
Act
 
to
 
be
 
reported.
 
The
 
company
 
is
 
committed
 
to
 
fairly
 
investigate
 
all
 
reports
 
that
 
are
made
 
in
 
good
 
faith
 
and
 
to
 
implement
 
the
 
necessary
 
measures
 
based
 
on
 
the
 
investigation
 
and
 
its
 
outcome.
 
These
commitments
 
are
 
confirmed
 
in
 
the
 
company’s
 
whistleblowing
 
guidelines,
 
which
 
were
 
updated
 
in
 
2024
 
to
 
meet
 
the
requirements
 
of
 
the
 
EU
 
Whistleblower
 
Protection
 
Directive.
 
The
 
processing,
 
managing,
 
decision-making
 
and
reporting
 
of
 
whistleblowing
 
reports
 
are
 
discussed
 
in
 
connection
 
with
 
disclosure
 
requirement
 
G1-1
 
(Business
 
conduct
policies
 
and
 
corporate
 
culture).
 
Similar
 
commitments
 
are
 
also
 
required
 
of
 
contractors
 
and
 
suppliers
 
as
 
part
 
of
 
the
Supplier
 
Code
 
of
 
Conduct
 
they
 
are
 
required
 
to
 
comply
 
with.
Fingrid’s
 
Code
 
of
 
Conduct
 
and
 
Supplier
 
Code
 
of
 
Conduct
 
can
 
be
 
found
 
on
 
Fingrid’s
 
public
 
website.
 
Fingrid
 
provides
information
 
about
 
feedback
 
and
 
reporting
 
channels
 
on
 
its
 
public
 
website,
 
and
 
personnel
 
have
 
been
 
instructed
 
on
how
 
to
 
use
 
them
 
on
 
Fingrid’s
 
internal
 
website
 
and
 
induction
 
materials.
 
The
 
Board
 
of
 
Directors
 
receives
 
training
 
on
the
 
prevention
 
and
 
detection
 
of
 
corruption
 
and
 
bribery
 
in
 
connection
 
with
 
the
 
approval
 
of
 
the
 
company’s
 
Code
 
of
Conduct.
 
All
 
Fingrid
 
employees
 
are
 
trained
 
in
 
anti-corruption
 
and
 
anti-bribery
 
as
 
part
 
of
 
the
 
mandatory
 
online
induction
 
course
 
on
 
the
 
Code
 
of
 
Conduct,
 
and
 
also
 
separately
 
as
 
needed,
 
as
 
described
 
in
 
more
 
detail
 
in
 
disclosure
requirement
 
G1-1
 
(Business
 
conduct
 
policies
 
and
 
corporate
 
culture).
Reports
 
related
 
to
 
allegations
 
or
 
incidents
 
of
 
corruption
 
and
 
bribery
 
received
 
through
 
the
 
reporting
 
channel
 
are
reported
 
to
 
Fingrid’s
 
Board
 
of
 
Directors
 
and
 
Audit
 
Committee
 
regularly
 
and
 
in
 
connection
 
with
 
sustainability
reporting,
 
and
 
immediately
 
whenever
 
the
 
situation
 
requires
 
it,
 
and
 
otherwise
 
as
 
needed.
 
In
 
addition,
 
Fingrid’s
executive
 
management
 
group
 
is
 
always
 
informed
 
about
 
reports
 
that
 
have
 
been
 
received
 
when
 
the
 
executive
management
 
group
 
is
 
required
 
to
 
appoint
 
experts
 
to
 
investigate
 
a
 
report
 
and
 
otherwise
 
as
 
needed.
 
Key
 
means
 
for
 
the
 
prevention
 
of
 
corruption
 
and
 
bribery
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-
 
Training
 
courses
 
and
 
the
 
reporting
 
channel
 
related
 
to
 
the
 
prevention
 
of
 
corruption
 
and
 
bribery
 
are
 
discussed
 
in
connection
 
with
 
disclosure
 
requirement
 
G1-1
 
(Business
 
conduct
 
policies
 
and
 
corporate
 
culture).
-
 
In
 
all
 
procurements
 
over
 
EUR
 
60,000,
 
reviews
 
of
 
contracts
 
and
 
other
 
commitments
 
concerning
 
the
 
supplier
 
are
required
 
before
 
the
 
contract
 
is
 
signed,
 
including,
 
among
 
other
 
things,
 
identifying
 
any
 
conflicts
 
of
 
interest
 
of
 
the
person
 
making
 
the
 
purchase.
-
 
Ensuring
 
appropriate
 
due
 
diligence
 
and
 
documenting
 
it
 
in
 
the
 
company’s
 
Code
 
of
 
Conduct
 
and
 
Fingrid’s
 
Supplier
Code
 
of
 
Conduct
 
in
 
the
 
2024
 
updates.
-
 
Continuously
 
developing
 
and
 
taking
 
into
 
account
 
ethics,
 
due
 
diligence
 
and
 
responsibility
 
requirements
 
in
procurements
 
and
 
throughout
 
the
 
value
 
chain.
G1-4
 
Incidents
 
of
 
corruption
 
or
 
bribery
In
 
2024,
 
the
 
company
 
was
 
not
 
made
 
aware
 
of
 
any
 
confirmed
 
cases
 
or
 
convictions
 
related
 
to
 
bribery
 
or
 
corruption,
and
 
no
 
fines
 
related
 
to
 
bribery
 
or
 
corruption
 
were
 
imposed
 
on
 
the
 
company.
 
Since
 
there
 
were
 
no
 
confirmed
 
cases,
the
 
company
 
also
 
did
 
not
 
implement
 
any
 
anti-corruption
 
and
 
anti-bribery
 
measures
 
to
 
address
 
norm
 
violations.
Fingrid
 
does
 
not
 
provide
 
any
 
direct
 
or
 
indirect
 
support,
 
including
 
non-monetary
 
support,
 
to
 
political
 
activities.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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1.11.5
Appendices
 
to
 
the
 
sustainability
 
statement
Appendix
 
1
 
Content
 
index
Standard
Disclosure
 
requirement
 
(DR)
Sections
 
of
 
the
 
sustainability
 
statement
ESRS
 
2
ESRS
 
2
 
BP-1
BP-1
 
General
 
basis
 
for
 
preparation
 
of
sustainability
 
statements
ESRS
 
2
 
BP-2
BP-2
 
Disclosures
 
in
 
relation
 
to
 
specific
circumstances
ESRS
 
2
 
GOV
 
-1
GOV
 
–1
 
The
 
role
 
of
 
the
 
administrative,
management
 
and
 
supervisory
 
bodies
ESRS
 
2
 
GOV
 
-2
GOV
 
-2
 
Information
 
provided
 
to
 
and
sustainability
 
matters
 
addressed
 
by
 
the
undertaking’s
 
administrative,
management
 
and
 
supervisory
 
bodies
GOV
 
–3
 
Integration
 
of
 
sustainability-
related
 
performance
 
in
 
incentive
schemes
ESRS
 
2
 
GOV
 
-3
GOV
 
–3
 
Integration
 
of
 
sustainability-
related
 
performance
 
in
 
incentive
schemes
ESRS
 
2
 
GOV
 
-4
GOV
 
-4
 
Statement
 
on
 
due
 
diligence
ESRS
 
2
 
GOV
 
-5
GOV
 
-5
 
Risk
 
management
 
and
 
internal
controls
 
over
 
sustainability
 
reporting
ESRS
 
2
 
SBM-1
SBM–1
 
Strategy,
 
business
 
model
 
and
value
 
chain
S1-6
 
Characteristics
 
of
 
the
 
undertaking’s
employees
ESRS
 
2
 
SBM-2
SBM-2
 
Interests
 
and
 
views
 
of
stakeholders
ESRS
 
2
 
SBM-3
SBM-3
 
Material
 
impacts,
 
risks
 
and
opportunities
 
and
 
their
 
interaction
 
with
strategy
 
and
 
business
 
model
Material
 
impacts,
 
risks
 
and
 
opportunities
related
 
to
 
climate
 
change
Material
 
impacts,
 
risks
 
and
 
opportunities
related
 
to
 
biodiversity
 
and
 
ecosystems
E4-5
 
Impact
 
metrics
 
related
 
to
biodiversity
 
and
 
ecosystems
 
change
Material
 
impacts,
 
risks
 
and
 
opportunities
related
 
to
 
resource
 
use
 
and
 
circular
economy
Material
 
impacts,
 
risks
 
and
 
opportunities
related
 
to
 
own
 
workforce
Material
 
impacts,
 
risks
 
and
 
opportunities
related
 
to
 
workers
 
in
 
the
 
value
 
chain
G1-1
 
Business
 
conduct
 
policies
 
and
corporate
 
culture
G1-2
 
Management
 
of
 
relationships
 
with
suppliers
Material
 
impacts,
 
risks
 
and
 
opportunities
related
 
to
 
affected
 
communities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Standard
Disclosure
 
requirement
 
(DR)
Sections
 
of
 
the
 
sustainability
 
statement
Material
 
impacts,
 
risks
 
and
 
opportunities
related
 
to
 
consumers
 
and
 
end-users
S4-1
 
Policies
 
related
 
to
 
consumers
 
and
end-users
S4-4
 
Taking
 
action
 
on
 
material
 
impacts
on
 
consumers
 
and
 
end-users,
 
and
approaches
 
to
 
managing
 
material
 
risks
and
 
pursuing
 
material
 
opportunities
related
 
to
 
consumers
 
and
 
end-users,
 
and
effectiveness
 
of
 
those
 
actions
Entity-specific
 
material
 
disclosures
Entity-specific
 
material
 
disclosures
(Protection
 
of
 
business
 
critical
 
and
personal
 
data
 
and
 
System
 
security)
Material
 
impacts,
 
risks
 
and
 
opportunities
related
 
to
 
business
 
conduct
ESRS
 
2
 
IRO
 
-1
IRO
 
-1
 
Description
 
of
 
the
 
processes
 
to
identify
 
and
 
assess
 
material
 
impacts,
risks
 
and
 
opportunities
E1
 
IRO
 
-1
 
Description
 
of
 
the
 
processes
 
to
identify
 
and
 
assess
 
material
 
climate-
related
 
impacts,
 
risks
 
and
 
opportunities
E1-4
 
Targets
 
related
 
to
 
climate
 
change
mitigation
 
and
 
adaptation
E1-6
 
Gross
 
Scopes
 
1,
 
2,
 
3
 
and
 
Total
 
GHG
emissions
SBM-3
 
Material
 
impacts,
 
risks
 
and
opportunities
 
and
 
their
 
interaction
 
with
strategy
 
and
 
business
 
model
ESRS
 
2
 
IRO
 
-2
IRO
 
-2
 
Disclosure
 
requirements
 
in
 
ESRS
covered
 
by
 
the
 
undertaking’s
sustainability
 
statement
ESRS
 
2
 
MDR-P
The
 
policies
 
adopted
 
to
 
manage
 
material
sustainability
 
matters
 
are
 
addressed
 
in
connection
 
with
 
the
 
topic-specific
standards,
 
taking
 
into
 
account
 
the
minimum
 
disclosure
 
requirements.
Climate
 
change
 
E1-2,
 
Biodiversity
 
E4-2,
Resource
 
use
 
and
 
circular
 
economy
 
E5-1,
Own
 
workforce
 
S1-1,
 
Workers
 
in
 
the
value
 
chain
 
S2-1,
 
Affected
 
communities
S3-1,
 
Consumers
 
and
 
end-users
 
S4-1,
Entity-specific
 
material
 
disclosures
(system
 
security),
 
Business
 
conduct
 
G1-1
ESRS
 
2
 
MDR-A
The
 
actions
 
and
 
resources
 
related
 
to
material
 
sustainability
 
matters
 
are
addressed
 
in
 
connection
 
with
 
the
 
topic-
specific
 
standards,
 
taking
 
into
 
account
the
 
minimum
 
disclosure
 
requirements.
Implementing
 
the
 
action
 
plans
 
presented
in
 
the
 
sustainability
 
statement
 
does
 
not
require
 
significant
 
operational
expenditure
 
and/or
 
capital
 
expenditure,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Standard
Disclosure
 
requirement
 
(DR)
Sections
 
of
 
the
 
sustainability
 
statement
with
 
the
 
exception
 
of
 
climate
 
change
mitigation.
Climate
 
change
 
E1-3,
 
Biodiversity
 
E4-3,
Resource
 
use
 
and
 
circular
 
economy
 
E5-2,
Own
 
workforce
 
S1-4,
 
Workers
 
in
 
the
value
 
chain
 
S2-4,
 
Affected
 
communities
S3-4,
 
Consumers
 
and
 
end-users
 
S4-4,
Entity-specific
 
material
 
disclosures
(system
 
security),
 
Business
 
conduct
 
G1-1
and
 
Management
 
of
 
relationships
 
with
suppliers
 
G1-2
ESRS
 
2
 
MDR-M
The
 
metrics
 
are
 
addressed
 
in
 
connection
with
 
the
 
topical
 
standards,
 
taking
 
into
consideration
 
the
 
minimum
 
disclosure
requirements,
 
methods
 
and
 
significant
assumptions
 
behind
 
the
 
metric
(Preparation
 
and
 
calculation
 
principles
E1,
 
E4,
 
E5,
 
S
 
[Entity-specific
 
material
disclosures]).
 
The
 
measurements
 
of
 
the
metrics
 
have
 
not
 
been
 
validated
 
other
than
 
when
 
reporting
 
on
 
sustainability
 
or
previously
 
on
 
corporate
 
responsibility.
 
ESRS
 
2
 
MDR-T
The
 
tracking
 
of
 
the
 
effectiveness
 
of
policies
 
and
 
actions
 
through
 
Fingrid’s
measurable
 
outcome
 
-oriented
 
targets
 
is
addressed
 
in
 
connection
 
with
 
the
 
topical
standards.
 
Climate
 
change
 
E1-4,
 
Biodiversity
 
E4-4,
Resource
 
use
 
and
 
circular
 
economy
 
E5-3,
Own
 
workforce
 
S1-5,
 
Workers
 
in
 
the
value
 
chain
 
S2-5,
 
Affected
 
communities
S3-5,
 
Consumers
 
and
 
end-users
 
S4-5,
Entity-specific
 
material
 
disclosures
(system
 
security),
 
Business
 
conduct
 
G1-1
ESRS
 
E1
ESRS
 
E1-1
E1-1
 
Transition
 
plan
 
for
 
climate
 
change
mitigation
E1-3
 
Actions
 
and
 
resources
 
in
 
relation
 
to
climate
 
change
 
policies
ESRS
 
E1-2
E1-2
 
Policies
 
related
 
to
 
climate
 
change
mitigation
 
and
 
adaptation
ESRS
 
E1-3
E1-1
 
Transition
 
plan
 
for
 
climate
 
change
mitigation
E1-3
 
Actions
 
and
 
resources
 
in
 
relation
 
to
climate
 
change
 
policies
ESRS
 
E1-4
E1-4
 
Targets
 
related
 
to
 
climate
 
change
mitigation
 
and
 
adaptation
ESRS
 
E1-5
E1-5
 
Energy
 
consumption
 
and
 
mix
ESRS
 
E1-6
E1-6
 
Gross
 
Scopes
 
1,
 
2,
 
3
 
and
 
Total
 
GHG
emissions
ESRS
 
E1-7
E1-7
 
GHG
 
removals
 
and
 
GHG
 
mitigation
projects
 
financed
 
through
 
carbon
 
credits
ESRS
 
E1-8
E1-8
 
Internal
 
carbon
 
pricing
ESRS
 
E1-9
The
 
disclosure
 
requirement
 
is
 
omitted
based
 
on
 
the
 
transitional
 
provision.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Standard
Disclosure
 
requirement
 
(DR)
Sections
 
of
 
the
 
sustainability
 
statement
ESRS
 
E4
 
ESRS
 
E4-1
E4-1
 
Transition
 
plan
 
and
 
consideration
 
of
biodiversity
 
and
 
ecosystems
 
in
 
strategy
and
 
business
 
model
E4-2
 
Policies
 
related
 
to
 
biodiversity
 
and
ecosystems
ESRS
 
E4-2
E4-2
 
Policies
 
related
 
to
 
biodiversity
 
and
ecosystems
Climate
 
change
 
as
 
a
 
whole
 
are
 
reported
in
 
standard
 
E1.
ESRS
 
E4-3
E4-3
 
Actions
 
and
 
resources
 
related
 
to
biodiversity
 
and
 
ecosystems
ESRS
 
E4-4
E4-4
 
Targets
 
related
 
to
 
biodiversity
 
and
ecosystems
E1-4
 
Targets
 
related
 
to
 
climate
 
change
mitigation
 
and
 
adaptation
ESRS
 
E4-5
E4-5
 
Impact
 
metrics
 
related
 
to
biodiversity
 
and
 
ecosystems
 
change
ESRS
 
E5
 
ESRS
 
E5-1
E5-1
 
Policies
 
related
 
to
 
resource
 
use
 
and
circular
 
economy
ESRS
 
E5-2
E5-2
 
Actions
 
and
 
resources
 
in
 
relation
 
to
resource
 
use
 
and
 
circular
 
economy
ESRS
 
E5-3
E5-3
 
Targets
 
related
 
to
 
resource
 
use
 
and
circular
 
economy
E1-4
 
Targets
 
related
 
to
 
climate
 
change
mitigation
 
and
 
adaptation
ESRS
 
E5-4
E5-4
 
Resource
 
inflows
ESRS
 
E5-5
E5-5
 
Resource
 
outflows
ESRS
 
E5-6
E5-6
 
Anticipated
 
financial
 
effects
 
from
material
 
resource
 
use
 
and
 
circular
economy
 
-related
 
risks
 
and
 
opportunities
ESRS
 
S1
 
ESRS
 
S1-1
S1-1
 
Policies
 
related
 
to
 
own
 
workforce
ESRS
 
S1-2
S1-2
 
Processes
 
for
 
engaging
 
with
 
own
workforce
 
and
 
workers’
 
representatives
about
 
impacts
ESRS
 
S1-3
S1-3
 
Processes
 
to
 
remediate
 
negative
impacts
 
and
 
channels
 
for
 
own
 
workforce
to
 
raise
 
concerns
G1-1
 
Business
 
conduct
 
policies
 
and
corporate
 
culture
ESRS
 
S1-4
S1-4
 
Taking
 
action
 
on
 
material
 
impacts
on
 
own
 
workforce,
 
and
 
approaches
 
to
managing
 
material
 
risks
 
and
 
pursuing
material
 
opportunities
 
related
 
to
 
own
workforce,
 
and
 
effectiveness
 
of
 
those
actions
S2-4
 
Taking
 
action
 
on
 
material
 
impacts
on
 
value
 
chain
 
workers,
 
and
 
approaches
to
 
managing
 
material
 
risks
 
and
 
pursuing
material
 
opportunities
 
related
 
to
 
value
chain
 
workers,
 
and
 
effectiveness
 
of
 
those
actions
ESRS
 
S1-5
S1-5
 
Targets
 
related
 
to
 
managing
material
 
negative
 
impacts,
 
advancing
positive
 
impacts,
 
and
 
managing
 
material
risks
 
and
 
opportunities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Standard
Disclosure
 
requirement
 
(DR)
Sections
 
of
 
the
 
sustainability
 
statement
ESRS
 
S1-6
S1-6
 
Characteristics
 
of
 
the
 
undertaking’s
employees
ESRS
 
S1-7
S1-7
 
Characteristics
 
of
 
non-employees
 
in
the
 
undertaking’s
 
own
 
workforce
ESRS
 
S1-9
S1-9
 
Diversity
 
metrics
ESRS
 
S1-10
S1-10
 
Adequate
 
wages
ESRS
 
S1-11
S1-11
 
Social
 
protection
ESRS
 
S1-13
S1-13
 
Training
 
and
 
skills
 
development
metrics
ESRS
 
S1-14
S1-14
 
Health
 
and
 
safety
 
metrics
ESRS
 
S1-15
S1-15
 
Work
 
-life
 
balance
 
metrics
ESRS
 
S1-16
S1-16
 
–
 
Remuneration
 
metrics
 
(pay
 
gap
and
 
total
 
remuneration)
ESRS
 
S1-17
S1-17
 
Incidents,
 
complaints
 
and
 
severe
human
 
rights
 
impacts
ESRS
 
S2
 
ESRS
 
S2-1
S2-1
 
Policies
 
related
 
to
 
value
 
chain
workers
G1-1
 
Business
 
conduct
 
policies
 
and
corporate
 
culture
G1-2
 
Management
 
of
 
relationships
 
with
suppliers
ESRS
 
S2-2
S2-2
 
Processes
 
for
 
engaging
 
with
 
value
chain
 
workers
 
about
 
impacts
ESRS
 
S2-3
S2-3
 
Processes
 
to
 
remediate
 
negative
impacts
 
and
 
channels
 
for
 
value
 
chain
workers
 
to
 
raise
 
concerns
G1-1
 
Business
 
conduct
 
policies
 
and
corporate
 
culture
G1-2
 
Management
 
of
 
relationships
 
with
suppliers
ESRS
 
S2-4
S2-4
 
Taking
 
action
 
on
 
material
 
impacts
on
 
value
 
chain
 
workers,
 
and
 
approaches
to
 
managing
 
material
 
risks
 
and
 
pursuing
material
 
opportunities
 
related
 
to
 
value
chain
 
workers,
 
and
 
effectiveness
 
of
 
those
actions
G1-1
 
Business
 
conduct
 
policies
 
and
corporate
 
culture
G1-2
 
Management
 
of
 
relationships
 
with
suppliers
ESRS
 
S2-5
S2-5
 
Targets
 
related
 
to
 
managing
material
 
negative
 
impacts,
 
advancing
positive
 
impacts,
 
and
 
managing
 
material
risks
 
and
 
opportunities
S1-14
 
Health
 
and
 
safety
 
metrics
ESRS
 
S3
ESRS
 
S3-1
S3-1
 
Policies
 
related
 
to
 
affected
communities
ESRS
 
S3-2
S3-2
 
Processes
 
for
 
engaging
 
with
affected
 
communities
 
about
 
impacts
ESRS
 
S3-3
S3-3
 
Processes
 
to
 
remediate
 
negative
impacts
 
and
 
channels
 
for
 
affected
communities
 
to
 
raise
 
concerns
G1-1
 
Business
 
conduct
 
policies
 
and
corporate
 
culture
ESRS
 
S3-4
S3-4
 
Taking
 
action
 
on
 
material
 
impacts
on
 
affected
 
communities,
 
and
approaches
 
to
 
managing
 
material
 
risks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
98
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(DR)
Sections
 
of
 
the
 
sustainability
 
statement
and
 
pursuing
 
material
 
opportunities
related
 
to
 
affected
 
communities,
 
and
effectiveness
 
of
 
those
 
actions
E4-3
 
Actions
 
and
 
resources
 
related
 
to
biodiversity
 
and
 
ecosystems
ESRS
 
S3-5
S3-5
 
Targets
 
related
 
to
 
managing
material
 
negative
 
impacts,
 
advancing
positive
 
impacts,
 
and
 
managing
 
material
risks
 
and
 
opportunities
ESRS
 
S4
ESRS
 
S4-1
S4-1
 
Policies
 
related
 
to
 
consumers
 
and
end-users
G1-1
 
Business
 
conduct
 
policies
 
and
corporate
 
culture
ESRS
 
S4-2
S4-2
 
Processes
 
for
 
engaging
 
with
consumers
 
and
 
end-users
 
about
 
impacts
ESRS
 
S4-3
S4-3
 
Processes
 
to
 
remediate
 
negative
impacts
 
and
 
channels
 
for
 
consumers
 
and
end-users
 
to
 
raise
 
concerns
G1-1
 
Business
 
conduct
 
policies
 
and
corporate
 
culture
ESRS
 
S4-4
S4-4
 
Taking
 
action
 
on
 
material
 
impacts
on
 
consumers
 
and
 
end-users,
 
and
approaches
 
to
 
managing
 
material
 
risks
and
 
pursuing
 
material
 
opportunities
related
 
to
 
consumers
 
and
 
end-users,
 
and
effectiveness
 
of
 
those
 
actions
ESRS
 
S4-5
S4-5
 
Targets
 
related
 
to
 
managing
material
 
negative
 
impacts,
 
advancing
positive
 
impacts,
 
and
 
managing
 
material
risks
 
and
 
opportunities
Material
 
entity-specific
disclosures
Protection
 
of
 
business
 
critical
 
and
personal
 
data
S4
 
Consumers
 
and
 
end-users
S4
 
SBM-3
 
Material
 
impacts,
 
risks
 
and
opportunities
 
related
 
to
 
consumers
 
and
end-users
S4-1
 
Policies
 
related
 
to
 
consumers
 
and
end-users
S4-2
 
Processes
 
for
 
engaging
 
with
consumers
 
and
 
end-users
 
about
 
impacts
S4-3
 
Processes
 
to
 
remediate
 
negative
impacts
 
and
 
channels
 
for
 
consumers
 
and
end-users
 
to
 
raise
 
concerns
S4-4
 
Taking
 
action
 
on
 
material
 
impacts
on
 
consumers
 
and
 
end-users,
 
and
approaches
 
to
 
managing
 
material
 
risks
and
 
pursuing
 
material
 
opportunities
related
 
to
 
consumers
 
and
 
end-users,
 
and
effectiveness
 
of
 
those
 
actions
System
 
security
ESRS
 
G1
ESRS
 
G1-1
G1-1
 
Business
 
conduct
 
policies
 
and
corporate
 
culture
G1-2
 
Management
 
of
 
relationships
 
with
suppliers
E1-4
 
Targets
 
related
 
to
 
climate
 
change
mitigation
 
and
 
adaptation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
99
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requirement
 
(DR)
Sections
 
of
 
the
 
sustainability
 
statement
ESRS
 
G1-2
G1-2
 
Management
 
of
 
relationships
 
with
suppliers
ESRS
 
G1-3
G1-1
 
Business
 
conduct
 
policies
 
and
corporate
 
culture
 
G1-3
 
Prevention
 
and
 
detection
 
of
corruption
 
and
 
bribery
ESRS
 
G1-4
G1-4
 
Incidents
 
of
 
corruption
 
or
 
bribery
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100
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Appendix
 
2
 
List
 
of
 
data
 
points
 
listed
 
in
 
standard
 
ESRS
 
2
 
appendix
 
B
 
based
 
on
 
other
 
EU
 
legislation
Disclosure
 
Requirement
 
and
 
related
 
datapoint
SFDR
 
reference
Pillar
 
3
 
reference
Benchmark
 
Regulation
 
reference
EU
 
Climate
 
Law
reference
Material
 
/
 
Not
material
Paragraph
 
or
 
page
reference
ESRS
 
2
 
GOV-1
 
Board's
 
gender
 
diversity
 
paragraph
21
 
(d)
Indicator
 
number
 
13
 
of
Table
 
#1
 
of
 
Annex
 
1
 
Commission
 
Delegated
 
Regulation
 
(EU)
2020/1816
 
(5),
 
Annex
 
II
 
Material
GOV-1
 
The
 
role
 
of
 
the
administrative,
management
 
and
supervisory
 
bodies
ESRS
 
2
 
GOV-1
 
Percentage
 
of
 
board
 
members
 
who
are
 
independent
 
paragraph
 
21
 
(e)
 
 
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Material
GOV-1
 
The
 
role
 
of
 
the
administrative,
management
 
and
supervisory
 
bodies
ESRS
 
2
 
GOV-4
 
Statement
 
on
 
due
 
diligence
paragraph
 
30
Indicator
 
number
 
10
Table
 
#3
 
of
 
Annex
 
1
 
 
 
Material
GOV-4
 
Statement
 
on
due
 
diligence
ESRS
 
2
 
SBM-1
 
Involvement
 
in
 
activities
 
related
 
to
fossil
 
fuel
 
activities
 
paragraph
 
40
 
(d)
 
i
Indicators
 
number
 
4
Table
 
#1
 
of
 
Annex
 
1
Article
 
449a
 
Regulation
 
(EU)
 
No
575/2013;Commission
 
Implementing
Regulation
 
(EU)
 
2022/2453
 
(6)Table
 
1:
Qualitative
 
information
 
on
Environmental
 
risk
 
and
 
Table
 
2:
Qualitative
 
information
 
on
 
Social
 
risk
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Not
 
material
Not
 
material
ESRS
 
2
 
SBM-1
 
Involvement
 
in
 
activities
 
related
 
to
chemical
 
production
 
paragraph
 
40
 
(d)
 
ii
Indicator
 
number
 
9
Table
 
#2
 
of
 
Annex
 
1
 
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Not
 
material
Not
 
material
ESRS
 
2
 
SBM-1
 
Involvement
 
in
 
activities
 
related
 
to
controversial
 
weapons
 
paragraph
 
40
 
(d)
 
iii
Indicator
 
number
 
14
Table
 
#1
 
of
 
Annex
 
1
 
Delegated
 
Regulation
 
(EU)
2020/1818
 
(7),
 
Article
 
12(1)
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Not
 
material
Not
 
material
ESRS
 
2
 
SBM-1
 
Involvement
 
in
 
activities
 
related
 
to
cultivation
 
and
 
production
 
of
 
tobacco
 
paragraph
40
 
(d)
 
iv
 
 
Delegated
 
Regulation
 
(EU)
 
2020/1818,
 
Article
 
12(1)
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Not
 
material
Not
 
material
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
101
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Disclosure
 
Requirement
 
and
 
related
 
datapoint
SFDR
 
reference
Pillar
 
3
 
reference
Benchmark
 
Regulation
 
reference
EU
 
Climate
 
Law
reference
Material
 
/
 
Not
material
Paragraph
 
or
 
page
reference
ESRS
 
E1-1
 
Transition
 
plan
 
to
 
reach
 
climate
neutrality
 
by
 
2050
 
paragraph
 
14
 
 
Regulation
 
(EU)
 
2021/1119,
 
Article
2(1)
 
Material
E1-1
 
Transition
 
plan
for
 
climate
 
change
mitigation
 
ESRS
 
E1-1
 
Undertakings
 
excluded
 
from
 
Paris-
aligned
 
Benchmarks
 
paragraph
 
16
 
(g)
 
Article
 
449a
 
Regulation
 
(EU)
 
No
575/2013;
 
Commission
 
Implementing
Regulation
 
(EU)
 
2022/2453
 
Template
 
1:
Banking
 
book-Climate
 
Change
 
transition
risk:
 
Credit
 
quality
 
of
 
exposures
 
by
sector,
 
emissions
 
and
 
residual
 
maturity
Delegated
 
Regulation
 
(EU)
2020/1818,
 
Article12.1
 
(d)
 
to
 
(g),
and
 
Article
 
12.2
 
Material
E1-1
 
Transition
 
plan
for
 
climate
 
change
mitigation
 
ESRS
 
E1-4
 
GHG
 
emission
 
reduction
 
targets
paragraph
 
34
Indicator
 
number
 
4
Table
 
#2
 
of
 
Annex
 
1
Article
 
449aRegulation
 
(EU)
 
No
575/2013;
 
Commission
 
Implementing
Regulation
 
(EU)
 
2022/2453
 
Template
 
3:
Banking
 
book
 
–
 
Climate
 
change
transition
 
risk:
 
alignment
 
metrics
Delegated
 
Regulation
 
(EU)
2020/1818,
 
Article
 
6
 
Material
E1-4
 
Targets
 
related
 
to
climate
 
change
mitigation
 
and
adaptation
ESRS
 
E1-5
 
Energy
 
consumption
 
from
 
fossil
 
sources
disaggregated
 
by
 
sources
 
(only
 
high
 
climate
 
impact
sectors)
 
paragraph
 
38
Indicator
 
number
 
5
Table
 
#1
 
and
 
Indicator
n.
 
5
 
Table
 
#2
 
of
 
Annex
1
 
 
 
Material
E1-5
 
Energy
consumption
 
and
 
mix
ESRS
 
E1-5
 
Energy
 
consumption
 
and
 
mix
 
paragraph
37
Indicator
 
number
 
5
Table
 
#1
 
of
 
Annex
 
1
 
 
 
Material
E1-5
 
Energy
consumption
 
and
 
mix
ESRS
 
E1-5
 
Energy
 
intensity
 
associated
 
with
activities
 
in
 
high
 
climate
 
impact
 
sectors
 
paragraphs
40
 
to
 
43
Indicator
 
number
 
6
Table
 
#1
 
of
 
Annex
 
1
 
 
 
Material
E1-5
 
Energy
consumption
 
and
 
mix
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
102
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Pillar
 
3
 
reference
Benchmark
 
Regulation
 
reference
EU
 
Climate
 
Law
reference
Material
 
/
 
Not
material
Paragraph
 
or
 
page
reference
ESRS
 
E1-6
 
Gross
 
Scope
 
1,
 
2,
 
3
 
and
 
Total
 
GHG
emissions
 
paragraph
 
44
Indicators
 
number
 
1
and
 
2
 
Table
 
#1
 
of
Annex
 
1
Article
 
449a;
 
Regulation
 
(EU)
 
No
575/2013;
 
Commission
 
Implementing
Regulation
 
(EU)
 
2022/2453
 
Template
 
1:
Banking
 
book
 
–
 
Climate
 
change
transition
 
risk:
 
Credit
 
quality
 
of
exposures
 
by
 
sector,
 
emissions
 
and
residual
 
maturity
Delegated
 
Regulation
 
(EU)
2020/1818,
 
Article
 
5(1),
 
6
 
and
 
8(1)
 
Material
E1-6
 
Gross
 
Scopes
 
1,
 
2,
3
 
and
 
Total
 
GHG
emissions
ESRS
 
E1-6
 
Gross
 
GHG
 
emissions
 
intensity
paragraphs
 
53
 
to
 
55
Indicators
 
number
 
3
Table
 
#1
 
of
 
Annex
 
1
Article
 
449a
 
Regulation
 
(EU)
 
No
575/2013;
 
Commission
 
Implementing
Regulation
 
(EU)
 
2022/2453
 
Template
 
3:
Banking
 
book
 
–
 
Climate
 
change
transition
 
risk:
 
alignment
 
metrics
Delegated
 
Regulation
 
(EU)
2020/1818,
 
Article
 
8(1)
 
Material
E1-6
 
Gross
 
Scopes
 
1,
 
2,
3
 
and
 
Total
 
GHG
emissions
ESRS
 
E1-7
 
GHG
 
removals
 
and
 
carbon
 
credits
paragraph
 
56
 
 
 
Regulation
 
(EU)
2021/1119,
 
Article
2(1)
Not
 
material
Not
 
material
ESRS
 
E1-9
 
Exposure
 
of
 
the
 
benchmark
 
portfolio
 
to
climate-related
 
physical
 
risks
 
paragraph
 
66
 
 
Delegated
 
Regulation
 
(EU)
2020/1818,
 
Annex
 
II
 
Delegated
Regulation
 
(EU)
 
2020/1816,
 
Annex
II
 
Material
Omitted
 
based
 
on
 
the
transitional
 
provision
ESRS
 
E1-9
 
Disaggregation
 
of
 
monetary
 
amounts
 
by
acute
 
and
 
chronic
 
physical
 
risk
 
paragraph
 
66
 
(a)
ESRS
 
E1-9
 
Location
 
of
 
significant
 
assets
 
at
 
material
physical
 
risk
 
paragraph
 
66
 
(c)
 
Article
 
449a
 
Regulation
 
(EU)
 
No
575/2013;
 
Commission
 
Implementing
Regulation
 
(EU)
 
2022/2453
 
paragraphs
46
 
and
 
47;
 
Template
 
5:
 
Banking
 
book
 
-
Climate
 
change
 
physical
 
risk:
 
Exposures
subject
 
to
 
physical
 
risk.
 
 
Material
Omitted
 
based
 
on
 
the
transitional
 
provision
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
103
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reference
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Regulation
 
reference
EU
 
Climate
 
Law
reference
Material
 
/
 
Not
material
Paragraph
 
or
 
page
reference
ESRS
 
E1-9
 
Breakdown
 
of
 
the
 
carrying
 
:
 
Yrityksen
kiinteistöomaisuuden
 
kirjanpitoarvo
 
eriteltynä
energiatehokkuusluokittain
 
67
 
kohdan
 
c
 
alakohta
 
Article
 
449a
 
Regulation
 
(EU)
 
No
575/2013;
 
Commission
 
Implementing
Regulation
 
(EU)
 
2022/2453
 
paragraph
34;
 
Template
 
2:Banking
 
book
 
-Climate
change
 
transition
 
risk:
 
Loans
collateralised
 
by
 
immovable
 
property
 
-
Energy
 
efficiency
 
of
 
the
 
collateral
 
 
Material
Omitted
 
based
 
on
 
the
transitional
 
provision
ESRS
 
E1-9
 
Degree
 
of
 
exposure
 
of
 
the
 
portfolio
 
to
climate-related
 
opportunities
 
paragraph
 
69
 
 
Delegated
 
Regulation
 
(EU)
2020/1818,
 
Annex
 
II
 
Material
Omitted
 
based
 
on
 
the
transitional
 
provision
ESRS
 
E2-4
 
Amount
 
of
 
each
 
pollutant
 
listed
 
in
 
Annex
II
 
of
 
the
 
EPRTR
 
Regulation
 
(European
 
Pollutant
Release
 
and
 
Transfer
 
Register)
 
emitted
 
to
 
air,
water
 
and
 
soil,
 
paragraph
 
28
Indicator
 
number
 
8
Table
 
#1
 
of
 
Annex
 
1
Indicator
 
number
 
2
Table
 
#2
 
of
 
Annex
 
1
Indicator
 
number
 
1
Table
 
#2
 
of
 
Annex
 
1
Indicator
 
number
 
3
Table
 
#2
 
of
 
Annex
 
1
 
 
 
Not
 
material
Not
 
material
ESRS
 
E3-1
 
Water
 
and
 
marine
 
resources
 
paragraph
9
Indicator
 
number
 
7
Table
 
#2
 
of
 
Annex
 
1
 
 
 
Not
 
material
Not
 
material
ESRS
 
E3-1
 
Dedicated
 
policy
 
paragraph
 
13
Indicator
 
number
 
8
Table
 
2
 
of
 
Annex
 
1
 
 
 
Not
 
material
Not
 
material
ESRS
 
E3-1
 
Sustainable
 
oceans
 
and
 
seas
 
paragraph
14
Indicator
 
number
 
12
Table
 
#2
 
of
 
Annex
 
1
 
 
 
Not
 
material
Not
 
material
ESRS
 
E3-4
 
Total
 
water
 
recycled
 
and
 
reused
paragraph
 
28
 
(c)
Indicator
 
number
 
6.2
Table
 
#2
 
of
 
Annex
 
1
 
 
 
Not
 
material
Not
 
material
ESRS
 
E3-4
 
Total
 
water
 
consumption
 
in
 
m
3
 
per
 
net
revenue
 
on
 
own
 
operations
 
paragraph
 
29
Indicator
 
number
 
6.1
Table
 
#2
 
of
 
Annex
 
1
 
 
 
Not
 
material
Not
 
material
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
104
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reference
Benchmark
 
Regulation
 
reference
EU
 
Climate
 
Law
reference
Material
 
/
 
Not
material
Paragraph
 
or
 
page
reference
ESRS
 
2
 
–
 
SBM-3
 
–
 
E4
 
Activities
 
that
 
negatively
affect
 
biodiversity
 
sensitive
 
areas
 
paragraph
 
16
 
(a)
i
Indicator
 
number
 
7
Table
 
#1
 
of
 
Annex
 
1
 
 
 
Material
Material
 
biodiversity
and
 
ecosystems-
related
 
impacts,
 
risks
and
 
opportunities
ESRS
 
2
 
–
 
SBM-3
 
–
 
E4
 
Has
 
the
 
company
 
identified
material
 
negative
 
effects
 
related
 
to
 
the
deterioration
 
of
 
the
 
terrestrial
 
environment,
desertification
 
or
 
soil
 
sealing,
 
paragraph
 
16
(b)aavikoitumiseen
 
tai
 
maaperän
 
sulkemiseen
Indicator
 
number
 
10
Table
 
#2
 
of
 
Annex
 
1
 
 
 
Material
Material
 
biodiversity
and
 
ecosystems-
related
 
impacts,
 
risks
and
 
opportunities
ESRS
 
2
 
–
 
SBM-3
 
–
 
E4
 
Does
 
the
 
company
 
have
activities
 
which
 
affect
 
endangered
 
species
paragraph
 
16
 
(c)
Indicator
 
number
 
14
Table
 
#2
 
of
 
Annex
 
1
 
 
 
Material
Material
 
biodiversity
and
 
ecosystems-
related
 
impacts,
 
risks
and
 
opportunities
ESRS
 
E4-2
 
Sustainable
 
land
 
/
 
agriculture
 
practicies
or
 
policies
 
paragraph
 
24
 
(b)
Indicator
 
number
 
11
Table
 
#2
 
of
 
Annex
 
1
 
 
 
Material
E4-2
 
Policies
 
related
 
to
biodiversity
 
and
ecosystems
 
ESRS
 
E4-2
 
Sustainable
 
oceans
 
/
 
seas
 
practices
 
or
policies
 
paragraph
 
24
 
(c)
Indicator
 
number
 
12
Table
 
#2
 
of
 
Annex
 
1
 
 
 
Not
 
material
Not
 
material
ESRS
 
E4-2
 
Policies
 
to
 
address
 
deforestation
paragraph
 
24
 
(d)
Indicator
 
number
 
15
Table
 
#2
 
of
 
Annex
 
1
 
 
 
Material
E4-2
 
Policies
 
related
 
to
biodiversity
 
and
ecosystems
 
ESRS
 
E5-5
 
Non-recycled
 
waste
 
paragraph
 
37
 
(d)
Indicator
 
number
 
13
Table
 
#2
 
of
 
Annex
 
1
 
 
 
Not
 
material
Not
 
material
ESRS
 
E5-5
 
Hazardous
 
waste
 
paragraph
 
39
Indicator
 
number
 
9
Table
 
#1
 
of
 
Annex
 
1
 
 
 
Not
 
material
Not
 
material
ESRS
 
E5-5
 
Radioactive
 
waste
 
paragraph
 
39
Indicator
 
number
 
9
Table
 
#1
 
of
 
Annex
 
1
 
 
 
Not
 
material
Not
 
material
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
105
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reference
EU
 
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Law
reference
Material
 
/
 
Not
material
Paragraph
 
or
 
page
reference
ESRS
 
2
 
–
 
SBM-3
 
–
 
S1
 
Risk
 
of
 
incidents
 
of
 
forced
labour
 
paragraph
 
14
 
(f)
Indicator
 
number
 
13
Table
 
#3
 
of
 
Annex
 
I
 
 
 
Material
Material
 
impacts,
 
risks
and
 
opportunities
related
 
to
 
own
workforce
ESRS
 
2
 
–
 
SBM-3
 
–
 
S1
 
Risk
 
of
 
incidents
 
of
 
child
labour
 
paragraph
 
14
 
(g)
Indicator
 
number
 
12
Table
 
#3
 
of
 
Annex
 
I
 
 
 
Material
Material
 
impacts,
 
risks
and
 
opportunities
related
 
to
 
own
workforce
ESRS
 
S1-1
 
Human
 
rights
 
policy
 
commitments
paragraph
 
20
Indicator
 
number
 
9
Table
 
#3
 
and
 
Indicator
number
 
11
 
Table
 
#1
 
of
Annex
 
I
 
 
 
Material
S1-1
 
Policies
 
related
 
to
own
 
workforce
ESRS
 
S1-1
 
Due
 
diligence
 
policies
 
on
 
issues
addressed
 
by
 
the
 
fundamental
 
International
 
Labor
Organisation
 
Conventions
 
1
 
to
 
8,
 
paragraph
 
21
 
 
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Material
S1-1
 
Policies
 
related
 
to
own
 
workforce
ESRS
 
S1-1
 
Processes
 
and
 
measures
 
for
 
preventing
trafficking
 
in
 
human
 
beings
 
paragraph
 
22
Indicator
 
number
 
11
Table
 
#3
 
of
 
Annex
 
I
 
 
 
Material
S1-1
 
Policies
 
related
 
to
own
 
workforce
ESRS
 
S1-1
 
Workplave
 
accident
 
prevention
 
policy
 
or
management
 
system
 
paragraph
 
23
Indicator
 
number
 
1
Table
 
#3
 
of
 
Annex
 
I
 
 
 
Material
S1-1
 
Policies
 
related
 
to
own
 
workforce
ESRS
 
S1-3
 
Grievance
 
/
 
complaints
 
handling
mechanism
 
paragraph
 
32
 
(c)
Indicator
 
number
 
5
Table
 
#3
 
of
 
Annex
 
I
 
 
 
Material
S1-3
 
Processes
 
to
remediate
 
negative
impacts
 
and
 
channels
for
 
own
 
workforce
 
to
raise
 
concerns
ESRS
 
S1-14
 
Number
 
of
 
fatalities
 
paragraph
 
88
 
(b)
and
 
(c)
Indicator
 
number
 
2
Table
 
#3
 
of
 
Annex
 
I
 
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Material
S1-14
 
Health
 
and
safety
 
metrics
ESRS
 
S1-14
 
Number
 
of
 
work-related
 
accidents
paragraph
 
88
 
(b)
 
and
 
(c)
Indicator
 
number
 
2
Table
 
#3
 
of
 
Annex
 
I
 
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Material
S1-14
 
Health
 
and
safety
 
metrics
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
106
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material
Paragraph
 
or
 
page
reference
ESRS
 
S1-14
 
Rate
 
of
 
work-related
 
accidents
paragraph
 
8
 
(b)
 
and
 
(c)
Indicator
 
number
 
2
Table
 
#3
 
of
 
Annex
 
I
 
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Material
S1-14
 
Health
 
and
safety
 
metrics
ESRS
 
S1-14
 
Number
 
of
 
days
 
lost
 
to
 
injuries,
accidents,
 
fatalities
 
or
 
illness
 
paragraph
 
88
 
(e)
Indicator
 
number
 
3
Table
 
#3
 
of
 
Annex
 
I
 
 
 
Material
S1-14
 
Health
 
and
safety
 
metrics
ESRS
 
S1-16
 
Unadjusted
 
gender
 
pay
 
gap
 
paragraph
97
 
(a)
Indicator
 
number
 
12
Table
 
#1
 
of
 
Annex
 
I
 
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Material
S1-16
 
Remuneration
metrics
 
(pay
 
gap
 
and
total
 
remuneration)
ESRS
 
S1-16
 
Excessive
 
CEO
 
pay
 
ratio
 
paragraph
 
97
(b)
Indicator
 
number
 
8
Table
 
#3
 
of
 
Annex
 
I
 
 
 
Material
S1-16
 
Remuneration
metrics
 
(pay
 
gap
 
and
total
 
remuneration)
ESRS
 
S1-17
 
Incidents
 
of
 
discrimination
 
paragraph
103
 
(a)
Indicator
 
number
 
7
Table
 
#3
 
of
 
Annex
 
I
 
 
 
Material
S1-17
 
Incidents,
complaints
 
and
 
severe
human
 
rights
 
impacts
 
ESRS
 
S1-17
 
Non-respect
 
of
 
UNGPs
 
on
 
Business
 
and
Human
 
Rights
 
and
 
OECD
 
paragraph
 
104
 
(a)
Indicator
 
number
 
10
Table
 
#1
 
and
 
Indicator
n.
 
14
 
Table
 
#3
 
of
 
Annex
I
 
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Delegated
Regulation
 
(EU)
 
2020/1818
 
Art
 
12
(1)
 
Material
S1-17
 
Incidents,
complaints
 
and
 
severe
human
 
rights
 
impacts
 
ESRS
 
2
 
–
 
SBM-3
 
–
 
S2
 
Significant
 
risk
 
of
 
child
 
labour
or
 
forced
 
labour
 
in
 
the
 
value
 
chain
 
paragraph
 
11
(b)
Indicators
 
number
 
12
and
 
n.
 
13
 
Table
 
#3
 
of
Annex
 
I
 
 
 
Material
Material
 
impacts,
 
risks
and
 
opportunities
related
 
to
 
value
 
chain
workers
ESRS
 
S2-1
 
Human
 
rights
 
policy
 
commitments
paragraph
 
17
Indicator
 
number
 
9
Table
 
#3
 
and
 
Indicator
n.
 
11
 
Table
 
#1
 
of
 
Annex
1
 
 
 
Material
S2-1
 
Policies
 
related
 
to
value
 
chain
 
workers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
107
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EU
 
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Law
reference
Material
 
/
 
Not
material
Paragraph
 
or
 
page
reference
ESRS
 
S2-1
 
Policies
 
related
 
to
 
value
 
chain
 
workers
paragraph
 
18
Indicator
 
number
 
11
and
 
n.
 
4
 
Table
 
#3
 
of
Annex
 
1
 
 
 
Material
S2-1
 
Policies
 
related
 
to
value
 
chain
 
workers
ESRS
 
S2-1
 
Non-respect
 
of
 
UNGPs
 
on
 
Business
 
and
Human
 
Rights
 
principles
 
and
 
OECD
 
guidelines
paragraph
 
19
Indicator
 
number
 
10
Table
 
#1
 
of
 
Annex
 
1
 
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Delegated
Regulation
 
(EU)
 
2020/1818,
 
Art
 
12
(1)
 
Material
S2-1
 
Policies
 
related
 
to
value
 
chain
 
workers
ESRS
 
S2-1
 
Due
 
diligence
 
policies
 
on
 
issues
addressed
 
by
 
the
 
fundamental
 
International
 
Labor
Organisation
 
Conventions
 
1
 
to
 
8,
 
paragraph
 
19
 
 
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Material
S2-1
 
Policies
 
related
 
to
value
 
chain
 
workers
ESRS
 
S2-4
 
Human
 
rights
 
issues
 
and
 
incidents
connected
 
to
 
its
 
upstream
 
and
 
downstream
 
value
chain
 
paragraph
 
36
 
Indicator
 
number
 
14
Table
 
#3
 
of
 
Annex
 
1
 
 
 
Material
S2-4
 
Taking
 
action
 
on
material
 
impacts
 
on
value
 
chain
 
workers,
and
 
approaches
 
to
managing
 
material
risks
 
and
 
pursuing
material
 
opportunities
related
 
to
 
value
 
chain
workers,
 
and
effectiveness
 
of
 
those
actions
 
ESRS
 
S3-1
 
Human
 
rights
 
policy
 
commitments
paragraph
 
16
Indicator
 
number
 
9
Table
 
#3
 
of
 
Annex
 
1
and
 
Indicator
 
number
11
 
Table
 
#1
 
of
 
Annex
 
1
 
 
 
Material
S3-1
 
Policies
 
related
 
to
affected
 
commu
 
nities
ESRS
 
S3-1
 
Non-respect
 
of
 
UNGPs
 
on
 
Business
 
ad
Human
 
Rights,
 
ILO
 
principles
 
or
 
OECD
 
guidelines
paragraph
 
17
Indicator
 
number
 
10
Table
 
#1
 
Annex
 
1
 
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Delegated
Regulation
 
(EU)
 
2020/1818,
 
Art
 
12
(1)
 
Material
S3-1
 
Policies
 
related
 
to
affected
 
commu
 
nities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
108
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Regulation
 
reference
EU
 
Climate
 
Law
reference
Material
 
/
 
Not
material
Paragraph
 
or
 
page
reference
ESRS
 
S3-4
 
Human
 
rights
 
issues
 
and
 
incidents
paragraph
 
36
Indicator
 
number
 
14
Table
 
#3
 
of
 
Annex
 
1
 
 
 
Material
S3-4
 
Taking
 
action
 
on
material
 
impacts
 
on
affected
 
communities,
and
 
approaches
 
to
managing
 
material
risks
 
and
 
pursuing
material
 
opportunities
related
 
to
 
affected
communities,
 
and
effectiveness
 
of
 
those
actions
ESRS
 
S4-1
 
Policies
 
related
 
to
 
consumers
 
and
 
end-
users
 
paragraph
 
16
Indicator
 
number
 
9
Table
 
#3
 
and
 
Indicator
number
 
11
 
Table
 
#1
 
of
Annex
 
1
 
 
 
Material
S4-1
 
Policies
 
related
 
to
consumers
 
and
 
end-
users
ESRS
 
S4-1
 
Non-respect
 
of
 
UNGPs
 
on
 
Business
 
and
Human
 
Rights
 
and
 
OECD
 
guidelines
 
paragraph
 
17
Indicator
 
number
 
10
Table
 
#1
 
of
 
Annex
 
1
 
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II
 
Delegated
Regulation
 
(EU)
 
2020/1818,
 
Art
 
12
(1)
 
Material
S4-1
 
Policies
 
related
 
to
consumers
 
and
 
end-
users
ESRS
 
S4-4
 
Human
 
rights
 
issues
 
and
 
incidents
paragraph
 
35
Indicator
 
number
 
14
Table
 
#3
 
of
 
Annex
 
1
 
 
 
Material
S4-4
 
Taking
 
action
 
on
material
 
impacts
 
on
consumers
 
and
 
end-
users,
 
and
 
approaches
to
 
managing
 
material
risks
 
and
 
pursuing
material
 
opportunities
related
 
to
 
consumers
and
 
end-users,
 
and
effectiveness
 
of
 
those
actions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
109
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reference
Benchmark
 
Regulation
 
reference
EU
 
Climate
 
Law
reference
Material
 
/
 
Not
material
Paragraph
 
or
 
page
reference
ESRS
 
G1-1
 
United
 
Nations
 
Convention
 
against
Corruption
 
paragraph
 
10
 
(b)
Indicator
 
number
 
15
Table
 
#3
 
of
 
Annex
 
1
 
 
 
Material
G1-1
 
Business
 
conduct
policies
 
and
 
corporate
culture
ESRS
 
G1-1
 
Protection
 
of
 
whistleblowers
 
paragraph
10
 
(d)
Indicator
 
number
 
6
Table
 
#3
 
of
 
Annex
 
1
 
 
 
Material
G1-1
 
Business
 
conduct
policies
 
and
 
corporate
culture
ESRS
 
G1-4
 
Fines
 
for
 
violation
 
of
 
anti-corruption
 
and
anti-bribery
 
laws
 
paragraph
 
24
 
(a)
Indicator
 
number
 
17
Table
 
#3
 
of
 
Annex
 
1
 
Delegated
 
Regulation
 
(EU)
2020/1816,
 
Annex
 
II)
 
Material
G1-4
 
Incidents
 
of
corruption
 
or
 
bribery
bribery
ESRS
 
G1-4
 
Standards
 
of
 
anti-corruption
 
and
 
anti-
bribery
 
paragraph
 
24
 
(b)
Indicator
 
number
 
16
Table
 
#3
 
of
 
Annex
 
1
 
 
 
Material
G1-4
 
Incidents
 
of
corruption
 
or
 
bribery
 
 
110
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2
KEY
 
FIGURES
 
AND
 
REGULATION
 
OF
 
TRANSMISSION
 
NETWORK
 
OPERATIONS
CONSOLIDATED
 
KEY
 
FIGURES
2024
2023
2022
2021
2020
IFRS
IFRS
IFRS
IFRS
IFRS
Extent
 
of
 
operations
Turnover
MEUR
1,269.3
1,193.2
1,815.2
1,090.9
682.5
Capital
 
expenditure,
 
gross
MEUR
520.9
322.0
276.1
213.5
169.7
-
 
%
 
of
 
turnover
%
41.0
27.0
15.2
19.6
24.9
Research
 
and
 
development
 
expenses
MEUR
3.1
2.4
1.8
3.0
4.5
-
 
%
 
of
 
turnover
%
0.2
0.2
0.1
0.3
0.7
Personnel,
 
average
588
517
480
440
400
Personnel
 
at
 
the
 
end
 
of
 
period
597
544
489
451
408
Salaries
 
and
 
remunerations
 
total
MEUR
40.1
35.8
31.9
28.2
26.7
Profitability
EBITDA
MEUR
329.3
124.3
398.3
310.7
216.8
Operating
 
profit
MEUR
200.6
1.0
290.4
210.8
118.4
-
 
%
 
of
 
turnover
%
15.8
0.1
16.0
19.3
17.3
Profit
 
before
 
taxes
MEUR
186.4
1.3
257.4
187.6
113.3
-
 
%
 
of
 
turnover
%
14.7
0.1
14.2
17.2
16.6
Return
 
on
 
investments
 
(ROI)
%
11.1
1.6
16.3
11.7
7.0
Return
 
on
 
equity
 
(ROE)
%
25.1
0.2
30.1
23.5
14.3
Financing
 
and
 
financial
 
position
Equity
 
ratio
%
16.1
20.1
22.4
25.3
27.4
Interest
 
-bearing
 
net
 
borrowings
MEUR
1,021.7
535.2
322.7
938.5
1,049.0
Net
 
gearing
%
170.3
91.0
44.8
145.1
165.9
Share-specific
 
key
 
figures
Dividend/A
 
shares
€
53,400.00
54,100.00
52,500.00
52,500.00
53,500.00
Dividend/B
 
shares
€
19,500.00
19,800.00
19,200.00
19,200.00
19,600.00
Equity/share
€
180,423
176,802
216,469
194,573
190,210
Number
 
of
 
shares
 
at
 
31
 
Dec
–
 
Series
 
A
 
shares
shares
2,078
2,078
2,078
2,078
2,078
–
 
Series
 
B
 
shares
shares
1,247
1,247
1,247
1,247
1,247
Total
shares
3,325
3,325
3,325
3,325
3,325
*
 
The
 
Board
 
of
 
Directors’
 
proposal
 
to
 
the
Annual
 
General
 
Meeting
 
on
 
the
 
maximum
dividend
 
to
 
be
 
distributed
 
 
 
 
 
 
 
 
111
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CALCULATION
 
OF
 
KEY
 
FIGURES
Return
 
on
 
investment,
 
%
=
Profit
 
before
 
taxes
 
+
 
interest
 
and
 
other
 
finance
 
costs
 
x
 
100
Balance
 
sheet
 
total
 
-
 
non-interest
 
-bearing
 
liabilities
 
(average
 
for
 
the
 
year)
 
Return
 
on
 
equity,
 
%
=
Profit
 
for
 
the
 
financial
 
year
x
 
100
Equity
 
(average
 
for
 
the
 
year)
Equity
 
ratio,
 
%
=
Equity
x
 
100
Balance
 
sheet
 
total
 
-
 
advances
 
received
Dividends
 
per
 
share,
 
€
 
=
Dividends
 
for
 
the
 
financial
 
year
Average
 
number
 
of
 
shares
 
Equity
 
per
 
share,
 
€
=
Equity
Number
 
of
 
shares
 
at
 
closing
 
date
Interest
 
-bearing
 
net
borrowings,
 
€
 
=
Interest
 
-bearing
 
borrowings
 
-
 
cash
 
and
 
cash
 
equivalents
 
and
 
financial
 
assets
Net
 
gearing,
 
%
 
=
Interest
 
-bearing
 
borrowings
 
-
 
cash
 
and
 
cash
 
equivalents
 
and
 
financial
 
assets
x
 
100
Equity
EBITDA
 
,
 
€
 
=
 
Operating
 
Income
 
+
 
Depreciation
 
and
 
amortisation
 
 
 
doc1p112i1
112
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doc1p112i0
Fingrid’s
 
business
 
model
 
and
 
the
 
regulation
 
of
 
transmission
 
system
 
operations
Fingrid
 
constitutes
 
a
 
natural
 
monopoly
 
as
 
referred
 
to
 
in
 
the
 
Finnish
 
Electricity
 
Market
 
Act
 
(588/2013),
 
with
 
duties
defined
 
in
 
legislation.
 
The
 
company’s
 
operations,
 
reasonableness
 
in
 
pricing
 
and
 
financial
 
result
 
are
 
regulated
 
and
overseen
 
by
 
the
 
Energy
 
Market
 
Authority.
 
The
 
Energy
 
Authority
 
defines
 
the
 
regulation
 
methods
 
for
 
Fingrid’s
 
grid
operations
 
for
 
two
 
four
 
-year
 
regulatory
 
periods
 
at
 
a
 
time.
 
The
 
Energy
 
Authority
 
has
 
defined
 
the
 
regulation
 
methods
for
 
the
 
sixth
 
and
 
seventh
 
regulatory
 
periods,
 
i.e.
 
for
 
2024–2027
 
and
 
2028–2031.
 
The
 
regulation
 
methods
 
define
 
the
maximum
 
annual
 
financial
 
regulatory
 
profit
 
for
 
Fingrid
 
by
 
the
 
regulation.
 
Fingrid
 
has
 
the
 
possibility
 
to
 
balance
 
its
result
 
against
 
the
 
allowed
 
regulatory
 
profit
 
during
 
the
 
regulatory
 
periods.
 
The
 
Energy
 
Authority
 
also
 
confirms
 
other
terms
 
and
 
conditions
 
for
 
Fingrid’s
 
regulated
 
operations.
 
The
 
reasonable
 
financial
 
regulatory
 
profit
 
by
 
the
 
regulation
 
forms
 
the
 
starting
 
point
 
for
 
Fingrid’s
 
financial
 
planning
and
 
pricing.
 
The
 
turnover
 
to
 
be
 
charged
 
for
 
the
 
services
 
can
 
be
 
calculated
 
by
 
adding
 
operating
 
expenses
 
to
 
the
result.
 
The
 
turnover
 
of
 
Fingrid’s
 
main
 
grid
 
segment
 
essentially
 
consists
 
of
 
the
 
fees
 
collected
 
from
 
the
 
grid
 
customers.
The
 
bulk
 
of
 
the
 
grid
 
service
 
fees
 
comes
 
from
 
the
 
consumption
 
of
 
electricity,
 
whereas
 
electricity
 
production
 
only
contributes
 
a
 
small
 
portion.
 
In
 
addition
 
to
 
electricity
 
consumption,
 
the
 
grid
 
service
 
fees
 
are
 
based
 
on
 
the
 
output
from
 
and
 
input
 
into
 
the
 
grid
 
and
 
power-based
 
tariffs.
 
In
 
addition,
 
a
 
separate
 
connection
 
fee
 
is
 
charged
 
for
connection
 
to
 
the
 
grid.
 
The
 
turnover
 
of
 
the
 
balance
 
services
 
segment
 
comes
 
from
 
the
 
balancing
 
power
 
sold
 
to
maintain
 
the
 
national
 
power
 
balance
 
and
 
separate
 
balance
 
service
 
fees,
 
which
 
are
 
used
 
to
 
cover
 
the
 
costs
 
of
 
power
system
 
reserve
 
and
 
imbalance
 
management
 
and
 
the
 
possible
 
loss
 
of
 
balancing
 
power
 
trade.
 
Fingrid’s
 
total
 
costs
consist
 
of
 
the
 
operating
 
expenses,
 
including
 
the
 
costs
 
of
 
the
 
segments
 
mentioned
 
above,
 
and
 
finance
 
costs
 
and
taxes,
 
which
 
are
 
excluded
 
from
 
the
 
regulatory
 
calculations.
 
Fingrid’s
 
operations
 
are
 
regulated,
 
including
 
both
reporting
 
segments,
 
i.e.
 
the
 
main
 
grid
 
segment
 
and
 
balance
 
services
 
segment.
The
 
so-called
 
adjusted
 
profit,
 
realised
 
in
 
compliance
 
with
 
the
 
regulation,
 
is
 
calculated
 
by
 
adjusting
 
the
 
parent
company’s
 
operating
 
profit
 
according
 
to
 
the
 
Energy
 
Market
 
Authority’s
 
regulation
 
methods
 
and
 
by
 
adding
 
the
impact
 
of
 
the
 
incentives.
Any
 
realised
 
regulatory
 
profit
 
over
 
a
 
regulatory
 
period
 
that
 
exceeds
 
the
 
allowed
 
return
 
is
 
a
 
surplus
 
that
 
must
 
be
offset
 
at
 
the
 
latest
 
during
 
the
 
next
 
regulatory
 
period,
 
e.g.
 
in
 
the
 
form
 
of
 
lower
 
prices
 
for
 
customers
 
or
 
by
 
not
 
carrying
out
 
the
 
price
 
increases
 
corresponding
 
to
 
the
 
rise
 
in
 
costs.
 
If
 
the
 
realised
 
regulatory
 
profit
 
over
 
a
 
regulatory
 
period is
below
 
the
 
allowed
 
financial
 
result,
 
a
 
deficit
 
is
 
created
 
which
 
Fingrid
 
may
 
recover
 
from
 
customers,
 
e.g.
 
in
 
the
 
form
 
of
higher
 
future
 
prices.
 
Fingrid’s
 
aim
 
is
 
to
 
achieve
 
the
 
allowed
 
financial
 
result
 
in
 
the
 
regulatory
 
period.
113
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
For
 
the
 
regulatory
 
period
 
that
 
ended
 
in
 
2023,
 
the
 
company
 
had
 
a
 
deficit
 
of
 
EUR
 
6
 
million,
 
according
 
to
 
the
 
Energy
Authority’s
 
regulatory
 
decision.
 
The
 
table
 
below
 
shows
 
Fingrid’s
 
own
 
estimate
 
of
 
the
 
realised
 
adjusted
 
profit
 
for
2024
 
and
 
the
 
corresponding
 
figures
 
for
 
2023
 
for
 
comparison.
 
 
2024
2023
WACC
 
(pre
 
-tax)
6.67
 
%
5.24
 
%
Adjusted
 
capital,
 
M€
ca.
 
3.700
 
ca.
 
3.100
 
Allowed
 
financial
 
result,
 
M€
ca.
 
245
ca.
 
165
Deficit(-)/Surplus(+),
 
M€
ca.
 
5
ca.
 
35
Regulatory
 
period
 
2020-2023
 
Deficit
 
(-
)/Surplus(+),
 
M€
ca.
 
5
ca.
 
25
Cumulative
 
Deficit
 
(-)/Surplus(+),
 
M€
ca.
 
0
ca.
 
-6
Fingrid’s
 
grid
 
assets
 
were
 
revalued
 
at
 
the
 
beginning
 
of
 
the
 
regulatory
 
period
 
2024–2031
 
for
 
2024.
 
The
 
adjusted
present
 
value
 
in
 
use
 
for
 
a
 
grid
 
component
 
is
 
calculated
 
from
 
the
 
adjusted
 
replacement
 
cost,
 
using
 
the
 
useful
 
life
 
and
mean
 
lifetime
 
data
 
of
 
the
 
grid
 
component.
 
The
 
calculation
 
was
 
based
 
on
 
unit
 
prices
 
for
 
grid
 
components
 
from
 
grid
projects
 
completed
 
in
 
2022
 
and
 
component
 
data
 
from
 
Fingrid’s
 
asset
 
register
 
at
 
the
 
end
 
of
 
2024.
 
The
 
unit
 
prices
 
to
be
 
confirmed
 
for
 
the
 
regulatory
 
period
 
2024–2027
 
are
 
applied
 
to
 
grid
 
investments
 
completed
 
in
 
2024.
 
According
 
to
 
Fingrid’s
 
own
 
estimate,
 
the
 
reasonable
 
profit
 
from
 
operations
 
was
 
around
 
EUR
 
5
 
million
 
higher
 
than
 
the
allowed
 
regulatory
 
profit
 
for
 
2024.
 
The
 
cumulative
 
surplus
 
is
 
estimated
 
to
 
EUR
 
0.
Fingrid
 
also
 
engages
 
in
 
other
 
regulated
 
business
 
operations
 
deviating
 
from
 
the
 
monitoring
 
of
 
reasonable
 
return
described
 
above,
 
but
 
their
 
impact
 
on
 
the
 
company’s
 
financial
 
result
 
and
 
balance
 
sheet
 
is
 
negligible.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
114
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
3
CONSOLIDATED
 
FINANCIAL
 
STATEMENTS
 
(IFRS)
3.1
Income
 
statement
CONSOLIDATED
 
STATEMENT
 
OF
 
COMPREHENSIVE
INCOME
1
 
Jan
 
-
 
31
 
Dec,
 
2024
1
 
Jan
 
-
 
31
 
Dec,
 
2023
Notes
€
 
1,000
€
 
1,000
TURNOVER
2
1,269,277
1,193,182
Other
 
operating
 
income
3
133,547
119,729
Materials
 
and
 
services
6
-932,173
-914,628
Personnel
 
expenses
10
-47,636
-42,782
Depreciation
 
and
 
amortisation
 
expense
13,14
-128,742
-123,302
Other
 
operating
 
expenses
7,15
-93,688
-231,192
OPERATING
 
RESULT
200,584
1,008
Finance
 
income
19
23,452
20,922
Finance
 
costs
19
-38,110
-21,163
Finance
 
income
 
and
 
costs
-14,658
-241
Share
 
of
 
profit
 
of
 
associated
 
companies
427
572
RESULT
 
BEFORE
 
TAXES
186,353
1,339
Income
 
taxes
-37,187
-179
RESULT
 
FOR
 
THE
 
FINANCIAL
 
YEAR
149,166
1,160
OTHER
 
COMPREHENSIVE
 
INCOME
Items
 
that
 
may
 
subsequently
 
be
 
transferred
 
to
 
profit
 
or
 
loss
Translation
 
reserve
-16
-16
TOTAL
 
COMPREHENSIVE
 
INCOME
 
FOR
 
THE
 
FINANCIAL
 
PERIOD
149,150
1,144
Profit
 
attributable
 
to:
Equity
 
holders
 
of
 
parent
 
company
149,166
1,160
Total
 
comprehensive
 
income
 
attributable
 
to:
Equity
 
holders
 
of
 
parent
 
company
149,150
1,144
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
115
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
3.2
Consolidated
 
balance
 
sheet
 
ASSETS
31 Dec 2024
31
 
Dec
 
2023
Notes
€ 1,000
€
 
1,000
 
NON-CURRENT
 
ASSETS
Intangible
 
assets:
14
Goodwill
87,920
87,920
Land
 
use
 
rights
104,537
102,463
Other
 
intangible
 
assets
57,034
63,635
249,491
254,018
Property,
 
plant
 
and
 
equipment:
13
Land
 
and
 
water
 
areas
26,069
24,142
Buildings
 
and
 
structures
383,869
355,298
Machinery
 
and
 
equipment
691,896
642,048
Transmission
 
lines
702,028
695,618
Other
 
property,
 
plant
 
and
 
equipment
110
110
Right-of-use-assets
15
50,175
29,974
Prepayments
 
and
 
purchases
 
in
 
progress
527,918
271,781
2,382,067
2,018,972
Investments
 
in
 
associated
 
companies
26
13,702
13,291
Other
 
long-term
 
investments
22
81,843
75,937
Other
 
long-term
 
receivables
4
228
74
Derivative
 
instruments
23.24
3,763
6,204
Deferred
 
tax
 
assets
11
71,237
51,513
 
TOTAL
 
NON-CURRENT
 
ASSETS
2,802,331
2,420,008
 
CURRENT
 
ASSETS
Inventories
9
20,529
19,104
Derivative
 
instruments
23.24
11,808
36,109
Trade
 
receivables
 
and
 
other
 
receivables
4,26
127,835
66,984
Other
 
financial
 
assets
22
145,413
133,278
Cash
 
in
 
hand
 
and
 
cash
 
equivalents
21
611,288
253,737
 
TOTAL
 
CURRENT
 
ASSETS
916,873
509,212
 
TOTAL
 
ASSETS
3,719,204
2,929,220
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
116
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
EQUITY
 
AND
 
LIABILITIES
31
 
Dec
 
2024
31
 
Dec
 
2023
Notes
€
 
1,000
€
 
1,000
EQUITY
 
ATTRIBUTABLE
 
TO
 
EQUITY
 
HOLDERS
 
OF
 
THE
 
PARENT
COMPANY
Share
 
capital
25
55,922
55,922
Share
 
premium
 
account
25
55,922
55,922
Translation
 
reserve
25
-23
-7
Retained
 
earnings
25
488,084
476,028
TOTAL
 
EQUITY
599,905
587,866
NON-CURRENT
 
LIABILITIES
Deferred
 
tax
 
liabilities
11
129,504
106,984
Borrowings
16
1,491,072
626,628
Provisions
27
2,854
2,870
Derivative
 
instruments
23.24
19,771
19,867
Lease
 
liabilities
15.16
48,496
28,044
Accruals
8
573,514
507,907
2,265,212
1,292,299
CURRENT
 
LIABILITIES
Borrowings
16
317,865
340,309
Derivative
 
instruments
23.24
18,742
1,367
Lease
 
liabilities
15.16
2,860
3,162
Trade
 
payables
 
and
 
other
 
liabilities
8
514,620
704,217
854,087
1,049,055
TOTAL
 
LIABILITIES
3,119,299
2,341,354
TOTAL
 
EQUITY
 
AND
 
LIABILITIES
3,719,204
2,929,220
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
117
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
3.3
Consolidated
 
statement
 
of
 
changes
 
in
 
equity
Attributable
 
to
 
equity
 
holders
 
of
 
the
 
parent
 
company,
 
€
 
1,000
Share
Share
Translation
Retained
Total
capital
premium
reserve
earnings
equity
account
 
Balance
 
on
 
1
 
Jan
 
2023
55,922
55,922
9
607,905
719,759
Comprehensive
 
income
Profit
 
or
 
loss
1,160
1,160
Other
 
comprehensive
 
income
Translation
 
reserve
-16
-16
Total
 
other
 
comprehensive
 
income
 
adjusted
by
 
tax
 
effects
 
-16
-16
Total
 
comprehensive
 
income
-16
1,160
1,144
Transactions
 
with
 
owners
Dividend
 
relating
 
to
 
2022
-133,037
-133,037
Balance
 
on
 
31
 
December
 
2023
55,922
55,922
-7
476,028
587,866
Balance
 
on
 
1
 
Jan
 
2024
55,922
55,922
-7
476,028
587,866
Comprehensive
 
income
Profit
 
or
 
loss
149,166
149,166
Other
 
comprehensive
 
income
Translation
 
reserve
-16
-16
Total
 
other
 
comprehensive
 
income
 
adjusted
by
 
tax
 
effects
 
-16
-16
Total
 
comprehensive
 
income
-16
149,166
149,150
Transactions
 
with
 
owners
Dividend
 
relating
 
to
 
2023
-137,110
-137,110
Balance
 
on
 
31
 
Dec
 
2024
55,922
55,922
-23
488,084
599,905
 
 
 
 
 
 
118
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
3.4
Consolidated
 
cash
 
flow
 
statement
CONSOLIDATED
 
CASH
 
FLOW
 
STATEMENT
1
 
Jan
 
-
 
31
 
Dec,
 
2024
1
 
Jan
 
-
 
31
 
Dec,
 
2023
€
 
1,000
€
 
1,000
Cash
 
flow
 
from
 
operating
 
activities:
 
Result
 
before
 
taxes
186,353
1,339
Adjustments:
Business
 
transactions
 
not
 
involving
 
a
 
payment
 
transaction:
Depreciation
 
and
 
amortisation
128,742
123,302
Capital
 
gains/losses
 
(-/+)
 
on
 
tangible
 
and
 
intangible
 
assets
-386
1,930
Share
 
of
 
profit
 
of
 
associated
 
companies
-427
-572
Gains/losses
 
from
 
the
 
assets
 
and
 
liabilities
 
recognised
 
in
 
the
income
 
statement
 
at
 
fair
 
value
38,450
185,088
Connection
 
agreements
23,863
36,229
Recognition
 
of
 
congestion
 
income
-431,069
-402,684
Finance
 
income
 
and
 
costs
14,658
241
Changes
 
in
 
working
 
capital:
Change
 
in
 
trade
 
receivables
 
and
 
other
 
receivables
-63,449
23,796
Change
 
in
 
inventories
-1,424
-406
Change
 
in
 
trade
 
payables
 
and
 
other
 
liabilities
11,194
-30,022
Congestion
 
income
327,522
317,013
Change
 
in
 
provisions
-89
-34
Interests
 
paid
-37,019
-35,525
Interests
 
received
30,180
29,041
Taxes
 
paid
-36,236
-34,237
Net
 
cash
 
flow
 
from
 
operating
 
activities
190,864
214,498
Cash
 
flow
 
from
 
investing
 
activities:
Purchase
 
of
 
property,
 
plant
 
and
 
equipment
-530,109
-287,931
Purchase
 
of
 
intangible
 
assets
-6,007
-9,969
Purchase
 
of
 
other
 
assets
-72,760
-161,600
Proceeds
 
from
 
sale
 
of
 
other
 
assets
59,260
308,199
Proceeds
 
from
 
sale
 
of
 
property,
 
plant
 
and
 
equipment
500
50
Repayment
 
of
 
loan
 
receivables
-
188
Contributions
 
received
25,935
5,547
Capitalised
 
interest
 
paid
-14,576
-6,524
Net
 
cash
 
flow
 
from
 
investing
 
activities
-537,757
-152,041
Cash
 
flow
 
from
 
financing
 
activities:
Proceeds
 
from
 
non-current
 
financing
 
(liabilities)
992,055
-
Payments
 
of
 
non-current
 
financing
 
(liabilities)
-340,355
-55,996
Proceeds
 
from
 
current
 
financing
 
(liabilities)
459,243
-
Payments
 
from
 
current
 
financing
 
(liabilities)
-266,237
-
Dividends
 
paid
-137,110
-133,037
Principal
 
elements
 
of
 
lease
 
payments
-3,151
-3,131
Net
 
cash
 
flow
 
from
 
financing
 
activities
704,444
-192,164
Change
 
in
 
cash
 
as
 
per
 
the
 
cash
 
flow
 
statement
357,551
-129,708
Opening
 
cash
 
as
 
per
 
the
 
cash
 
flow
 
statement
253,737
383,445
Closing
 
cash
 
as
 
per
 
the
 
cash
 
flow
 
statement
 
611,288
253,737
The
 
definition
 
of
 
cash
 
and
 
cash
 
equivalents
 
in
 
the
 
cash
 
flow
 
statement
was
 
updated
 
in
 
2024.
 
The
 
comparison
 
data
 
has
 
been
 
adjusted.
 
 
 
 
119
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
NOTES
 
TO
 
THE
 
CONSOLIDATED
 
FINANCIAL
 
STATEMENTS
4
 
BENCHMARK
 
FOR
 
TSO
 
OPERATIONS
●
Chapter
 
four
 
contains
 
general
 
information
 
about
 
the
 
Group
 
and
 
the
 
general
 
accounting
principles
 
applied
 
to
 
the
 
consolidated
 
financial
 
statements.
●
The
 
chapter
 
describes
 
how
 
Fingrid’s
 
turnover
 
and
 
result
 
are
 
formed
 
and
 
how
 
they
 
relate
to
 
the
 
allowed
 
regulatory
 
profit
 
in
 
compliance
 
with
 
regulation.
The
 
impact
 
of
 
the
regulation
 
is
 
reflected
 
in
 
Fingrid’s
 
day-to-day
 
operations
 
and
 
revenue
 
collection.
 
●
The
 
chapter
 
describes
 
Fingrid’s
 
operating
 
receivables
 
and
 
liabilities,
 
as
 
well
 
as
 
the
 
risk
management
 
they
 
entail.
●
People
 
are
 
Fingrid’s
 
most
 
important
 
resource,
 
which
 
is
 
why
 
information
 
related
 
to
personnel
 
has
 
been
 
included
 
here,
 
in
 
the
 
first
 
note.
●
Fingrid
 
is
 
a
 
substantial
 
tax
 
payer,
 
and
 
Fingrid
 
does
 
not
 
use
 
tax
 
planning.
 
The
 
note
 
on
taxes
 
is
 
at
 
the
 
end
 
of
 
this
 
chapter,
 
in
 
chapter
 
4.9.
4.1
 
General
 
information
 
about
 
the
 
Group
 
and
 
general
 
accounting
 
principles
Fingrid Oyj is a Finnish public limited liability company responsible for electricity transmission in Finland’s main grid.
 
The
 
nationwide
 
grid
 
is
 
an
integral
 
part
 
of
 
the
 
power
 
system
 
in
Finland
.
 
The
 
transmission
 
grid
 
is
 
the
 
trunk
 
network
 
to
 
which
 
major
 
power
 
plants
 
and
 
major
 
consumers,
 
such
 
as
industry
 
and
 
regional
 
electricity
 
distribution
 
networks,
 
and
 
cross-border
 
transmission
 
connections
 
are
 
connected.
Finland’s
 
main
 
grid
 
is
 
part
 
of
 
the
 
Nordic
 
power
 
system,
 
which
 
is
 
connected
 
to
 
the
 
system
 
in
 
Central
 
Europe
 
via
 
high-voltage
 
direct
 
current
transmission
 
links.
 
Finland
 
also
 
has
 
DC
 
links
 
with
 
Estonia.
The
 
main
 
grid
 
encompasses
 
more
 
than
 
14,500
 
kilometres
 
of
 
400,
 
220
 
and
 
110
 
kilovolt
 
transmission
 
lines,
 
plus
 
more
 
than
 
100
 
substations.
 
Fingrid
 
is
 
in
 
charge
 
of
 
planning
 
and
 
monitoring
 
the
 
operation
 
of
 
the
 
main
 
grid
 
and
 
for
 
maintaining
 
and
 
developing
 
the
 
system.
 
The
 
company
 
is
responsible
 
for
 
the
 
national
 
power
 
balance
 
and
 
for
 
ensuring
 
that
 
electricity
 
consumption
 
and
 
production
 
are
 
always
 
balanced.
 
An
 
additional
 
task
 
is
to
 
participate
 
in
 
work
 
carried
 
out
 
by
 
ENTSO-E,
 
the
 
European
 
Network
 
of
 
Transmission
 
System
 
Operators
 
for
 
Electricity,
 
and
 
in
 
preparing
 
European
market
 
and
 
operational
 
codes
 
as
 
well
 
as
 
network
 
planning.
Fingrid
 
offers
 
grid
 
and
 
balance
 
services,
 
as
 
well
 
as
 
other
 
services
 
related
 
to
 
the
 
electricity
 
markets,
 
such
 
as
 
data
 
exchange,
 
Financial
 
Transmission
Rights
 
(FTR)
 
and
 
the
 
market
 
related
 
to
 
power
 
system
 
reserves,
 
to
 
its
 
contract
 
customers,
 
i.e.
 
electricity
 
producers,
 
network
 
operators
 
and
 
industry.
Fingrid
 
serves
 
the
 
electricity
 
market
 
by
 
maintaining
 
adequate
 
electricity
 
transmission
 
capacity,
 
by
 
securing
 
the
 
preconditions
 
of
 
maintaining
 
power
balance,
 
by
 
removing
 
bottlenecks
 
in
 
cross-border
 
transmission
 
links
 
and
 
by
 
providing
 
market
 
data.
The
 
consolidated
 
financial
 
statements
 
include
 
the
 
parent
 
company
 
Fingrid
 
Oyj
 
and
 
its
 
wholly
 
owned
 
subsidiaries
 
Finextra
 
Oy
 
and
 
Datahub
 
Oy.
 
The
consolidated
 
associated
 
companies
 
are
 
eSett
 
Oy
 
(ownership
 
25.0%)
 
and
 
Nordic
 
RCC
 
A/S
 
(ownership
 
25.0%).
Fingrid
 
issues
 
bonds
 
under
 
the
 
Euro
 
Medium
 
Term
 
Note
 
(EMTN)
 
programme.
 
The
 
bonds
 
are
 
listed
 
on
 
the
 
Euronext
 
Dublin
 
stock
 
exchange
 
in
Ireland.
 
Fingrid
 
shares
 
are
 
not
 
listed.
 
Fingrid
 
has
 
at
 
its
 
disposal
 
a
 
green
 
European
 
commercial
 
paper
 
programme
 
for
 
procuring
 
short-term
 
financing,
and
 
a
 
domestic
 
commercial
 
paper
 
programme.
 
The
 
commercial
 
paper
 
programmes
 
are
 
unlisted..
Use
 
of
 
Estimates
 
and
 
Management
 
Judgment
When
 
the
 
consolidated
 
financial
 
statements
 
are
 
drawn
 
up
 
in
 
accordance
 
with
 
the
 
IFRS,
 
the
 
company
 
management
 
needs
 
to
 
make
 
estimates
 
and
assumptions
 
which
 
have
 
an
 
impact
 
on
 
the
 
amounts
 
of
 
assets,
 
liabilities,
 
income
 
and
 
expenses
 
recorded
 
and
 
conditional
 
items
 
presented.
 
In
addition,
 
the
 
management’s
 
judgement
 
is
 
required
 
when
 
preparing
 
and
 
applying
 
the
 
principles
 
for
 
preparation.
The
 
estimates
 
and
 
assumptions
 
are
 
based
 
on
 
historical
 
experience,
 
understanding
 
of
 
the
 
electricity
 
market’s
 
development
 
and
 
other
 
justified
assumptions.
 
These
 
are
 
believed
 
to
 
be
 
reasonable
 
under
 
the
 
conditions
 
which
 
constitute
 
the
 
foundation
 
for
 
the
 
estimates
 
of
 
the
 
items
 
recognised
 
in
the
 
financial
 
statements.
 
The
 
energy
 
markets
 
are
 
undergoing
 
a
 
major
 
transformation,
 
and
 
the
 
outcomes
 
may
 
differ
 
from
 
these
 
estimates.
 
In
 
the
financial
 
statements,
 
estimates
 
have
 
been
 
used,
 
for
 
example,
 
when
 
specifying
 
the
 
economic
 
lives
 
of
 
tangible
 
and
 
intangible
 
asset
 
items,
 
and
 
in
conjunction
 
with
 
deferred
 
taxes
 
and
 
provisions.
 
 
 
120
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
doc1p120i1 doc1p120i0
Accounting
 
principles
 
are
 
shown
 
at
 
the
 
end
 
of
 
each
 
note,
 
in
 
a
 
separate
 
box
 
and
 
recognizable
 
by
 
the
 
use
 
of
 
symbol
.
Interesting
 
facts
 
about
 
Fingrid’s
 
operating
 
environment
 
are
 
highlighted
 
in
 
info
 
boxes
 
throughout
 
the
 
notes
 
to
 
the
 
financial
 
statements.
 
The
 
info
boxes
 
can
 
be
 
recognized
 
by
 
the
 
use
 
of
 
symbol
.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 
segments
Main
 
grid
 
segment
The
 
main
 
grid
 
segment
 
includes
 
development
 
&
 
maintenance
 
of
 
the
 
main
 
grid,
 
the
 
connection
 
of
 
new
 
production
 
and
 
consumption
 
to
 
the
 
network,
electricity
 
transmission,
 
grid
 
operation
 
and
 
the
 
development
 
of
 
unified
 
electricity
 
markets
 
and
 
reserves
 
related
 
to
 
maintaining
 
the
 
electricity
 
system.
The
 
segment’s
 
turnover
 
consists
 
of
 
main
 
grid
 
tariff
 
income,
 
connection
 
fees,
 
and
 
income
 
from
 
reactive
 
power
 
and
 
other
 
income
 
related
 
to
transmission
 
grid
 
operations.
 
The
 
congestion
 
income
 
portion
 
recognised
 
in
 
turnover
 
is
 
linked
 
to
 
the
 
main
 
grid
 
segment.
 
The
 
segment’s
 
expense
items
 
include
 
e.g.
 
depreciations
 
of
 
grid
 
investments,
 
reserves
 
to
 
ensure
 
the
 
main
 
grid’s
 
operation
 
and
 
the
 
development
 
thereof,
 
the
 
purchase
 
of
 
loss
power,
 
congestion
 
costs,
 
countertrades,
 
network
 
maintenance
 
and
 
electricity
 
market
 
development
 
costs.
 
Income
 
and
 
costs
 
caused
 
by
 
transmission
grid
 
congestion,
 
financial
 
transmission
 
rights
 
(FTR),
 
gains
 
and
 
losses
 
from
 
the
 
sale
 
of
 
grid
 
assets,
 
and
 
depreciation
 
and
 
amortisation
 
are
 
included
 
in
the
 
main
 
grid
 
segment.
 
Seasonal
 
and
 
annual
 
variations
 
are
 
typical
 
in
 
the
 
segment’s
 
turnover
 
and
 
operating
 
result.
 
Main
 
grid
 
segment,
 
€1,000
2024
2023
Turnover
657,526
548,997
Operating
 
result
215,076
145,789
The
 
main
 
grid
 
segment’s
 
turnover
 
grew
 
to
 
EUR
 
657.5
 
(549.0)
 
million.
 
The
 
company
 
waived
 
grid
 
service
 
fees
 
for
 
January,
 
February
 
and
 
June.
 
This
was
 
compensated
 
by
 
recognising
 
EUR
 
301.0
 
million
 
in
 
congestion
 
income
 
in
 
the
 
company’s
 
result.
 
Operating
 
profit
 
grew
 
to
 
EUR
 
215.1
 
(145.8)
million.
 
Balance
 
services
 
segment
The
 
balance
 
services
 
segment
 
includes
 
activities
 
related
 
to
 
national
 
balance
 
management
 
and
 
imbalance
 
settlement,
 
and
 
market
 
development
activities.
 
In
 
addition,
 
development
 
of
 
the
 
reserve
 
markets
 
related
 
to
 
balance
 
management
 
and
 
the
 
procurement
 
of
 
the
 
corresponding
 
reserves
 
is
included
 
in
 
the
 
balance
 
services
 
segment.
 
The
 
segment’s
 
turnover
 
consists
 
of
 
the
 
balance
 
service’s
 
tariff
 
income
 
and
 
sales
 
of
 
imbalance
 
power,
and
 
the
 
segment’s
 
costs
 
consist
 
of
 
purchases
 
of
 
imbalance
 
power,
 
reserve
 
capacity
 
costs
 
and
 
other
 
operational
 
costs
 
related
 
to
 
balance
management
 
and
 
imbalance
 
settlement.
 
The
 
balance
 
services
 
segment’s
 
information
 
corresponds
 
to
 
the
 
balance
 
service
 
result,
 
separated
according
 
to
 
the
 
Electricity
 
Market
 
Act,
 
presented
 
in
 
the
 
parent
 
company’s
 
notes
 
to
 
the
 
financial
 
statements.
Balance
 
services
 
segment,
 
€1,000
2024
2023
Turnover
664,371
700,530
Operating
 
result
42,388
68,701
Turnover
 
of
 
the
 
balance
 
service
 
fell
 
to
 
EUR
 
664.4
 
(700.5)
 
million
 
as
 
a
 
result
 
of
 
the
 
drop
 
in
 
the
 
price
 
of
 
electricity
 
compared
 
with
 
the
 
previous
 
year.
Balance
 
service
 
fees
 
were
 
reduced
 
in
 
March
 
to
 
EUR
 
1.33/MWh.
The
 
balance
 
service’s
 
operating
 
profit
 
was
 
EUR
 
42.4
 
(68.7)
 
million.
 
Changes
 
in
 
balance
 
service
 
fees
 
follow
 
the
 
cost
 
development
 
and
 
the
accumulation
 
of
 
imbalance
 
power
 
trade’s
 
gross
 
profit.
 
Variations
 
in
 
reserve
 
costs
 
were
 
great,
 
and
 
the
 
reserve
 
costs
 
were
 
lower
 
than
 
predicted,
 
as
 
a
result
 
of
 
which
 
balance
 
service
 
fees
 
were
 
adjusted.
Result
 
by
 
business
 
segment
 
The
 
segment
 
information
 
is
 
FAS
 
-compliant,
 
and
 
it
 
is
 
reconciled
 
with
 
the
 
IFRS
 
consolidated
 
financial
 
statements.
 
The
 
differences
 
between
 
FAS
 
and
IFRS
 
reporting
 
are
 
presented
 
in
 
the
 
column
 
Eliminations
 
and
 
consolidated
 
entries.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.
 
SEGMENTS,
 
€1,000
31
 
Dec
 
2024
Business
 
segment
Main
 
grid
Balance
services
Other
 
activities
Eliminations
 
and
consolidation
entries
Group,
 
total
Turnover
657,526
664,371
22,136
-74,756
1,269,277
Depreciation
 
and
 
amortisation
-120,680
-1,116
-6,037
-910
-128,742
Operating
 
result
215,076
42,388
2,428
-59,307
200,584
Finance
 
income
 
and
 
costs
-14,658
 
 
 
 
 
 
 
 
doc1p121i0
121
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OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Result
 
before
 
taxes
186,353
31
 
Dec
 
2023
Business
 
segment
Main
 
grid
Balance
services
Other
 
activities
Eliminations
 
and
consolidation
entries
Group,
 
total
Turnover
548,997
700,530
21,376
-77,721
1,193,182
Depreciation
 
and
 
amortisation
-115,954
-746
-5,974
-628
-123,302
Operating
 
result
145,789
68,701
4,701
-218,183
1,008
Finance
 
income
 
and
 
costs
-241
Result
 
before
 
taxes
1,339
Other
 
activities
 
include
 
Fingrid’s
 
other
 
statutory
 
public
 
service
 
obligations
 
that
 
are
 
not
 
part
 
of
 
actual
 
transmission
 
grid
 
operations
 
or
 
transmission
system
 
responsibility.
 
These
 
tasks
 
include
 
peak
 
load
 
capacity
 
services
 
and
 
guarantee-of-origin
 
services
 
for
 
electricity,
 
as
 
well
 
as
 
centralised
information
 
exchange
 
services
 
for
 
the
 
electricity
 
markets.
 
The
 
subsidiaries
 
Fingrid
 
Datahub
 
Oy
 
and
 
Finextra
 
Oy
 
oversee
 
these
 
tasks.
 
Other
activities
 
also
 
includes
 
the
 
parent
 
company’s
 
administrative
 
and
 
ICT
 
services
 
for
 
subsidiaries.
 
Income
 
and
 
expense
 
items
 
between
 
the
 
parent
company
 
and
 
subsidiaries
 
are
 
eliminated
 
in
 
the
 
Group
 
reporting.
 
IFRS
 
items
 
include
 
among
 
other
 
things,
 
changes
 
in
 
the
 
market
 
value
 
of
 
electricity
derivatives,
 
recognition
 
of
 
connection
 
fees
 
over
 
time
 
according
 
to
 
IFRS
 
15,
 
and
 
recognition
 
of
 
leases
 
over
 
time
 
according
 
to
 
IFRS
 
16.
 
Accounting
 
principles
 
 
 
 
 
 
Fingrid’s
 
consolidated
 
financial
 
statements
 
have
 
been
 
drawn
 
up
 
in
 
accordance
 
with
 
the
 
International
 
Financial
 
Reporting
 
Standards
 
(IFRS).
 
Unless
otherwise
 
indicated,
 
the
 
figures
 
in
 
parentheses
 
refer
 
to
 
the
 
same
 
period
 
of
 
the
 
previous
 
year.
 
Fingrid’s
 
consolidated
 
financial
 
statements
 
have
 
been
drawn
 
up
 
in
 
accordance
 
with
 
the
 
same
 
standards
 
as
 
in
 
2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment
 
reporting
The
 
operating
 
segments
 
reported
 
on
 
by
 
the
 
Group
 
now
 
consist
 
of
 
the
 
main
 
grid
 
segment
 
and
 
the
 
balance
 
services
 
segment.
 
The
 
main
 
grid
 
segment
includes
 
development
 
&
 
maintenance
 
of
 
the
 
main
 
grid,
 
the
 
connection
 
of
 
new
 
production
 
and
 
consumption
 
to
 
the
 
network,
 
electricity
 
transmission,
grid
 
operation
 
and
 
the
 
development
 
of
 
unified
 
electricity
 
markets.
 
The
 
balance
 
services
 
segment
 
includes
 
activities
 
related
 
to
 
national
 
balance
management
 
and
 
imbalance
 
settlement.
 
Promoting
 
the
 
reserve
 
and
 
balancing
 
power
 
markets,
 
which
 
balance
 
the
 
power
 
system,
 
are
 
also
 
included
in
 
the
 
balance
 
services
 
segment.
 
Both
 
the
 
main
 
grid
 
segment
 
and
 
the
 
balance
 
services
 
segment
 
are
 
the
 
company’s
 
regulated
 
business
 
operations,
which
 
are
 
supervised
 
by
 
the
 
Energy
 
Authority.
 
Geographical
 
data
 
is
 
not
 
presented,
 
as
 
Fingrid
 
operates
 
only
 
in
 
Finland.
 
The
 
Group
 
also
 
has
 
other
tasks
 
that
 
fall
 
under
 
its
 
statutory
 
public
 
service
 
obligations,
 
and
 
these
 
have
 
been
 
included
 
in
 
other
 
activities
 
within
 
the
 
segment
 
information.
 
Segment
 
information
 
is
 
reported
 
in
 
a
 
manner
 
consistent
 
with
 
internal
 
reporting
 
to
 
the
 
chief
 
operating
 
decision-maker.
 
In
 
line
 
with
 
the
 
company’s
management
 
principles,
 
the
 
chief
 
operating
 
decision-maker,
 
who
 
is
 
responsible
 
for
 
allocating
 
resources
 
to
 
the
 
operating
 
segments
 
and
 
for
assessing
 
the
 
results
 
of
 
the
 
segments,
 
is
 
the
 
President
 
&
 
CEO.
The
 
segment
 
information
 
is
 
FAS
 
-compliant,
 
and
 
it
 
is
 
reconciled
 
with
 
the
 
IFRS
 
consolidated
 
financial
 
statements.
 
The
 
segments’
 
results
 
are
assessed
 
on
 
the
 
basis
 
of
 
the
 
operating
 
result.
 
The
 
segments’
 
combined
 
operating
 
results
 
constitute
 
grid
 
operations’
 
operating
 
profit,
 
which
 
serves
as
 
the
 
basis
 
for
 
the
 
calculation
 
of
 
the
 
actual
 
adjusted
 
result
 
compatible
 
with
 
regulation.
 
Costs
 
are
 
allocated
 
to
 
the
 
segments
 
in
 
accordance
 
with
 
the
matching
 
principle,
 
which
 
creates
 
a
 
basis
 
for
 
pricing
 
the
 
services.
 
Finance
 
income
 
and
 
costs
 
are
 
not
 
allocated
 
to
 
the
 
segments,
 
as
 
the
 
Group’s
 
cash
assets
 
are
 
controlled
 
by
 
Group
 
Treasury.
Variations
 
between
 
the
 
segments’
 
results
 
and
 
turnover
 
are
 
typical.
 
The
 
segments
 
form
 
the
 
basis
 
for
 
the
 
calculation
 
of
 
Fingrid’s
 
adjusted
 
result
compatible
 
with
 
the
 
reasonable
 
return
 
regulation,
 
and
 
thus
 
the
 
results
 
development
 
of
 
one
 
segment
 
can
 
also
 
affect
 
the
 
other
 
segment
 
over
 
time
 
to
avoid
 
exceeding
 
the
 
allowed
 
regulatory
 
profit
 
set
 
for
 
the
 
operations.
 
The
 
segments’
 
service
 
prices
 
are
 
adjusted
 
to
 
correspond
 
to
 
costs
 
over
 
time.
Segment
 
information
 
is
 
published
 
every
 
six
 
months
 
as
 
part
 
of
 
the
 
Group’s
 
IFRS
 
financial
 
statements
 
and
 
half-year
 
review.
 
 
 
 
 
 
 
 
 
 
 
Foreign
 
currency
 
transactions
The
 
consolidated
 
financial
 
statements
 
are
 
presented
 
in
 
euros,
 
which
 
is
 
the
 
functional
 
currency
 
of
 
the
 
parent
 
company.
 
Transactions
 
and
 
financial
items
 
denominated
 
in
 
foreign
 
currencies
 
are
 
recognised
 
at
 
the
 
European
 
Central
 
Bank’s
 
(ECB)
 
euro
 
foreign
 
exchange
 
reference
 
rate
 
at
 
the
transaction
 
date.
 
Receivables
 
and
 
liabilities
 
denominated
 
in
 
foreign
 
currencies
 
are
 
valued
 
in
 
the
 
financial
 
statements
 
at
 
the
 
ECB’s
 
reference
 
rate
 
at
the
 
closing
 
date.
 
Foreign
 
exchange
 
gains
 
and
 
losses
 
from
 
business
 
are
 
included
 
in
 
the
 
corresponding
 
items
 
above
 
operating
 
profit.
 
Foreign
exchange
 
gains
 
and
 
losses
 
from
 
financial
 
instruments
 
are
 
recognised
 
at
 
net
 
amounts
 
in
 
finance
 
income
 
and
 
costs.
4.2
 
The
 
company's
 
general
 
risk
 
management
 
processes
 
and
 
policies
In
 
the
 
risk
 
management
 
process,
 
the
 
risk
 
factors
 
linked
 
with
 
operative
 
activities,
 
assets
 
and
 
financing
 
are
 
estimated
 
systematically
 
according
 
to
unified
 
criteria.
 
The
 
risks
 
are
 
divided
 
into
 
strategic
 
risks
 
and
 
major
 
business
 
risks
 
to
 
be
 
reported
 
to
 
the
 
Board
 
of
 
Directors,
 
and
 
into
 
operational
 
risks.
Hedging
 
a
 
risk
 
will
 
be
 
implemented
 
when
 
the
 
cost
 
of
 
the
 
hedge
 
is
 
in
 
reasonable
 
relation
 
to
 
the
 
size
 
of
 
the
 
risk.
 
A
 
general
 
objective
 
is
 
to
 
transfer
significant
 
risks
 
by
 
contracts,
 
insurances
 
or
 
derivatives.
 
The
 
risks
 
deemed
 
to
 
be
 
moderate
 
in
 
terms
 
of
 
their
 
impacts
 
are
 
managed
 
by
 
Fingrid
independently,
 
through
 
clear
 
controls
 
and
 
other
 
practical
 
measures.
 
 
 
 
 
 
 
 
 
doc1p122i0
122
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Risk
 
management
 
is
 
planned
 
holistically
 
with
 
the
 
objective
 
of
 
comprehensively
 
identifying,
 
assessing,
 
monitoring
 
and
 
safeguarding
 
the
 
company’s
operations,
 
the
 
environment,
 
personnel
 
and
 
assets
 
from
 
various
 
threats
 
and
 
risks.
 
Due
 
to
 
the
 
nature
 
of
 
the
 
company’s
 
basic
 
mission,
 
risks
 
are
 
also
assessed
 
from
 
a
 
societal
 
perspective.
The
 
Board
 
approves
 
the
 
key
 
principles
 
of
 
internal
 
control
 
and
 
risk
 
management
 
and
 
any
 
amendments
 
to
 
them.
 
The
 
Board
 
of
 
Directors
 
approves
 
the
primary
 
actions
 
for
 
risk
 
management
 
as
 
part
 
of
 
the
 
corporate
 
strategy,
 
indicators,
 
action
 
plan,
 
and
 
budget.
 
The
 
Board
 
of
 
Directors
 
(audit
 
committee)
receives
 
a
 
situation
 
report
 
annually,
 
or
 
more
 
frequently
 
if
 
necessary,
 
on
 
the
 
major
 
risks
 
relating
 
to
 
the
 
operations
 
of
 
the
 
company
 
and
 
on
 
the
management
 
of
 
such
 
risks.
 
In
 
2024,
 
Fingrid
 
completed
 
its
 
enterprise
 
risk
 
management
 
development
 
programme
 
aimed
 
at
 
identifying
 
and
 
managing
 
the
 
interdependencies
 
of
individual
 
risks
 
more
 
effectively.
 
As
 
a
 
result
 
of
 
the
 
programme,
 
the
 
company’s
 
risk
 
management
 
responds
 
more
 
effectively
 
to
 
the
 
increased
requirements
 
imposed
 
by
 
the
 
dramatic
 
change
 
in
 
the
 
operating
 
environment
 
on
 
risk
 
management.
 
4.3
 
Formation
 
of
 
turnover
 
and
 
financial
 
result
Grid
 
service
 
revenue
 
is
 
mainly
 
determined
 
by
 
electricity
 
consumption.
 
The
 
proportion
 
of
 
the
 
fees
 
allocated
 
to
 
electricity
 
production
 
is
 
small,
 
in
compliance
 
with
 
EU
 
legislation.
 
The
 
Energy
 
Market
 
Authority
 
approves
 
the
 
pricing
 
structure
 
for
 
grid
 
services,
 
on
 
the
 
basis
 
of
 
which
 
Fingrid
 
sets
 
the
unit
 
prices
 
for
 
electricity
 
transmission
 
during
 
the
 
winter
 
period
 
and
 
for
 
consumption
 
during
 
other
 
times.
 
In
 
addition
 
to
 
consumption
 
invoicing,
 
Fingrid
additionally
 
charges
 
fees
 
for
 
output
 
from
 
and
 
input
 
into
 
the
 
grid,
 
and
 
power-based
 
tariffs.
 
Within
 
the
 
framework
 
of
 
grid
 
services,
 
a
 
customer
 
obtains
the
 
right
 
to
 
transmit
 
electricity
 
to
 
and
 
from
 
the
 
main
 
grid
 
through
 
its
 
connection
 
point.
 
Energy
 
Authority
 
determines
 
how
 
congestion
 
income
 
is
 
used
 
in
Finland.
 
Fingrid
 
waived
 
the
 
grid
 
service
 
fees
 
for
 
three
 
months
 
in
 
2024
 
and
 
used
 
congestion
 
income
 
to
 
offset
 
the
 
substantial
 
increase
 
in
 
costs
 
to
 
the
benefit
 
of
 
its
 
customers.
 
More
 
information
 
on
 
congestion
 
income
 
is
 
provided
 
in
 
section
 
5.1.
Fingrid
 
is
 
responsible
 
for
 
the
 
continuous
 
power
 
balance
 
in
 
Finland
 
at
 
all
 
times
 
by
 
buying
 
and
 
selling
 
balancing
 
power
 
in
 
Finland.
 
Fingrid
 
buys
 
and
sells
 
balancing
 
power
 
in
 
order
 
to
 
stabilise
 
the
 
hourly
 
power
 
balances
 
of
 
electricity
 
market
 
operators
 
(balance
 
responsible
 
parties)
 
and
 
this
 
way
assumes
 
financial
 
counterparty
 
risk
 
for
 
each
 
balance
 
responsible
 
party.
 
Imbalance
 
power
 
trade
 
and
 
imbalance
 
pricing
 
are
 
based
 
on
 
a
 
balance
service
 
agreement
 
with
 
impartial
 
and
 
public
 
terms
 
and
 
conditions.
ITC
 
compensation
 
is,
 
for
 
Fingrid,
 
income
 
and/or
 
costs
 
which
 
the
 
transmission
 
system
 
operator
 
receives
 
for
 
the
 
use
 
of
 
its
 
grid
 
by
 
other
 
European
transmission
 
system
 
operators
 
and/or
 
pays
 
to
 
other
 
transmission
 
system
 
operators
 
when
 
using
 
their
 
grid
 
to
 
serve
 
its
 
own
 
customers.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.
 
TURNOVER,
 
€1,000
2024
2023
Grid
 
service
 
revenue
275,417
164,528
Sales
 
of
 
imbalance
 
power
636,841
682,616
ITC
 
income
10,836
20,753
Congestion
 
income
301,000
284,720
Datahub
 
income
20,937
20,636
Other
 
operating
 
income
24,246
19,929
Total
1,269,277
1,193,182
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.
 
OTHER
 
OPERATING
 
INCOME,
 
€1,000
2024
2023
Rental
 
income
492
402
Capital
 
gains
 
on
 
fixed
 
assets
481
-
Contributions
 
received
3
11
Congestion
 
income
130,069
117,964
Gains
 
from
 
measuring
 
derivatives
 
at
 
fair
 
value
188
-
Other
 
income
2,313
1,352
Total
133,547
119,729
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting
 
principles
Revenue
 
recognition
Sales
 
recognition
 
takes
 
place
 
on
 
the
 
basis
 
of
 
the
 
delivery
 
of
 
the
 
service.
 
Electricity
 
transmission
 
is
 
recognised
 
once
 
the
 
transmission
 
has
 
taken
place,
 
and
 
balance
 
power
 
services
 
are
 
recognised
 
on
 
the
 
basis
 
of
 
the
 
delivery
 
of
 
the
 
service.
 
Congestion
 
income
 
is
 
recognised
 
for
 
each
 
month
 
in
accordance
 
with
 
the
 
Energy
 
Authority’s
 
approval.
 
Indirect
 
taxes
 
and
 
discounts,
 
etc.,
 
are
 
deducted
 
from
 
the
 
sales
 
income
 
when
 
calculating
 
turnover.
IFRS
 
15
 
Revenue
 
from
 
Contracts
 
with
 
Customers
The
 
fundamental
 
principle
 
of
 
the
 
IFRS
 
15
 
standard
 
is
 
that
 
sales
 
revenue
 
should
 
be
 
recognised
 
when
 
control
 
over
 
the
 
goods
 
or
 
the
 
service
 
is
transferred
 
to
 
the
 
customer.
 
 
 
 
123
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
doc1p123i0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
A
 
five-step
 
process
 
should
 
be
 
applied
 
when
 
recognising
 
sales
 
revenue:
•
 
Identification
 
of
 
client
 
contracts
•
 
Identification
 
of
 
distinct
 
performance
 
obligations
•
 
Specification
 
of
 
the
 
contractual
 
transaction
 
price
•
 
Allocation
 
of
 
the
 
transaction
 
price
 
to
 
individual
 
performance
 
obligations,
 
and
 
•
 
Recognition
 
of
 
sales
 
revenue
 
when
 
each
 
performance
 
obligation
 
is
 
met.
Sales
 
recognition
 
takes
 
place
 
on
 
the
 
basis
 
of
 
the
 
supply
 
of
 
the
 
service.
 
Electricity
 
transmission
 
is
 
recognised
 
once
 
the
 
transmission
 
has
 
taken
 
place.
Balance
 
power
 
services
 
are
 
recognised
 
on
 
the
 
basis
 
of
 
the
 
delivery
 
of
 
the
 
service.
 
Fingrid
 
has
 
defined
 
the
 
performance
 
obligations
 
related
 
to
 
each
agreement,
 
and
 
revenue
 
recognition
 
has
 
been
 
examined
 
separately
 
for
 
each
 
performance
 
obligation.
 
When
 
determining
 
the
 
extent
 
to
 
which
 
a
performance
 
obligation
 
is
 
met,
 
a
 
single
 
method
 
should
 
be
 
applied
 
for
 
all
 
performance
 
obligations
 
to
 
be
 
met
 
over
 
time.
Connection
 
agreements
 
are
 
long
 
term
 
and
 
can
 
be
 
terminated,
 
at
 
the
 
earliest,
 
15
 
years
 
from
 
the
 
date
 
when
 
they
 
entered
 
into
 
force.
 
If
 
a
 
customer
does
 
not
 
receive
 
an
 
individual
 
item
 
of
 
goods
 
or
 
a
 
service
 
against
 
the
 
connection
 
fee,
 
this
 
must
 
be
 
recognised
 
as
 
revenue
 
in
 
the
 
same
 
way
 
as
 
the
other
 
revenue
 
according
 
to
 
the
 
contract,
 
generally
 
over
 
the
 
contract
 
term.
 
The
 
revenue
 
from
 
connection
 
agreements
 
is
 
accrued
 
in
 
IFRS
 
turnover
over
 
a
 
period
 
of
 
15
 
years.
 
The
 
company
 
reviews
 
the
 
revenue
 
recognition
 
principles
 
for
 
new
 
products
 
or
 
when
 
the
 
business
 
models
 
change.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Judgements
 
and
 
estimates
Inter-Transmission
 
System
 
Operator
 
Compensation
 
(ITC)
Compensation
 
for
 
the
 
transit
 
transmissions
 
of
 
electricity
 
has
 
been
 
agreed
 
upon
 
through
 
an
 
ITC
 
(Inter-Transmission
 
System
 
Operator
Compensation)
 
agreement.
 
The
 
centralised
 
calculations
 
are
 
carried
 
out
 
by
 
ENTSO-E
 
(the
 
European
 
Network
 
of
 
Transmission
 
System
 
Operators
 
of
Electricity).
 
ITC
 
compensation
 
is
 
determined
 
on
 
the
 
basis
 
of
 
the
 
compensation
 
paid
 
for
 
use
 
of
 
the
 
grid
 
and
 
transmission
 
losses.
 
The
 
ITC
 
calculations
take
 
into
 
account
 
the
 
electricity
 
transmissions
 
between
 
the
 
various
 
ITC
 
agreement
 
countries.
 
ITC
 
compensation
 
can
 
represent
 
both
 
an
 
income
 
and
a
 
cost
 
for
 
a
 
transmission
 
system
 
operator.
 
Fingrid’s
 
share
 
of
 
the
 
ITC
 
compensation
 
is
 
determined
 
on
 
the
 
basis
 
of
 
the
 
cross-border
 
electricity
transmissions
 
and
 
imputed
 
grid
 
losses.
 
ITC
 
compensation
 
is
 
invoiced
 
retroactively
 
after
 
all
 
parties
 
to
 
the
 
ITC
 
agreement
 
have
 
approved
 
the
 
invoiced
sums.
 
Control
 
is
 
carried
 
out
 
monthly.
 
This
 
is
 
why
 
the
 
ITC
 
compensations
 
for
 
the
 
months
 
that
 
have
 
not
 
been
 
invoiced
 
yet
 
have
 
been
 
estimated
 
in
 
the
financial
 
statements.
 
The
 
estimate
 
has
 
been
 
made
 
using
 
actual
 
energy
 
border
 
transmissions
 
in
 
Finland
 
and
 
unit
 
compensations,
 
which
 
have
 
been
estimated
 
by
 
analysing
 
the
 
actual
 
figures
 
from
 
previous
 
months
 
and
 
data
 
on
 
grid
 
transmissions
 
during
 
these
 
months.
4.4
 
Revenue-related
 
receivables
 
and
 
credit
 
risk
 
management
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.
 
TRADE
 
RECEIVABLES
 
AND
 
OTHER
 
RECEIVABLES,
 
€1,000
2024
2023
Non-current:
Other
 
receivables
228
74
Total
228
74
Current:
Trade
 
receivables
90,950
17,095
Receivables
 
from
 
associated
 
companies
 
21,195
18,014
Accrued
 
income
14,987
16,800
Other
 
receivables
703
15,074
Total
127,835
66,984
Total
128,063
67,058
Essential
 
items
 
included
 
in
 
short-term
 
accruals
2024
2023
Accruals
 
of
 
sales
9,910
10,255
Accruals
 
of
 
purchases/prepayments
2,176
2,410
Interest
 
receivables
2,184
4,135
Tax
 
assets
709
-
Amortized
 
personnel
 
costs
8
-
Total
14,987
16,800
Credit
 
risk
 
management
 
–
 
customers
According
 
to
 
The
 
Electricity
 
Market
 
Act,
 
the
 
company
 
is
 
obliged
 
to
 
accept
 
regional
 
and
 
distribution
 
network
 
operators
 
joining
 
the
 
grid
 
as
 
well
 
as
mainly
 
large
 
electricity
 
producers
 
and
 
consumers
 
that
 
meet
 
certain
 
conditions
 
as
 
its
 
customers.
 
Accordingly,
 
the
 
company
 
cannot
 
choose
 
its
customers
 
based
 
on
 
a
 
credit
 
risk
 
analysis
 
or
 
collect
 
different
 
fees
 
from
 
them.
 
In
 
general,
 
collateral
 
are
 
not
 
required
 
from
 
the
 
company’s
 
customers
 
to
secure
 
sales
 
payments,
 
but
 
in
 
the
 
event
 
of
 
an
 
overdue
 
payment,
 
this
 
is
 
possible.
 
The
 
company’s
 
balance
 
service
 
customers
 
are
 
required
 
to
 
have
 
 
 
 
 
 
 
 
doc1p124i0
124
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
collaterals
 
to
 
cover
 
open
 
imbalance
 
power
 
sales
 
receivables
 
and
 
the
 
estimated
 
future
 
counterparty
 
risk
 
due
 
to
 
the
 
use
 
of
 
imbalance
 
power.
 
The
Energy
 
Authority
 
decides
 
on
 
the
 
principles
 
for
 
the
 
determination
 
of
 
collateral
 
required
 
from
 
balance
 
service
 
customers.
 
The
 
collaterals
 
of
 
balance
service
 
customers
 
are
 
managed
 
by
 
eSett
 
Oy.
 
At
 
the
 
turn
 
of
 
the
 
year,
 
the
 
company
 
had
 
minor
 
outstanding
 
receivables,
 
of
 
which
 
the
 
credit
 
risk
 
was
considered
 
to
 
be
 
low,
 
and
 
the
 
company
 
estimates
 
it
 
will
 
receive
 
these
 
payments.
 
The
 
company
 
has
 
no
 
impairments
 
related
 
to
 
receivables.
Netting
 
of
 
sales
 
receivables
 
and
 
trade
 
accounts
 
payables
The
 
sales
 
receivables
 
and
 
trade
 
accounts
 
payables
 
are
 
netted
 
in
 
the
 
balance
 
sheet
 
as
 
presented
 
in
 
the
 
table
 
below.
 
The
 
netted
 
items
 
are
associated
 
with
 
purchases
 
and
 
sales
 
of
 
imbalance
 
power.
 
The
 
company
 
has
 
a
 
legally
 
enforceable
 
right
 
of
 
set-off
 
to
 
these
 
items
 
in
 
any
 
circumstance
and
 
will
 
use
 
this
 
right.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.
 
NETTING
 
OF
 
TRADE
 
RECEIVABLES
 
AND
 
TRADE
 
PAYABLES
 
€
 
1,000
2024
2023
Gross
 
amount
 
of
trade
receivables/trade
payables
Amount
 
of
netted
 
items
Net
 
amount
 
of
trade
 
receivables
and
 
trade
payables
presented
 
in
 
the
balance
 
sheet
Gross
 
amount
 
of
trade
receivables/trade
payables
Amount
 
of
netted
 
items
Net
 
amount
 
of
trade
receivables
 
and
trade
 
payables
presented
 
in
 
the
balance
 
sheet
Trade
 
receivables
 
*
144,690
-33,939
110,751
101,853
-67,179
34,674
Trade
 
payables
71,688
-33,939
37,749
127,205
-67,179
60,026
*
 
Including
 
trade
 
payables
 
from
 
associated
 
companies
 
 
 
 
 
 
 
 
 
 
 
 
Accounting
 
principles
Trade
 
and
 
other
 
receivables
Trade
 
receivables
 
and
 
other
 
receivables
 
are
 
recognised
 
initially
 
at
 
the
 
transaction
 
price;
 
subsequently
 
they
 
are
 
measured
 
at
 
amortised
 
cost
 
using
the
 
effective
 
interest
 
rate
 
method.
 
Possible
 
credit
 
losses
 
are
 
assessed
 
based
 
on
 
historical
 
amounts
 
of
 
credit
 
losses
 
by
 
taking
 
into
 
account
 
forward-
looking
 
information
 
on
 
economic
 
developments
 
and
 
receivable-specific
 
assessments.
 
Impairment
 
losses
 
are
 
recognised
 
directly,
 
under
 
other
operating
 
expenses,
 
to
 
reduce
 
the
 
carrying
 
amount
 
of
 
the
 
receivables.
4.5
 
Operating
 
expenses,
 
liabilities
 
and
 
credit
 
risk
 
management
 
for
 
purchases
Cost
 
increases
 
due
 
to
 
new
 
tasks
 
and
 
external
 
changes
 
on
 
the
 
electricity
 
market
 
affecting
 
operations
 
has
 
been
 
a
 
special
 
characteristic
 
of
 
grid
operations
 
in
 
recent
 
years.
 
The
 
new
 
tasks
 
include
 
the
 
changes
 
required
 
by
 
the
 
European
 
network
 
codes
 
and
 
the
 
costs
 
for
 
developing
 
these
 
tasks
and
 
developing
 
the
 
Nordic
 
imbalance
 
settlement
 
and
 
the
 
related
 
markets.
 
Some
 
of
 
the
 
new
 
tasks
 
and
 
responsibilities
 
are
 
assigned
 
to
 
Fingrid
 
by
law,
 
which
 
means
 
the
 
company
 
must
 
increasingly
 
develop
 
and
 
back
 
up
 
its
 
operations.
 
The
 
cost
 
factors
 
also
 
include
 
the
 
expansion
 
and
 
increased
complexity
 
of
 
the
 
electricity
 
system,
 
society’s
 
increasing
 
dependency
 
on
 
the
 
electricity
 
system
 
and
 
needs
 
related
 
to
 
information
 
security,
 
as
 
well
 
as
the
 
preparation
 
and
 
implementation
 
of
 
the
 
company’s
 
extensive
 
investment
 
programme.
 
Fingrid
 
continues
 
to
 
be
 
one
 
of
 
the
 
most
 
cost-effective
TSOs
 
in
 
the
 
world
 
in
 
international
 
benchmark
 
studies.
 
Another
 
indication
 
of
 
high
 
productivity
 
is
 
the
 
fact
 
that
 
the
 
company
 
has
 
been
 
able
 
to
 
respond
to
 
the
 
rapid
 
change
 
in
 
the
 
operating
 
environment
 
and
 
the
 
expansion
 
of
 
the
 
power
 
system.
 
The
 
most
 
significant
 
cost
 
items
 
are
 
the
 
imbalance
 
power
procurement,
 
reserve
 
costs
 
and
 
loss
 
power
 
costs.
Reserves
 
are
 
needed
 
to
 
maintain
 
the
 
grid’s
 
frequency
 
and
 
system
 
security.
 
Reserve
 
obligations
 
are
 
determined
 
on
 
the
 
Nordic
 
level
 
for
 
the
 
TSOs.
The
 
electricity
 
market
 
participants
 
plan
 
in
 
advance
 
the
 
balance
 
of
 
their
 
consumption
 
and
 
production,
 
but
 
the
 
balancing
 
of
 
deviations
 
during
 
the
delivery
 
hour
 
requires
 
reserves,
 
which
 
Fingrid
 
acquires
 
from
 
the
 
markets
 
it
 
maintains.
 
Reserves
 
refer
 
to
 
power
 
plants,
 
demand
 
facilities
 
and
 
energy
storage
 
facilities,
 
which
 
are
 
able
 
to
 
adjust
 
their
 
electric
 
power
 
as
 
needed.
 
There
 
are
 
many
 
types
 
of
 
reserves,
 
and
 
they
 
are
 
divided
 
up
 
based
 
on
 
their
purpose.
 
Loss
 
power
 
costs
 
arise
 
based
 
on
 
transmission
 
losses
 
in
 
the
 
main
 
grid
 
and
 
the
 
price
 
of
 
electricity.
 
The
 
company
 
hedges
 
against
 
the
 
cost
 
of
 
procuring
loss
 
power
 
with
 
derivatives.
 
Information
 
on
 
loss
 
power
 
costs
 
can
 
be
 
found
 
in
 
chapter
 
4.7.
The
 
Group’s
 
R&D
 
costs
 
in
 
2024
 
amounted
 
to
 
EUR
 
3.1
 
(2.4)
 
million.
 
 
 
 
 
6.
 
MATERIALS
 
AND
 
SERVICES,
 
€1,000
2024
2023
Purchase
 
of
 
imbalance
 
power
457,392
491,072
Cost
 
of
 
reserves
217,645
185,243
Loss
 
power
 
costs
81,099
75,204
Maintenance
 
management
 
costs
39,832
21,081
ITC
 
costs
18,650
20,734
 
 
 
 
 
 
125
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
 
 
 
 
Costs
 
from
 
transmission
 
rights
85,523
96,158
Change
 
in
 
inventories
-1,424
-406
Other
 
materials
 
and
 
services
33,456
25,543
Total
932,173
914,628
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7.
 
OTHER
 
OPERATING
 
EXPENSES,
 
€1,000
2024
2023
Gains/losses
 
from
 
measuring
 
derivatives
 
at
 
fair
 
value
38,469
185,088
ICT
 
expenses
36,016
27,826
Administrative
 
expenses
7,695
5,402
Facility
 
expenses
2,699
2,536
Voluntary
 
personnel
 
expenses
2,049
2,426
Other
 
expenses
6,759
7,914
Total
93,688
231,192
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Auditors'
 
fees
2024
2023
PricewaterhouseCoopers
 
Oy
Auditing
 
fee
195
Other
 
fees
77
KPMG
 
Oy
Auditing
 
fee
119
Other
 
fees
176
Total
295
272
Auditors'
 
fees
 
are
 
included
 
in
 
other
 
operating
 
expenses.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8.
 
TRADE
 
PAYABLES
 
AND
 
OTHER
 
LIABILITIES,
 
€1,000
2024
2023
Non-current:
Accruals:
 
congestion
 
income*
429,919
387,081
Other
 
accruals
143,596
120,826
Total
573,514
507,907
Current:
 
Trade
 
payables
37,749
60,026
Debts
 
to
 
associated
 
companies
-
353
Interest
 
payable
21,147
14,418
Value
 
added
 
tax
6,368
637
Electricity
 
tax
505
777
Accruals
447,286
626,561
Other
 
debt
1,565
1,445
Total
514,620
704,217
Total
1,088,135
1,212,124
Essential
 
items
 
included
 
in
 
short-term
 
liabilities
2024
2023
Personnel
 
expenses
11,618
10,691
Accruals
 
of
 
sales
 
and
 
purchases
23,726
26,057
Tax
 
liabilities
28
1,163
Congestion
 
income*
411,914
588,650
Total
447,286
626,561
*Information
 
on
 
the
 
accrual
 
and
 
use
 
of
 
congestion
 
income
 
can
 
be
 
found
 
in
chapter
 
5.1.
 
 
 
 
 
 
 
doc1p126i0
126
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Credit
 
risk
 
in
 
purchasing
The
 
heads
 
of
 
functions
 
are
 
responsible
 
for
 
managing
 
the
 
counterparty
 
risks
 
related
 
to
 
the
 
company’s
 
service
 
and
 
equipment
 
suppliers.
 
The
procurement
 
policy
 
and
 
guidelines,
 
and
 
separate
 
instructions
 
set
 
out
 
the
 
guarantees
 
and
 
financial
 
eligibility
 
criteria
 
required
 
of
 
Fingrid’s
 
suppliers
and
 
their
 
monitoring.
General
 
procurement
 
principles
 
The
 
Group
 
follows
 
three
 
alternative
 
procurement
 
methods
 
when
 
purchasing
 
goods
 
or
 
services.
 
When
 
the
 
value
 
of
 
the
 
purchase
 
is
 
less
 
than
 
60,000
euros
 
and
 
the
 
benefits
 
of
 
a
 
competitive
 
tender
 
are
 
smaller
 
than
 
the
 
costs
 
of
 
the
 
purchase,
 
the
 
purchase
 
can
 
be
 
executed
 
without
 
a
 
competitive
tender
 
or
 
it
 
can
 
be
 
executed
 
through
 
an
 
oral
 
request.
 
A
 
written
 
order
 
or
 
purchasing
 
agreement
 
is
 
always
 
drawn
 
up.
 
When
 
the
 
estimated
 
value
 
of
 
the
procurement
 
exceeds
 
60,000
 
euros
 
but
 
is
 
below
 
the
 
threshold
 
values
 
applied
 
to
 
public
 
procurements,
 
the
 
procurement
 
is
 
subject
 
to
 
competitive
bidding
 
by
 
requesting
 
written
 
bids
 
from
 
the
 
supplier
 
candidates.
 
When
 
the
 
public
 
procurement
 
threshold
 
values
 
that
 
apply
 
to
 
Fingrid
 
(in
 
2024:
 
EUR
443,000
 
for
 
goods
 
and
 
services,
 
EUR
 
5,538,000
 
for
 
construction
 
projects,
 
EUR
 
443,000
 
for
 
design
 
competitions
 
and
 
EUR
 
5,538,000
 
for
 
right-of-use
agreements)
 
are
 
exceeded,
 
the
 
company
 
follows
 
the
 
public
 
procurement
 
legislation
 
applied
 
to
 
special
 
sectors.
4.6
 
Inventories
Fingrid
 
prepares
 
for
 
outages
 
by
 
owning
 
and
 
maintaining
 
reserve
 
power
 
plants.
 
The
 
inventories
 
contain
 
fuel
 
for
 
reserve
 
power
 
plants,
 
spare
 
parts
 
for
submarine
 
cables,
 
back-up
 
equipment
 
and
 
parts
 
for
 
substations,
 
and
 
repair
 
equipment
 
for
 
transmission
 
lines.
 
The
 
aim
 
of
 
stockpiling
 
is
 
to
 
achieve
sufficient
 
preparedness
 
at
 
the
 
substations
 
and
 
on
 
the
 
transmission
 
lines
 
owned
 
by
 
Fingrid
 
in
 
case
 
of
 
faults
 
and
 
events
 
possibly
 
occurring
 
during
times
 
of
 
crisis.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9.
 
INVENTORIES,
 
€1,000
2024
2023
Materials
 
and
 
consumables
Material
 
stocks
11,995
10,399
Fuel
 
stocks
8,534
8,705
Total
20,529
19,104
 
 
 
 
 
 
 
 
 
 
Accounting
 
principles
Inventories
Inventories
 
are
 
measured
 
at
 
the
 
lower
 
of
 
acquisition
 
cost
 
or
 
net
 
realisable
 
value.
 
The
 
acquisition
 
cost
 
is
 
determined
 
using
 
the
 
FIFO
 
principle.
 
The
net
 
realisable
 
value
 
is
 
the
 
estimated
 
market
 
price
 
in
 
normal
 
business
 
reduced
 
by
 
the
 
estimated
 
future
 
costs
 
of
 
completing
 
and
 
estimated
 
costs
required
 
by
 
sale.
 
Inventories
 
consist
 
of
 
material
 
and
 
fuel
 
inventories.
4.7
 
 
Management
 
of
 
commodity
 
risks
The
 
company
 
is
 
exposed
 
to
 
electricity
 
price
 
and
 
volume
 
risk
 
through
 
transmission
 
losses
 
so
 
that
 
the
 
company
 
must
 
acquire
 
so-called
 
loss
 
power
 
in
an
 
amount
 
corresponding
 
to
 
the
 
electricity
 
transmission
 
losses.
 
A
 
deviation
 
from
 
the
 
predicted
 
loss
 
power
 
costs
 
can
 
result
 
in
 
a
 
deviation
 
in
 
the
company’s
 
turnover
 
and
 
operating
 
profit.
 
This
 
can
 
be
 
a
 
surplus
 
or
 
deficit
 
in
 
relation
 
to
 
the
 
allowed
 
reasonable
 
return
 
for
 
the
 
year
 
in
 
question.
 
The
company
 
will
 
aim
 
to
 
offset
 
this
 
during
 
the
 
regulatory
 
period.
Loss
 
power
 
purchases
 
and
 
the
 
price
 
hedging
 
thereof
 
are
 
based
 
on
 
the
 
Corporate
 
Finance
 
Principles
 
approved
 
by
 
the
 
Board
 
of
 
Directors.
 
The
physical
 
loss
 
power
 
is
 
procured
 
from
 
the
 
NordPool
 
power
 
exchange
 
at
 
the
 
day’s
 
market
 
price.
 
The
 
price
 
risk
 
of
 
loss
 
power
 
procurement
 
is
 
hedged
with
 
electricity
 
derivatives.
 
The
 
purpose
 
of
 
price
 
hedging
 
is
 
to
 
reduce
 
the
 
impact
 
of
 
market
 
price
 
volatility
 
and
 
enable
 
sufficient
 
predictability
 
for
 
loss
power
 
cost.
 
The
 
hedging
 
service
 
is
 
outsourced
 
to
 
an
 
external
 
portfolio
 
manager
 
who
 
decides
 
on
 
the
 
implementation
 
and
 
timing
 
of
 
the
 
hedge
according
 
to
 
the
 
specifications
 
of
 
the
 
loss
 
power
 
policy
 
and
 
the
 
given
 
instructions.
 
The
 
portfolio
 
manager
 
implements
 
the
 
hedge
 
with
 
an
 
OTC
counterparty
 
either
 
directly
 
or
 
via
 
the
 
power
 
exchange.
 
The
 
purchase
 
price
 
of
 
loss
 
power
 
is
 
hedged
 
using
 
derivatives
 
such
 
that
 
the
 
hedge
 
horizon
 
is
four
 
years
 
at
 
maximum.
 
The
 
price
 
hedging
 
is
 
implemented
 
with
 
listed
 
futures
 
and
 
forward
 
contracts,
 
including
 
OTC
 
forwards,
 
which
 
did
 
not
 
include
collateral
 
requirements
 
in
 
2024.
 
The
 
counterparty
 
risk
 
of
 
bilateral
 
contracts
 
is
 
managed
 
with
 
counterparty-specific
 
limits.
 
Commodity
 
risks
 
other
 
than
 
those
 
related
 
to
 
loss
 
energy
 
purchases
 
arise
 
if
 
the
 
company
 
enters
 
into
 
purchasing
 
agreements
 
in
 
which
 
the
 
price
 
of
 
the
underlying
 
commodity
 
influences
 
the
 
final
 
price
 
of
 
the
 
investment
 
commodity
 
(commodity
 
price
 
risk).
 
The
 
company
 
uses
 
derivatives
 
to
 
hedge
against
 
commodity
 
price
 
risks
 
to
 
the
 
extent
 
that
 
the
 
hedging
 
instruments
 
of
 
the
 
risk
 
in
 
question
 
are
 
cost-effectively
 
available
 
and
 
the
 
risk
 
cannot
otherwise
 
be
 
hedged.
A
 
summary
 
of
 
the
 
derivatives
 
is
 
presented
 
in
 
Note
 
24.
 
 
 
 
 
 
 
doc1p127i0
127
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
4.8
 
Personnel
 
-
 
the
 
cornerstone
 
of
 
our
 
operations
Fingrid
 
Oyj
 
employed
 
597
 
(544)
 
persons,
 
including
 
temporary
 
employees,
 
at
 
the
 
end
 
of
 
the
 
year.
 
The
 
number
 
of
 
permanent
 
personnel
 
was
 
534
(493).
 
Of
 
the
 
personnel
 
employed
 
by
 
the
 
company,
 
27
 
(26)
 
per
 
cent
 
were
 
women
 
and
 
73
 
(74)
 
per
 
cent
 
were
 
men.
 
The
 
average
 
age
 
of
 
the
 
personnel
was
 
42
 
(43).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10.
 
PERSONNEL
 
EXPENSES,
 
€1,000
2024
2023
Salaries
 
and
 
bonuses
40,065
35,828
Pension
 
expenses
 
-
 
contribution-based
 
schemes
6,590
5,751
Other
 
additional
 
personnel
 
expenses
981
1,204
Total
47,636
42,782
Personnel
 
costs
 
amounted
 
to
 
EUR
 
52.2
 
(46.8)
 
million,
 
of
 
which
 
EUR
 
4.6
 
(4.1)
 
million
 
was
 
capitalised
 
to
 
investment
 
projects.
In
 
2024,
 
the
 
Group
 
applied
 
a
 
remuneration
 
system
 
for
 
senior
 
management;
 
the
 
general
 
principles
 
of
 
the
 
system
 
were
 
accepted
 
by
 
the
 
Board
 
of
Directors
 
of
 
Fingrid
 
Oyj
 
on
 
20
 
December
 
2023.
 
The
 
total
 
remuneration
 
of
 
the
 
President
 
&
 
CEO
 
and
 
the
 
members
 
of
 
the
 
Executive
 
Management
Group
 
consists
 
of
 
a
 
fixed
 
total
 
salary,
 
a
 
one-year
 
bonus
 
scheme,
 
and
 
a
 
three-year
 
long-term
 
incentive
 
scheme.
 
The
 
maximum
 
amount
 
of
 
the
 
one-
year
 
bonus
 
scheme
 
payable
 
to
 
the
 
CEO
 
was
 
40
 
per
 
cent
 
of
 
the
 
annual
 
salary
 
and
 
to
 
the
 
other
 
members
 
of
 
the
 
executive
 
management
 
group
 
25
 
per
cent
 
of
 
the
 
annual
 
salary.
 
The
 
maximum
 
amount
 
of
 
the
 
annual
 
long-term
 
incentive
 
scheme
 
payable
 
to
 
the
 
CEO
 
was
 
40
 
per
 
cent
 
and
 
to
 
the
 
other
members
 
of
 
the
 
executive
 
management
 
group
 
30
 
per
 
cent.
The
 
Group
 
currently
 
has
 
contribution-based
 
pension
 
schemes
 
only.
 
The
 
pension
 
security
 
of
 
the
 
Group's
 
personnel
 
is
 
arranged
 
by
 
an
 
external
pension
 
insurance
 
company.
 
Pension
 
premiums
 
paid
 
for
 
contribution-based
 
schemes
 
are
 
recognised
 
as
 
an
 
expense
 
in
 
the
 
income
 
statement
 
in
 
the
year
 
to
 
which
 
they
 
relate.
 
In
 
contribution-based
 
schemes,
 
the
 
Group
 
has
 
no
 
legal
 
or
 
factual
 
obligation
 
to
 
pay
 
additional
 
premiums
 
if
 
the
 
party
receiving
 
the
 
premiums
 
is
 
unable
 
to
 
pay
 
the
 
pension
 
benefits.
NUMBER
 
OF
 
SALARIED
 
EMPLOYEES
 
IN
 
THE
 
COMPANY
 
DURING
THE
 
FINANCIAL
 
YEAR:
2024
2023
Personnel,
 
average
588
517
Personnel,
 
31
 
Dec
597
544
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting
 
principles
Employee
 
benefits
Pension
 
obligations
The
 
company
 
has
 
only
 
defined
 
contribution-based
 
pension
 
schemes.
 
A
 
defined
 
contribution-based
 
pension
 
arrangement
 
refers
 
to
 
a
 
pension
scheme
 
according
 
to
 
which
 
fixed
 
contributions
 
are
 
paid
 
into
 
a
 
separate
 
entity,
 
and
 
the
 
Group
 
bears
 
no
 
legal
 
or
 
actual
 
obligation
 
to
 
make
 
additional
contributions
 
if
 
the
 
fund
 
does
 
not
 
contain
 
sufficient
 
funds
 
to
 
pay
 
out
 
benefits
 
based
 
on
 
work
 
performed
 
during
 
current
 
and
 
previous
 
financial
 
periods
to
 
all
 
employees.
 
Under
 
defined
 
contribution-based
 
pension
 
schemes,
 
the
 
Group
 
pays
 
mandatory,
 
contractual
 
or
 
voluntary
 
contributions
 
into
publicly
 
or
 
privately
 
managed
 
pension
 
insurance
 
policies.
 
The
 
Group
 
has
 
no
 
other
 
contribution
 
obligations
 
in
 
addition
 
to
 
those
 
payments.
 
The
payments
 
are
 
entered
 
as
 
personnel
 
costs
 
when
 
they
 
fall
 
due.
 
Advance
 
payments
 
are
 
entered
 
in
 
the
 
balance
 
sheet
 
as
 
assets
 
insofar
 
as
 
they
 
are
recoverable
 
as
 
refunds
 
or
 
deductions
 
from
 
future
 
payments.
4.9
 
Taxes
The
 
company
 
will
 
pay
 
its
 
income
 
taxes
 
in
 
accordance
 
with
 
the
 
underlying
 
tax
 
rate,
 
without
 
special
 
tax
 
arrangements.
 
Income
 
taxes
 
consist
 
of
 
direct
taxes
 
and
 
the
 
change
 
in
 
deferred
 
tax:
 
EUR
 
-34.4
 
(-30.4)
 
million
 
and
 
EUR
 
-2.8
 
(30.2)
 
million
 
respectively.
 
Fingrid’s
 
effective
 
tax
 
rate
 
is
 
essentially
comparable
 
to
 
Finland’s
 
corporate
 
tax
 
rate
 
of
 
20
 
%,
 
taking
 
into
 
account
 
Fingrid’s
 
share
 
of
 
the
 
associated
 
company’s
 
revenue.
 
 
11.
 
DEFERRED
 
TAX
 
ASSETS
 
AND
 
LIABILITIES,
 
€
 
1,000
 
Changes
 
in
 
deferred
 
taxes
 
in
 
2024:
 
 
 
 
doc1p128i0
128
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred
 
tax
 
assets
31
 
Dec
2023
Recorded
 
in
 
income
 
statement
 
at
 
profit
 
or
 
loss
31
 
Dec
2024
Provisions
574
-3
571
Trade
 
payables
 
and
 
other
 
liabilities
1,883
-830
1,053
Losses
 
confirmed
 
in
 
taxation
1,068
-133
934
Derivative
 
instruments
4,214
3,549
7,764
Congestion
 
income
19,714
556
20,271
Connection
 
fees
 
(IFRS
 
15)
23,749
6,588
30,337
Lease
 
liabilities
 
(IFRS
 
16)
246
10,025
10,271
Property,
 
plant
 
and
 
equipment,
 
tangible
 
and
 
intangible
 
assets
64
-27
36
Total
51,513
19,725
71,237
Deferred
 
tax
 
liabilities
Accumulated
 
depreciations
 
difference
-61,479
-12,340
-73,819
Property,
 
plant
 
and
 
equipment,
 
tangible
 
and
 
intangible
 
assets
-35,478
-3,385
-38,863
Other
 
receivables
316
-1,340
-1,024
Right-of-use-assets
 
(IFRS
 
16)
-
-9,958
-9,958
Other
 
financial
 
assets
-1,102
-727
-1,829
Borrowings
-1,568
713
-855
Derivative
 
instruments
-7,673
4,517
-3,156
Total
-106,984
-22,520
-129,504
Changes
 
in
 
deferred
 
taxes
 
in
 
2023:
Deferred
 
tax
 
assets
31
 
Dec
2022
Recorded
 
in
 
income
 
statement
 
at
 
profit
 
or
 
loss
31
 
Dec
2023
Provisions
624
-50
574
Trade
 
payables
 
and
 
other
 
liabilities
1,928
-45
1,883
Losses
 
confirmed
 
in
 
taxation
1,679
-611
1,068
Derivative
 
instruments
4,870
-655
4,214
Congestion
 
income
24,728
-5,014
19,714
Connection
 
fees
 
(IFRS
 
15)
16,503
7,246
23,749
Lease
 
liabilities
 
(IFRS
 
16)
208
39
246
Property,
 
plant
 
and
 
equipment,
 
tangible
 
and
 
intangible
 
assets
91
-27
64
Total
50,631
882
51,513
Deferred
 
tax
 
liabilities
Accumulated
 
depreciations
 
difference
-55,779
-5,700
-61,479
Property,
 
plant
 
and
 
equipment,
 
tangible
 
and
 
intangible
 
assets
-33,740
-1,738
-35,478
Other
 
receivables
987
-672
316
Other
 
financial
 
assets
-139
-963
-1,102
Borrowings
-1,613
45
-1,568
Derivative
 
instruments
-45,976
38,304
-7,673
Total
-136,260
29,276
-106,984
 
 
 
 
 
 
 
 
Accounting
 
principles
Income
 
taxes
Taxes
 
presented
 
in
 
the
 
consolidated
 
income
 
statement
 
include
 
the
 
Group
 
companies’
 
accrual
 
taxes
 
for
 
the
 
profit
 
of
 
the
 
financial
 
year,
 
tax
adjustments
 
from
 
previous
 
financial
 
years
 
and
 
changes
 
in
 
deferred
 
taxes.
 
Deferred
 
taxes
 
are
 
recorded
 
in
 
accordance
 
with
 
Finland’s
 
statutory
129
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
corporate
 
tax
 
rate
 
of
 
20%.
 
Taxes
 
are
 
recognised
 
in
 
the
 
income
 
statement
 
unless
 
they
 
are
 
linked
 
with
 
other
 
comprehensive
 
income,
 
in
 
which
 
case
the
 
tax
 
is
 
also
 
recognised
 
in
 
other
 
comprehensive
 
income.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred
 
tax
 
assets
 
and
 
liabilities
 
are
 
recognised
 
on
 
all
 
temporary
 
differences
 
between
 
the
 
tax
 
values
 
of
 
asset
 
and
 
liability
 
items
 
and
 
their
 
carrying
amounts
 
using
 
the
 
liability
 
method.
 
Deferred
 
tax
 
is
 
recognised
 
using
 
tax
 
rates
 
valid
 
up
 
until
 
the
 
closing
 
date.
 
The
 
deferred
 
tax
 
liabilities
 
arising
 
from
the
 
original
 
recognition
 
of
 
goodwill
 
will
 
not
 
be
 
recognised,
 
however.
 
Deferred
 
tax
 
liabilities
 
will
 
also
 
not
 
be
 
recognised
 
if
 
they
 
are
 
caused
 
by
 
the
original
 
recognition
 
of
 
the
 
asset
 
or
 
liability
 
and
 
the
 
item
 
is
 
not
 
related
 
to
 
a
 
merger
 
and
 
the
 
transaction
 
will
 
not
 
affect
 
the
 
accounting
 
totals
 
or
 
the
taxable
 
revenue
 
during
 
its
 
implementation.
 
The
 
deferred
 
tax
 
assets
 
are
 
shown
 
as
 
non-current
 
receivables
 
and
 
deferred
 
tax
 
liabilities
correspondingly
 
as
 
non-current
 
liabilities.
The
 
largest
 
temporary
 
differences
 
result
 
from
 
the
 
property,
 
plant
 
and
 
equipment
 
depreciation
 
difference,
 
depreciations,
 
financial
 
instruments,
recognition
 
of
 
connection
 
fees,
 
and
 
from
 
the
 
use
 
of
 
congestion
 
income
 
for
 
capital
 
expenditure.
 
The
 
deferred
 
tax
 
asset
 
from
 
temporary
 
differences
 
is
recognised
 
up
 
to
 
an
 
amount
 
which
 
can
 
likely
 
be
 
utilised
 
against
 
future
 
taxable
 
income.
 
 
 
 
 
 
 
 
 
 
 
 
 
doc1p130i0
130
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
5
 
LONG-TERM
 
INVESTOR
•
Chapter
 
five
 
focusses
 
on
 
Fingrid’s
 
assets,
 
and
 
above
 
all,
 
the
 
most
 
important
 
ones:
 
grid
 
assets
 
and
 
factors
 
affecting
 
them.
•
The
 
chapter
 
takes
 
a
 
look
 
at
 
the
 
company’s
 
goodwill
 
and
 
provides
 
a
 
description
 
of
 
other
 
property,
 
plant
 
and
 
equipment,
 
and
intangible
 
assets.
5.1
 
Grid
 
assets
The
 
company’s
 
total
 
capital
 
expenditure
 
in
 
2024
 
amounted
 
to
 
EUR
 
520.9
 
(322.0)
 
million.
 
This
 
included
 
a
 
total
 
of
 
EUR
 
491.8
 
(303.8)
 
million
 
invested
in
 
the
 
transmission
 
grid
 
and
 
EUR
 
8.3
 
(2.8)
 
million
 
for
 
reserve
 
power.
 
ICT
 
investments
 
amounted
 
to
 
EUR
 
20.8
 
(15.4)
 
million.
 
A
 
total
 
of
 
EUR
 
3.1
 
(2.4)
million
 
was
 
used
 
for
 
R&D
 
projects
 
during
 
the
 
year
 
under
 
review.
 
In
 
2024,
 
Fingrid
 
completed
 
25
 
power
 
system
 
substations
 
and
 
331
 
kilometres
 
of
transmission
 
lines.
Grid
 
assets
 
are
 
recognised
 
at
 
fair
 
value
 
for
 
the
 
purposes
 
of
 
the
 
company’s
 
regulatory
 
balance
 
sheet.
 
The
 
regulatory
 
fair
 
value
 
of
 
the
 
transmission
network
 
assets
 
(adjusted
 
replacement
 
cost)
 
is
 
calculated
 
by
 
adding
 
up
 
the
 
adjusted
 
replacement
 
costs
 
for
 
each
 
grid
 
component;
 
these
 
are
calculated
 
by
 
multiplying
 
the
 
unit
 
price
 
specified
 
by
 
the
 
Energy
 
Authority
 
with
 
the
 
number
 
of
 
grid
 
components.
 
When
 
calculating
 
the
 
fair
 
value
 
of
 
the
main
 
grid
 
in
 
2024,
 
the
 
unit
 
prices
 
from
 
2022
 
are
 
used
 
for
 
grid
 
components
 
completed
 
before
 
2024,
 
as
 
per
 
the
 
regulatory
 
method.
 
For
 
grid
components
 
completed
 
in
 
2024,
 
the
 
company
 
uses
 
an
 
estimate
 
of
 
the
 
unit
 
prices
 
for
 
the
 
grid
 
components
 
for
 
the
 
regulatory
 
period
 
2024–2027,
which
 
will
 
be
 
confirmed
 
later
 
during
 
the
 
regulatory
 
period.
 
The
 
adjusted
 
present
 
value
 
in
 
use
 
for
 
a
 
grid
 
component
 
is
 
calculated
 
based
 
on
 
the
adjusted
 
replacement
 
cost,
 
using
 
the
 
useful
 
life
 
and
 
mean
 
lifetime
 
data
 
of
 
the
 
grid
 
component.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Congestion
 
income
Congestion
 
income
 
is
 
generated
 
because
 
of
 
an
 
insufficient
 
transmission
 
capacity
 
between
 
the
 
bidding
 
zones
 
of
 
an
 
electricity
 
exchange.
 
In
 
such
cases,
 
the
 
bidding
 
zones
 
become
 
separate
 
price
 
areas,
 
and
 
the
 
transmission
 
link
 
joining
 
them
 
generates
 
congestion
 
income
 
in
 
the
 
electricity
exchange
 
as
 
follows:
 
congestion
 
income
 
[€/h]
 
=
 
transmission
 
volume
 
in
 
the
 
day-ahead
 
markets
 
[MW]
 
*
 
area
 
price
 
difference
 
[€/MWh].
 
The
 
basis
 
for
this
 
is
 
that
 
a
 
seller
 
operating
 
in
 
a
 
lower
 
priced
 
area
 
receives
 
less
 
for
 
their
 
power
 
than
 
what
 
a
 
buyer
 
pays
 
for
 
it
 
in
 
a
 
higher
 
priced
 
area.
 
The
 
additional
income
 
caused
 
by
 
this
 
price
 
difference,
 
i.e.
 
congestion
 
income,
 
remains
 
in
 
the
 
electricity
 
exchange,
 
which
 
then
 
pays
 
the
 
income
 
to
 
the
 
TSOs
 
as
 
per
the
 
contractual
 
terms.
 
Finland
 
is
 
a
 
single
 
price
 
area
 
and
 
congestion
 
income
 
is
 
not
 
generated
 
from
 
the
 
internal
 
transmission
 
connections.
 
The
congestion
 
income
 
received
 
by
 
a
 
grid
 
owner
 
must
 
be
 
used
 
for
 
the
 
purposes
 
stated
 
in
 
EU
 
Regulation
 
2019/943,
 
Article
 
19:
 
guaranteeing
 
the
 
actual
availability
 
of
 
the
 
allocated
 
capacity,
 
maintaining
 
or
 
increasing
 
interconnection
 
capacities
 
through
 
network
 
investments,
 
covering
 
the
 
costs
 
of
maintaining
 
said
 
capacity,
 
and
 
recognising
 
congestion
 
income
 
in
 
the
 
company’s
 
turnover.
 
The
 
long-term
 
transmission
 
rights
 
(LTTR)
 
adopted
 
between
 
Finland
 
and
 
Estonia
 
are
 
Financial
 
Transmission
 
Rights
 
(FTR)
 
from
 
Finland
 
to
 
Estonia,
which
 
are
 
issued
 
by
 
the
 
transmission
 
system
 
operators
 
and
 
cleared
 
financially.
 
The
 
underlying
 
asset
 
of
 
FTRs
 
is
 
the
 
price
 
difference
 
between
 
the
Finnish
 
and
 
Estonian
 
price
 
areas.
 
The
 
FTRs
 
are
 
offered
 
as
 
yearly
 
and
 
monthly
 
products
 
and
 
cover
 
roughly
 
two
 
thirds
 
of
 
the
 
electricity
 
transmission
capacity
 
between
 
Finland
 
and
 
Estonia.
 
The
 
owner
 
of
 
an
 
FTR
 
is
 
entitled
 
to
 
receive
 
a
 
payment
 
when
 
the
 
price
 
difference
 
is
 
positive
 
in
 
the
 
agreed
transmission
 
direction.
 
This
 
payment
 
to
 
the
 
FTR
 
holder
 
is
 
included
 
in
 
the
 
costs
 
to
 
be
 
covered
 
by
 
Fingrid’s
 
congestion
 
income.
 
The
 
FTRs
 
are
distributed
 
to
 
the
 
buyers
 
in
 
an
 
auction
 
on
 
the
 
pan-European
 
trading
 
platform,
 
which
 
determines
 
the
 
price
 
according
 
to
 
the
 
margin
 
pricing
 
principle,
 
at
the
 
point
 
where
 
demand
 
and
 
supply
 
meet.
 
The
 
auction
 
prices
 
paid
 
for
 
FTRs
 
are
 
included
 
in
 
the
 
congestion
 
income
 
accrued
 
to
 
Fingrid.
 
In
 
Europe,
the
 
Joint
 
Allocation
 
Office
 
(JAO)
 
is
 
responsible
 
for
 
arranging
 
the
 
auctions
 
and
 
maintaining
 
the
 
trading
 
platform.
 
 
 
 
 
12.
 
CONGESTION
 
INCOME,
 
€1,000
2024
2023
Unused
 
on
 
1
 
Jan
975.7
1,063.7
Accumulated
 
congestion
 
income
327.5
317.0
Incomes
 
matching
 
congestion
 
income
301.0
284.7
Expenses
 
matching
 
congestion
 
income
44.5
21.8
Allocated
 
to
 
transmission
 
right
 
compensations
85.5
96.2
Investments
 
matching
 
congestion
 
income
30.4
2.3
Unused
 
on
 
31
 
Dec
841.8
975.7
Fingrid’s
 
congestion
 
income
 
from
 
cross-border
 
transmission
 
links
 
totalled
 
EUR
 
327.5
 
(317.0)
 
million.
 
EUR
 
841.8
 
(975.7)
 
million
 
in
 
congestion
income
 
remains
 
unused
 
and
 
will
 
be
 
used
 
for
 
future
 
cross-border
 
transmission
 
capacity
 
investments
 
to
 
improve
 
the
 
effectiveness
 
of
 
the
 
electricity
market
 
and
 
to
 
cover
 
costs
 
related
 
to
 
cross-border
 
transmission
 
and
 
the
 
operations
 
of
 
the
 
electricity
 
markets;
 
it
 
will
 
also
 
be
 
recognised
 
in
 
the
company’s
 
turnover
 
to
 
the
 
benefit
 
of
 
customers.
 
The
 
congestion
 
income
 
accrued
 
to
 
Fingrid
 
was
 
lower
 
than
 
the
 
congestion
 
income
 
used,
 
which
decreased
 
the
 
amount
 
of
 
accrued
 
congestion
 
income
 
on
 
the
 
balance
 
sheet.
 
The
 
majority
 
of
 
the
 
accrued
 
unused
 
congestion
 
income
 
was
 
generated
during
 
the
 
exceptional
 
energy
 
market
 
conditions
 
of
 
2022.
 
Unused
 
congestion
 
income
 
is
 
included
 
in
 
the
 
company’s
 
financial
 
assets
 
and,
 
in
 
line
 
with
the
 
Treasury
 
Policy,
 
mainly
 
invested
 
in
 
low-risk
 
fixed
 
income
 
instruments
 
and
 
used
 
for
 
meeting
 
the
 
company’s
 
short-term
 
financial
 
needs.
 
The
Energy
 
Authority
 
decides
 
in
 
its
 
regulatory
 
decision
 
for
 
the
 
regulatory
 
period
 
on
 
the
 
use
 
of
 
the
 
congestion
 
income
 
received
 
by
 
Fingrid
 
in
 
line
 
with
 
EU
regulation.
 
The
 
Energy
 
Authority
 
annually
 
provides
 
guidance
 
on
 
the
 
use
 
of
 
congestion
 
income
 
for
 
each
 
year
 
in
 
its
 
regulatory
 
letter.
 
 
 
 
 
 
 
doc1p131i0
131
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting
 
principles
Congestion
 
income
The
 
congestion
 
income
 
is
 
included
 
as
 
accruals
 
in
 
the
 
item
 
Other
 
liabilities
 
in
 
the
 
balance
 
sheet.
 
Of
 
accruals,
 
congestion
 
income
 
is
 
recognised
 
in
 
the
income
 
statement
 
in
 
other
 
operating
 
income
 
in
 
compliance
 
with
 
the
 
accrual
 
of
 
costs
 
defined
 
in
 
regulation
 
and
 
in
 
turnover
 
to
 
the
 
extent
 
that
congestion
 
income
 
can
 
be
 
directly
 
recognised
 
for
 
the
 
benefit
 
of
 
grid
 
customers.
 
Alternatively,
 
they
 
are
 
entered
 
in
 
the
 
balance
 
sheet
 
against
investments,
 
as
 
defined
 
by
 
regulation,
 
to
 
lower
 
the
 
acquisition
 
cost
 
of
 
property,
 
plant
 
and
 
equipment,
 
which
 
lowers
 
the
 
depreciation
 
of
 
the
 
property,
plant
 
and
 
equipment
 
in
 
question.
 
Fingrid
 
reports
 
the
 
share
 
of
 
congestion
 
income
 
to
 
be
 
used
 
during
 
the
 
next
 
year
 
in
 
short-term
 
liabilities.
 
The
 
Energy
Authority’s
 
regulatory
 
letters
 
during
 
the
 
regulatory
 
period
 
guide
 
the
 
use
 
of
 
congestion
 
income.
 
The
 
Energy
 
Authority
 
issues
 
a
 
decision
 
on
 
the
 
use
 
of
congestion
 
income
 
as
 
part
 
of
 
its
 
supervisory
 
decision
 
on
 
the
 
reasonable
 
return.
 
 
 
 
 
 
Public
 
contributions
Public
 
contributions
 
received
 
from
 
the
 
EU
 
or
 
other
 
parties
 
related
 
to
 
property,
 
plant
 
and
 
equipment
 
are
 
deducted
 
from
 
the
 
acquisition
 
cost
 
of
 
the
item,
 
and
 
the
 
contributions
 
consequently
 
reduce
 
the
 
depreciation
 
made
 
on
 
the
 
item.
 
Other
 
contributions
 
are
 
distributed
 
as
 
income
 
over
 
those
periods
 
when
 
costs
 
linked
 
with
 
the
 
contributions
 
arise.
 
Other
 
contributions
 
received
 
are
 
presented
 
in
 
other
 
operating
 
income.
5.2
 
Tangible
 
and
 
intangible
 
assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13.
 
PROPERTY,
 
PLANT
 
AND
 
EQUIPMENT,
 
€
 
1,000
 
2024
2023
Land
 
and
 
water
 
areas
Cost
 
at
 
1
 
Jan
24,142
21,390
Increases
 
1
 
Jan–31
 
Dec
1,927
2,752
Cost
 
at
 
31
 
Dec
26,069
24,142
Carrying
 
amount
 
31
 
Dec
26,069
24,142
Buildings
 
and
 
structures
Cost
 
at
 
1
 
Jan
491,434
418,587
Increases
 
1
 
Jan–31
 
Dec
45,398
73,435
Decreases
 
1
 
Jan–31
 
Dec
-
-588
Cost
 
at
 
31
 
Dec
536,832
491,434
Accumulated
 
depreciation
 
1
 
Jan
-136,134
-120,977
Decreases,
 
depreciation
 
1
 
Jan–31
 
Dec
-
434
Depreciation
 
1
 
Jan–31
 
Dec
-16,829
-15,593
Carrying
 
amount
 
31
 
Dec
383,869
355,298
Machinery
 
and
 
equipment
Cost
 
at
 
1
 
Jan
1,457,547
1,368,163
Increases
 
1
 
Jan–31
 
Dec
100,222
111,528
Decreases
 
1
 
Jan–31
 
Dec
-
-22,145
Cost
 
at
 
31
 
Dec
1,557,770
1,457,547
Accumulated
 
depreciation
 
1
 
Jan
-834,224
-799,904
Decreases,
 
depreciation
 
1
 
Jan–31
 
Dec
-
20,525
Depreciation
 
1
 
Jan–31
 
Dec
-56,245
-54,843
Carrying
 
amount
 
31
 
Dec
667,300
623,325
Transmission
 
lines
Cost
 
at
 
1
 
Jan
1,426,311
1,403,793
Increases
 
1
 
Jan–31
 
Dec
46,120
23,943
Decreases
 
1
 
Jan–31
 
Dec
-252
-1,426
Cost
 
at
 
31
 
Dec
1,472,179
1,426,311
Accumulated
 
depreciation
 
1
 
Jan
-730,692
-693,328
Decreases,
 
depreciation
 
1
 
Jan–31
 
Dec
137
1,219
Depreciation
 
1
 
Jan–31
 
Dec
-39,595
-38,583
Carrying
 
amount
 
31
 
Dec
702,028
695,618
Capitalised
 
interest
 
on
 
machinery
 
and
 
equipment
 
and
transmission
 
lines
 
 
 
 
 
 
 
132
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost
 
at
 
1
 
Jan
23,743
20,924
Increases
 
1
 
Jan–31
 
Dec
6,831
2,818
Cost
 
at
 
31
 
Dec
30,573
23,743
Accumulated
 
depreciation
 
1
 
Jan
-5,020
-4,211
Depreciation
 
on
 
capitalised
 
interest
 
1
 
Jan
 
-
 
31
 
Dec
-958
-809
Carrying
 
amount
 
31
 
Dec
24,596
18,723
Other
 
property,
 
plant
 
and
 
equipment
Cost
 
at
 
1
 
Jan
110
110
Cost
 
at
 
31
 
Dec
110
110
Carrying
 
amount
 
31
 
Dec
110
110
Prepayments
 
and
 
purchases
 
in
 
progress
Cost
 
at
 
1
 
Jan
271,781
183,811
Increases
 
1
 
Jan–31
 
Dec
463,579
314,308
Transfers
 
to
 
other
 
tangible
 
and
 
intangible
 
assets
 
1
 
Jan
 
-
 
31
 
Dec
-207,441
-226,339
Cost
 
at
 
31
 
Dec
527,918
271,781
Carrying
 
amount
 
31
 
Dec
527,918
271,781
Property,
 
plant
 
and
 
equipment
 
2,331,891
1,988,997
In
 
2024,
 
EUR
 
30.4
 
million
 
in
 
congestion
 
income
 
was
 
entered
 
in
 
purchases
 
in
 
progress
 
to
 
reduce
 
these
 
and
 
EUR
 
26.6
 
million
 
in
 
investment
subsidies.
 
The
 
change
 
in
 
the
 
value
 
of
 
investment-related
 
derivatives
 
increased
 
purchases
 
in
 
progress
 
by
 
EUR
 
0.2
 
million.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14.
 
INTANGIBLE
 
ASSETS,
 
€1,000
2024
2023
Goodwill
Cost
 
at
 
1
 
Jan
87,920
87,920
Cost
 
at
 
31
 
Dec
87,920
87,920
Carrying
 
amount
 
31
 
Dec
87,920
87,920
Land
 
use
 
rights
Cost
 
at
 
1
 
Jan
102,463
100,932
Increases
 
1
 
Jan–31
 
Dec
2,075
1,531
Cost
 
at
 
31
 
Dec
104,537
102,463
Carrying
 
amount
 
31
 
Dec
104,537
102,463
Other
 
intangible
 
assets
Cost
 
at
 
1
 
Jan
128,690
119,002
Increases
 
1
 
Jan–31
 
Dec
5,432
10,761
Decreases
 
1
 
Jan–31
 
Dec
-406
-1,073
Cost
 
at
 
31
 
Dec
133,716
128,690
Accumulated
 
amortisation
 
1
 
Jan
-65,055
-55,513
Amortisation
 
1
 
Jan–31
 
Dec
-11,628
-10,149
Other
 
intangible
 
assets
57,034
63,028
Decreases,
 
depreciation
 
1
 
Jan–31
 
Dec
-
607
Carrying
 
amount
 
31
 
Dec
57,034
63,635
INTANGIBLE
 
ASSETS
249,491
254,018
 
 
 
 
 
Gross
 
capital
 
expenditure,
 
million
 
euros
2024
 
 
 
 
 
doc1p122i0
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March
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increases
 
to
 
tangible
 
and
 
intangible
 
assets
 
and
 
transfers
 
from
 
prepayments
 
and
 
purchases
 
in
 
progress
 
to
 
other
tangible
 
and
 
intangible
 
assets
464.1
Allocation
 
of
 
congestion
 
income
30.4
Allocation
 
of
 
investment
 
subsidies
26.6
Change
 
in
 
fair
 
value
 
of
 
derivatives
 
related
 
to
 
capital
 
expenditure
-0.2
Gross
 
capital
 
expenditure
520.9
Land
 
use
 
rights
 
are
 
not
 
amortised
 
but
 
tested
 
annually
 
for
 
impairment
 
in
 
connection
 
with
 
the
 
testing
 
of
 
goodwill.
The
 
entire
 
business
 
of
 
the
 
Fingrid
 
Group
 
is
 
grid
 
operations
 
in
 
Finland
 
with
 
system
 
responsibility,
 
which
 
the
 
full
 
goodwill
 
of
 
the
 
Group
 
in
 
the
 
balance
sheet
 
is
 
fully
 
allocated
 
to.
 
The
 
goodwill
 
included
 
in
 
the
 
balance
 
sheet
 
amounts
 
to
 
EUR
 
87.9
 
million
 
and
 
has
 
not
 
changed
 
during
 
the
 
periods
 
under
review.
 
Since,
 
per
 
the
 
regulation,
 
the
 
fair
 
value
 
of
 
the
 
net
 
assets
 
included
 
in
 
the
 
company’s
 
grid
 
assets
 
is
 
approximately
 
EUR
 
3,162.7
 
million
compared
 
to
 
the
 
carrying
 
amount
 
of
 
EUR
 
2,631.6
 
million
 
in
 
net
 
assets,
 
which
 
includes
 
land
 
use
 
rights
 
and
 
goodwill,
 
the
 
book
 
value
 
of
 
the
 
asset
items
 
has
 
not
 
decreased.
 
 
Accounting
 
principles
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property,
 
plant
 
and
 
equipment
Grid
 
assets
 
form
 
most
 
of
 
the
 
property,
 
plant
 
and
 
equipment.
 
Grid
 
assets
 
include,
 
among
 
other
 
things,
 
400
 
kV,
 
220
 
kV,
 
110
 
kV
 
transmission
 
lines,
direct
 
current
 
lines,
 
transmission
 
line
 
right-of-ways,
 
substations
 
and
 
the
 
areas
 
they
 
encompass
 
(buildings,
 
structures,
 
machinery
 
and
 
equipment,
substation
 
access
 
roads),
 
gas
 
turbine
 
power
 
plants,
 
fuel
 
tanks,
 
generators
 
and
 
turbines.
Property,
 
plant
 
and
 
equipment
 
are
 
valued
 
in
 
the
 
balance
 
sheet
 
at
 
the
 
original
 
acquisition
 
cost
 
less
 
accumulated
 
depreciation
 
and
 
potential
impairment.
 
If
 
an
 
asset
 
is
 
made
 
up
 
of
 
several
 
parts
 
with
 
useful
 
lives
 
of
 
different
 
lengths,
 
the
 
parts
 
are
 
treated
 
as
 
separate
 
items
 
and
 
are
 
depreciated
over
 
their
 
separate
 
useful
 
lives.
When
 
a
 
part
 
of
 
property,
 
plant
 
and
 
equipment
 
that
 
is
 
treated
 
as
 
a
 
separate
 
item
 
is
 
replaced,
 
the
 
costs
 
relating
 
to
 
the
 
new
 
part
 
are
 
capitalised.
 
Other
subsequent
 
costs
 
are
 
capitalised
 
only
 
if
 
it
 
is
 
likely
 
that
 
the
 
future
 
economic
 
benefit
 
relating
 
to
 
the
 
asset
 
benefits
 
the
 
Group
 
and
 
the
 
acquisition
 
cost
 
of
the
 
asset
 
can
 
be
 
determined
 
reliably.
 
Repair
 
and
 
maintenance
 
costs
 
are
 
recognised
 
in
 
the
 
income
 
statement
 
when
 
they
 
are
 
incurred.
Borrowing
 
costs,
 
such
 
as
 
interest
 
costs
 
and
 
arrangement
 
fees,
 
directly
 
linked
 
with
 
the
 
acquisition,
 
construction
 
or
 
manufacture
 
of
 
a
 
qualifying
 
asset
form
 
part
 
of
 
the
 
acquisition
 
cost
 
of
 
the
 
asset
 
item
 
in
 
question.
 
A
 
qualifying
 
asset
 
is
 
one
 
that
 
necessarily
 
requires
 
a
 
considerably
 
long
 
time
 
to
 
be
made
 
ready
 
for
 
its
 
intended
 
purpose.
 
Other
 
borrowing
 
costs
 
are
 
recognised
 
as
 
an
 
expense.
 
Borrowing
 
costs
 
included
 
in
 
the
 
acquisition
 
cost
 
are
calculated
 
on
 
the
 
basis
 
of
 
the
 
average
 
borrowing
 
cost
 
of
 
the
 
Group.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property,
 
plant
 
and
 
equipment
 
is
 
depreciated
 
over
 
the
 
useful
 
life
 
of
 
the
 
item
 
using
 
the
 
straight-line
 
method.
 
Depreciation
 
on
 
property,
 
plant
 
and
equipment
 
taken
 
into
 
use
 
during
 
the
 
financial
 
year
 
is
 
calculated
 
on
 
an
 
item-by-item
 
basis
 
from
 
the
 
month
 
of
 
introduction.
 
Land
 
and
 
water
 
areas
 
are
not
 
depreciated.
 
The
 
expected
 
economic
 
lives
 
are
 
verified
 
at
 
each
 
closing
 
date,
 
and
 
if
 
they
 
differ
 
significantly
 
from
 
the
 
earlier
 
estimates,
 
the
depreciation
 
periods
 
are
 
amended
 
accordingly.
The
 
depreciation
 
periods
 
of
 
property,
 
plant
 
and
 
equipment
 
are
 
as
 
follows:
 
Buildings
 
and
 
structure
 
Substation
 
buildings
 
and
 
separate
 
buildings
 
40
 
years
 
Substation
 
structures
 
30
 
years
 
Buildings
 
and
 
structures
 
at
 
gas
 
turbine
 
power
 
plants
 
20-40
 
years
 
Separate
 
structures
 
15
 
years
 
Transmission
 
lines
 
Transmission
 
lines
 
400
 
kV
 
40
 
years
 
Direct
 
current
 
lines
 
40
 
years
 
Transmission
 
lines
 
110
 
-220
 
kV
 
30
 
years
 
Creosote-impregnated
 
towers
 
and
 
related
 
disposal
 
costs
 
30
 
years
 
Aluminium
 
towers
 
of
 
transmission
 
lines
 
(400
 
kV)
 
10
 
years
 
Optical
 
ground
 
wires
 
10-20
 
years
 
Machinery
 
and
 
equipment
 
 
Substation
 
machinery
 
10-30
 
years
 
Gas
 
turbine
 
power
 
plants
 
20
 
years
 
Other
 
machinery
 
and
 
equipment
 
3-5
 
years
Gains
 
or
 
losses
 
from
 
the
 
sale
 
or
 
disposition
 
of
 
property,
 
plant
 
and
 
equipment
 
are
 
recognised
 
in
 
the
 
income
 
statement
 
under
 
either
 
other
 
operating
income
 
or
 
expenses.
 
Property,
 
plant
 
and
 
equipment
 
are
 
derecognised
 
in
 
the
 
balance
 
sheet
 
when
 
their
 
economic
 
useful
 
life
 
has
 
expired,
 
the
 
asset
has
 
been
 
sold,
 
scrapped
 
or
 
otherwise
 
disposed
 
of
 
to
 
an
 
outsider.
 
 
 
 
 
 
 
 
 
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Goodwill
 
and
 
other
 
intangible
 
assets
 
 
 
 
 
 
 
 
 
Goodwill
 
created
 
as
 
a
 
result
 
of
 
the
 
acquisition
 
of
 
enterprises
 
and
 
businesses
 
is
 
composed
 
of
 
the
 
difference
 
between
 
the
 
acquisition
 
cost
 
and
 
the
 
net
identifiable
 
assets
 
of
 
the
 
acquired
 
business
 
valued
 
at
 
fair
 
value.
 
Goodwill
 
is
 
allocated
 
to
 
the
 
transmission
 
grid
 
business
 
and
 
is
 
tested
 
annually
 
for
impairment.
 
Impairment
 
testing
 
is
 
carried
 
out
 
by
 
comparing
 
the
 
regulatory
 
fair
 
value
 
to
 
the
 
carrying
 
amount
 
of
 
net
 
assets
 
included
 
in
 
the
 
company’s
grid
 
assets.
 
Regulatory
 
recognition
 
at
 
fair
 
value
 
is
 
presented
 
in
 
chapter
 
5.1.
 
and
 
impairment
 
is
 
discussed
 
in
 
chapter
 
5.2.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
intangible
 
assets
 
consist
 
of
 
computer
 
software
 
and
 
land
 
use
 
and
 
emission
 
rights.
 
Computer
 
software
 
is
 
valued
 
at
 
its
 
original
 
acquisition
 
cost
and
 
amortised
 
on
 
a
 
straight
 
line
 
basis
 
during
 
its
 
estimated
 
useful
 
life.
 
According
 
to
 
IFRIC’s
 
2021
 
agenda
 
resolution
 
on
 
the
 
interpretation
 
of
 
the
 
IAS
38
 
standard,
 
cloud
 
service
 
software
 
(SaaS)
 
does
 
not
 
meet
 
the
 
criteria
 
of
 
an
 
intangible
 
asset
 
if
 
the
 
software
 
is
 
managed
 
by
 
a
 
service
 
provider.
 
The
costs
 
of
 
the
 
configuration
 
and
 
tailoring
 
services
 
for
 
the
 
cloud
 
services
 
in
 
question
 
are
 
recognised
 
as
 
a
 
cost
 
for
 
the
 
financial
 
year
 
if
 
the
 
service
 
linked
to
 
the
 
cloud
 
service
 
can
 
be
 
separated
 
from
 
other
 
SaaS
 
services.
 
If
 
the
 
service
 
cannot
 
be
 
separated
 
from
 
the
 
other
 
SaaS
 
services,
 
the
 
costs
 
are
recognised
 
as
 
a
 
prepayment,
 
which
 
is
 
recognised
 
as
 
a
 
cost
 
during
 
the
 
contractual
 
period
 
of
 
the
 
SaaS
 
services.
 
Land
 
use
 
rights,
 
which
 
have
 
an
 
indefinite
 
useful
 
life,
 
are
 
not
 
amortised
 
but
 
are
 
tested
 
annually
 
for
 
impairment.
 
More
 
on
 
emission
 
rights
 
in
 
chapter
 
7.2.
Subsequent
 
expenses
 
relating
 
to
 
intangible
 
assets
 
are
 
only
 
capitalised
 
if
 
their
 
economic
 
benefits
 
to
 
the
 
company
 
increase
 
compared
 
to
 
before.
 
In
other
 
cases,
 
expenses
 
are
 
recognised
 
in
 
the
 
income
 
statement
 
when
 
they
 
are
 
incurred.
5.3
 
Lease
 
agreements
The
 
Group’s
 
leases
 
mainly
 
relate
 
to
 
office
 
premises
 
and
 
leased
 
land
 
areas.
 
Land
 
areas
 
are
 
included
 
in
 
the
 
calculation
 
of
 
leases
 
in
 
2024.
 
The
durations
 
of
 
the
 
leases
 
vary,
 
and
 
they
 
may
 
include
 
options
 
for
 
extension
 
and
 
termination.
A
 
right-of-use
 
asset
 
and
 
a
 
corresponding
 
liability
 
are
 
recognised
 
for
 
leases
 
at
 
the
 
date
 
at
 
which
 
the
 
leased
 
asset
 
is
 
available
 
for
 
use
 
by
 
the
 
Group.
Each
 
lease
 
payment
 
is
 
allocated
 
between
 
the
 
liability
 
and
 
finance
 
cost.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15.
 
LEASES,
 
1
 
000
 
€
2024
2023
Right-of-use-assets:
Right-of-use-assets,
 
buildings,
 
structures
 
and
 
land
Carrying
 
amount
 
1
 
Jan
29,974
28,745
Increases
 
1
 
Jan–31
 
Dec
23,688
4,554
Deprecation
 
1
 
Jan–31
 
Dec
-3,487
-3,325
Carrying
 
amount
 
31
 
Dec
50,175
29,974
Lease
 
liabilities:
Non-current
48,496
28,044
Current
2,860
3,162
Total
51,356
31,206
Amounts
 
recognised
 
in
 
the
 
income
 
statement
Depreciation
 
and
 
amortisation
 
of
 
right-of-use
 
assets
3,487
3,325
Interest
 
costs
595
631
Costs
 
related
 
to
 
short-term
 
leases
 
and
 
leases
 
of
 
low-value
 
assets
1,281
1,054
The
 
outgoing
 
cash
 
flow
 
from
 
leases
 
in
 
2024
 
totalled
 
EUR
 
3.7
 
(3.8)
 
million.
 
 
 
 
 
 
 
 
 
 
 
 
Accounting
 
principles
Lease
 
agreements
Fingrid
 
Oyj
 
mainly
 
acts
 
as
 
a
 
lessee,
 
and
 
most
 
of
 
the
 
leases
 
are
 
for
 
office
 
premises
 
and
 
for
 
land
 
areas.
 
The
 
lessee
 
recognises
 
all
 
the
 
leases
 
as
 
right-
of-use
 
assets
 
and
 
lease
 
liabilities
 
in
 
the
 
balance
 
sheet,
 
except
 
for
 
items
 
of
 
short
 
duration
 
(lease
 
terms
 
of
 
less
 
than
 
12
 
months)
 
and
 
of
 
insignificant
value.
 
A
 
right-of-use
 
asset
 
and
 
a
 
corresponding
 
liability
 
are
 
recognised
 
in
 
the
 
balance
 
sheet
 
at
 
the
 
date
 
at
 
which
 
the
 
leased
 
asset
 
is
 
available
 
for
use
 
by
 
the
 
Group.
 
The
 
right-of-use
 
asset
 
is
 
depreciated
 
as
 
straight-line
 
depreciations,
 
over
 
the
 
shorter
 
of
 
lease
 
term
 
and
 
useful
 
life
 
of
 
the
 
underlying
135
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OYJ
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4
 
March
 
2025
 
 
 
 
 
 
doc1p123i0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
asset.
 
The
 
interest
 
cost
 
of
 
lease
 
liabilities
 
is
 
recorded
 
in
 
finance
 
costs.
 
Lease
 
liability
 
payments
 
are
 
stated
 
in
 
the
 
cash
 
flow
 
of
 
financing
 
activities
 
and
the
 
related
 
interest
 
in
 
interest
 
expenses.
The
 
length
 
of
 
the
 
lease
 
period
 
is
 
the
 
time
 
during
 
which
 
the
 
agreement
 
cannot
 
be
 
cancelled.
 
Lease
 
agreements
 
may
 
include
 
extension
 
options
 
and
these
 
are
 
taken
 
into
 
account
 
in
 
the
 
length
 
of
 
the
 
lease
 
period,
 
if
 
the
 
management
 
considers
 
it
 
highly
 
likely
 
that
 
they
 
will
 
be
 
used.
The
 
real-estate
 
leases
 
do
 
not
 
clearly
 
define
 
the
 
interest
 
rate
 
implicit
 
in
 
the
 
lease,
 
which
 
is
 
why
 
Fingrid
 
uses
 
as
 
the
 
interest
 
rate
 
an
 
estimate
 
of
 
the
company’s
 
incremental
 
borrowing
 
rate
 
for
 
real
 
estate
 
leases.
 
The
 
incremental
 
borrowing
 
rate
 
is
 
determined
 
for
 
the
 
entire
 
real-estate
 
lease
 
portfolio,
whereby
 
all
 
real-estate
 
leases
 
are
 
discounted
 
using
 
the
 
same
 
interest
 
rate.
 
The
 
discount
 
rates
 
applied
 
in
 
discounting
 
leases
 
under
 
IFRS
 
16
 
are
based
 
on
 
the
 
market
 
yield
 
on
 
the
 
company’s
 
publicly
 
quoted
 
bonds.
Short-term
 
leases
 
or
 
leases
 
of
 
low-value
 
assets,
 
which
 
are
 
expensed
 
in
 
equal
 
instalments,
 
consist
 
of
 
vehicle
 
lease
 
payments,
 
and
 
lease
 
payments
for
 
small
 
machinery
 
and
 
equipment.
 
 
 
 
 
 
 
 
 
 
 
Judgements
 
and
 
estimates
Lease
 
agreements
 
concerning
 
right-of-use
 
assets
 
often
 
include
 
extension
 
and
 
termination
 
options.
 
The
 
company’s
 
management
 
has
 
estimated
 
how
likely
 
it
 
is
 
that
 
the
 
agreements
 
will
 
be
 
extended.
 
The
 
lease
 
period
 
will
 
be
 
reassessed
 
if
 
the
 
option
 
is
 
used
 
or
 
is
 
not
 
used.
 
 
 
 
136
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OYJ
www.fingrid.fi
4
 
March
 
2025
6
 
STRONG
 
FINANCIAL
 
POSITION
●
Chapter
 
six
 
describes
 
how
 
Fingrid’s
 
financing
 
is
 
formed
 
and
 
the
 
related
 
risk
 
management.
 
The
 
chapter
 
also
 
presents
 
how
short-term
 
financial
 
assets
 
that
 
maintain
 
liquidity
 
are
 
formed.
●
The
 
end
 
of
 
the
 
chapter
 
contains
 
a
 
summary
 
of
 
the
 
financial
 
assets
 
and
 
financing
 
liabilities,
 
as
 
well
 
as
 
derivatives,
 
that
 
the
company
 
uses
 
exclusively
 
for
 
risk
 
management
 
purposes.
 
The
 
risks
 
relate
 
to
 
various
 
market
 
risks,
 
i.e.
 
the
 
electricity
 
and
commodity
 
price
 
risk
 
and
 
the
 
interest
 
rate
 
and
 
exchange
 
rate
 
risk.
 
Management
 
of
 
the
 
electricity
 
price
 
and
 
volume
 
risk
 
is
described
 
in
 
chapter
 
4.7.
 
●
The
 
chapter
 
describes
 
the
 
company’s
 
principles
 
of
 
capital
 
management,
 
ownership
 
structure
 
and
 
dividend
 
distribution
policy.
6.1
 
Capital
 
management
Equity
 
and
 
liabilities
 
as
 
shown
 
in
 
the
 
balance
 
sheet
 
are
 
managed
 
by
 
Fingrid
 
as
 
capital.
The
 
company
 
must
 
have
 
a
 
capital
 
structure
 
to
 
support
 
consistently
 
strong
 
credit
 
ratings,
 
reasonable
 
cost
 
of
 
capital
 
and
 
adequate
 
dividend
 
pay-out
capability.
 
The
 
principal
 
aim
 
of
 
Fingrid’s
 
capital
 
management
 
and
 
grid
 
asset
 
management
 
is
 
to
 
ensure
 
uninterrupted
 
operations
 
and
 
value
 
retention
as
 
well
 
as
 
rapid
 
recovery
 
from
 
any
 
exceptional
 
circumstances.
The
 
company
 
aims
 
for
 
a
 
category
 
‘A’
 
credit
 
rating.
 
The
 
rating
 
must
 
be
 
at
 
least
 
‘A-’
 
from
 
two
 
credit
 
rating
 
agencies.
 
The
 
company
 
has
 
not
 
set
 
specific
key
 
financial
 
ratio
 
targets
 
for
 
accounting
 
balance
 
sheet
 
or
 
regulatory
 
balance
 
sheet
 
capital
 
management,
 
but
 
instead
 
monitors
 
and
 
controls
 
the
overall
 
situation,
 
for
 
which
 
credit
 
ratings
 
and
 
their
 
underlying
 
risk
 
analyses
 
and
 
other
 
parameters
 
create
 
a
 
foundation.
The
 
company’s
 
credit
 
rating
 
remained
 
high
 
in
 
2024.
 
This
 
reflects
 
the
 
company’s
 
strong
 
overall
 
financial
 
situation,
 
its
 
key
 
role
 
as
 
an
 
implementer
 
of
climate
 
targets,
 
and
 
its
 
debt
 
service
 
capacity.
 
Fingrid
 
has
 
credit
 
rating
 
service
 
agreements
 
with
 
S&P
 
Global
 
Ratings
 
and
 
Fitch
 
Ratings.
6.2
 
The
 
organisation
 
of
 
financing
 
activities
 
and
 
the
 
principles
 
for
 
financial
 
risk
 
management
The
 
company
 
has
 
a
 
holistic
 
approach
 
to
 
the
 
management
 
of
 
financing
 
activities,
 
encompassing
 
external
 
financing,
 
as
 
well
 
as
 
managing
 
liquidity,
counterparty
 
and
 
financial
 
risks,
 
and
 
supporting
 
business
 
operations
 
in
 
matters
 
related
 
to
 
financing
 
in
 
general.
Fingrid’s
 
financial
 
capital
 
consists
 
of
 
equity
 
and
 
debt
 
financing.
 
The
 
share
 
of
 
equity
 
from
 
the
 
balance
 
sheet
 
total
 
was
 
16.1%
 
and
 
that
 
of
 
liabilities
83.9%
 
in
 
2024.
 
Regulatory
 
equity
 
was
 
49.3%
 
and
 
liabilities
 
were
 
50.7%
 
of
 
the
 
regulatory
 
balance
 
sheet
 
in
 
2024.
The
 
key
 
objectives
 
of
 
financing
 
operations
 
are
 
preservation
 
of
 
shareholder
 
value
 
by
 
securing
 
the
 
financing
 
required
 
by
 
business
 
operations,
including
 
the
 
investment
 
programme,
 
adequate
 
liquidity
 
and
 
protection
 
against
 
key
 
financing
 
risks
 
in
 
different
 
interest
 
rate
 
scenarios.
 
This
contributes
 
to
 
increasing
 
the
 
predictability
 
of
 
interest
 
expenses
 
and
 
securing
 
the
 
payment
 
of
 
dividends
 
within
 
the
 
risk
 
limits,
 
including
 
the
 
overall
management
 
of
 
interest
 
rate
 
risk,
 
considering
 
Fingrid’s
 
regulatory
 
model.
Fingrid’s
 
financing
 
risks
 
consist
 
of
 
liquidity,
 
refinancing,
 
interest
 
rate,
 
foreign
 
exchange
 
and
 
commodity
 
price
 
risks,
 
as
 
well
 
as
 
the
 
counterparty
 
risks
of
 
investments
 
and
 
derivative
 
contracts.
 
The
 
derivative
 
instruments
 
used
 
for
 
hedging
 
are
 
approved
 
annually
 
in
 
the
 
Treasury
 
Policy.
 
The
 
company
uses
 
derivative
 
instruments
 
to
 
hedge
 
interest
 
rate,
 
foreign
 
exchange
 
and
 
commodity
 
risks.
 
Derivatives
 
are
 
only
 
used
 
for
 
hedging
 
purposes,
 
not
speculatively.
Corporate
 
finance
 
principles
The
 
Board
 
of
 
Directors
 
of
 
Fingrid
 
Oyj
 
approves
 
the
 
Corporate
 
Finance
 
Principles
 
which
 
define
 
how
 
Fingrid
 
Oyj
 
manages
 
financing
 
as
 
a
 
whole,
including
 
the
 
company’s
 
credit
 
rating
 
targets.
 
The
 
external
 
financing
 
of
 
Fingrid
 
Group
 
is
 
carried
 
out
 
by
 
Fingrid
 
Oyj.
Risk
 
management
 
execution
 
and
 
reporting
Fingrid’s
 
Chief
 
Financial
 
Officer
 
is
 
responsible
 
for
 
arranging
 
overall
 
risk
 
management
 
in
 
the
 
company,
 
with
 
a
 
key
 
role
 
held
 
by
 
the
 
operative
 
risk
management
 
and
 
reporting
 
of
 
financing
 
in
 
line
 
with
 
the
 
company’s
 
Corporate
 
Finance
 
Principles
 
and
 
Treasury
 
Policy.
 
The
 
CFO
 
regularly
 
reports
 
to
the
 
President
 
&
 
CEO
 
and
 
the
 
Board
 
(audit
 
committee)
 
on
 
the
 
implementation
 
of
 
financing
 
and
 
risk
 
management.
Risk
 
management
 
processes
The
 
Treasury
 
unit
 
is
 
responsible
 
for
 
the
 
operative
 
monitoring
 
of
 
risk
 
management,
 
for
 
the
 
risk
 
system
 
and
 
models
 
and
 
methods
 
used
 
to
 
assess,
monitor
 
and
 
report
 
on
 
risks.
 
As
 
part
 
of
 
comprehensive
 
risk
 
management,
 
the
 
Treasury
 
unit
 
is
 
in
 
charge
 
of
 
operative
 
management
 
of
 
the
 
company’s
guarantee
 
and
 
insurance
 
portfolio.
Fair
 
value
 
hierarchy
In
 
the
 
presentation
 
of
 
fair
 
value,
 
assets
 
and
 
liabilities
 
measured
 
at
 
fair
 
value
 
are
 
categorised
 
into
 
a
 
three-level
 
hierarchy.
 
The
 
appropriate
 
hierarchy
is
 
based
 
on
 
the
 
input
 
data
 
of
 
the
 
instrument.
 
The
 
level
 
is
 
determined
 
on
 
the
 
basis
 
of
 
the
 
lowest
 
level
 
of
 
input
 
for
 
the
 
instrument
 
that
 
is
 
significant
 
to
the
 
overall
 
fair
 
value
 
measurement.
 
 
 
 
 
 
 
 
137
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Level
 
1:
 
inputs
 
are
 
publicly
 
quoted
 
in
 
active
 
markets.
Level
 
2:
 
inputs
 
are
 
not
 
publicly
 
quoted
 
and
 
are
 
based
 
on
 
observable
 
market
 
parameters
 
either
 
directly
 
or
 
indirectly.
 
Level
 
3:
 
inputs
 
are
 
not
 
publicly
 
quoted
 
and
 
are
 
unobservable
 
market
 
parameters.
6.3
 
Financial
 
liabilities,
 
financial
 
costs
 
and
 
managing
 
the
 
financial
 
risks
The
 
company
 
takes
 
advantage
 
of
 
the
 
opportunities
 
offered
 
by
 
credit
 
ratings
 
at
 
any
 
given
 
time
 
in
 
multiple
 
ways
 
on
 
the
 
international
 
and
 
domestic
financial
 
markets.
 
Market-based
 
and
 
diversified
 
financing
 
is
 
sought
 
from
 
several
 
sources.
 
The
 
goal
 
is
 
a
 
diversified
 
maturity
 
profile.
 
Fingrid’s
 
existing
loan
 
agreements
 
as
 
well
 
as
 
debt
 
and
 
commercial
 
paper
 
programmes
 
are
 
unsecured
 
and
 
do
 
not
 
include
 
any
 
financial
 
covenants
 
based
 
on
 
financial
ratios.
Green
 
financing
Green
 
financing
 
is
 
a
 
key
 
component
 
of
 
Fingrid’s
 
financing
 
strategy
 
and
 
responsible
 
operating
 
model.
 
The
 
company’s
 
goal
 
is
 
to
 
raise
 
significant
 
debt
financing
 
in
 
the
 
form
 
of
 
green
 
financing.
 
In
 
2024,
 
Fingrid
 
issued
 
two
 
EUR
 
500
 
million
 
green
 
bonds
 
and
 
raised
 
short-term
 
financing
 
within
 
a
 
Green
Euro
 
Commercial
 
Paper
 
Programme.
 
The
 
company
 
reports
 
on
 
its
 
green
 
financing
 
arrangements
 
in
 
a
 
separate
 
green
 
financing
 
allocation
 
and
 
impact
report.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16.
 
BORROWINGS,
 
€1,000
2024
2023
Hierarchy
level
Fair
 
value
Balance
 
sheet
 
value
%
Fair
 
value
Balance
 
sheet
 
value
%
Non-current
Bonds
1,340,452
1,278,911
368,977
368,086
Level
 
2
Loans
 
from
 
financial
 
institutions
215,711
212,161
262,780
258,541
Level
 
2
1,556,163
1,491,072
631,756
626,628
Lease
 
liabilities
48,496
28,044
1,539,568
83%
654,671
66%
Current
Bonds
82,410
78,478
299,560
299,955
Level
 
2
Loans
 
from
 
financial
 
institutions
46,776
46,381
40,669
40,355
Level
 
2
Other
 
loans/Commercial
 
papers
 
(international
and
 
domestic)
193,089
193,006
Level
 
2
322,275
317,865
340,229
340,309
Lease
 
liabilities
2,860
3,162
320,725
17%
343,471
34%
Total
1,878,438
1,860,293
100%
971,985
998,143
100%
The
 
fair
 
values
 
of
 
borrowings
 
are
 
based
 
on
 
the
 
present
 
values
 
of
 
cash
 
flows.
 
Loans
 
raised
 
in
 
various
 
currencies
 
are
 
measured
 
at
 
the
 
present
 
value
on
 
the
 
basis
 
of
 
the
 
yield
 
curve
 
of
 
each
 
currency.
 
Borrowings
 
denominated
 
in
 
foreign
 
currencies
 
are
 
translated
 
into
 
euros
 
at
 
the
 
mid-rates
 
quoted
 
by
the
 
ECB
 
at
 
the
 
closing
 
date.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17.
 
BONDS
 
INCLUDED
 
IN
 
BORROWINGS,
 
€1,000
2024
2023
Currency
Nominal
 
value
Maturity
Interest
Balance
 
sheet
 
value
EUR
300,000
3
 
Apr
 
2024
3.50%
299,955
EUR
70,000
7
 
May
 
2025
0.527%
70,000
70,000
EUR
100,000
23
 
Nov
 
2027
1.125%
99,782
99,708
EUR
25,000
27
 
Mar
 
2028
2.71%
25,000
25,000
EUR
10,000
12
 
Sep
 
2028
3.271%
10,000
10,000
EUR
500,000
4
 
Dec
 
2029
2.750%
496,658
EUR
80,000
24
 
Apr
 
2029
2.95%
80,000
80,000
EUR
30,000
30
 
May
 
2029
2.888%
30,000
30,000
EUR
500,000
20
 
Mar
 
2034
3.250%
495,080
1,306,520
614,662
NOK
100,000
16
 
Sep
 
2025
4.31%
8,478
8,896
 
 
 
 
 
 
 
138
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOK
500,000
8
 
Apr
 
2030
2.72%
42,391
44,482
50,869
53,378
Bonds,
 
long-term
 
total
1,278,911
368,086
Bonds,
 
short-term
 
total
 
78,478
299,955
Total
1,357,389
668,041
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
18.
 
RECONCILIATION
 
OF
 
DEBT,
 
€1,000
Borrowings
due
 
within
 
1
year
Borrowings
due
 
after
 
1
year
Total
Debt
 
on
 
1
 
Jan
 
2023
65,795
990,386
1,056,181
Cash
 
flow
 
from
 
financing
 
activities
-55,996
-55,996
Exchange
 
rate
 
adjustments
-3,689
-3,689
Other
 
changes
 
not
 
involving
 
a
 
payment
 
transaction
368
1,278
1,647
Transfer
 
to
 
short-term
 
loans
277,308
-277,308
Debt
 
on
 
31
 
Dec
 
2023
343,471
654,671
998,143
Cash
 
flow
 
from
 
financing
 
activities
193,006
654,325
847,331
Exchange
 
rate
 
adjustments
-4,193
1,683
-2,509
Accrual
 
of
 
effective
 
interest
 
rates
45
-2,868
-2,822
Other
 
changes
 
not
 
involving
 
a
 
payment
 
transaction
-302
20,452
20,150
Transfer
 
to
 
short-term
 
loans
-211,303
211,303
Debt
 
on
 
31
 
Dec
 
2024
320,725
1,539,568
1,860,293
Other
 
changes
 
are
 
mainly
 
made
 
up
 
of
 
IFRS
 
16
 
impacts.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation
 
of
 
net
 
debt,
 
€
 
1,000
2024
2023
Cash
 
in
 
hand
 
and
 
cash
 
equivalents
-611,288
-253,737
Financial
 
assets
 
recognised
 
in
 
the
 
income
 
statement
 
at
 
fair
 
value
-101,260
-107,272
Purchase
 
of
 
other
 
assets
 
and
 
bank
 
deposits
 
over
 
3
 
months
-125,996
-101,943
Borrowings
 
-
 
repayable
 
within
 
one
 
year
320,725
343,471
Borrowings
 
-
 
repayable
 
after
 
one
 
year
1,539,568
654,671
Net
 
debt
1,021,748
535,191
Financial
 
assets
 
recognised
 
at
 
fair
 
value
 
through
 
profit
 
and
 
loss
 
are
 
liquid
 
investments
 
traded
 
on
 
active
 
markets.
 
Purchase
 
of
 
other
 
assets
 
consists
of
 
investments
 
in
 
debt
 
instruments.
 
Net
 
debt
 
is
 
the
 
difference
 
between
 
the
 
company’s
 
debt
 
and
 
its
 
cash
 
in
 
hand
 
and
 
cash
 
equivalents,
 
and
 
purchase
of
 
other
 
assets.
 
The
 
development
 
of
 
net
 
debt
 
is
 
monitored
 
actively.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
19.
 
INTEREST
 
INCOME
 
AND
 
EXPENSES
 
FROM
 
LOANS
 
AND
 
OTHER
RECEIVABLES,
 
€1,000
2024
2023
Interest
 
income
 
on
 
financial
 
assets
 
in
 
income
 
statement
 
at
 
fair
 
value
4,607
7,638
Interest
 
income
 
on
 
cash,
 
cash
 
equivalents
 
and
 
bank
 
deposits
18,845
13,305
Net
 
foreign
 
exchange
 
gains
 
and
 
losses
 
from
 
borrowings,
 
derivatives
 
and
 
FX-accounts
0
-0
23,452
20,943
Interest
 
expenses
 
on
 
borrowings,
 
effective
 
interest
 
rate
-41,361
-29,603
Net
 
interest
 
expenses
 
on
 
interest
 
rate
 
and
 
foreign
 
exchange
 
derivatives
-5,280
3,748
Gains/losses
 
from
 
measuring
 
derivative
 
contracts
 
at
 
fair
 
value
-2,756
435
Net
 
foreign
 
exchange
 
gains
 
and
 
losses
 
from
 
borrowings,
 
derivatives
 
and
 
FX-accounts
-61
-570
Interest
 
expenses
 
on
 
lease
 
liabilities
 
(IFRS
 
16)
-595
-631
Other
 
finance
 
costs
-2,633
-1,088
 
 
 
 
 
 
doc1p139i0
139
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
-52,686
-27,709
Capitalised
 
finance
 
costs,
 
borrowing
 
costs;
 
at
 
a
 
capitalisation
 
rate
 
of
 
3.6
 
%
 
(note
 
13)
14,576
6,524
Total
-14,658
-241
Managing
 
the
 
market
 
risks
 
of
 
debt
The
 
company
 
issues
 
bonds
 
in
 
the
 
international
 
and
 
domestic
 
money
 
and
 
debt
 
capital
 
markets.
 
Fingrid’s
 
borrowings
 
are
 
issued
 
in
 
both
 
fixed
 
and
floating
 
interest
 
rates
 
and
 
in
 
several
 
currencies.
 
They
 
thus
 
expose
 
Fingrid’s
 
cash
 
flow
 
to
 
interest
 
rate
 
and
 
exchange
 
rate
 
risks.
 
Fingrid
 
uses
derivative
 
contracts
 
to
 
hedge
 
against
 
these
 
risks.
 
Fingrid
 
generally
 
holds
 
issued
 
bonds
 
to
 
maturity
 
and
 
thus
 
does
 
not
 
value
 
its
 
bonds
 
in
 
the
 
balance
sheet
 
at
 
fair
 
value
 
or
 
hedge
 
against
 
the
 
fair
 
value
 
interest
 
rate
 
risk.
The
 
currency
 
risks
 
related
 
to
 
bonds
 
and
 
the
 
interest
 
rate
 
risk
 
of
 
foreign
 
currency
are
 
fully
 
hedged.
 
Transaction
 
risk
The
 
company
 
uses
 
derivatives
 
to
 
fully
 
hedge
 
against
 
exchange
 
rate
 
risks
 
when
 
it
 
is
 
cost-effective
 
to
 
do
 
so
 
and
 
against
 
commodity
 
price
 
risks
 
to
 
the
extent
 
that
 
the
 
hedging
 
instruments
 
of
 
the
 
risk
 
in
 
question
 
are
 
cost-effectively
 
available
 
and
 
hedging
 
cannot
 
otherwise
 
be
 
implemented,
 
for
 
instance,
through
 
contracts.
 
During
 
the
 
financial
 
year,
 
the
 
company
 
used
 
currency
 
and
 
metal
 
derivatives
 
to
 
hedge
 
business
 
transaction
 
risks.
 
A
 
summary
 
of
the
 
derivatives
 
is
 
presented
 
in
 
Note
 
24.
 
Interest
 
rate
 
risk
 
The
 
company
 
is
 
only
 
exposed
 
to
 
euro
 
denominated
 
interest
 
rate
 
risk
 
from
 
its
 
business
 
operations,
 
assets
 
and
 
borrowings.
 
The
 
company’s
borrowings
 
are,
 
both
 
in
 
terms
 
of
 
principal
 
and
 
interest
 
payments,
 
fully
 
hedged
 
against
 
exchange
 
rate
 
risks.
 
Cash
 
and
 
cash
 
equivalents
 
and
 
financial
assets
 
recognised
 
in
 
the
 
income
 
statement
 
at
 
fair
 
value
 
are
 
denominated
 
in
 
euros.
 
The
 
interest
 
rate
 
risk
 
inherent
 
in
 
Fingrid’s
 
operations
 
is
 
caused
 
by
 
changes
 
in
 
the
 
risk-free
 
interest
 
in
 
the
 
WACC
 
model.
 
If
 
the
 
risk-free
 
interest
 
rate
rises/falls
 
by
 
one
 
percentage
 
unit,
 
the
 
pre-tax
 
WACC
 
rises/falls
 
by
 
1.15
 
percentage
 
units.
The
 
goal
 
of
 
the
 
loan
 
portfolio’s
 
interest
 
rate
 
risk
 
management
 
is
 
to
 
hedge
 
against
 
key
 
financing
 
risks
 
in
 
different
 
interest
 
rate
 
scenarios
 
and
 
to
contribute
 
to
 
increasing
 
the
 
predictability
 
of
 
interest
 
expenses
 
and
 
secure
 
the
 
payment
 
of
 
dividends
 
within
 
the
 
risk
 
limits,
 
including
 
the
 
overall
management
 
of
 
interest
 
rate
 
risk,
 
considering
 
the
 
regulatory
 
model.
 
The
 
loan
 
portfolio’s
 
interest
 
rate
 
risk
 
arises
 
from
 
market
 
interest
 
rate
 
volatility,
which
 
decreases
 
or
 
increases
 
the
 
annual
 
interest
 
expenses
 
on
 
the
 
company’s
 
floating-rate
 
loans.
 
When
 
market
 
interest
 
rates
 
increase/decrease,
the
 
interest
 
expenses
 
of
 
the
 
floating-rate
 
loans
 
also
 
increase/decrease.
 
The
 
company
 
hedges
 
this
 
risk,
 
referred
 
to
 
as
 
cash
 
flow
 
risk,
 
with
 
derivatives.
 
 
 
 
 
 
 
 
 
 
 
 
Determination
 
of
 
the
 
reasonable
 
rate
 
of
 
return
 
in
 
regulation
 
and
 
operational
 
interest
 
rate
 
risk
 
The
 
reasonable
 
rate
 
of
 
return
 
on
 
adjusted
 
capital
 
committed
 
to
 
grid
 
operations
 
is
 
determined
 
by
 
using
 
the
 
weighted
 
average
 
cost
 
of
 
capital
 
model
(WACC).
 
The
 
WACC
 
model
 
determined
 
by
 
the
 
Finnish
 
Energy
 
Authority
 
illustrates
 
the
 
average
 
cost
 
of
 
the
 
capital
 
used
 
by
 
the
 
company,
 
where
 
the
weights
 
are
 
the
 
relative
 
values
 
of
 
equity
 
and
 
debt.
 
The
 
weighted
 
average
 
of
 
the
 
costs
 
of
 
equity
 
and
 
interest-bearing
 
debt
 
are
 
used
 
to
 
calculate
 
the
total
 
cost
 
of
 
capital,
 
i.e.
 
the
 
reasonable
 
rate
 
of
 
return
 
per
 
the
 
regulation.
 
The
 
reasonable
 
return
 
is
 
calculated
 
by
 
multiplying
 
the
 
adjusted
 
capital
invested
 
in
 
network
 
operations
 
by
 
the
 
WACC.
 
Liquidity
 
risk
Fingrid
 
is
 
exposed
 
to
 
liquidity
 
and
 
refinancing
 
risks
 
arising
 
from
 
the
 
redemption
 
of
 
loans,
 
payments
 
and
 
fluctuations
 
in
 
cash
 
flow
 
from
 
operating
activities.
 
The
 
liquidity
 
of
 
the
 
company
 
is
 
arranged
 
so
 
that
 
liquid
 
assets
 
(cash
 
and
 
cash
 
equivalents,
 
and
 
financial
 
assets
 
recognised
 
in
 
the
 
income
statement
 
at
 
fair
 
value)
 
and
 
available
 
long-term
 
committed
 
credit
 
lines
 
can
 
cover
 
110%
 
of
 
the
 
refinancing
 
needs
 
for
 
the
 
next
 
12
 
months.
 
The
 
company
 
has
 
a
 
revolving
 
credit
 
facility
 
of
 
EUR
 
500
 
million
 
maturing
 
30
 
November
 
2028.
 
The
 
company
 
raised
 
the
 
revolving
 
credit
 
facility
 
from
EUR
 
300
 
million
 
to
 
EUR
 
500
 
million
 
in
 
2024.
 
The
 
facility
 
is
 
committed
 
and
 
has
 
not
 
been
 
drawn.
 
Additionally,
 
the
 
company
 
has
 
at
 
its
 
disposal
 
a
 
total
of
 
EUR
 
90
 
million
 
in
 
overdraft
 
limits
 
with
 
banks
 
to
 
secure
 
liquidity.
Refinancing
 
risk
 
is
 
managed
 
by
 
aiming
 
to
 
build
 
a
 
diversified
 
loan
 
maturity
 
profile.
 
The
 
maturity
 
profile’s
 
target
 
is
 
for
 
long-term
 
loans
 
in
 
a
 
single
 
year
to
 
account
 
for
 
less
 
than
 
30
 
per
 
cent
 
of
 
total
 
debt
 
and
 
the
 
average
 
maturity
 
of
 
the
 
company’s
 
loan
 
portfolio
 
to
 
be
 
at
 
least
 
three
 
years.
 
To
 
secure
refinancing,
 
the
 
company
 
makes
 
wide
 
use
 
of
 
various
 
sources
 
of
 
financing
The
 
counterparty
 
risks
 
of
 
financing
 
activities
 
are
 
caused
 
by
 
asset
 
management
 
companies,
 
derivatives
 
counterparties,
 
insurance
 
companies
 
and
bank
 
counterparties.
 
The
 
company
 
minimises
 
any
 
counterparty
 
risks
 
and
 
can,
 
if
 
necessary,
 
demand
 
guarantees
 
from
 
counterparties
 
to
 
strengthen
its
 
risk
 
position.
 
As
 
a
 
rule,
 
credit
 
rating
 
categories
 
are
 
the
 
decisive
 
factor
 
in
 
specifying
 
the
 
counterparty
 
limit.
Contractual
 
repayments
 
and
 
interest
 
costs
 
on
 
borrowings
 
are
 
presented
 
in
 
the
 
next
 
table.
 
The
 
repayments
 
and
 
interest
 
amounts
 
are
 
undiscounted
values.
 
Finance
 
costs
 
arising
 
from
 
interest
 
rate
 
swaps
 
are
 
often
 
paid
 
in
 
net
 
amounts
 
depending
 
on
 
the
 
nature
 
of
 
the
 
swap.
 
In
 
the
 
following
 
table,
they
 
are
 
presented
 
in
 
gross
 
amounts.
 
 
 
 
 
doc1p124i0
140
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20.
 
PAYMENTS
 
UNDER
 
FINANCING
 
AGREEMENTS
 
IN
 
CASH,
 
€1,000
31
 
Dec
 
2024
2025
2026
2027
2028
2029
2030–
Total
Bonds
 
repayments
78,478
100,000
35,000
610,000
542,391
1,365,869
interests
37,243
36,509
36,509
35,384
34,379
82,403
262,427
Loans
 
from
 
financial
institutions
 
repayments
46,381
30,623
28,718
28,718
20,385
103,716
258,541
interests
7,348
4,760
4,253
3,780
3,077
13,569
36,786
Commercial
 
papers
 
repayments
195,000
195,000
Lease
 
liabilities
repayments
2,860
2,892
3,267
3,088
3,106
36,142
51,356
interests
512
477
441
403
367
2,892
5,093
Cross-currency
 
swaps.
payments
 
2,418
1,547
1,590
1,656
1,662
1,682
10,554
Interest
 
rate
 
swaps
payments
 
13,815
10,871
11,447
9,263
9,081
54,477
Currency
 
derivatives
payments
 
1,080
1,067
2,147
Total
385,136
88,746
186,226
117,291
682,057
782,795
2,242,251
Cross-currency
 
swaps.
receivables
 
1,884
1,153
1,153
1,153
1,153
2,306
8,802
Interest
 
rate
 
swaps
receivables
 
10,071
9,702
9,702
8,577
8,250
46,302
Currency
 
derivatives
receivables
 
952
952
1,903
Total
12,906
11,807
10,855
9,730
9,403
2,306
57,007
Total
372,229
76,939
175,371
107,561
672,654
780,489
2,185,244
31
 
Dec
 
2023
2024
2025
2026
2027
2028
2029–
Total
Bonds
 
repayments
300,000
78,896
100,000
35,000
154,482
668,378
interests
17,818
7,318
6,566
6,566
5,441
5,646
49,355
Loans
 
from
 
financial
institutions
 
repayments
40,355
46,381
30,623
28,718
28,718
124,101
298,896
interests
11,742
6,420
4,776
4,241
3,773
17,387
48,339
Lease
 
liabilities
repayments
3,162
3,110
3,170
3,225
3,064
15,475
31,206
interests
583
524
464
403
342
909
3,226
Cross-currency
 
swaps.
payments
 
2,843
2,197
1,551
1,587
1,654
3,405
13,238
Interest
 
rate
 
swaps
payments
 
9,492
3,915
2,609
2,746
288
19,050
Currency
 
derivatives
payments
 
3,517
1,080
1,067
5,664
Total
389,511
149,842
50,825
147,487
78,280
321,406
1,137,352
Cross-currency
 
swaps.
receivables
 
1,593
1,977
1,210
1,210
1,210
3,630
10,830
Interest
 
rate
 
swaps
receivables
 
3,805
1,821
1,452
1,452
327
8,857
Currency
 
derivatives
receivables
 
3,370
992
992
5,355
Bought
 
interest
 
rate
 
options
receivables
 
5,233
5,233
Total
14,002
4,790
3,654
2,662
1,537
3,630
30,275
Total
375,510
145,052
47,171
144,825
76,744
317,776
1,107,078
Accounting
 
principles
 
 
 
 
 
 
 
141
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrowings
Borrowings
 
are
 
initially
 
recognised
 
at
 
fair
 
value
 
net
 
of
 
the
 
transaction
 
costs
 
incurred.
 
Transaction
 
costs
 
consist
 
of
 
bond
 
prices
 
above
 
or
 
below
 
par
value,
 
arrangement
 
fees,
 
commissions
 
and
 
administrative
 
fees
 
that
 
are
 
directly
 
related
 
to
 
the
 
loan.
 
Borrowings
 
are
 
subsequently
 
measured
 
at
amortised
 
cost;
 
any
 
difference
 
between
 
the
 
loan
 
amount
 
and
 
the
 
amount
 
to
 
be
 
repaid
 
is
 
recognised
 
in
 
the
 
income
 
statement
 
over
 
the
 
loan
 
period
using
 
the
 
effective
 
interest
 
rate
 
method.
 
Borrowings
 
are
 
derecognised
 
when
 
they
 
mature
 
and
 
are
 
repaid.
Commitment
 
fees
 
to
 
be
 
paid
 
on
 
credit
 
facilities
 
are
 
entered
 
as
 
transaction
 
costs
 
related
 
to
 
the
 
loan
 
insofar
 
as
 
partial
 
or
 
full
 
utilisation
 
of
 
the
 
facility
 
is
likely.
 
In
 
such
 
cases,
 
the
 
fee
 
is
 
capitalized
 
in
 
the
 
balance
 
sheet
 
until
 
the
 
facility
 
is
 
utilised.
 
If
 
there
 
is
 
no
 
proof
 
that
 
loans
 
included
 
in
 
a
 
facility
 
are
 
likely
to
 
be
 
withdrawn
 
in
 
part
 
or
 
in
 
full,
 
the
 
fee
 
will
 
be
 
recognised
 
as
 
an
 
expense
 
at
 
the
 
time
 
of
 
establishing
 
the
 
facility.
6.4
 
Summary
 
of
 
the
 
cash
 
and
 
cash
 
equivalents,
 
financial
 
assets,
 
financial
 
liabilities
 
and
 
derivatives
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
21.
 
CASH
 
AND
 
CASH
 
EQUIVALENTS,
 
€1,000
2024
2023
Cash
 
assets
 
and
 
bank
 
account
 
balances
481,288
128,737
Bank
 
deposits,
 
max.
 
3
 
months
130,000
125,000
Total
611,288
253,737
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
22.
 
OTHER
 
FINANCIAL
 
ASSETS,
 
€1,000
2024
2023
Hierarchy
level
Non-current:
Purchase
 
of
 
other
 
assets
81,843
75,937
Level
 
1
Total
81,843
75,937
Current:
Fixed
 
income
 
funds
101,260
107,272
Level
 
1
Bank
 
deposits,
 
over
 
3
 
months
20,000
-
Level
 
2
Purchase
 
of
 
other
 
assets
24,153
26,006
Level
 
2
Total
145,413
133,278
Total
227,256
209,214
Purchase
 
of
 
other
 
assets
 
is
 
a
 
part
 
of
 
the
 
company’s
 
overall
 
liquidity
 
management.
 
These
 
investments
 
consist
 
of
 
debt
 
instruments.
 
The
 
total
 
market
value
 
of
 
the
 
‘purchase
 
of
 
other
 
assets’
 
items
 
amounted
 
to
 
EUR
 
108.7
 
million
 
on
 
31
 
December
 
2024.
The
 
carrying
 
amounts
 
of
 
Fingrid's
 
financial
 
assets
 
and
 
liabilities
 
by
 
measurement
 
category
 
are
 
as
 
follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
23.
 
CARRYING
 
AMOUNTS
 
OF
 
FINANCIAL
 
ASSETS
 
AND
 
LIABILITIES
 
BY
 
MEASUREMENT
CATEGORY,
 
€1,000
Balance
 
sheet
 
item
 
31
 
Dec
 
2024
Assets/
liabilities
recognised
 
in
income
statement
 
at
fair
 
value
Financial
assets/liabilities
measured
 
at
amortised
 
cost
Total
Note
Other
 
long-term
 
investments
Available-for-sale
 
investments
81,843
81,843
22
Interest
 
rate
 
and
 
currency
 
derivatives
 
663
-
663
24
Electricity
 
derivatives
3,100
-
3,100
24
Current
 
financial
 
assets
Electricity
 
derivatives
11,808
-
11,808
24
Trade
 
receivables
 
and
 
other
 
receivables
-
124,237
124,237
4
Other
 
financial
 
assets
101,260
44,153
145,413
22
Cash
 
in
 
hand
 
and
 
cash
 
equivalents
-
611,288
611,288
21
Financial
 
assets
 
total:
116,831
861,522
978,352
Non-current
 
financial
 
liabilities:
Borrowings
-
1,539,568
1,539,568
16
Interest
 
rate
 
and
 
currency
 
derivatives
 
13,874
-
13,874
24
 
 
 
 
 
doc1p142i0
142
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Electricity
 
derivatives
5,897
-
5,897
24
Current
 
financial
 
liabilities:
Borrowings
-
320,725
320,725
16
Interest
 
rate
 
and
 
currency
 
derivatives
 
5,221
-
5,221
24
Electricity
 
derivatives
13,521
-
13,521
24
Trade
 
payables
 
and
 
other
 
liabilities
 
-
82,623
82,623
8
Financial
 
liabilities
 
total
38,513
1,942,916
1,981,429
Balance
 
sheet
 
item
 
31
 
Dec
 
2023
Assets/
liabilities
recognised
 
in
income
statement
 
at
fair
 
value
Financial
assets/liabilities
measured
 
at
amortised
 
cost
Total
Note
Other
 
long-term
 
investments
Available-for-sale
 
investments
75,937
75,937
22
Interest
 
rate
 
and
 
currency
 
derivatives
 
43
-
43
24
Electricity
 
derivatives
6,161
-
6,161
24
Current
 
financial
 
assets
Interest
 
rate
 
and
 
currency
 
derivatives
 
5,428
-
5,428
24
Electricity
 
derivatives
30,626
-
30,626
24
Metal
 
derivatives
55
-
55
24
Trade
 
receivables
 
and
 
other
 
receivables
-
49,494
49,494
4
Other
 
financial
 
assets
107,272
26,006
133,278
22
Cash
 
in
 
hand
 
and
 
cash
 
equivalents
-
253,737
253,737
21
Financial
 
assets
 
total:
149,585
405,174
554,759
Non-current
 
financial
 
liabilities:
Borrowings
-
654,671
654,671
16
Interest
 
rate
 
and
 
currency
 
derivatives
 
18,022
-
18,022
24
Electricity
 
derivatives
1,845
-
1,845
24
Current
 
financial
 
liabilities:
Borrowings
-
343,471
343,471
16
Interest
 
rate
 
and
 
currency
 
derivatives
 
426
-
426
24
Electricity
 
derivatives
901
-
901
24
Metal
 
derivatives
40
-
40
24
Trade
 
payables
 
and
 
other
 
liabilities
 
-
100,855
100,855
8
Financial
 
liabilities
 
total
21,234
1,098,997
1,120,231
 
 
Accounting
 
principles
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FINANCIAL
 
INSTRUMENTS
Classification
 
of
 
financial
 
assets
 
and
 
liabilities
The
 
Group
 
classifies
 
the
 
financial
 
assets
 
and
 
liabilities
 
in
 
accordance
 
with
 
its
 
business
 
model
 
and
 
in
 
compliance
 
with
 
IFRS
 
9.
The
 
classification
 
is
 
accomplished
 
on
 
the
 
basis
 
of
 
the
 
objective
 
of
 
the
 
business
 
model
 
and
 
the
 
contract-based
 
cash
 
flows
 
from
 
the
 
investments.
 
Bonds
 
held
 
to
 
maturity
 
and
 
cash
 
and
 
cash
 
equivalents
 
have
 
mainly
 
been
 
measured
 
at
 
amortised
 
cost.
 
This
 
reflects
 
a
 
business
 
model
 
whose
objective
 
is
 
to
 
collect
 
contract-based
 
cash
 
flows.
 
Fund
 
investments
 
are
 
recognised
 
at
 
fair
 
value.
 
This
 
reflects
 
a
 
business
 
model
 
whose
 
objective
 
is
 
to
 
collect
 
contract-based
 
cash
 
flows
 
or
 
sell
financial
 
assets.
 
The
 
objective
 
of
 
the
 
above-mentioned
 
model
 
is
 
to
 
invest
 
the
 
cash
 
and
 
cash
 
equivalents
 
profitably
 
so
 
that
 
they
 
remain
 
liquid.
 
 
 
 
 
 
 
 
143
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
 
and
 
cash
 
equivalents
Cash
 
and
 
cash
 
equivalents
 
on
 
the
 
balance
 
sheet
 
consist
 
of
 
cash
 
in
 
hand
 
and
 
bank
 
deposits
 
with
 
an
 
initial
 
maturity
 
of
 
no
 
more
 
than
 
three
 
months.
Cash
 
and
 
cash
 
equivalents
 
are
 
derecognised
 
when
 
they
 
mature,
 
are
 
sold
 
or
 
otherwise
 
disposed
 
of.
 
Other
 
financial
 
assets
The
 
financial
 
assets
 
classified
 
in
 
this
 
category
 
on
 
the
 
balance
 
sheet
 
consist
 
of
 
short-term
 
investments
 
in
 
fixed
 
income
 
funds,
 
bank
 
deposits
 
for
 
more
than
 
three
 
months,
 
and
 
money
 
market
 
securities
 
and
 
other
 
short-term
 
fixed
 
income
 
instruments
 
linked
 
with
 
an
 
asset
 
management
 
contract.
 
The
asset
 
management
 
investments
 
are
 
booked
 
on
 
the
 
balance
 
sheet
 
at
 
amortised
 
cost.
 
On
 
the
 
cash
 
flow
 
statement,
 
they
 
are
 
booked
 
in
 
‘Cash
 
flow
from
 
investing
 
activities’.
 
Financial
 
assets
 
recognised
 
at
 
fair
 
value
 
in
 
the
 
income
 
statement
 
are
 
booked
 
into
 
the
 
balance
 
sheet
 
at
 
fair
 
value
 
at
 
the
settlement
 
date.
 
Subsequently,
 
the
 
financial
 
assets
 
are
 
measured
 
on
 
each
 
reporting
 
day
 
at
 
fair
 
value,
 
and
 
the
 
change
 
in
 
their
 
value
 
is
 
recognised
 
in
the
 
income
 
statement
 
under
 
finance
 
income
 
and
 
costs.
 
Derivatives
 
are
 
also
 
included
 
in
 
this
 
group
 
but
 
are
 
presented
 
on
 
the
 
balance
 
sheet
 
on
 
their
own
 
lines.
Investments
 
The
 
‘Other
 
long-term
 
investments’
 
on
 
the
 
balance
 
sheet
 
consist
 
of
 
investments
 
in
 
listed
 
bonds
 
linked
 
with
 
the
 
asset
 
management
 
contract,
 
in
 
which
the
 
maturity
 
of
 
an
 
individual
 
bond
 
is
 
no
 
more
 
than
 
three
 
years.
 
The
 
asset
 
management
 
investments
 
are
 
booked
 
on
 
the
 
balance
 
sheet
 
at
 
amortised
cost.
 
On
 
the
 
cash
 
flow
 
statement,
 
they
 
are
 
booked
 
in
 
‘Cash
 
flow
 
from
 
investing
 
activities’.
 
The
 
Group
 
actively
 
tests
 
each
 
instrument
 
for
 
impairment
and
 
if
 
the
 
impairment
 
criteria
 
are
 
met,
 
the
 
impairment
 
is
 
booked
 
into
 
the
 
income
 
statement.
Financial
 
assets
 
are
 
derecognised
 
when
 
they
 
mature,
 
are
 
sold
 
or
 
otherwise
 
disposed
 
of
 
such
 
that
 
their
 
risks
 
and
 
revenues
 
have
 
been
 
transferred.
 
 
 
 
 
 
Financial
 
liabilities
 
Financial
 
liabilities
 
consist
 
of
 
loans
 
and
 
derivative
 
instruments.
 
Loans
 
are
 
items
 
recognised
 
at
 
amortised
 
cost.
 
Loans
 
are
 
recognised
 
in
 
accounting
with
 
transaction
 
costs
 
deducted,
 
after
 
which
 
the
 
loans
 
are
 
measured
 
at
 
amortised
 
cost
 
using
 
the
 
effective
 
interest
 
rate
 
method.
24.
 
DERIVATIVE
 
INSTRUMENTS,
 
€
 
1,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
2023
Hierarchy
level
Interest
 
rate
 
and
currency
derivatives
Fair
 
value
pos.
Fair
 
value
neg.
Net
 
fair
value
Nominal
value
Fair
 
value
pos.
Fair
 
value
neg.
Net
 
fair
value
Nominal
value
31.12.24
31.12.24
31.12.24
31.12.24
31.12.23
31.12.23
31.12.23
31.12.23
Cross-currency
swaps
-10,611
-10,611
55,990
-7,944
-7,944
55,990
Level
 
2
Currency
derivatives
-255
-255
2,147
7
-340
-333
5,172
Level
 
2
Interest
 
rate
swaps
117
-8,230
-8,113
480,000
283
-10,164
-9,882
280,000
Level
 
2
Bought
 
interest
rate
 
options
546
546
100,000
5,181
5,181
300,000
Level
 
2
Total
663
-19,095
-18,432
638,137
5,471
-18,448
-12,977
641,162
Electricity
derivatives
Fair
 
value
pos.
Fair
 
value
neg.
Net
 
fair
value
Volume
TWh
 
Fair
 
value
pos.
Fair
 
value
neg.
Net
 
fair
value
Volume
TWh
 
31.12.24
31.12.24
31.12.24
31.12.24
31.12.23
31.12.23
31.12.23
31.12.23
Electricity
 
forward
contracts
14,908
-19,418
-4,510
4.5
36,787
-2,746
34,041
4.0
Level
 
2
Total
14,908
-19,418
-4,510
4.5
36,787
-2,746
34,041
4.0
Metal
derivatives
Fair
 
value
pos.
Fair
 
value
neg.
Net
 
fair
value
mt
Fair
 
value
pos.
Fair
 
value
neg.
Net
 
fair
value
mt
31.12.24
31.12.24
31.12.24
31.12.24
31.12.23
31.12.23
31.12.23
31.12.23
Metal
 
swaps
55
-40
15
302
Level
 
2
Total
55
-40
15
302
The
 
net
 
fair
 
value
 
of
 
derivatives
 
indicates
 
the
 
realised
 
profit/loss
 
if
 
they
 
had
 
been
 
closed
 
on
 
the
 
last
 
trading
 
day
 
of
 
2024.
The
 
company
 
uses
 
derivative
 
instruments
 
to
 
hedge
 
interest
 
rate,
 
foreign
 
exchange
 
and
 
commodity
 
risks
 
and,
 
by
 
default,
 
holds
 
the
 
contracts
 
until
maturity.
 
The
 
derivative
 
instruments
 
used
 
for
 
hedging
 
are
 
approved
 
annually.
 
A
 
valid
 
framework
 
agreement
 
(ISDA
 
or
 
other
 
agreement)
 
must
 
be
 
in
 
 
 
 
doc1p144i0
144
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
place
 
with
 
the
 
derivative
 
counterparty
 
before
 
concluding
 
a
 
transaction.
 
The
 
derivatives
 
falling
 
under
 
the
 
scope
 
of
 
an
 
ISDA
 
agreement
 
can
 
be
 
netted
in
 
conditional
 
circumstances
 
such
 
as
 
default
 
or
 
bankruptcy.
 
The
 
company
 
had
 
financial
 
derivatives
 
that
 
can
 
be
 
netted
 
as
 
per
 
ISDA
 
at
 
a
 
total
 
fair
value
 
of
 
EUR
 
-18.4
 
(-13.0)
 
million
 
on
 
31
 
December
 
2024.
 
In
 
addition,
 
the
 
company
 
had
 
electricity
 
derivatives
 
with
 
OTC
 
counterparties
 
that
 
can
 
be
netted
 
as
 
per
 
a
 
framework
 
agreement
 
at
 
a
 
total
 
fair
 
value
 
of
 
EUR
 
-4.5
 
(34.0)
 
million.
The
 
derivative
 
transactions
 
hedging
 
the
 
company’s
 
loan
 
portfolio
 
consist
 
of
 
interest
 
rate
 
and
 
cross
 
currency
 
swaps
 
as
 
well
 
as
 
purchased
 
cap
options,
 
which
 
serve
 
to
 
hedge
 
most
 
of
 
the
 
loan
 
portfolio
 
from
 
a
 
sudden
 
change
 
in
 
short-term
 
interest
 
rates.
 
During
 
the
 
financial
 
year,
 
the
 
company
used
 
currency
 
and
 
metal
 
derivatives
 
to
 
hedge
 
business
 
transaction
 
risks.
 
Currency
 
derivatives
 
are
 
used
 
to
 
fix
 
the
 
exchange
 
rate
 
for
 
non-euro-
denominated
 
contracts
 
related
 
to
 
business
 
operations.
 
Electricity
 
derivatives
 
are
 
designed
 
to
 
hedge
 
the
 
price
 
risk
 
of
 
future
 
loss
 
power
 
purchases.
Metal
 
derivatives
 
are
 
used
 
to
 
hedge
 
against
 
the
 
metal
 
price
 
risk
 
arising
 
from
 
purchases
 
insofar
 
as
 
it
 
cannot
 
otherwise
 
be
 
managed,
 
typically
 
with
fixed
 
contracts
 
between
 
the
 
supplier
 
and
 
client.
 
The
 
management
 
of
 
electricity
 
price
 
risk
 
is
 
described
 
in
 
chapter
 
4.7.
The
 
sensitivity
 
of
 
the
 
loan
 
portfolio
 
to
 
interest
 
rate
 
risk
 
is
 
measured
 
by
 
using
 
a
 
Cash
 
Flow
 
at
 
Risk
 
(CFaR)
 
type
 
of
 
model,
 
more
 
specifically
 
the
Autoregressive
 
Integrated
 
Moving
 
Average
 
(ARIMA)
 
model.
 
The
 
key
 
parameters
 
of
 
the
 
model
 
are
 
the
 
3-month
 
and
 
6-month
 
Euribor
 
rates,
 
where
the
 
historical
 
time
 
series
 
serve
 
as
 
a
 
basis
 
for
 
a
 
forward-looking
 
simulation
 
of
 
the
 
probable
 
future
 
interest
 
expenses
 
for
 
Fingrid’s
 
loan
 
portfolio.
 
The
exposure
 
on
 
which
 
the
 
sensitivity
 
analysis
 
is
 
calculated
 
includes
 
all
 
of
 
the
 
Group’s
 
interest-bearing
 
borrowings,
 
the
 
loan
 
portfolio’s
 
derivatives
 
and
interest-rate
 
options
 
purchased
 
to
 
hedge
 
against
 
unexpected
 
changes
 
in
 
interest
 
rates.
 
According
 
to
 
the
 
model,
 
there
 
is
 
a
 
95%
 
probability
 
that
Fingrid’s
 
interest
 
expenses
 
will
 
amount
 
to
 
a
 
maximum
 
of
 
EUR
 
60.7
 
million
 
during
 
the
 
next
 
12
 
months.
The
 
sensitivity
 
of
 
the
 
net
 
fair
 
value
 
of
 
currency
 
derivatives
 
to
 
exchange
 
rates
 
on
 
the
 
reporting
 
date
 
is
 
measured
 
as
 
a
 
10
 
per
 
cent
 
change
 
in
exchange
 
rates
 
between
 
the
 
euro
 
and
 
foreign
 
currencies.
 
The
 
sensitivity
 
analyses
 
gauge
 
changes
 
in
 
the
 
spot
 
and
 
future
 
rates
 
on
 
the
 
reporting
 
date
while
 
keeping
 
the
 
other
 
factors
 
constant.
 
If
 
the
 
euro
 
had
 
been
 
10%
 
stronger/weaker
 
compared
 
to
 
foreign
 
currencies
 
on
 
31
 
December
 
2024,
 
the
impact
 
on
 
the
 
Group’s
 
profit
 
before
 
taxes
 
would
 
have
 
been
 
EUR
 
0.2
 
million
 
negative/EUR
 
0.2
 
million
 
positive.
 
The
 
change
 
in
 
the
 
fair
 
value
 
of
 
the
 
electricity
 
derivatives
 
used
 
for
 
hedging
 
the
 
price
 
of
 
Fingrid’s
 
loss
 
power
 
purchases
 
recognised
 
in
 
the
 
operating
profit
 
was
 
EUR
 
38.6
 
negative
 
(EUR
 
185.0
 
million
 
negative).
 
The
 
volatility
 
in
 
the
 
fair
 
value
 
of
 
electricity
 
derivatives
 
can
 
be
 
significant.
 
The
 
negative
impact
 
on
 
profit
 
resulted
 
from
 
the
 
effect
 
of
 
lower
 
market
 
quotations
 
for
 
electricity
 
derivatives
 
on
 
the
 
fair
 
value
 
of
 
the
 
electricity
 
derivatives.
 
Fingrid
holds
 
its
 
bought
 
derivatives
 
to
 
maturity.
 
In
 
2024,
 
2.24
 
TWh
 
of
 
electricity
 
derivatives
 
reached
 
maturity,
 
and
 
2.24
 
TWh
 
of
 
new
 
derivatives
 
were
 
taken,
amounting
 
a
 
positive
 
net
 
change
 
of
 
0.49
 
TWh.
The
 
sensitivity
 
of
 
the
 
fair
 
value
 
of
 
electricity
 
derivatives
 
in
 
relation
 
to
 
changes
 
in
 
the
 
price
 
of
 
electricity
 
is
 
measured
 
as
 
the
 
difference
 
a
 
10
 
per
 
cent
fluctuation
 
in
 
market
 
price
 
would
 
have
 
on
 
outstanding
 
electricity
 
derivatives
 
on
 
the
 
reporting
 
date.
 
An
 
increase/decrease
 
of
 
10
 
per
 
cent
 
in
 
the
 
market
price
 
of
 
electricity
 
would
 
have
 
an
 
impact
 
of
 
EUR
 
12.4
 
million/EUR
 
–12.4
 
million
 
on
 
the
 
Group’s
 
profit
 
before
 
taxes.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting
 
principles
Derivative
 
instruments
Derivatives
 
are
 
initially
 
recognised
 
at
 
fair
 
value
 
according
 
to
 
the
 
date
 
the
 
derivative
 
contract
 
is
 
concluded,
 
and
 
are
 
subsequently
 
re-measured
 
at
 
fair
value.
 
The
 
fair
 
value
 
of
 
derivatives
 
on
 
the
 
reporting
 
date
 
are
 
based
 
on
 
calculation
 
methods
 
in
 
line
 
with
 
market
 
practice.
 
Changes
 
in
 
the
 
fair
 
value
 
of
derivatives
 
are
 
recognised
 
directly
 
in
 
the
 
income
 
statement,
 
either
 
under
 
finance
 
income
 
or
 
costs.
 
Changes
 
in
 
the
 
fair
 
value
 
of
 
electricity
 
and
 
metal
derivatives
 
are
 
recognised
 
in
 
other
 
operating
 
income.
 
The
 
Group
 
does
 
not
 
apply
 
hedge
 
accounting,
 
and
 
the
 
rules
 
applied
 
to
 
hedge
 
accounting
according
 
to
 
IFRS
 
9
 
do
 
not
 
affect
 
the
 
company’s
 
accounting
 
procedures.
Electricity
 
derivatives
The
 
company
 
enters
 
into
 
electricity
 
derivative
 
contracts
 
in
 
order
 
to
 
hedge
 
the
 
price
 
risk
 
of
 
electricity
 
purchases
 
in
 
accordance
 
with
 
the
 
loss
 
power
forecast.
Metal
 
derivatives
The
 
company
 
concludes
 
metal
 
derivative
 
agreements
 
to
 
hedge
 
against
 
the
 
metal
 
price
 
risk
 
arising
 
from
 
purchases.
Interest
 
and
 
currency
 
derivatives
The
 
company
 
enters
 
into
 
derivative
 
contracts
 
in
 
order
 
to
 
hedge
 
loans’
 
interest
 
rate
 
and
 
foreign
 
exchange
 
risk
 
and
 
the
 
foreign
 
exchange
 
risk
 
of
purchases.
 
A
 
derivative
 
asset
 
or
 
liability
 
is
 
recognised
 
at
 
its
 
original
 
fair
 
value.
 
Derivatives
 
are
 
measured
 
at
 
fair
 
value
 
at
 
the
 
closing
 
date,
 
and
 
the
change
 
in
 
fair
 
value
 
is
 
recognised
 
in
 
the
 
income
 
statement
 
under
 
finance
 
income
 
and
 
costs.
 
Currency
 
derivatives
 
have
 
been
 
measured
 
at
 
the
forward
 
prices.
 
Interest
 
rate
 
and
 
currency
 
swaps
 
have
 
been
 
measured
 
at
 
the
 
present
 
value
 
on
 
the
 
basis
 
of
 
the
 
yield
 
curve
 
of
 
each
 
currency.
 
Interest
rate
 
options
 
have
 
been
 
valued
 
using
 
generally
 
accepted
 
option
 
pricing
 
models
 
in
 
the
 
market.
 
6.5
 
Equity
 
and
 
dividend
 
distribution
The
 
company's
 
share
 
capital
 
is
 
EUR
 
55,922,485.55.
 
Fingrid
 
shares
 
are
 
divided
 
into
 
Series
 
A
 
shares
 
and
 
Series
 
B
 
shares.
 
The
 
number
 
of
 
Series
 
A
shares
 
is
 
2,078
 
and
 
the
 
number
 
of
 
Series
 
B
 
shares
 
is
 
1,247.
 
The
 
maximum
 
number
 
of
 
shares
 
is
 
13,300,
 
as
 
in
 
2023.
 
The
 
shares
 
have
 
no
 
par
 
value.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
145
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Series
 
A
 
shares
 
confer
 
three
 
votes
 
each
 
at
 
the
 
Annual
 
General
 
Meeting
 
and
 
Series
 
B
 
shares
 
one
 
vote
 
each.
 
When
 
electing
 
members
 
of
 
the
 
Board
of
 
Directors,
 
Series
 
A
 
shares
 
confer
 
10
 
votes
 
each
 
at
 
the
 
Annual
 
General
 
Meeting
 
and
 
Series
 
B
 
shares
 
one
 
vote
 
each.
Series
 
B
 
shares
 
have
 
the
 
right
 
before
 
Series
 
A
 
shares
 
to
 
obtain
 
the
 
annual
 
minimum
 
dividend
 
specified
 
below
 
from
 
the
 
funds
 
available
 
for
 
profit
distribution.
 
If
 
the
 
annual
 
minimum
 
dividend
 
cannot
 
be
 
distributed
 
in
 
some
 
year,
 
the
 
shares
 
confer
 
a
 
right
 
to
 
receive
 
the
 
undistributed
 
amount
 
from
the
 
funds
 
available
 
for
 
profit
 
distribution
 
in
 
the
 
subsequent
 
years;
 
however,
 
such
 
that
 
Series
 
B
 
shares
 
have
 
the
 
right
 
over
 
Series
 
A
 
shares
 
to
 
receive
the
 
annual
 
minimum
 
dividend
 
and
 
the
 
undistributed
 
amount.
Fingrid
 
Oyj's
 
Annual
 
General
 
Meeting
 
decides
 
on
 
the
 
annual
 
dividend
Eighty-two
 
per
 
cent
 
of
 
the
 
dividends
 
to
 
be
 
distributed
 
for
 
each
 
financial
 
year
 
is
 
distributed
 
for
 
all
 
Series
 
A
 
shares
 
and
 
eighteen
 
per
 
cent
 
for
 
all
 
Series
B
 
shares,
 
however
 
such
 
that
 
EUR
 
twenty
 
million
 
of
 
the
 
dividends
 
to
 
be
 
distributed
 
for
 
each
 
financial
 
year
 
is
 
first
 
distributed
 
for
 
all
 
Series
 
B
 
shares.
 
If
the
 
above-mentioned
 
EUR
 
twenty
 
million
 
minimum
 
amount
 
for
 
the
 
financial
 
period
 
is
 
not
 
distributed
 
(all
 
or
 
in
 
part)
 
for
 
Series
 
B
 
shares
 
in
 
a
 
financial
period,
 
Series
 
B
 
shares
 
confer
 
the
 
right
 
to
 
receive
 
the
 
undistributed
 
minimum
 
amount
 
in
 
question
 
(or
 
the
 
accumulated
 
undistributed
 
minimum
amount
 
accrued
 
during
 
such
 
financial
 
periods)
 
in
 
the
 
next
 
profit
 
distribution,
 
in
 
any
 
disbursements
 
paid
 
out,
 
or
 
in
 
any
 
other
 
distribution
 
of
 
assets
prior
 
to
 
any
 
other
 
dividends,
 
disbursements
 
or
 
asset
 
distribution
 
until
 
the
 
undistributed
 
minimum
 
amount
 
has
 
been
 
distributed
 
in
 
full
 
for
 
Series
 
B
shares.
 
There
 
are
 
no
 
non-controlling
 
interests.
Equity
 
is
 
composed
 
of
 
the
 
share
 
capital,
 
share
 
premium
 
account,
 
revaluation
 
reserve
 
(incl.
 
fair
 
value
 
reserve),
 
translation
 
reserve,
 
and
 
retained
earnings.
 
The
 
translation
 
reserve
 
includes
 
translation
 
differences
 
in
 
the
 
net
 
capital
 
investments
 
of
 
associated
 
companies
 
in
 
accordance
 
with
 
the
equity
 
method
 
of
 
accounting.
 
The
 
profit
 
for
 
the
 
financial
 
year
 
is
 
booked
 
in
 
retained
 
earnings.
Share
 
premium
 
account
The
 
share
 
premium
 
account
 
includes
 
the
 
difference
 
between
 
the
 
counter
 
value
 
of
 
the
 
shares
 
and
 
the
 
value
 
obtained.
 
The
 
share
 
premium
 
account
consists
 
of
 
restricted
 
equity
 
as
 
referred
 
to
 
in
 
the
 
Finnish
 
Limited
 
Liability
 
Companies
 
Act.
 
The
 
share
 
capital
 
can
 
be
 
increased
 
by
 
transferring
 
funds
from
 
the
 
share
 
premium
 
account.
 
The
 
share
 
premium
 
account
 
can
 
be
 
decreased
 
in
 
order
 
to
 
cover
 
losses
 
or,
 
under
 
certain
 
conditions,
 
it
 
can
 
be
returned
 
to
 
the
 
owners.
Changes
 
to
 
equity
 
funds
 
during
 
the
 
financial
 
year
 
are
 
presented
 
in
 
the
 
statement
 
of
 
changes
 
in
 
equity.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number
 
of
 
shares
Of
 
all
 
shares
 
%
Of
 
votes
 
%
SHAREHOLDERS
 
BY
 
CATEGORY
 
31
 
DEC
 
2024
Public
 
organisations
1,768
53.17
70.88
Financial
 
and
 
insurance
 
institutions
1,557
46.83
29.12
Total
3,325
100.00
100.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number
 
of
 
shares
Of
 
all
 
shares
 
%
Of
 
votes
 
%
Shareholders,
 
31
 
Dec
 
2024
Republic
 
of
 
Finland,
 
represented
 
by
 
the
 
Ministry
 
of
 
Finance
1,227
36.90
49.20
Aino
 
Holding
 
Ky
878
26.41
11.74
Mutual
 
Pension
 
Insurance
 
Company
 
Ilmarinen
661
19.88
17.15
National
 
Emergency
 
Supply
 
Agency
540
16.24
21.67
Imatran
 
Seudun
 
Sähkö
 
Oy
10
0.30
0.13
Fennia
 
Life
6
0.18
0.08
Elo
 
Mutual
 
Pension
 
Insurance
1
0.03
0.01
OP
 
Insurance
 
Ltd
1
0.03
0.01
The
 
State
 
Pension
 
Fund
1
0.03
0.01
Total
3,325
100.00
100.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25.
 
SHAREHOLDERS
 
BY
 
CATEGORY
The
 
share
 
capital
 
is
 
broken
 
down
 
as
 
follows
Number
 
of
shares
Of
 
all
 
shares
 
%
Of
 
votes
 
%
Series
 
A
 
shares
2,078
62.50
83.33
Series
 
B
 
shares
1,247
37.50
16.67
Total
3,325
100.00
100.00
Fingrid’s
 
dividends
 
are
 
distributed
 
such
 
that
 
the
 
shareholders
 
receive
 
a
 
reasonable
 
return
 
on
 
their
 
invested
 
capital,
 
but
 
also
 
such
 
that
 
the
 
company’s
financial
 
position
 
remains
 
stable.
Fingrid
 
Oyj’s
 
distributable
 
funds
 
in
 
the
 
financial
 
statements
 
total
 
EUR
 
172,219,414.81.
 
Based
 
on
 
the
 
2023
 
financial
 
statements,
 
EUR
 
137.1
 
(EUR
133.0)
 
million
 
was
 
paid
 
in
 
dividends.
 
Since
 
the
 
closing
 
date,
 
the
 
Board
 
of
 
Directors
 
has
 
proposed
 
to
 
the
 
Annual
 
General
 
Meeting
 
of
 
shareholders
 
 
 
 
doc1p146i0
146
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
that,
 
on
 
the
 
basis
 
of
 
the
 
balance
 
sheet
 
adopted
 
for
 
the
 
financial
 
period
 
that
 
ended
 
on
 
31
 
December
 
2024,
 
a
 
dividend
 
of
 
EUR
53,400.00
 
at
 
maximum
per
 
share
 
be
 
paid
 
for
 
Series
 
A
 
shares
 
and
 
EUR
19,500.00
 
at
 
maximum
 
for
 
Series
 
B
 
shares,
 
for
 
a
 
total
 
of
 
EUR
135,281,700.00
 
at
 
maximum.
 
The
dividends
 
shall
 
be
 
paid
 
in
 
two
 
instalments.
 
The
 
first
 
instalment
 
of
 
EUR
 
35,600.00
 
for
 
each
 
Series
 
A
 
share
 
and
 
EUR
 
13,000.00
 
for
 
each
 
Series
 
B
share,
 
totalling
 
EUR
 
90,187,800.00,
 
shall
 
be
 
paid
 
on
 
7
 
April
 
2025.
 
The
 
second
 
instalment
 
of
 
EUR
 
17,800.00
 
at
 
maximum
 
per
 
share
 
for
 
each
 
Series
A
 
share
 
and
 
EUR
 
6,500.00
 
at
 
maximum
 
per
 
share
 
for
 
each
 
Series
 
B
 
share,
 
totalling
 
EUR
 
45,093,900.00
 
at
 
maximum
 
in
 
dividends,
 
shall
 
be
 
paid
subject
 
to
 
the
 
Board’s
 
decision
 
after
 
the
 
half-year
 
report
 
has
 
been
 
confirmed,
 
based
 
on
 
the
 
authorisation
 
given
 
to
 
the
 
Board
 
in
 
the
 
Annual
 
General
Meeting.
 
The
 
Board
 
has
 
the
 
right
 
to
 
decide,
 
based
 
on
 
the
 
authorisation
 
granted
 
to
 
it,
 
on
 
the
 
payment
 
of
 
the
 
second
 
dividend
 
instalment
 
after
 
the
half-year
 
report
 
has
 
been
 
confirmed
 
and
 
it
 
has
 
assessed
 
the
 
company’s
 
solvency,
 
financial
 
position
 
and
 
financial
 
development.
 
The
 
dividends
 
that
have
 
been
 
decided
 
on
 
with
 
the
 
authorisation
 
given
 
to
 
the
 
Board
 
shall
 
be
 
paid
 
on
 
the
 
third
 
banking
 
day
 
after
 
the
 
decision.
 
It
 
will
 
be
 
proposed
 
that
 
the
authorisation
 
remains
 
valid
 
until
 
the
 
next
 
Annual
 
General
 
Meeting.
The
 
distributable
 
funds
 
are
 
calculated
 
on
 
the
 
basis
 
of
 
the
 
parent
 
company’s
 
equity.
 
Dividends
 
are
 
paid
 
based
 
on
 
the
 
distributable
 
funds
 
of
 
the
 
parent
company.
 
The
 
guiding
 
principle
 
for
 
Fingrid’s
 
dividend
 
policy
 
is
 
to
 
distribute
 
substantially
 
all
 
of
 
the
 
parent
 
company
 
profit
 
as
 
dividends.
 
When
 
making
 
the
decision,
 
however,
 
the
 
economic
 
conditions,
 
the
 
company’s
 
near-term
 
capital
 
expenditure
 
and
 
development
 
needs
 
as
 
well
 
as
 
any
 
prevailing
financial
 
targets
 
of
 
the
 
company
 
are
 
always
 
taken
 
into
 
account.
The
 
table
 
below
 
indicates
 
the
 
differences
 
between
 
the
 
consolidated
 
IFRS
 
income
 
statement
 
and
 
the
 
parent
 
company’s
 
FAS
 
income
 
statement.
 
 
 
 
 
BRIDGE
 
CALCULTION
 
FROM
 
IFRS
 
RESULT
 
TO
 
FAS
 
RESULT,
 
MEUR
2024
2023
Consolidated
 
profit
 
for
 
the
 
financial
 
period
 
(IFRS)
 
149.2
1.2
Deferred
 
tax
3.4
-35.2
Cancellation
 
of
 
the
 
depreciation
 
of
 
rights
 
of
 
use
 
to
 
line
 
areas
-3.4
-3.5
FAS
 
/
 
IFRS
 
differences
 
in
 
financial
 
costs
-13.1
-6.6
Eliminations
 
and
 
other
 
FAS
 
/
 
IFRS
 
differences
-4.2
-6.8
IFRS
 
15
 
revenue
 
recognition
23.9
36.2
Change
 
in
 
the
 
market
 
value
 
of
 
derivatives
41.0
184.7
Change
 
in
 
depreciation
 
difference
-61.7
-28.5
Parent
 
company
 
profit
 
for
 
the
 
financial
 
period
 
(FAS)
 
135.0
141.4
Accounting
 
principles
 
 
 
 
 
 
 
 
 
 
 
Dividend
 
distribution
The
 
Board
 
of
 
Directors'
 
proposal
 
concerning
 
dividend
 
distribution
 
is
 
not
 
recorded
 
in
 
the
 
financial
 
statements.
 
The
 
liability
 
and
 
equity
 
is
 
recognised
only
 
after
 
a
 
decision
 
is
 
made
 
by
 
the
 
Annual
 
General
 
Meeting
 
of
 
Shareholders.
 
 
 
 
 
 
 
 
147
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
7
 
OTHER
 
INFORMATION
•
Chapter
 
seven
 
contains
 
the
 
rest
 
of
 
the
 
notes.
•
First,
 
a
 
presentation
 
of
 
the
 
Group
 
companies
 
and
 
related
 
parties
 
information
 
is
 
described
 
in
 
their
 
own
 
section.
•
Later,
 
other
 
notes
 
follow
 
in
 
the
 
same
 
sequence
 
they
 
appear
 
in
 
the
 
income
 
statement
 
and
 
balance
 
sheet.
7.1
 
Group
 
companies
 
and
 
related
 
parties
The
 
Group
 
has
 
two
 
Fingrid's
 
wholly-owned
 
subsidiaries,
 
Finextra
 
Oy
 
and
 
Fingrid
 
Datahub
 
Oy.
 
Finextra
 
Oy
 
is
 
a
 
subsidiary
 
wholly-owned
 
by
 
Fingrid
 
Oyj
 
established
 
to
 
handle
 
the
 
statutory
 
public
 
service
 
obligations
 
not
 
included
 
in
 
actual
 
grid
operations
 
or
 
transmission
 
system
 
responsibility.
 
These
 
tasks
 
include
 
peak
 
load
 
capacity
 
services
 
and
 
guarantee-of-origin
 
services
 
for
 
electricity.
No
 
power
 
plants
 
participated
 
in
 
the
 
peak
 
load
 
capacity
 
system
 
in
 
2024.
 
The
 
Energy
 
Authority
 
oversees
 
Finextra’s
 
operations
 
and
 
reasonable
 
returns
from
 
its
 
services.
The
 
key
 
duties
 
of
 
Fingrid
 
Datahub
 
Oy
 
are
 
to
 
offer
 
and
 
develop
 
centralised
 
electricity
 
market
 
information
 
exchange
 
services
 
and
 
other
 
related
services
 
for
 
electricity
 
market
 
participants
 
and
 
to
 
govern
 
the
 
register
 
information
 
of
 
consumption
 
sites
 
required
 
by
 
the
 
electricity
 
market.
 
The
subsidiary
 
manages
 
the
 
operational
 
activities
 
linked
 
to
 
Datahub
 
and
 
is
 
responsible
 
for
 
the
 
system
 
development
 
of
 
Datahub.
 
Datahub
 
is
 
a
centralised
 
information
 
exchange
 
system
 
for
 
electricity
 
retail
 
markets
 
that
 
stores
 
data
 
from
 
Finland’s
 
4
 
million
 
sites
 
of
 
electricity
 
consumption
The
 
associated
 
companies,
 
eSett
 
Oy
 
(holding
 
25.0
 
per
 
cent)
 
and
 
Nordic
 
RCC
 
A/S
 
(holding
 
25.0
 
per
 
cent),
 
have
 
been
 
consolidated
 
accordingly.
Nordic
 
RCC
 
supports
 
Nordic
 
TSOs
 
in
 
managing
 
system
 
security
 
and
 
sets
 
the
 
electricity
 
system’s
 
transmission
 
capacities.
The
 
investments
 
in
 
associated
 
companies
 
included
 
in
 
the
 
balance
 
sheet
 
are
 
composed
 
of
 
the
 
following:
 
 
 
 
 
 
 
 
 
 
26.
 
INVESTMENTS
 
IN
 
ASSOCIATED
 
COMPANIES,
 
€
 
1,000
2024
2023
Non-current
Interests
 
in
 
associated
 
companies
13,702
13,291
Total
13,702
13,291
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial
 
summary
 
of
 
associated
 
companies,
 
€1,000
Non-current
 
Current
 
assets
Turnover
Profit/loss
Ownership
(%)
2024
Assets
Liabilities
Assets
Liabilities
eSett
 
Oy
5,562
143,193
139,574
8,440
246
25.0
Nordic
 
RCC
 
AS
42,810
3,970
18,249
11,676
37,509
1,502
25.0
Non-current
 
Current
 
assets
Turnover
Profit/loss
Ownership
(%)
2023
Assets
Liabilities
Assets
Liabilities
eSett
 
Oy
5,508
108,983
105,531
8,492
650
25.0
Nordic
 
RCC
 
AS
42,652
2,464
13,458
9,707
30,655
1,221
25.0
The
 
Group’s
 
associated
 
companies
 
indicated
 
in
 
the
 
tables
 
are
 
treated
 
in
 
the
 
consolidated
 
financial
 
statements
 
using
 
the
 
equity
 
method
 
of
accounting
.
The
 
company
 
has
 
an
 
equity
 
investment
 
in
 
Danish
 
kroner
 
in
 
an
 
associated
 
company,
 
which
 
results
 
in
 
exposure
 
to
 
translation
 
risk.
 
The
 
translation
risk
 
is
 
not
 
significant,
 
and
 
the
 
company
 
does
 
not
 
hedge
 
against
 
this
 
risk.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity
 
investments
 
in
 
associated
 
companies,
 
€
 
1,000
2024
2023
Cost
 
at
 
1
 
Jan
13,291
12,734
Increases
443
580
Decreases
 
-16
-8
Translation
 
reserve
 
-16
-16
Carrying
 
amount
 
31
 
Dec
13,702
13,291
There
 
are
 
no
 
material
 
temporary
 
differences
 
related
 
to
 
associated
 
companies
 
on
 
which
 
deferred
 
tax
 
assets
 
or
 
liabilities
 
have
 
been
recognised.
 
 
 
 
 
Transactions
 
with
 
associated
 
companies,
 
€
 
1,000
2024
2023
Sales
13
17
Expense
 
adjustments
-
1
Purchases
11,231
9,670
Receivables
21,195
18,014
Liabilities
-
353
 
 
 
doc1p148i0
148
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
The
 
subsidiaries,
 
associated
 
companies
 
and
 
parent
 
company
 
(Fingrid
 
Oyj)
 
described
 
above
 
are
 
related
 
parties
 
of
 
the
 
Group.
 
In
 
addition,
 
the
shareholder
 
entities
 
mentioned
 
in
 
chapter
 
6.5
 
and
 
the
 
top
 
management
 
and
 
its
 
related
 
parties
 
are
 
also
 
considered
 
related
 
parties.
 
The
 
top
management
 
is
 
composed
 
of
 
the
 
Board
 
of
 
Directors,
 
the
 
President
 
&
 
CEO,
 
and
 
the
 
executive
 
management
 
group.
 
All
 
transactions
 
between
 
Fingrid
and
 
related
 
parties
 
take
 
place
 
on
 
market
 
terms.
 
The
 
company
 
has
 
not
 
lent
 
money
 
to
 
the
 
top
 
management,
 
and
 
the
 
company
 
has
 
no
 
transactions
with
 
the
 
top
 
management.
 
At
 
the
 
close
 
of
 
the
 
reporting
 
period,
the Republic of Finland
 
owned
 
53.1
 
per
 
cent
 
of
 
the
 
company’s
 
shares.
 
The
 
Finnish
Parliament
 
has
 
authorised
 
the
 
Ministry
 
of
 
Finance
 
to
 
reduce
 
the
 
state’s
 
ownership
 
in
 
Fingrid
 
Oyj
 
to
 
no
 
more
 
than
 
50.1
 
per
 
cent
 
of
 
the
 
company’s
shares
 
and
 
votes.
 
The
 
company
 
applies
 
in
 
its
 
related
 
party
 
disclosures
 
the
 
practical
 
relief
 
as
 
defined
 
in
 
IAS
 
24.25.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remuneration
 
of
 
the
 
Board
 
of
 
Directors,
 
the
 
President
 
and
 
CEO
and
 
Executive
 
Management
 
Group
2024
2023
Salaries
 
and
 
other
 
short-term
 
employee
 
benefits
1,625
1,875
Statutory
 
pensions
244
276
Variable
 
remuneration
625
568
Total
2,494
2,719
Salaries
 
and
 
fees
 
have
 
been
 
reported
 
on
 
a
 
cash
 
flow
 
basis
Salaries
 
and
 
bonuses
 
of
 
the
 
members
 
of
 
the
 
Board
 
of
 
Directors
 
and
President
 
and
 
CEO,
 
€1,000
2024
2023
Hannu
 
Linna,
 
Chairman
 
(since
 
20
 
March
 
2020)
42
44
Leena
 
Mörttinen
 
Vice
 
Chairman
 
(since
 
31
 
March
 
2023)
24
20
Päivi
 
Nerg,
 
Vice
 
Chairman
 
(until
 
30
 
March
 
2023)
8
Jero
 
Ahola,
 
Member
 
of
 
the
 
Board
 
(since
 
31
 
March
 
2023)
21
17
Anne
 
Jalkala,
 
Member
 
of
 
the
 
Board
 
(since
 
31
 
March
 
2023)
20
16
Mikko
 
Mursula
 
(since
 
21
 
March
 
2024)
16
Jukka
 
Reijonen,
 
Member
 
of
 
the
 
Board
 
(until
 
21
 
March
 
2024)
5
23
Sanna
 
Syri,
 
Member
 
of
 
the
 
Board
 
(until
 
30
 
March
 
2023)
7
Total
128
134
Asta
 
Sihvonen-Punkka,
 
President
 
and
 
CEO
 
(since
 
1
 
January
 
2024)
356
Jukka
 
Ruusunen,
 
President
 
and
 
CEO
 
(until
 
31
 
December
 
2023)
235
541
Total
847
810
Remuneration
 
earned
 
in
 
previous
 
years
 
was
 
paid
 
to
 
Jukka
 
Ruusunen
 
in
 
2024.
 
 
 
 
 
 
Accounting
 
principles
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subsidiaries
The
 
subsidiaries
 
encompass
 
all
 
companies
 
over
 
which
 
the
 
Group
 
has
 
control.
 
The
 
Group
 
is
 
considered
 
to
 
have
 
control
 
over
 
a
 
company
 
if
 
the
Group’s
 
holding
 
results
 
in
 
exposure
 
to
 
variable
 
returns
 
or
 
if
 
the
 
Group
 
is
 
entitled
 
to
 
variable
 
returns
 
and
 
it
 
can
 
influence
 
these
 
returns
 
by
 
exercising
its
 
control
 
over
 
the
 
company.
 
The
 
subsidiaries
 
are
 
consolidated
 
into
 
the
 
consolidated
 
financial
 
statements
 
starting
 
from
 
the
 
day
 
on
 
which
 
the
 
Group
gained
 
control
 
over
 
the
 
company.
 
Consolidation
 
is
 
discontinued
 
once
 
the
 
control
 
ceases
 
to
 
exist.
Consolidation
 
of
 
operations
 
is
 
carried
 
out
 
using
 
acquisition
 
cost
 
method.
Transactions,
 
receivables
 
and
 
liabilities
 
between
 
Group
 
companies
 
and
 
any
 
unrealised
 
profits
 
from
 
internal
 
transactions
 
are
 
eliminated.
 
Unrealised
losses
 
are
 
also
 
eliminated
 
unless
 
the
 
transaction
 
indicates
 
an
 
impairment
 
of
 
the
 
disposed
 
asset.
 
If
 
necessary,
 
the
 
financial
 
statements
 
of
 
the
subsidiaries
 
have
 
been
 
adjusted
 
to
 
correspond
 
to
 
the
 
accounting
 
principles
 
applied
 
by
 
the
 
Group.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Associated
 
companies
The
 
associated
 
companies
 
include
 
all
 
companies
 
over
 
which
 
the
 
Group
 
has
 
significant
 
influence
 
but
 
no
 
control
 
or
 
joint
 
control.
 
This
 
is
 
generally
based
 
on
 
a
 
shareholding
 
amounting
 
to
 
20–50%
 
of
 
the
 
votes.
Investments
 
in
 
associated
 
companies
 
are
 
initially
 
recognised
 
at
 
the
 
acquisition
 
cost
 
and
 
subsequently
 
handled
 
using
 
the
 
equity
 
method.
 
According
to
 
the
 
equity
 
method,
 
investments
 
are
 
initially
 
recorded
 
at
 
the
 
acquisition
 
cost
 
and
 
this
 
is
 
subsequently
 
adjusted
 
by
 
recognising
 
the
 
Group’s
 
share
 
of
the
 
profit
 
or
 
loss
 
after
 
the
 
time
 
of
 
acquisition
 
in
 
the
 
income
 
statement
 
and
 
the
 
Group’s
 
share
 
of
 
any
 
changes
 
in
 
the
 
investment
 
object’s
 
other
comprehensive
 
income
 
in
 
other
 
comprehensive
 
income.
 
Any
 
dividends
 
received
 
or
 
to
 
be
 
received
 
from
 
the
 
associated
 
companies
 
and
 
joint
 
ventures
are
 
deducted
 
from
 
the
 
investment’s
 
carrying
 
amount.
 
 
 
 
 
 
 
 
 
 
 
 
 
doc1p146i0 doc1p126i0
149
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If
 
the
 
Group’s
 
share
 
of
 
the
 
losses
 
of
 
an
 
investment
 
recognised
 
according
 
to
 
the
 
equity
 
method
 
equals
 
or
 
exceeds
 
the
 
Group’s
 
holding
 
in
 
the
company
 
in
 
question,
 
including
 
any
 
other
 
non-current
 
receivables
 
without
 
collaterals,
 
the
 
Group
 
will
 
not
 
recognise
 
any
 
additional
 
losses
 
unless
 
it
has
 
obligations
 
or
 
it
 
has
 
made
 
payments
 
on
 
behalf
 
of
 
the
 
company.
A
 
share
 
corresponding
 
to
 
the
 
Group’s
 
ownership
 
interest
 
is
 
eliminated
 
from
 
the
 
unrealised
 
profits
 
between
 
the
 
Group
 
and
 
its
 
associated
 
companies
and
 
joint
 
ventures.
 
Any
 
unrealised
 
losses
 
are
 
also
 
eliminated
 
unless
 
the
 
transaction
 
indicates
 
an
 
impairment
 
of
 
the
 
disposed
 
asset.
 
If
 
necessary,
 
the
accounting
 
principles
 
applied
 
by
 
the
 
investments
 
to
 
be
 
recognised
 
according
 
to
 
the
 
equity
 
method
 
have
 
been
 
adjusted
 
to
 
correspond
 
to
 
the
principles
 
applied
 
by
 
the
 
Group.
7.2
 
Other
 
notes
Emission
 
rights
Fingrid’s
 
reserve
 
power
 
plants
 
are
 
subject
 
to
 
an
 
environmental
 
permit
 
and
 
covered
 
by
 
the
 
EU’s
 
emissions
 
trading
 
scheme.
 
Emission
 
rights
purchased
 
in
 
2024
 
amounted
 
to
 
4,000
 
units
 
(tCO
2
).
 
Emissions
 
trading
 
had
 
minor
 
financial
 
significance
 
for
 
Fingrid.
 
CO
2
emissions
 
included
 
in
emissions
 
trading
 
totalled
 
5,121
 
tonnes
 
in
 
2024
 
(4,757).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting
 
principles
Emission
 
rights
Purchased
 
emission
 
rights
 
are
 
recognised
 
in
 
intangible
 
assets
 
at
 
their
 
acquisition
 
cost.
 
A
 
liability
 
is
 
recognised
 
for
 
emission
 
rights
 
to
 
be
 
returned.
 
If
the
 
Group
 
has
 
sufficient
 
emission
 
rights
 
to
 
cover
 
the
 
return
 
obligations,
 
the
 
liability
 
is
 
recognised
 
at
 
the
 
carrying
 
amount
 
corresponding
 
to
 
the
emission
 
rights
 
in
 
question.
 
If
 
there
 
are
 
not
 
sufficient
 
emission
 
rights
 
to
 
cover
 
the
 
return
 
obligations,
 
the
 
liability
 
is
 
recognised
 
at
 
the
 
market
 
value
 
of
the
 
emission
 
rights
 
in
 
question.
 
No
 
amortisation
 
is
 
recognised
 
on
 
emission
 
rights.
 
They
 
are
 
derecognised
 
in
 
the
 
balance
 
sheet
 
at
 
the
 
time
 
of
 
transfer
when
 
the
 
actual
 
emissions
 
have
 
been
 
ascertained.
 
The
 
expense
 
resulting
 
from
 
the
 
liability
 
is
 
recognised
 
in
 
the
 
income
 
statement
 
under
 
the
 
expense
item
 
‘Materials
 
and
 
services’.
 
Capital
 
gains
 
from
 
emissions
 
rights
 
are
 
recognised
 
under
 
other
 
operating
 
income.
27.
 
PROVISIONS,
 
€
 
1,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
2023
Provisions
 
for
 
creosote-impregnated
 
towers
 
1
 
Jan
2,870
3,119
Increase
 
in
 
provisions
73
-
Decrease
 
in
 
provisions
-
-215
Provisions
 
used
-89
-34
Provisions
 
31
 
Dec
2,854
2,870
 
 
 
 
Accounting
 
principles
 
 
 
 
 
 
 
 
Provisions
A
 
provision
 
is
 
recorded
 
when
 
the
 
Group
 
has
 
a
 
legal
 
or
 
factual
 
obligation
 
based
 
on
 
an
 
earlier
 
event
 
and
 
it
 
is
 
likely
 
that
 
fulfilling
 
the
 
obligation
 
will
require
 
a
 
payment,
 
and
 
the
 
amount
 
of
 
the
 
obligation
 
can
 
be
 
estimated
 
reliably.
The
 
provisions
 
are
 
valued
 
at
 
the
 
present
 
value
 
of
 
the
 
costs
 
required
 
to
 
cover
 
the
 
obligation.
 
The
 
discounting
 
factor
 
used
 
in
 
calculating
 
the
 
present
value
 
is
 
chosen
 
so
 
that
 
it
 
reflects
 
the
 
market
 
view
 
of
 
the
 
time
 
value
 
of
 
money
 
at
 
the
 
assessment
 
date
 
and
 
the
 
risks
 
pertaining
 
to
 
the
 
obligation.
28.
 
COMMITMENTS
 
AND
 
CONTINGENT
 
LIABILITIES,
 
€1,000
 
 
 
 
 
 
 
 
 
 
 
2024
2023
Pledges
297
289
Other
 
financial
 
commitments
Rent
 
security
 
deposit,
 
guarantee
2,609
38
Credit
 
facility
 
commitment
 
fee
 
and
 
commitment
 
fee:
Commitment
 
fee
 
for
 
the
 
next
 
year
779
599
Commitment
 
fee
 
for
 
subsequent
 
years
1,487
1,302
4,874
1,939
Unrecognised
 
investment
 
commitments
625,570
520,930
150
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
 
 
 
 
 
The
 
investment
 
commitments
 
consist
 
of
 
agreements
 
signed
 
by
 
the
 
company
 
to
 
carry
 
out
 
grid
 
construction
 
projects
 
and
 
to
 
procure
the
 
datahub
 
system.
Payment
 
obligations
 
from
 
right-of-use
 
agreements
 
for
 
reserve
power
 
plants:
In
 
one
 
year
5,332
4,237
In
 
more
 
than
 
one
 
year
 
and
 
less
 
than
 
five
 
years
11,630
11,576
In
 
more
 
than
 
five
 
years
3,198
4,241
Total
20,160
20,055
Under
 
its
 
system
 
responsibility,
 
Fingrid
 
is
 
also
 
obligated
 
to
 
maintain
 
a
 
rapid
 
response
 
disturbance
 
reserve
 
to
 
prepare
 
for
 
disruptions
 
to
 
the
 
power
system.
 
In
 
order
 
to
 
ensure
 
the
 
availability
 
of
 
this
 
disturbance
 
reserve,
 
Fingrid
 
has,
 
in
 
addition
 
to
 
its
 
reserve
 
power
 
plant
 
capacity,
 
acquired
 
power
plant
 
capacity
 
suited
 
to
 
this
 
purpose
 
by
 
long-term
 
Right-of-use
 
agreements.
Legal
 
proceedings
 
and
 
proceedigns
 
by
 
authorities
On
 
2
 
January
 
2024,
 
Fingrid
 
appealed
 
to
 
the
 
Market
 
Court
 
against
 
the
 
Energy
 
Authority’s
 
decision
 
on
 
the
 
terms
 
and
 
conditions
 
of
 
balance
 
service.
The
 
appeal
 
mainly
 
concerns
 
the
 
collateral
 
model
 
for
 
balance
 
responsible
 
parties
 
presented
 
in
 
the
 
decision.
 
In
 
November
 
2023,
 
the
 
Energy
 
Authority
issued
 
a
 
decision
 
on
 
the
 
terms
 
and
 
conditions
 
for
 
balance
 
responsible
 
parties,
 
which
 
include
 
the
 
principles
 
for
 
how
 
collateral
 
requirements
 
are
determined.
 
The
 
Energy
 
Authority’s
 
decision
 
includes
 
major
 
changes
 
to
 
the
 
current
 
collateral
 
terms
 
and
 
conditions
 
and
 
sets
 
apart
 
Finland’s
collateral
 
model
 
from
 
that
 
used
 
in
 
other
 
Nordic
 
countries.
 
The
 
most
 
significant
 
changes
 
to
 
the
 
current
 
collateral
 
model
 
include
 
a
 
major
 
reduction
 
in
the
 
required
 
collaterals,
 
elimination
 
of
 
the
 
requirement
 
to
 
provide
 
an
 
adequate
 
additional
 
collateral
 
and
 
a
 
possible
 
collateral
 
ceiling.
On
 
29
 
January
 
2024,
 
Fingrid
 
appealed
 
to
 
the
 
Market
 
Court
 
against
 
the
 
Energy
 
Authority’s
 
decision
 
on
 
the
 
methods
 
concerning
 
the
 
specification
 
of
the
 
profit
 
for
 
the
 
electricity
 
transmission
 
grid
 
operations
 
for
 
the
 
sixth
 
regulatory
 
period
 
1
 
January
 
2024–31
 
December
 
2027
 
and
 
seventh
 
regulatory
period
 
1
 
January
 
2028–31
 
December
 
2031.
 
According
 
to
 
Fingrid’s
 
assessment,
 
the
 
decision
 
on
 
the
 
regulatory
 
methods
 
is
 
a
 
significant
 
weakening
 
of
the
 
electricity
 
transmission
 
grid
 
operations’
 
reasonable
 
profit
 
regulatory
 
method
 
that
 
expired
 
at
 
year-end.
 
In
 
Fingrid’s
 
view,
 
the
 
assessment
 
of
impacts
 
in
 
preparing
 
the
 
regulatory
 
model
 
decision
 
has
 
been
 
deficient
 
and
 
there
 
are
 
still
 
issues
 
open
 
to
 
interpretation
 
related
 
to
 
the
 
presented
decision.
 
The
 
decision
 
weakens
 
Fingrid’s
 
ability
 
to
 
invest.
 
Fingrid’s
 
goal
 
is
 
a
 
solution
 
that
 
would
 
also
 
enable
 
the
 
future
 
development
 
of
 
the
 
grid,
allowing
 
the
 
hundreds
 
of
 
billions
 
in
 
green
 
transition
 
investments
 
in
 
Finland
 
to
 
be
 
implemented
 
as
 
planned.
On
 
15
 
February
 
2024,
 
Fingrid
 
appealed
 
to
 
the
 
Market
 
Court
 
against
 
the
 
decision
 
given
 
by
 
the
 
Energy
 
Authority
 
on
 
11
 
January
 
2024
 
on
 
the
 
scope
 
of
the
 
national
 
transmission
 
system
 
operator’s
 
systems
 
responsibility
 
regarding
 
the
 
grid
 
connection
 
of
 
the
 
OL3
 
nuclear
 
power
 
plant.
 
Teollisuuden
Voima
 
Oyj
 
(“TVO”)
 
lodged
 
a
 
request
 
for
 
an
 
investigation
 
with
 
the
 
Energy
 
Authority
 
on
 
25
 
May
 
2022
 
related
 
to
 
the
 
claims
 
by
 
TVO
 
that
 
Fingrid
 
has
neglected
 
its
 
obligation
 
to
 
develop
 
the
 
main
 
grid
 
as
 
stated
 
in
 
the
 
Finnish
 
Electricity
 
Market
 
Act
 
and/or
 
other
 
applicable
 
legislation,
 
and
 
that,
 
as
 
a
result,
 
it
 
has
 
placed
 
unlawful
 
restrictions
 
on
 
connecting
 
the
 
Olkiluoto
 
3
 
nuclear
 
power
 
plant
 
to
 
the
 
grid,
 
and
 
that
 
Fingrid
 
is
 
in
 
breach
 
of
 
its
administrative
 
obligations
 
linked
 
to
 
carrying
 
out
 
its
 
public
 
administrative
 
task.
 
The
 
Energy
 
Authority
 
states
 
in
 
its
 
decision
 
of
 
11
 
January
 
2024
 
that
Fingrid
 
fulfilled
 
its
 
development,
 
connection
 
and
 
transmission
 
obligations
 
in
 
accordance
 
with
 
the
 
Electricity
 
Market
 
Act.
 
The
 
Energy
 
Authority
 
also
found
 
the
 
1,300
 
MW
 
power
 
limit
 
specified
 
in
 
Fingrid’s
 
connection
 
terms
 
justified
 
and
 
did
 
not
 
find
 
Fingrid
 
to
 
have
 
restricted
 
Olkiluoto
 
3’s
 
access
 
to
 
the
grid.
 
In
 
its
 
decision,
 
the
 
Energy
 
Authority
 
sees,
 
however,
 
that
 
Olkiluoto
 
3’s
 
protection
 
scheme
 
falls
 
under
 
Fingrid’s
 
responsibility
 
based
 
on
 
a
transmission
 
system
 
operator’s
 
protection
 
scheme
 
as
 
intended
 
by
 
legislation
 
and
 
that
 
Fingrid
 
is
 
in
 
breach
 
of
 
Article
 
9
 
of
 
the
 
Commission
 
Regulation
(EU)
 
2017/1485
 
establishing
 
a
 
guideline
 
on
 
electricity
 
transmission
 
system
 
operation
 
and
 
its
 
obligation
 
in
 
line
 
with
 
Section
 
10,
 
Subsection
 
1
 
of
 
the
Act
 
on
 
the
 
Control
 
of
 
the
 
Electricity
 
and
 
Natural
 
Gas
 
Market
 
(2013/590)
 
to
 
bring
 
the
 
determination
 
principles
 
for
 
fees
 
it
 
applies
 
before
 
the
 
Energy
Authority
 
for
 
approval
 
prior
 
to
 
their
 
implementation.
 
In
 
accordance
 
with
 
the
 
Energy
 
Authority’s
 
decision,
 
Fingrid
 
submitted
 
its
 
proposal
 
concerning
 
the
 
determination
 
principles
 
for
 
fees
 
related
 
to
 
the
OL3
 
protection
 
scheme
 
on
 
30
 
April
 
2024.
 
The
 
Energy
 
Authority
 
issued
 
its
 
decision
 
on
 
the
 
determination
 
principles
 
for
 
fees
 
on
 
30
 
December
 
2024.
According
 
to
 
the
 
decision,
 
TVO
 
shall
 
bear
 
the
 
costs
 
for
 
reimbursements
 
to
 
response
 
resources
 
connected
 
to
 
system
 
protection
 
and
 
for
 
the
construction,
 
maintenance
 
and
 
use
 
of
 
data
 
communication
 
connections.
 
The
 
decision
 
states
 
that
 
Fingrid
 
shall
 
bear
 
the
 
costs
 
for
 
acquiring
 
the
response
 
resources
 
and
 
awarding
 
contracts,
 
managing
 
the
 
protection
 
scheme
 
and
 
the
 
tests
 
to
 
be
 
carried
 
out
 
on
 
the
 
response
 
resources
 
for
 
system
protection,
 
as
 
well
 
as
 
for
 
the
 
maintenance
 
of
 
the
 
measurement
 
and
 
monitoring
 
system
 
for
 
system
 
protection
 
in
 
Fingrid’s
 
operation
 
control
 
system.
Fingrid
 
and
 
TVO
 
have
 
agreed
 
on
 
provisional
 
fee
 
arrangements
 
for
 
Olkiluoto
 
3’s
 
protection
 
scheme
 
as
 
of
 
1
 
January
 
2025.
 
The
 
agreement
 
is
 
based
on
 
the
 
decision
 
issued
 
by
 
the
 
Energy
 
Authority
 
on
 
the
 
costs
 
for
 
the
 
protection
 
scheme
 
on
 
30
 
December
 
2024.
 
The
 
provisional
 
fee
 
arrangements
 
for
the
 
protection
 
scheme
 
do
 
not
 
directly
 
affect
 
the
 
legal
 
proceedings
 
concerning
 
the
 
protection
 
scheme’s
 
extent,
 
which
 
are
 
still
 
ongoing
 
in
 
the
 
Market
Court.
Fingrid
 
received
 
an
 
expropriation
 
permit
 
for
 
the
 
widening
 
of
 
the
 
Torna
 
–Lautakari
 
right-of-way
 
for
 
the
 
neutral
 
line
 
on
 
27
 
October
 
2022.
 
In
 
the
 
kick-off
meeting
 
for
 
the
 
expropriation
 
procedure
 
on
 
1
 
December
 
2022,
 
the
 
expropriation
 
committee
 
decided
 
that
 
the
 
expropriating
 
party
 
is
 
obligated
 
to
assume
 
responsibility
 
for
 
the
 
tree
 
stands
 
within
 
the
 
scope
 
of
 
the
 
rights
 
and
 
restrictions
 
set
 
in
 
the
 
expropriation
 
permit,
 
unless
 
otherwise
 
agreed.
 
The
final
 
meeting
 
of
 
the
 
expropriation
 
procedure
 
was
 
held
 
on
 
16
 
November
 
2023.
 
Fingrid
 
appealed
 
against
 
the
 
decision
 
concerning
 
the
 
Torna
 
–Lautakari
tree
 
stands’
 
expropriation
 
to
 
the
 
Southwest
 
Finland
 
District
 
Court’s
 
Land
 
Rights
 
Court
 
on
 
22
 
December
 
2023.
Events
 
after
 
the
 
review
 
period
 
and
 
future
 
outlook
 
Fingrid
 
Group’s
 
result
 
for
 
the
 
2025
 
financial
 
period,
 
excluding
 
changes
 
in
 
the
 
fair
 
value
 
of
 
derivatives
 
and
 
before
 
taxes,
 
is
 
expected
 
to
 
be
 
on
 
the
same
 
level
 
as
 
in
 
2024.
 
This
 
estimation
 
includes
 
the
 
recognition
 
of
 
congestion
 
income
 
in
 
the
 
company’s
 
turnover
 
and
 
other
 
operating
 
income.
 
The
implementation
 
of
 
the
 
investment
 
programme
 
is
 
advancing.
 
The
 
investment
 
level
 
is
 
estimated
 
to
 
be
 
lower
 
than
 
in
 
the
 
previous
 
year.
 
The
 
power
151
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
system
 
is
 
expanding
 
and
 
its
 
complexity
 
is
 
increasing,
 
and
 
the
 
availability
 
of
 
electricity
 
production
 
and
 
consumption
 
flexibility
 
is
 
subject
 
to
 
uncertainty.
This,
 
coupled
 
with
 
growing
 
electricity
 
transmission
 
needs,
 
will
 
increase
 
the
 
costs
 
of
 
Fingrid’s
 
operations
 
and
 
the
 
uncertainty
 
related
 
to
 
the
 
costs
 
in
2025.
 
At
 
the
 
same
 
time,
 
fluctuations
 
in
 
the
 
national
 
power
 
balance
 
will
 
increase.
 
The
 
grid’s
 
connection
 
capability
 
will
 
be
 
affected
 
by
 
the
 
location
 
of
the
 
customer
 
projects
 
to
 
be
 
connected,
 
flexibility
 
in
 
electricity
 
production
 
and
 
consumption
 
and
 
changes
 
in
 
customer
 
needs.
 
The
 
company’s
 
financial
position
 
is
 
expected
 
to
 
remain
 
stable.
The
 
company’s
 
balance
 
sheet
 
contains
 
a
 
significant
 
amount
 
of
 
congestion
 
income,
 
mostly
 
from
 
2022
 
from
 
the
 
cross-border
 
links
 
between
 
Estonia
and
 
Finland
 
and
 
Sweden
 
and
 
Finland.
 
Also
 
going
 
forward,
 
Fingrid’s
 
goal
 
is
 
to
 
use
 
congestion
 
income
 
actively
 
for
 
investments
 
that
 
will
 
increase
cross-border
 
transmission
 
capacity
 
and
 
to
 
cover
 
operating
 
costs
 
to
 
benefit
 
Fingrid’s
 
customers.
 
The
 
use
 
of
 
congestion
 
income
 
is
 
decided
 
by
 
the
Energy
 
Authority
 
based
 
on
 
an
 
EU
 
regulation.
Concerning
 
the
 
damage
 
to
 
the
 
EstLink2
 
submarine
 
cables,
 
the
 
maritime
 
court
 
ordered,
 
on
 
3
 
January
 
2025,
 
the
 
seizure
 
of
 
the
 
vessel
 
suspected
 
of
causing
 
the
 
damage,
 
Eagle
 
S,
 
to
 
secure
 
the
 
claims
 
of
 
Fingrid
 
and
 
the
 
other
 
parties
 
applying
 
to
 
the
 
court
 
for
 
the
 
seizure.
 
Fingrid
 
has
 
decided
 
to
waive
 
enforcement
 
of
 
the
 
seizure
 
of
 
the
 
Eagle
 
S
 
oil
 
tanker
 
due
 
to
 
the
 
financial
 
risk
 
involved.
 
The
 
decision
 
to
 
waive
 
enforcement
 
of
 
the
 
seizure
 
does
not
 
affect
 
further
 
legal
 
actions.
 
Fingrid
 
will
 
sue
 
for
 
damages
 
caused
 
by
 
the
 
Eagle
 
S.
On
 
29
 
January
 
2025,
 
Fingrid
 
appealed
 
to
 
the
 
Market
 
Court
 
against
 
the
 
decision
 
issued
 
by
 
the
 
Energy
 
Authority
 
on
 
30
 
December
 
2024
 
concerning
the
 
confirmation
 
of
 
the
 
determination
 
principles
 
for
 
fees
 
for
 
the
 
OL3
 
nuclear
 
power
 
plant’s
 
system
 
protection
 
scheme.
 
In
 
Fingrid’s
 
view,
 
the
 
OL3
system
 
protection
 
scheme
 
is
 
not
 
included
 
in
 
its
 
statutory
 
system
 
responsibility,
 
which
 
means
 
that
 
it
 
is
 
not
 
responsible
 
for
 
the
 
implementation
 
of
 
the
OL3
 
system
 
protection
 
scheme
 
or
 
any
 
fees.
Group’s
 
contact
 
information
 
and
 
approval
 
of
 
the
 
financial
 
statements
Fingrid Oyj
 
is
 
a
 
Finnish
 
public
 
limited
 
liability
 
company
 
incorporated
 
under
 
the
 
Finnish
 
Companies
 
Act.
 
Fingrid’s
 
consolidated
 
financial
 
statements
have
 
been
 
drawn
 
up
 
in
 
accordance
 
with
 
the
 
International
 
Financial
 
Reporting
 
Standards
 
(IFRS)
 
as
 
adopted
 
by
 
the
 
EU.
 
Fingrid’s
 
registered
 
office
 
is
in
Helsinki
 
at
 
the
 
address
P.O. Box 530 (Läkkisepäntie 21, 00620, Helsinki), 00101 Helsinki
.
A
 
copy
 
of
 
the
 
consolidated
 
financial
 
statements
 
is
 
available
 
on
 
the
 
website
 
fingrid.fi
 
or
 
at
 
Fingrid
 
Oyj's
 
head
 
office.
Fingrid
 
Oyj’s
 
Board
 
of
 
Directors
 
has
 
accepted
 
the
 
publication
 
of
 
these
 
financial
 
statements
 
in
 
its
 
meeting
 
on
 
4
 
March
 
2025.
 
In
 
accordance
 
with
 
the
Finnish
 
Companies
 
Act,
 
the
 
shareholders
 
have
 
the
 
opportunity
 
to
 
adopt
 
or
 
reject
 
the
 
financial
 
statements
 
in
 
the
 
shareholders’
 
meeting
 
held
 
after
their
 
publication.
 
The
 
shareholders’
 
meeting
 
can
 
also
 
amend
 
the
 
financial
 
statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
152
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
8
 
PARENT
 
COMPANY
 
FINANCIAL
 
STATEMENTS
 
(FAS)
8.1
 
Parent
 
company
 
income
 
statement
Jan-Dec/2024
Jan-Dec/2023
Notes
 
€
 
€
TURNOVER
2
1,272,562,142.47
1,209,655,756.33
Other
 
operating
 
income
3
133,344,931.64
119,723,400.41
Materials
 
and
 
services
 
4
-932,197,329.26
-914,897,529.81
Personnel
 
costs
5
-45,329,919.26
-41,017,969.50
Depreciation
 
and
 
amortisation
 
expense
6
-121,795,571.21
-116,699,688.17
Other
 
operating
 
expenses
7,8
-49,120,731.61
-42,274,017.62
OPERATING
 
RESULT
257,463,522.77
214,489,951.64
Finance
 
income
 
and
 
costs
9
-26,980,003.07
-9,218,380.50
RESULT
 
BEFORE
 
APPROPRIATIONS
 
AND
 
TAXES
 
230,483,519.70
205,271,571.14
Appropriations
Change
 
in
 
depreciation
 
difference
-61,700,000.00
-28,500,000.00
Income
 
taxes
10
-33,803,742.44
-35,350,337.80
RESULT
 
FOR
 
THE
 
FINANCIAL
 
YEAR
134,979,777.26
141,421,233.34
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
153
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
8.2
 
Parent
 
company
 
balance
 
sheet
 
ASSETS
31
 
Dec
 
2024
31
 
Dec
 
2023
Notes
€
€
Intangible
 
assets:
Other
 
intangible
 
assets
12
66,732,841.49
69,858,133.75
66,732,841.49
69,858,133.75
Tangible
 
assets
13
Land
 
and
 
water
 
areas
26,070,360.86
24,142,922.17
Buildings
 
and
 
structures
383,819,671.58
355,246,091.65
Machinery
 
and
 
equipment
666,250,923.86
622,169,509.33
Transmission
 
lines
689,598,552.46
682,722,040.23
Other
 
property,
 
plant
 
and
 
equipment
110,452.46
110,452.46
Prepayments
 
and
 
purchases
 
in
 
progress
514,356,206.94
266,338,242.13
2,280,206,168.16
1,950,729,257.97
Interests
 
in
 
Group
 
companies
16,895,995.35
16,895,995.35
Interests
 
in
 
associated
 
companies
12,736,342.75
12,736,342.75
Other
 
investments
81,127,008.10
75,244,605.50
110,759,346.20
104,876,943.60
 
TOTAL
 
NON-CURRENT
 
ASSETS
2,457,698,355.85
2,125,464,335.32
Inventories
15
20,528,613.60
19,104,410.38
Loan
 
receivables
 
from
 
Group
 
companies
16
29,928,253.23
35,416,295.43
Deferred
 
tax
 
assets
10
20,270,723.90
19,714,345.52
Other
 
receivables
16
227,769.95
74,010.35
50,426,747.08
55,204,651.30
Trade
 
receivables
88,475,335.52
14,780,596.17
Receivables
 
from
 
Group
 
companies
17
5,823,690.40
5,866,737.85
Receivables
 
from
 
associated
 
companies
18
21,195,053.12
18,014,145.71
Other
 
receivables
19
5,757,050.33
15,905,662.85
Prepayments
 
and
 
accrued
 
income
20,21
23,597,084.24
19,993,024.51
144,848,213.61
74,560,167.09
Financial
 
securities
22
135,420,188.11
127,802,770.76
Cash
 
in
 
hand
 
and
 
bank
 
receivables
22
611,288,468.84
253,737,021.96
TOTAL
 
CURRENT
 
ASSETS
962,512,231.24
530,409,021.49
TOTAL
 
ASSETS
3,420,210,587.09
2,655,873,356.81
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
154
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
SHAREHOLDERS'
 
EQUITY
 
AND
 
LIABILITIES
31
 
Dec
 
2024
31
 
Dec
 
2023
Notes
€
€
EQUITY
23
Share
 
capital
55,922,485.55
55,922,485.55
Share
 
premium
 
account
55,922,485.55
55,922,485.55
Profit
 
from
 
previous
 
financial
 
years
 
37,239,637.55
32,928,804.21
Profit
 
for
 
the
 
financial
 
year
134,979,777.26
141,421,233.34
TOTAL
 
SHAREHOLDERS'
 
EQUITY
284,064,385.91
286,195,008.65
ACCUMULATED
 
APPROPRIATIONS
 
24
369,096,757.27
307,396,757.27
PROVISIONS
 
FOR
 
LIABILITIES
 
AND
 
CHARGES
 
31
2,854,000.00
2,870,000.00
LIABILITIES
Non-current
 
liabilities
 
Bonds
25,26
1,288,478,261.01
370,989,990.71
Loans
 
from
 
financial
 
institutions
 
212,160,675.81
258,541,293.04
Accruals
30
429,918,600.06
387,080,551.92
1,930,557,536.88
1,016,611,835.67
 
CURRENT
 
LIABILITIES
Bonds
25
82,511,729.70
300,000,000.00
Loans
 
from
 
financial
 
institutions
 
46,380,617.27
40,354,810.83
Trade
 
payables
36,468,503.67
59,452,721.57
Liabilities
 
to
 
Group
 
companies
 
27
5,248,556.39
4,426,772.61
Liabilities
 
to
 
associated
 
companies
 
28
-
352,920.00
Other
 
liabilities
 
29
200,949,937.32
2,176,258.60
Accruals
30
462,078,562.68
636,036,271.61
833,637,907.03
1,042,799,755.22
TOTAL
 
LIABILITIES
2,764,195,443.91
2,059,411,590.89
TOTAL
 
SHAREHOLDERS'
 
EQUITY
 
AND
 
LIABILITIES
3,420,210,587.09
2,655,873,356.81
 
 
 
 
 
 
155
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
8.3
 
Parent
 
company
 
cash
 
flow
 
statement
1
 
Jan
 
-
 
31
 
Dec,
 
2024
1
 
Jan
 
-
 
31
 
Dec,
 
2023
€
€
Cash
 
flow
 
from
 
operating
 
activities:
Result
 
before
 
taxes
230,483,519.70
205,271,571.14
Adjustments:
Depreciation
 
and
 
amortisation
121,795,571.21
116,699,688.17
Capital
 
gains/losses
 
(+/-)
 
on
 
tangible
 
and
intangible
 
assets
-385,510.58
1,930,195.41
 
Interest
 
and
 
other
 
finance
 
costs
26,980,003.07
9,218,380.50
Recognition
 
of
 
congestion
 
income
-431,068,668.47
-402,684,378.02
Changes
 
in
 
working
 
capital:
 
Change
 
in
 
trade
 
receivables
 
and
 
other
receivables
-63,307,516.96
24,114,031.54
 
Change
 
in
 
inventories
-1,424,203.22
-406,356.86
 
Change
 
in
 
trade
 
payables
 
and
 
other
 
liabilities
11,307,299.27
-30,982,445.20
Congestion
 
income
327,521,940.44
317,013,106.23
Change
 
in
 
provisions
-88,620.00
-33,820.00
Interest
 
paid
-51,277,986.71
-41,711,184.12
Interest
 
received
31,917,126.00
31,109,125.94
Taxes
 
paid
-36,231,861.37
-34,205,731.99
Net
 
cash
 
flow
 
from
 
operating
 
activities
166,221,092.38
195,332,182.74
Cash
 
flow
 
from
 
investing
 
activities:
Purchase
 
of
 
property,
 
plant
 
and
 
equipment
-529,940,363.76
-287,931,456.19
Purchase
 
of
 
intangible
 
assets
-5,622,263.11
-8,622,699.69
Purchase
 
of
 
other
 
assets
-52,760,105.86
-161,593,939.24
Proceeds
 
from
 
sale
 
of
 
other
 
assets
49,260,236.07
60,661,474.12
Proceeds
 
from
 
sale
 
of
 
property,
 
plant
 
and
 
equipment
500,000.00
50,000.00
Contributions
 
received
25,935,166.98
5,547,158.04
Repayment
 
of
 
loan
 
receivables
5,488,042.20
8,675,542.20
Dividends
 
received
-
150,000.00
Net
 
cash
 
flow
 
from
 
investing
 
activities
-507,139,287.48
-383,063,920.76
Cash
 
flow
 
from
 
financing
 
activities:
Proceeds
 
from
 
current
 
financing
 
(liabilities)
459,243,447.42
-
Payments
 
of
 
current
 
financing
 
(liabilities)
 
-266,237,427.89
-
Proceeds
 
from
 
non-current
 
financing
 
(liabilities)
992,055,000.00
-
Payments
 
of
 
non-current
 
financing
 
(liabilities)
 
-340,354,810.79
-55,995,671.01
Change
 
in
 
group
 
account
 
receivables
 
and
 
liabilities
873,783.40
-474,253.41
Dividends
 
paid
-137,110,400.00
-133,037,400.00
Net
 
cash
 
flow
 
from
 
financing
 
activities
708,469,592.14
-189,507,324.42
Change
 
in
 
cash
 
and
 
cash
 
equivalents
 
and
 
financial
assets
367,551,397.04
-377,239,062.44
Cash
 
and
 
cash
 
equivalents
 
and
 
financial
 
assets
 
1
Jan
355,851,933.10
733,090,995.54
Cash
 
and
 
cash
 
equivalents
 
and
 
financial
 
assets
 
31
Dec
723,403,330.14
355,851,933.10
 
 
156
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
8.4
 
Notes
 
to
 
the
 
financial
 
statements
 
of
 
parent
 
company
1.
 
ACCOUNTING
 
PRINCIPLES
 
 
Fingrid
 
Oyj's
 
financial
 
statements
 
have
 
been
 
drawn
 
up
 
in
 
accordance
 
with
 
the
 
Finnish
 
Accounting
 
Standards
 
(FAS).
 
The
 
items
 
in
 
the
 
financial
statements
 
are
 
valued
 
at
 
original
 
acquisition
 
cost.
Foreign
 
currency
 
transactions
 
Transactions
 
denominated
 
in
 
foreign
 
currencies
 
are
 
recognised
 
at
 
the
 
foreign
 
exchange
 
mid-rate
 
quoted
 
by
 
the
 
European
 
Central
 
Bank
 
(ECB)
 
at
the
 
transaction
 
date.
 
Interest-bearing
 
liabilities
 
and
 
receivables
 
and
 
the
 
derivatives
 
hedging
 
these
 
items
 
are
 
valued
 
at
 
the
 
mid-rate
 
quoted
 
by
 
the
ECB
 
at
 
the
 
closing
 
date.
 
Foreign
 
exchange
 
gains
 
and
 
losses
 
on
 
interest-bearing
 
liabilities
 
and
 
receivables,
 
and
 
on
 
the
 
instruments
 
hedging
 
these
items,
 
are
 
recognised
 
at
 
maturity
 
under
 
finance
 
income
 
and
 
costs.
 
Foreign
 
exchange
 
rate
 
differences
 
arising
 
from
 
the
 
derivatives
 
used
 
to
 
hedge
commercial
 
currency
 
flows
 
are
 
recognised
 
to
 
adjust
 
the
 
corresponding
 
item
 
in
 
the
 
income
 
statement.
Interest
 
and
 
currency
 
derivatives
Interest
 
rate
 
and
 
currency
 
swaps,
 
currency
 
derivatives
 
and
 
interest
 
rate
 
options
 
are
 
used,
 
in
 
accordance
 
with
 
the
 
Treasury
 
Policy,
 
to
 
hedge
 
the
interest
 
rate
 
and
 
foreign
 
exchange
 
risk,
 
as
 
well
 
as
 
the
 
commercial
 
items,
 
in
 
Fingrid’s
 
balance
 
sheet
 
items.
 
The
 
accounting
 
principles
 
for
 
derivative
contracts
 
are
 
the
 
same
 
as
 
for
 
the
 
underlying
 
items.
 
The
 
interest
 
rate
 
items
 
of
 
interest
 
rate
 
and
 
cross-currency
 
swaps
 
and
 
interest
 
rate
 
options
 
are
accrued
 
and
 
recognised
 
in
 
the
 
income
 
statement
 
under
 
interest
 
income
 
and
 
costs.
 
The
 
interest
 
portion
 
of
 
currency
 
derivative
 
contracts
 
hedging
 
the
interest-bearing
 
liabilities
 
and
 
receivables
 
is
 
accrued
 
over
 
the
 
maturity
 
of
 
the
 
contracts
 
and
 
recognised
 
under
 
finance
 
income
 
and
 
costs.
 
Premiums
paid
 
or
 
received
 
on
 
interest
 
rate
 
options
 
are
 
accrued
 
over
 
the
 
hedging
 
period.
Electricity
 
derivatives
Fingrid
 
hedges
 
its
 
loss
 
power
 
purchases
 
against
 
price
 
risk
 
with
 
listed
 
futures
 
and
 
forward
 
contracts,
 
and
 
on
 
the
 
OTC
 
market,
 
with
 
contracts
comparable
 
to
 
financial
 
products.
 
The
 
profits
 
and
 
losses
 
arising
 
from
 
these
 
contracts
 
are
 
used
 
to
 
adjust
 
the
 
loss
 
energy
 
purchases
 
in
 
the
 
income
statement
 
in
 
the
 
period
 
in
 
which
 
the
 
hedging
 
impacts
 
profit
 
or
 
loss.
Metal
 
derivatives
The
 
company
 
concludes
 
metal
 
derivative
 
agreements
 
to
 
hedge
 
against
 
the
 
metal
 
price
 
risk
 
arising
 
from
 
purchases.
Research
 
and
 
development
 
expenses
Research
 
and
 
development
 
expenses
 
are
 
treated
 
as
 
annual
 
expenses.
Valuation
 
of
 
fixed
 
assets
 
Fixed
 
assets
 
are
 
capitalised
 
under
 
immediate
 
acquisition
 
cost.
 
Planned
 
straight-line
 
depreciation
 
and
 
amortisation
 
on
 
the
 
acquisition
 
price
 
is
calculated
 
on
 
the
 
basis
 
of
 
the
 
useful
 
life
 
of
 
the
 
fixed
 
asset.
 
Depreciation
 
and
 
amortisation
 
on
 
fixed
 
assets
 
taken
 
into
 
use
 
during
 
the
 
financial
 
year
 
is
calculated
 
on
 
an
 
item-by-item
 
basis
 
from
 
the
 
month
 
of
 
introduction.
The
 
depreciation
 
and
 
amortisation
 
periods
 
are
 
as
 
follows:
Goodwill
 
20
 
years
Other
 
non-current
 
expenses:
 
Rights
 
of
 
use
 
to
 
line
 
areas
 
30–40
 
years
 
Other
 
rights
 
of
 
use
 
according
 
to
 
useful
 
life,
 
maximum
 
10
 
years
 
Computer
 
software
 
3–10
 
years
Buildings
 
and
 
structures
 
Substation
 
buildings
 
and
 
separate
 
buildings
 
40
 
years
 
Substation
 
structures
 
30
 
years
 
Buildings
 
and
 
structures
 
at
 
gas
 
turbine
 
power
 
plants
 
20–40
 
years
 
Separate
 
structures
 
15
 
years
Transmission
 
lines
 
 
Transmission
 
lines
 
400
 
kV
 
40
 
years
 
Direct
 
current
 
lines
 
40
 
years
 
Transmission
 
lines
 
110
 
–220
 
kV
 
30
 
years
 
Creosote-impregnated
 
towers
 
and
 
related
 
disposal
 
costs*
 
30
 
years
 
Aluminium
 
towers
 
of
 
transmission
 
lines
 
(400
 
kV)
 
10
 
years
 
Optical
 
ground
 
wires
 
10–20
 
years
 
Machinery
 
and
 
equipment
 
Substation
 
machinery
 
10–30
 
years
 
Gas
 
turbine
 
power
 
plants
 
20
 
years
 
 
Other
 
machinery
 
and
 
equipment
 
3–5
 
years
*Disposal
 
costs
 
are
 
discounted
 
at
 
present
 
value
 
and
 
added
 
to
 
the
 
value
 
of
 
the
 
fixed
 
asset
 
and
 
recognised
 
under
 
provisions
 
for
 
liabilities
 
and
charges.
Goodwill
 
is
 
amortised
 
over
 
a
 
20-year
 
period,
 
since
 
grid
 
operations
 
are
 
a
 
long-term
 
business
 
in
 
which
 
income
 
is
 
accrued
 
over
 
several
 
decades.
 
Emission
 
rights
Emission
 
rights
 
are
 
treated
 
in
 
accordance
 
with
 
the
 
net
 
procedure
 
in
 
conformance
 
with
 
statement
 
1767/2005
 
of
 
the
 
Finnish
 
Accounting
 
Board.
Valuation
 
of
 
inventories
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
157
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Inventories
 
are
 
recognised
 
according
 
to
 
the
 
FIFO
 
principle
 
at
 
acquisition
 
cost,
 
or
 
at
 
the
 
lower
 
of
 
replacement
 
cost
 
or
 
probable
 
market
 
price.
Cash
 
in
 
hand,
 
bank
 
receivables
 
and
 
financial
 
securities
Cash
 
in
 
hand
 
and
 
bank
 
receivables
 
include
 
cash
 
assets
 
and
 
bank
 
balances.
 
Financial
 
securities
 
are
 
investments
 
in
 
short-term
 
fixed
 
income
 
funds
 
or
time
 
deposits
 
in
 
banks.
 
Purchase
 
of
 
other
 
assets
 
consists
 
of
 
investments
 
in
 
debt
 
instruments.
 
Quoted
 
securities
 
and
 
comparable
 
assets
 
are
 
valued
at
 
the
 
lower
 
of
 
original
 
acquisition
 
cost
 
or
 
probable
 
market
 
price.
Interest-bearing
 
liabilities
 
Fingrid’s
 
non-current
 
interest-bearing
 
liabilities
 
consist
 
of
 
loans
 
from
 
financial
 
institutions
 
and
 
bonds
 
issued
 
under
 
the
 
Euro
 
Medium
 
Term
 
Note
(EMTN)
 
programme.
 
The
 
current
 
interest-bearing
 
liabilities
 
consist
 
of
 
commercial
 
papers
 
issued
 
under
 
the
 
domestic
 
and
 
international
 
programmes
and
 
of
 
the
 
current
 
portion
 
of
 
noncurrent
 
borrowings
 
and
 
bonds
 
maturing
 
within
 
a
 
year.
 
The
 
outstanding
 
notes
 
under
 
the
 
programmes
 
are
denominated
 
in
 
euros
 
and
 
foreign
 
currencies.
 
Fingrid
 
has
 
both
 
fixed
 
and
 
floating
 
rate
 
debt.
 
The
 
interest
 
is
 
accrued
 
over
 
the
 
maturity
 
of
 
the
 
debt.
 
The
differential
 
of
 
a
 
bond
 
issued
 
over
 
or
 
under
 
par
 
value
 
is
 
accrued
 
over
 
the
 
life
 
of
 
the
 
bond.
 
The
 
arrangement
 
fees
 
of
 
the
 
revolving
 
credit
 
facilities
 
are,
as
 
a
 
rule,
 
immediately
 
recognised
 
as
 
an
 
expense,
 
and
 
the
 
commitment
 
fees
 
are
 
recognised
 
as
 
an
 
expense
 
over
 
the
 
maturity
 
of
 
the
 
facility.
Financial
 
risk
 
management
The
 
principles
 
applied
 
to
 
the
 
management
 
of
 
financial
 
risks
 
are
 
presented
 
in
 
chapters
 
6.2
 
and
 
6.3
 
of
 
the
 
Notes
 
to
 
the
 
Consolidated
 
Financial
Statements.
Income
 
taxes
Taxes
 
include
 
the
 
accrued
 
tax
 
corresponding
 
to
 
the
 
profit
 
for
 
the
 
financial
 
year
 
as
 
well
 
as
 
tax
 
adjustments
 
for
 
previous
 
financial
 
years.
Deferred
 
taxes
 
The
 
company
 
enters
 
deferred
 
tax
 
assets
 
for
 
the
 
congestion
 
income
 
it
 
uses
 
for
 
investments,
 
and
 
they
 
become
 
taxable
 
income
 
and
 
tax
 
in
 
the
 
year
 
in
which
 
they
 
were
 
used.
 
The
 
tax
 
assets
 
entered
 
for
 
congestion
 
income
 
are
 
recognised
 
in
 
accordance
 
with
 
the
 
depreciation
 
used
 
in
 
taxation
 
for
investments
 
covered
 
by
 
congestion
 
income.
 
Congestion
 
income
 
allocated
 
to
 
investments
 
is
 
entered
 
as
 
a
 
reduction
 
in
 
acquisition
 
cost.
 
For
 
the
 
rest,
deferred
 
tax
 
assets
 
and
 
liabilities
 
are
 
not
 
recorded
 
in
 
the
 
income
 
statement
 
or
 
balance
 
sheet
 
but
 
are
 
instead
 
presented
 
in
 
the
 
notes.
2.
 
TURNOVER,
 
€1,000
2024
2023
Grid
 
service
 
income
299,280
200,757
Imbalance
 
power
 
sales
636,841
682,616
ITC
 
income
10,836
20,753
Congestion
 
income
301,000
284,720
Other
 
operating
 
income
24,605
20,810
Total
1,272,562
1,209,656
3.
 
OTHER
 
OPERATING
 
INCOME,
 
€1,000
2024
2023
Rental
 
income
492
396
Capital
 
gains
 
of
 
fixed
 
assets
481
-
Contributions
 
received
3
11
Congestion
 
income
130,069
117,964
Other
 
income
2,300
1,352
Total
133,345
119,723
4.
 
MATERIALS
 
AND
 
SERVICES,
 
€1,000
2024
2023
Purchase
 
of
 
imbalance
 
power
457,392
491,072
Cost
 
of
 
reserves
217,645
185,243
Loss
 
energy
 
purchases
81,074
75,203
Other
 
purchases
 
during
 
the
 
financial
 
year
87,651
93,566
Change
 
in
 
inventories,
 
increase
 
(-)
 
or
 
decrease
 
(+)
-1,424
-406
Materials
 
and
 
consumables
842,338
844,677
Services
89,859
70,220
Total
932,197
914,898
5.
 
PERSONNEL
 
EXPENSES,
 
€1,000
2024
2023
Salaries
 
and
 
bonuses
38,145
34,364
Pension
 
expenses
6,252
5,492
Other
 
personnel
 
expenses
933
1,163
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
158
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Total
45,330
41,018
Number
 
of
 
employees
 
in
 
the
 
company
 
during
 
the
 
financial
 
year:
 
2024
2023
Personnel,
 
average
558
496
Personnel,
 
31
 
Dec
 
567
520
6.
 
DEPRECIATION
 
AND
 
AMORTISATION
 
ACCORDING
 
TO
PLAN,
 
€1,000
2024
2023
Other
 
non-current
 
expenses
9,735
8,326
Buildings
 
and
 
structures
16,826
15,590
Machinery
 
and
 
equipment
56,106
54,668
Transmission
 
lines
39,129
38,116
Total
121,796
116,700
7.
 
OTHER
 
OPERATING
 
EXPENSES,
 
€1,000
 
2024
2023
Contracts,
 
assignments
 
etc.
 
undertaken
 
externally
 
30,727
23,156
Other
 
rental
 
expenses
 
4,798
4,657
Other
 
costs
13,596
14,461
Total
49,121
42,274
8.
 
AUDITORS’
 
FEES,
 
€1,000
 
2024
2023
PricewaterhouseCoopers
 
Oy
Auditing
 
fee
 
162
Other
 
fees
 
77
KPMG
 
Oy
Auditing
 
fee
 
101
Other
 
fees
 
176
Total
277
239
9.
 
FINANCE
 
INCOME
 
AND
 
COSTS,
 
€1,000
 
2024
2023
Dividend
 
income
 
from
 
Group
 
companies
-
150
Interest
 
income
 
from
 
Group
 
companies
1,727
2,077
Interest
 
income
 
from
 
associated
 
companies
-
1
Interest
 
and
 
other
 
finance
 
income
 
from
 
others
27,157
32,399
28,884
34,628
Interest
 
and
 
other
 
finance
 
costs
 
to
 
others
 
-55,587
-43,553
Interest
 
and
 
other
 
finance
 
costs
 
to
 
Group
 
companies
 
-277
-293
-55,864
-43,846
Total
-26,980
-9,218
10.
 
INCOME
 
TAXES,
 
€1,000
 
2024
2023
Income
 
taxes
 
for
 
the
 
financial
 
year
 
34,404
30,366
Income
 
taxes
 
for
 
the
 
previous
 
financial
 
years
 
-44
-30
Changes
 
in
 
deferred
 
taxes
-556
5,014
Total
33,804
35,350
Deferred
 
tax
 
assets
 
in
 
balance
 
sheet,
 
€1,000
On
 
temporary
 
differences
 
from
 
congestion
 
income
20,271
19,714
Total
20,271
19,714
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
159
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Deferred
 
tax
 
assets
 
and
 
liabilities
 
of
 
balance
 
sheet,
€1,000
Deferred
 
tax
 
assets
On
 
temporary
 
differences
 
571
574
571
574
Deferred
 
tax
 
liabilities
On
 
temporary
 
differences
 
431
450
On
 
appropriations
 
73,819
61,479
74,251
61,929
Total
73,680
61,355
11.
 
GOODWILL,
 
€1,000
 
2024
2023
Cost
 
at
 
1
 
Jan
 
128,664
128,664
Cost
 
at
 
31
 
Dec
 
128,664
128,664
Accumulated
 
amortisation
 
according
 
to
 
plan
 
1
 
Jan
 
-128,664
-128,664
Carrying
 
amount
 
31
 
Dec
 
0
0
 
12.
 
INTANGIBLE
 
ASSETS,
 
€1,000
2024
2023
Cost
 
at
 
1
 
Jan
 
195,777
184,697
Increases
 
1
 
Jan–31
 
Dec
 
7,016
11,647
Decreases
 
1
 
Jan–31
 
Dec
 
-406
-567
Cost
 
at
 
31
 
Dec
 
202,387
195,777
Accumulated
 
amortisation
 
according
 
to
 
plan
 
1
 
Jan
 
-125,919
-117,694
Decreases,
 
amortisation
 
according
 
to
 
plan
 
1
 
Jan–31
 
Dec
 
-
101
Amortisation
 
according
 
to
 
plan
 
1
 
Jan–31
 
Dec
 
-9,735
-8,326
Carrying
 
amount
 
31
 
Dec
 
66,733
69,858
Accumulated
 
amortisation
 
difference
 
1
 
Jan
 
-42,061
-43,872
Changes
 
in
 
amortisation
 
difference
 
reserve
 
1
 
Jan–31
 
Dec
2,378
1,812
Accumulated
 
amortisation
 
in
 
excess
 
of
 
plan
 
31
 
Dec
-39,683
-42,061
13.
 
TANGIBLE
 
ASSETS,
 
€1,000
 
2024
2023
Land
 
and
 
water
 
areas
Cost
 
at
 
1
 
Jan
 
24,143
21,391
Increases
 
1
 
Jan–31
 
Dec
 
1,927
2,752
Cost
 
at
 
31
 
Dec
 
26,070
24,143
Buildings
 
and
 
structures
Cost
 
at
 
1
 
Jan
 
491,334
418,487
Increases
 
1
 
Jan–31
 
Dec
 
45,398
73,435
Decreases
 
1
 
Jan–31
 
Dec
 
-
-588
Cost
 
at
 
31
 
Dec
 
536,731
491,334
Accumulated
 
depreciation
 
according
 
to
 
plan
 
1
 
Jan
 
-136,086
-120,932
Decreases,
 
depreciation
 
according
 
to
 
plan
 
1
 
Jan–31
 
Dec
 
-
434
Depreciation
 
according
 
to
 
plan
 
1
 
Jan–31
 
Dec
 
-16,826
-15,590
Carrying
 
amount
 
31
 
Dec
 
383,820
355,246
Accumulated
 
depreciation
 
difference
 
1
 
Jan
 
-16,100
-15,743
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
160
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Changes
 
in
 
depreciation
 
difference
 
reserve
 
1
 
Jan–31
 
Dec
-594
-357
Accumulated
 
depreciation
 
in
 
excess
 
of
 
plan
 
31
 
Dec
-16,694
-16,100
Machinery
 
and
 
equipment
Cost
 
at
 
1
 
Jan
 
1,453,306
1,364,036
Increases
 
1
 
Jan–31
 
Dec
 
100,189
111,415
Decreases
 
1
 
Jan–31
 
Dec
 
-
-22,145
Cost
 
at
 
31
 
Dec
 
1,553,495
1,453,306
Accumulated
 
depreciation
 
according
 
to
 
plan
 
1
 
Jan
 
-831,139
-796,994
Decreases,
 
depreciation
 
according
 
to
 
plan
 
1
 
Jan–31
 
Dec
 
-
20,525
Depreciation
 
according
 
to
 
plan
 
1
 
Jan–31
 
Dec
 
-56,106
-54,668
Carrying
 
amount
 
31
 
Dec
 
666,251
622,170
Accumulated
 
depreciation
 
difference
 
1
 
Jan
 
-6,858
9,535
Changes
 
in
 
depreciation
 
difference
 
reserve
 
1
 
Jan–31
 
Dec
-38,271
-16,393
Accumulated
 
depreciation
 
in
 
excess
 
of
 
plan
 
31
 
Dec
-45,129
-6,858
Transmission
 
lines
Cost
 
at
 
1
 
Jan
 
1,407,750
1,385,232
Increases
 
1
 
Jan–31
 
Dec
 
46,120
23,943
Decreases
 
1
 
Jan–31
 
Dec
 
-252
-1,426
Cost
 
at
 
31
 
Dec
 
1,453,618
1,407,750
Accumulated
 
depreciation
 
according
 
to
 
plan
 
1
 
Jan
 
-725,028
-688,130
Decreases,
 
depreciation
 
according
 
to
 
plan
 
1
 
Jan–31
 
Dec
 
137
1,219
Depreciation
 
according
 
to
 
plan
 
1
 
Jan–31
 
Dec
 
-39,129
-38,116
Carrying
 
amount
 
31
 
Dec
 
689,599
682,722
Accumulated
 
depreciation
 
difference
 
1
 
Jan
 
-242,378
-228,816
Changes
 
in
 
depreciation
 
difference
 
reserve
 
1
 
Jan–31
 
Dec
-25,213
-13,562
Accumulated
 
depreciation
 
in
 
excess
 
of
 
plan
 
31
 
Dec
-267,591
-242,378
Other
 
property,
 
plant
 
and
 
equipment
Cost
 
at
 
1
 
Jan
 
110
110
Cost
 
at
 
31
 
Dec
 
110
110
Prepayments
 
and
 
purchases
 
in
 
progress
Cost
 
at
 
1
 
Jan
 
266,338
181,962
Increases
 
1
 
Jan–31
 
Dec
 
448,595
307,784
Transfers
 
to
 
other
 
tangible
 
and
 
intangible
 
assets
 
1
 
Jan–31
 
Dec
-200,577
-223,407
Cost
 
at
 
31
 
Dec
 
514,356
266,338
Tangible
 
assets
 
total*
2,280,206
1,950,729
14.
 
INVESTMENTS,
 
€1,000
 
2024
2023
Interests
 
in
 
Group
 
companies
 
Cost
 
at
 
1
 
Jan
 
16,896
16,896
Cost
 
at
 
31
 
Dec
 
16,896
16,896
Interests
 
in
 
associated
 
companies
 
Cost
 
at
 
1
 
Jan
 
12,736
12,736
Cost
 
at
 
31
 
Dec
 
12,736
12,736
Other
 
shares
 
and
 
interests
Other
 
investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
161
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Cost
 
at
 
1
 
Jan
 
75,245
Increases
 
1
 
Jan–31
 
Dec
 
46,949
95,711
Decreases
 
and
 
transfers
 
to
 
short-term
 
financial
securities
 
1
 
Jan–31
 
Dec
-41,066
-20,466
Cost
 
at
 
31
 
Dec
 
81,127
75,245
Investments
 
total,
 
carrying
 
amount
 
31.12.
110,759
104,877
15.
 
INVENTORIES,
 
€1,000
 
2024
2023
Materials
 
and
 
consumables
 
at
 
31
 
Dec
20,529
19,104
Total
20,529
19,104
16.
 
OTHER
 
NON-CURRENT
 
RECEIVABLES,
 
€1,000
 
2024
2023
Loan
 
receivables
 
from
 
Group
 
companies
29,928
35,416
Deferred
 
tax
 
assets
20,271
19,714
Other
 
non-current
 
receivables
228
74
Total
50,427
55,205
17.
 
RECEIVABLES
 
FROM
 
GROUP
 
COMPANIES,
 
€1,000
 
2024
2023
Current:
 
Trade
 
receivables
 
297
291
Interest
 
receivables
 
-
9
Other
 
receivables
-
56
Loan
 
receivables
5,488
5,488
Prepayments
 
and
 
accured
 
income
39
23
Total
5,824
5,867
18.
 
RECEIVABLES
 
FROM
 
ASSOCIATED
 
COMPANIES,
 
€1,000
 
2024
2023
Current:
 
Trade
 
receivables
 
19,801
17,578
Prepayments
 
and
 
accured
 
income
1,395
436
Total
21,195
18,014
19.
 
OTHER
 
RECEIVABLES,
 
€1,000
 
2024
2023
Interest
 
and
 
other
 
financial
 
items
 
3
13,878
Other
 
receivables
5,754
2,028
Total
5,757
15,906
20.
 
ACCRUED
 
INCOME,
 
€1,000
 
2024
2023
Interest
 
and
 
other
 
financial
 
items
 
11,083
8,432
Accruals
 
of
 
sales
 
and
 
purchases
 
11,805
11,561
Tax
 
assets
709
-
Total
23,597
19,993
21.
 
UNRECORDED
 
EXPENSES
 
AND
 
PAR
 
VALUE
DIFFERENTIALS
 
ON
 
THE
 
ISSUE
 
OF
 
LOANS
 
INCLUDED
 
IN
ACCRUED
 
INCOME,
 
€1,000
2024
2023
Par
 
value
 
differentials
6,883
1,369
22.
 
FINANCIAL
 
SECURITIES,
 
CASH
 
IN
 
HAND
 
AND
 
BANK
RECEIVABLES,
 
€1,000
2024
2023
Short-term
 
fixed
 
income
 
funds
 
92,115
102,115
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
162
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Cash
 
in
 
hand
 
and
 
bank
 
receivables
 
611,288
253,737
Bank
 
deposits,
 
over
 
3
 
months
20,000
-
Other
 
short-term
 
interest
 
rate
 
instruments
23,305
25,688
Total
746,709
381,540
23.
 
SHAREHOLDERS'
 
EQUITY,
 
€1,000
 
2024
2023
Share
 
capital
 
1
 
Jan
 
55,922
55,922
Share
 
capital
 
31
 
Dec
 
55,922
55,922
Share
 
premium
 
account
 
1
 
Jan
 
55,922
55,922
Share
 
premium
 
account
 
31
 
Dec
 
55,922
55,922
Profit
 
from
 
previous
 
financial
 
years
 
1
 
Jan
 
174,350
165,966
Dividend
 
distribution
 
-137,110
-133,037
Profit
 
from
 
previous
 
financial
 
years
 
31
 
Dec
 
37,240
32,929
Profit
 
for
 
the
 
financial
 
year
134,980
141,421
Shareholders’
 
equity
 
31
 
Dec
 
284,064
286,195
Distributable
 
shareholders’
 
equity
 
172,219
174,350
Number
 
of
 
shares
Series
 
A
shares
 
Series
 
B
shares
 
Total
1
 
Jan
 
2024
2,078
1,247
3,325
31
 
Dec
 
2024
2,078
1,247
3,325
Series
 
A
 
shares
 
confer
 
three
 
votes
 
each
 
at
 
the
 
Annual
 
General
 
Meeting
 
and
 
Series
 
B
 
shares
 
one
 
vote
 
each.
 
When
 
electing
 
members
 
of
 
the
 
Board
of
 
Directors,
 
Series
 
A
 
shares
 
confer
 
10
 
votes
 
each
 
at
 
the
 
Annual
 
General
 
Meeting
 
and
 
Series
 
B
 
shares
 
one
 
vote
 
each.
Series
 
B
 
shares
 
have
 
the
 
right
 
before
 
Series
 
A
 
shares
 
to
 
obtain
 
the
 
annual
 
dividend
 
specified
 
below
 
from
 
the
 
funds
 
available
 
for
 
profit
 
distribution.
 
If
the
 
annual
 
dividend
 
cannot
 
be
 
distributed
 
in
 
some
 
year,
 
the
 
shares
 
confer
 
a
 
right
 
to
 
receive
 
the
 
undistributed
 
amount
 
from
 
the
 
funds
 
available
 
for
profit
 
distribution
 
in
 
the
 
subsequent
 
years;
 
however,
 
such
 
that
 
Series
 
B
 
shares
 
have
 
the
 
right
 
over
 
Series
 
A
 
shares
 
to
 
receive
 
the
 
annual
 
dividend
and
 
the
 
undistributed
 
amount.
Fingrid
 
Oyj's
 
Annual
 
General
 
Meeting
 
decides
 
on
 
the
 
annual
 
dividend
Eighty-two
 
(82)
 
per
 
cent
 
of
 
the
 
dividends
 
to
 
be
 
distributed
 
for
 
each
 
financial
 
year
 
is
 
distributed
 
for
 
all
 
Series
 
A
 
shares
 
and
 
eighteen
 
(18)
 
per
 
cent
 
for
all
 
Series
 
B
 
shares,
 
however
 
such
 
that
 
EUR
 
twenty
 
(20)
 
million
 
of
 
the
 
dividends
 
to
 
be
 
distributed
 
for
 
each
 
financial
 
year
 
is
 
first
 
distributed
 
for
 
all
Series
 
B
 
shares.
 
If
 
the
 
above-mentioned
 
EUR
 
twenty
 
(20)
 
million
 
minimum
 
amount
 
for
 
the
 
financial
 
period
 
is
 
not
 
distributed
 
(all
 
or
 
in
 
part)
 
for
 
Series
B
 
shares
 
in
 
a
 
financial
 
period,
 
Series
 
B
 
shares
 
confer
 
the
 
right
 
to
 
receive
 
the
 
undistributed
 
minimum
 
amount
 
in
 
question
 
(or
 
the
 
accumulated
undistributed
 
minimum
 
amount
 
accrued
 
during
 
such
 
financial
 
periods)
 
in
 
the
 
next
 
profit
 
distribution,
 
in
 
any
 
disbursements
 
paid
 
out,
 
or
 
in
 
any
 
other
distribution
 
of
 
assets
 
prior
 
to
 
any
 
other
 
dividends,
 
disbursements
 
or
 
asset
 
distribution
 
until
 
the
 
undistributed
 
minimum
 
amount
 
has
 
been
 
distributed
in
 
full
 
for
 
Series
 
B
 
shares.
There
 
are
 
no
 
non-controlling
 
interests.
24.
 
ACCUMULATED
 
APPROPRIATIONS,
 
€1,000
 
2024
2023
Accumulated
 
depreciation
 
from
 
the
 
difference
 
between
depreciation
 
according
 
to
 
plan
 
and
 
depreciation
 
carried
 
out
 
in
taxation
369,097
307,397
Total
369,097
307,397
25.
 
BONDS,
 
€1,000
 
2024
2023
Currency
Nominal
 
value
Maturity
Interest
Balance
 
sheet
 
value
EUR
300,000
3
 
Apr
 
2024
3.50%
300,000
EUR
70,000
7
 
May
 
2025
0.527%
70,000
70,000
EUR
100,000
23
 
Nov
 
2027
1.125%
100,000
100,000
EUR
25,000
27
 
Mar
 
2028
2.71%
25,000
25,000
EUR
10,000
12
 
Sep
 
2028
3.271%
10,000
10,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
163
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
EUR
500,000
4
 
Dec
 
2029
2.750%
500,000
EUR
80,000
24
 
Apr
 
2029
2.95%
80,000
80,000
EUR
30,000
30
 
May
 
2029
2.888%
30,000
30,000
EUR
500,000
20
 
Mar
 
2034
3.250%
500,000
1,315,000
615,000
NOK
100,000
16
 
Sep
 
2025
4.31%
12,512
12,512
NOK
500,000
8
 
Apr
 
2030
2.72%
43,478
43,478
55,990
55,990
Bonds,
 
long-term
 
total
1,288,478
370,990
Bonds,
 
short-term
 
total
 
82,512
300,000
Total
1,370,990
670,990
26.
 
LOANS
 
FALLING
 
DUE
 
IN
 
FIVE
 
YEARS
 
OR
 
MORE,
€1,000
 
2024
2023
Bonds
543,478
153,478
Loans
 
from
 
financial
 
institutions
 
103,716
124,101
Total
647,194
277,579
27.
 
LIABILITIES
 
TO
 
GROUP
 
COMPANIES,
 
€1,000
 
2024
2023
Current:
 
Other
 
liabilities
 
5,249
4,427
Total
5,249
4,427
28.
 
LIABILITIES
 
TO
 
ASSOCIATED
 
COMPANIES,
 
€1,000
 
2024
2023
Current:
 
Accruals
-
353
Total
0
353
29.
 
OTHER
 
LIABILITIES,
 
€1,000
 
2024
2023
Current:
 
Other
 
loans/Commercial
 
papers
193,006
-
Electricity
 
tax
 
505
777
Other
 
liabilities
 
1,509
1,400
Value
 
added
 
tax
 
5,930
-
Total
200,950
2,176
30.
 
ACCRUALS,
 
€1,000
 
2024
2023
Non-current:
Congestion
 
income
429,919
387,081
Total
429,919
387,081
Current:
 
Interest
 
and
 
other
 
financial
 
items
 
23,416
17,261
Salaries
 
and
 
additional
 
personnel
 
expenses
11,134
10,311
Accruals
 
of
 
sales
 
and
 
purchases
 
15,614
18,651
Tax
 
debts
-
1,163
Congestion
 
income
411,914
588,650
Total
462,079
636,036
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
164
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Total
891,997
1,023,117
*Information
 
on
 
the
 
accrual
 
and
 
use
 
of
 
congestion
 
income
 
can
 
be
 
found
 
in
 
note
 
36
31.
 
PROVISIONS
 
FOR
 
LIABILITIES
 
AND
 
CHARGES,
€1,000
 
2024
2023
Creosote-impregnated
 
and
 
CCA-impregnated
 
wooden
 
towers,
disposal
 
costs
 
2,854
2,870
Total
2,854
2,870
32.
 
DERIVATIVE
 
AGREEMENTS,
 
€1,000
2024
2023
Hierarchy
level
Interest
 
rate
 
and
currency
derivatives
Fair
 
value
pos.
Fair
 
value
neg.
Net
 
fair
value
Nominal
value
Fair
 
value
pos.
Fair
 
value
neg.
Net
 
fair
value
Nominal
value
31.12.24
31.12.24
31.12.24
31.12.24
31.12.23
31.12.23
31.12.23
31.12.23
Cross-currency
swaps
-10,611
-10,611
55,990
-7,944
-7,944
55,990
Level
 
2
Currency
derivatives
-255
-255
2,147
7
-340
-333
5,172
Level
 
2
Interest
 
rate
swaps
117
-8,230
-8,113
480,000
283
-10,164
-9,882
280,000
Level
 
2
Bought
 
interest
rate
 
options
546
546
100,000
5,181
5,181
300,000
Level
 
2
Total
663
-19,095
-18,432
638,137
5,471
-18,448
-12,977
641,162
Electricity
derivatives
Fair
 
value
pos.
Fair
 
value
neg.
Net
 
fair
value
Volume
TWh
 
Fair
 
value
pos.
Fair
 
value
neg.
Net
 
fair
value
Volume
TWh
 
31.12.24
31.12.24
31.12.24
31.12.24
31.12.23
31.12.23
31.12.23
31.12.23
Electricity
 
forward
contracts
14,908
-19,418
-4,510
4.5
36,787
-2,746
34,041
4.0
Level
 
2
Total
14,908
-19,418
-4,510
4.5
36,787
-2,746
34,041
4.0
Metal
derivatives
Fair
 
value
pos.
Fair
 
value
neg.
Net
 
fair
value
mt
Fair
 
value
pos.
Fair
 
value
neg.
Net
 
fair
value
mt
31.12.24
31.12.24
31.12.24
31.12.24
31.12.23
31.12.23
31.12.23
31.12.23
Metal
 
swaps
55
-40
15
302
Level
 
2
Total
55
-40
15
302
33.
 
COMMITMENTS
 
AND
 
CONTINGENT
 
LIABILITIES,
 
€1,000
2024
2023
Rental
 
liabilities
Liabilities
 
for
 
the
 
next
 
year
 
5,694
4,236
Liabilities
 
for
 
subsequent
 
years
63,553
30,562
69,247
34,799
Right-of-use
 
agreements
Liabilities
 
for
 
the
 
next
 
year
 
5,332
4,237
Liabilities
 
for
 
subsequent
 
years
14,827
15,818
20,160
20,055
Pledges
 
given
 
as
 
collateral
 
for
 
regulatory
 
charges
297
289
Other
 
financial
 
commitments
 
Rent
 
security
 
deposit,
 
guarantee
609
38
 
 
 
 
 
 
 
165
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Credit
 
facility
 
commitment
 
fee
 
and
 
commitment
 
fee:
Commitment
 
fee
 
for
 
the
 
next
 
year
777
599
Liabilities
 
for
 
subsequent
 
years
1,487
1,302
2,873
1,939
Unrecognised
 
investment
 
commitments
625,570
520,718
The
 
investment
 
commitments
 
consist
 
of
 
agreements
 
signed
 
by
 
the
 
company
 
to
 
carry
out
 
grid
 
construction
 
projects.
34.
 
LEGAL
 
PROCEEDINGS
 
AND
 
PROCEEDINGS
 
BY
 
AUTHORITIES
On
 
2
 
January
 
2024,
 
Fingrid
 
appealed
 
to
 
the
 
Market
 
Court
 
against
 
the
 
Energy
 
Authority’s
 
decision
 
on
 
the
 
terms
 
and
 
conditions
 
of
 
balance
 
service.
The
 
appeal
 
mainly
 
concerns
 
the
 
collateral
 
model
 
for
 
balance
 
responsible
 
parties
 
presented
 
in
 
the
 
decision.
 
In
 
November
 
2023,
 
the
 
Energy
 
Authority
issued
 
a
 
decision
 
on
 
the
 
terms
 
and
 
conditions
 
for
 
balance
 
responsible
 
parties,
 
which
 
include
 
the
 
principles
 
for
 
how
 
collateral
 
requirements
 
are
determined.
 
The
 
Energy
 
Authority’s
 
decision
 
includes
 
major
 
changes
 
to
 
the
 
current
 
collateral
 
terms
 
and
 
conditions
 
and
 
sets
 
apart
 
Finland’s
collateral
 
model
 
from
 
that
 
used
 
in
 
other
 
Nordic
 
countries.
 
The
 
most
 
significant
 
changes
 
to
 
the
 
current
 
collateral
 
model
 
include
 
a
 
major
 
reduction
 
in
the
 
required
 
collaterals,
 
elimination
 
of
 
the
 
requirement
 
to
 
provide
 
an
 
adequate
 
additional
 
collateral
 
and
 
a
 
possible
 
collateral
 
ceiling.
On
 
29
 
January
 
2024,
 
Fingrid
 
appealed
 
to
 
the
 
Market
 
Court
 
against
 
the
 
Energy
 
Authority’s
 
decision
 
on
 
the
 
methods
 
concerning
 
the
 
specification
 
of
the
 
profit
 
for
 
the
 
electricity
 
transmission
 
grid
 
operations
 
for
 
the
 
sixth
 
regulatory
 
period
 
1
 
January
 
2024–31
 
December
 
2027
 
and
 
seventh
 
regulatory
period
 
1
 
January
 
2028–31
 
December
 
2031.
 
According
 
to
 
Fingrid’s
 
assessment,
 
the
 
decision
 
on
 
the
 
regulatory
 
methods
 
is
 
a
 
significant
 
weakening
 
of
the
 
electricity
 
transmission
 
grid
 
operations’
 
reasonable
 
profit
 
regulatory
 
method
 
that
 
expired
 
at
 
year-end.
 
In
 
Fingrid’s
 
view,
 
the
 
assessment
 
of
impacts
 
in
 
preparing
 
the
 
regulatory
 
model
 
decision
 
has
 
been
 
deficient
 
and
 
there
 
are
 
still
 
issues
 
open
 
to
 
interpretation
 
related
 
to
 
the
 
presented
decision.
 
The
 
decision
 
weakens
 
Fingrid’s
 
ability
 
to
 
invest.
 
Fingrid’s
 
goal
 
is
 
a
 
solution
 
that
 
would
 
also
 
enable
 
the
 
future
 
development
 
of
 
the
 
grid,
allowing
 
the
 
hundreds
 
of
 
billions
 
in
 
green
 
transition
 
investments
 
in
 
Finland
 
to
 
be
 
implemented
 
as
 
planned.
On
 
15
 
February
 
2024,
 
Fingrid
 
appealed
 
to
 
the
 
Market
 
Court
 
against
 
the
 
decision
 
given
 
by
 
the
 
Energy
 
Authority
 
on
 
11
 
January
 
2024
 
on
 
the
 
scope
 
of
the
 
national
 
transmission
 
system
 
operator’s
 
systems
 
responsibility
 
regarding
 
the
 
grid
 
connection
 
of
 
the
 
OL3
 
nuclear
 
power
 
plant.
 
Teollisuuden
Voima
 
Oyj
 
(“TVO”)
 
lodged
 
a
 
request
 
for
 
an
 
investigation
 
with
 
the
 
Energy
 
Authority
 
on
 
25
 
May
 
2022
 
related
 
to
 
the
 
claims
 
by
 
TVO
 
that
 
Fingrid
 
has
neglected
 
its
 
obligation
 
to
 
develop
 
the
 
main
 
grid
 
as
 
stated
 
in
 
the
 
Finnish
 
Electricity
 
Market
 
Act
 
and/or
 
other
 
applicable
 
legislation,
 
and
 
that,
 
as
 
a
result,
 
it
 
has
 
placed
 
unlawful
 
restrictions
 
on
 
connecting
 
the
 
Olkiluoto
 
3
 
nuclear
 
power
 
plant
 
to
 
the
 
grid,
 
and
 
that
 
Fingrid
 
is
 
in
 
breach
 
of
 
its
administrative
 
obligations
 
linked
 
to
 
carrying
 
out
 
its
 
public
 
administrative
 
task.
 
The
 
Energy
 
Authority
 
states
 
in
 
its
 
decision
 
of
 
11
 
January
 
2024
 
that
Fingrid
 
fulfilled
 
its
 
development,
 
connection
 
and
 
transmission
 
obligations
 
in
 
accordance
 
with
 
the
 
Electricity
 
Market
 
Act.
 
The
 
Energy
 
Authority
 
also
found
 
the
 
1,300
 
MW
 
power
 
limit
 
specified
 
in
 
Fingrid’s
 
connection
 
terms
 
justified
 
and
 
did
 
not
 
find
 
Fingrid
 
to
 
have
 
restricted
 
Olkiluoto
 
3’s
 
access
 
to
 
the
grid.
 
In
 
its
 
decision,
 
the
 
Energy
 
Authority
 
sees,
 
however,
 
that
 
Olkiluoto
 
3’s
 
protection
 
scheme
 
falls
 
under
 
Fingrid’s
 
responsibility
 
based
 
on
 
a
transmission
 
system
 
operator’s
 
protection
 
scheme
 
as
 
intended
 
by
 
legislation
 
and
 
that
 
Fingrid
 
is
 
in
 
breach
 
of
 
Article
 
9
 
of
 
the
 
Commission
 
Regulation
(EU)
 
2017/1485
 
establishing
 
a
 
guideline
 
on
 
electricity
 
transmission
 
system
 
operation
 
and
 
its
 
obligation
 
in
 
line
 
with
 
Section
 
10,
 
Subsection
 
1
 
of
 
the
Act
 
on
 
the
 
Control
 
of
 
the
 
Electricity
 
and
 
Natural
 
Gas
 
Market
 
(2013/590)
 
to
 
bring
 
the
 
determination
 
principles
 
for
 
fees
 
it
 
applies
 
before
 
the
 
Energy
Authority
 
for
 
approval
 
prior
 
to
 
their
 
implementation.
 
 
In
 
accordance
 
with
 
the
 
Energy
 
Authority’s
 
decision,
 
Fingrid
 
submitted
 
its
 
proposal
 
concerning
 
the
 
determination
 
principles
 
for
 
fees
 
related
 
to
 
the
OL3
 
protection
 
scheme
 
on
 
30
 
April
 
2024.
 
The
 
Energy
 
Authority
 
issued
 
its
 
decision
 
on
 
the
 
determination
 
principles
 
for
 
fees
 
on
 
30
 
December
 
2024.
According
 
to
 
the
 
decision,
 
TVO
 
shall
 
bear
 
the
 
costs
 
for
 
reimbursements
 
to
 
response
 
resources
 
connected
 
to
 
system
 
protection
 
and
 
for
 
the
construction,
 
maintenance
 
and
 
use
 
of
 
data
 
communication
 
connections.
 
The
 
decision
 
states
 
that
 
Fingrid
 
shall
 
bear
 
the
 
costs
 
for
 
acquiring
 
the
response
 
resources
 
and
 
awarding
 
contracts,
 
managing
 
the
 
protection
 
scheme
 
and
 
the
 
tests
 
to
 
be
 
carried
 
out
 
on
 
the
 
response
 
resources
 
for
 
system
protection,
 
as
 
well
 
as
 
for
 
the
 
maintenance
 
of
 
the
 
measurement
 
and
 
monitoring
 
system
 
for
 
system
 
protection
 
in
 
Fingrid’s
 
operation
 
control
 
system.
Fingrid
 
and
 
TVO
 
have
 
agreed
 
on
 
provisional
 
fee
 
arrangements
 
for
 
Olkiluoto
 
3’s
 
protection
 
scheme
 
as
 
of
 
1
 
January
 
2025.
 
The
 
agreement
 
is
 
based
on
 
the
 
decision
 
issued
 
by
 
the
 
Energy
 
Authority
 
on
 
the
 
costs
 
for
 
the
 
protection
 
scheme
 
on
 
30
 
December
 
2024.
 
The
 
provisional
 
fee
 
arrangements
 
for
the
 
protection
 
scheme
 
do
 
not
 
directly
 
affect
 
the
 
legal
 
proceedings
 
concerning
 
the
 
protection
 
scheme’s
 
extent,
 
which
 
are
 
still
 
ongoing
 
in
 
the
 
Market
Court.
Fingrid
 
received
 
an
 
expropriation
 
permit
 
for
 
the
 
widening
 
of
 
the
 
Torna
 
–Lautakari
 
right-of-way
 
for
 
the
 
neutral
 
line
 
on
 
27
 
October
 
2022.
 
In
 
the
 
kick-off
meeting
 
for
 
the
 
expropriation
 
procedure
 
on
 
1
 
December
 
2022,
 
the
 
expropriation
 
committee
 
decided
 
that
 
the
 
expropriating
 
party
 
is
 
obligated
 
to
assume
 
responsibility
 
for
 
the
 
tree
 
stands
 
within
 
the
 
scope
 
of
 
the
 
rights
 
and
 
restrictions
 
set
 
in
 
the
 
expropriation
 
permit,
 
unless
 
otherwise
 
agreed.
 
The
final
 
meeting
 
of
 
the
 
expropriation
 
procedure
 
was
 
held
 
on
 
16
 
November
 
2023.
 
Fingrid
 
appealed
 
against
 
the
 
decision
 
concerning
 
the
 
Torna
 
–Lautakari
tree
 
stands’
 
expropriation
 
to
 
the
 
Southwest
 
Finland
 
District
 
Court’s
 
Land
 
Rights
 
Court
 
on
 
22
 
December
 
2023.
 
35.
 
SEPARATION
 
OF
 
BUSINESSES
 
IN
 
ACCORDANCE
 
WITH
 
THE
 
ELECTRICITY
 
MARKET
 
ACT
 
Imbalance
 
power
 
and
 
regulating
 
power
Each
 
electricity
 
market
 
participant
 
must
 
have
 
an
 
open
 
supplier
 
for
 
its
 
electricity
 
production
 
and
 
procurement
 
and
 
for
 
electricity
 
consumption
 
and
deliveries.
 
The
 
open
 
supplier
 
must
 
designate
 
a
 
balance
 
responsible
 
party
 
for
 
the
 
open
 
delivery
 
it
 
delivers
 
to
 
an
 
electricity
 
market
 
participant,
 
and
 
the
balance
 
responsible
 
party
 
carries
 
out
 
imbalance
 
settlement
 
for
 
the
 
electricity
 
production
 
and
 
procurement
 
and
 
the
 
use
 
and
 
transmission
 
of
 
electricity
linked
 
with
 
the
 
open
 
delivery
 
in
 
question
 
through
 
this
 
open
 
delivery
 
or
 
the
 
linked
 
continuous
 
chain
 
of
 
open
 
deliveries.
 
The
 
balance
 
responsible
 
party
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
166
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
signs
 
a
 
balance
 
service
 
agreement
 
with
 
Fingrid.
 
Fingrid
 
buys
 
and
 
sells
 
imbalance
 
power
 
to
 
settle
 
any
 
imbalance
 
in
 
the
 
hourly
 
power
 
balance
 
of
 
a
balance
 
responsible
 
party.
 
Imbalance
 
pricing
 
is
 
based
 
on
 
the
 
balance
 
service
 
agreement
 
with
 
impartial
 
and
 
public
 
terms
 
and
 
conditions.
Fingrid
 
is
 
responsible
 
for
 
maintaining
 
a
 
power
 
balance
 
in
 
Finland
 
at
 
all
 
times
 
by
 
buying
 
and
 
selling
 
balancing
 
power.
 
The
 
balance
 
responsible
parties
 
can
 
participate
 
in
 
the
 
Nordic
 
balancing
 
power
 
market
 
by
 
submitting
 
bids
 
on
 
their
 
available
 
capacity.
 
The
 
terms
 
and
 
conditions
 
of
 
participation
in
 
the
 
balancing
 
power
 
market
 
and
 
the
 
pricing
 
of
 
balancing
 
power
 
are
 
based
 
on
 
the
 
balancing
 
power
 
market
 
agreement.
Fingrid
 
is
 
responsible
 
for
 
organising
 
national
 
imbalance
 
settlement.
 
A
 
company
 
jointly
 
owned
 
by
 
the
 
Finnish,
 
Swedish,
 
Norwegian
 
and
 
Danish
transmission
 
system
 
operators,
 
eSett
 
Oy,
 
draws
 
up
 
the
 
imbalance
 
settlement
 
and
 
manages
 
the
 
guarantees
 
set
 
by
 
the
 
balance
 
responsible
 
parties.
The
 
imbalance
 
settlement
 
takes
 
place
 
after
 
the
 
delivery
 
hour
 
by
 
determining
 
the
 
actual
 
electricity
 
generation,
 
consumption,
 
electricity
 
trading
 
and
any
 
imbalance
 
adjustments
 
for
 
reserve
 
activation.
 
The
 
outcome
 
of
 
the
 
balance
 
settlement
 
is
 
the
 
power
 
balance
 
for
 
each
 
balance
 
responsible
 
party.
Management
 
of
 
balance
 
operation
 
In
 
accordance
 
with
 
a
 
decision
 
by
 
the
 
Energy
 
Market
 
Authority,
 
Fingrid
 
Oyj
 
shall
 
separate
 
the
 
duties
 
pertaining
 
to
 
national
 
power
 
balance
 
operation
by
 
virtue
 
of
 
Chapter
 
12
 
of
 
the
 
Electricity
 
Market
 
Act.
 
Balance
 
responsibility
 
is
 
part
 
of
 
financially
 
regulated
 
grid
 
operations.
The
 
income
 
statement
 
of
 
the
 
balance
 
service
 
unit
 
is
 
separated
 
by
 
means
 
of
 
cost
 
accounting
 
as
 
follows:
Income
 
direct
Separate
 
costs
 
direct
Production
 
costs
 
matching
 
principle
Administrative
 
costs
 
matching
 
principle
Depreciation
 
and
 
amortisation
 
matching
 
principle
 
in
 
accordance
 
with
 
Fingrid
 
Oyj's
 
depreciation
 
principle
Finance
 
income
 
and
 
costs
 
on
 
the
 
basis
 
of
 
imputed
 
debt
Income
 
taxes
 
based
 
on
 
result
The
 
average
 
number
 
of
 
personnel
 
during
 
2024
 
was
 
11
 
(10).
 
The
 
operating
 
profit
 
was
 
6.4
 
(9.8)
 
per
 
cent
 
of
 
turnover.
MANAGEMENT
 
OF
 
BALANCE
 
OPERATION,
 
SEPARATED
 
INCOME
STATEMENT
1
 
Jan
 
-
 
31
 
Dec,
 
2024
1
 
Jan
 
-
 
31
 
Dec,
 
2023
€1,000
€1,000
TURNOVER
664,371
700,530
Materials
 
and
 
services
-618,072
-628,403
Personnel
 
costs
-1,403
-1,354
Depreciation
 
and
 
amortisation
 
expense
-1,116
-746
Other
 
operating
 
expenses
 
-1,393
-1,326
OPERATING
 
PROFIT
42,388
68,701
PROFIT/LOSS
 
BEFORE
 
APPROPRIATIONS
 
AND
 
TAXES
 
42,388
68,701
Appropriations
 
108
-91
Income
 
taxes
-7,650
-
PROFIT/LOSS
 
FOR
 
THE
 
FINANCIAL
 
YEAR
 
34,845
68,611
MANAGEMENT
 
OF
 
BALANCE
 
OPERATION,
 
SEPARATED
 
BALANCE
 
SHEET
 
ASSETS
31
 
Dec
 
2024
31
 
Dec
 
2023
€1,000
€1,000
NON-CURRENT
 
ASSETS
 
Intangible
 
assets
Other
 
non-current
 
expenses
 
2,125
2,311
Tangible
 
assets
 
Machinery
 
and
 
equipment
631
707
Investments
Interests
 
in
 
associated
 
companies
1,501
1,501
TOTAL
 
NON-CURRENT
 
ASSETS
 
4,257
4,519
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
167
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
CURRENT
 
ASSETS
Current
 
receivables
 
Trade
 
receivables
 
6,457
14,616
Receivables
 
from
 
Group
 
companies
 
17,239
Receivables
 
from
 
associated
 
companies
19,801
17,578
43,496
32,194
Cash
 
in
 
hand
 
and
 
bank
 
receivables
1
1
TOTAL
 
CURRENT
 
ASSETS
 
43,497
32,195
TOTAL
 
ASSETS
47,754
36,714
 
SHAREHOLDERS'
 
EQUITY
 
AND
 
LIABILITIES
31
 
Dec
 
2024
31
 
Dec
 
2023
€1,000
€1,000
EQUITY
Share
 
capital
32
32
Share
 
premium
 
account
286
286
Profit
 
from
 
previous
 
financial
 
years
 
-
-51,490
Profit
 
for
 
the
 
financial
 
year
34,845
68,611
TOTAL
 
SHAREHOLDERS'
 
EQUITY
35,162
17,438
ACCUMULATED
 
APPROPRIATIONS
 
-422
-314
LIABILITIES
 
Current
 
liabilities
 
Trade
 
payables
3,928
6,350
Other
 
debt
9,086
5,485
Liabilities
 
to
 
Group
 
companies
 
-
7,755
13,014
19,590
TOTAL
 
LIABILITIES
13,014
19,590
TOTAL
 
SHAREHOLDERS'
 
EQUITY
 
AND
 
LIABILITIES
47,754
36,714
Grid
 
operations
Grid
 
operations
 
refers
 
to
 
licensed
 
electricity
 
system
 
operation
 
that
 
takes
 
place
 
on
 
the
 
electricity
 
grid.
 
Electricity
 
system
 
operations
 
are
 
defined
 
in
Chapter
 
1
 
of
 
the
 
Electricity
 
Market
 
Act
 
(588/2013)
 
and
 
grid
 
operations
 
are
 
defined
 
in
 
Chapter
 
5.
 
Of
 
Fingrid
 
Oyj’s
 
operations,
 
activities
 
related
 
to
 
the
management
 
of
 
the
 
power
 
reserve
 
system
 
and
 
guarantees
 
of
 
origin
 
for
 
electricity,
 
as
 
well
 
as
 
the
 
Datahub
 
system
 
are
 
not
 
included
 
in
 
grid
 
operations.
Operations
 
that
 
are
 
not
 
part
 
of
 
grid
 
operations
 
constitute
 
‘other
 
operations’
 
as
 
referred
 
to
 
in
 
Chapter
 
12
 
of
 
the
 
Electricity
 
Market
 
Act
 
and
 
must
 
be
separated
 
from
 
grid
 
operations
 
in
 
accordance
 
with
 
that
 
Chapter.
 
The
 
income
 
statement
 
and
 
balance
 
sheet
 
of
 
grid
 
operations
 
and
 
other
 
operations
 
have,
 
in
 
compliance
 
with
 
Chapter
 
12
 
of
 
the
 
Electricity
 
Market
 
Act,
been
 
separated
 
by
 
means
 
of
 
cost
 
accounting
 
as
 
follows:
Income
 
direct
Separate
 
costs
 
direct
Production
 
costs
 
matching
 
principle
Administrative
 
costs
 
matching
 
principle
Depreciation
 
and
 
amortisation
 
matching
 
principle
 
in
 
accordance
 
with
 
Fingrid
 
Oyj's
 
depreciation
 
principle
Finance
 
income
 
and
 
costs
 
on
 
the
 
basis
 
of
 
imputed
 
debt
Income
 
taxes
 
based
 
on
 
result
Balance
 
sheet
 
items
 
matching
 
principle
TRANSMISSION
 
SYSTEM
OPERATION
TRANSMISSION
 
SYSTEM
OPERATION
SEPARATED
 
INCOME
 
STATEMENT
1
 
Jan
 
-
 
31
 
Dec,
 
2024
1
 
Jan
 
-
 
31
 
Dec,
 
2023
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
168
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
€1,000
€1,000
TURNOVER
1,271,028
1,208,041
Other
 
operating
 
income
133,345
119,723
Purchases
 
during
 
the
 
financial
 
year
-762,689
-769,881
Loss
 
power
 
procurement
-81,074
-75,203
Change
 
in
 
stock
1,424
406
Grid
 
service
 
charges
-96
-93
Other
 
services
-89,763
-70,127
Personnel
 
costs
-45,050
-40,719
Depreciation
 
and
 
amortisation
 
expense
-8,457
-6,625
Depreciation
 
according
 
to
 
plan
 
for
 
the
 
electricity
 
grid
-113,338
-110,075
Other
 
operating
 
expenses
 
-43,068
-36,302
Renting
 
expenses
-4,798
-4,657
OPERATING
 
PROFIT
257,464
214,490
Other
 
interest
 
and
 
financial
 
income
27,157
32,401
Other
 
interest
 
and
 
financial
 
expenses
-54,486
-42,065
PROFIT/LOSS
 
BEFORE
 
APPROPRIATIONS
 
AND
 
TAXES
 
230,135
204,825
Accumulated
 
depreciation
 
and
 
amortisation
 
difference
 
for
 
the
 
electricity
grid
-61,431
-26,306
Accumulated
 
depreciation
 
and
 
amortisation
 
difference
 
for
 
other
 
non-
current
 
assets
-269
-2,194
Income
 
taxes
-33,734
-35,261
PROFIT/LOSS
 
FOR
 
THE
 
FINANCIAL
 
YEAR
 
134,701
141,064
 
OTHER
 
OPERATION
OTHER
 
OPERATION
SEPARATED
 
INCOME
 
STATEMENT
1
 
Jan
 
-
 
31
 
Dec,
 
2024
1
 
Jan
 
-
 
31
 
Dec,
 
2023
€1,000
€1,000
TURNOVER
1,534
1,614
Personnel
 
costs
-280
-299
Other
 
operating
 
expenses
 
-1,254
-1,316
OPERATING
 
PROFIT
0
-0
Finance
 
income
 
and
 
costs
Revenue
 
from
 
group
 
companies
-
150
Other
 
interest
 
and
 
financial
 
income
 
in
 
group
 
companies
1,727
2,077
Other
 
interest
 
and
 
financial
 
expenses
 
in
 
group
 
companies
-277
-293
Other
 
interest
 
and
 
financial
 
expenses
-1,101
-1,488
PROFIT/LOSS
 
BEFORE
 
APPROPRIATIONS
 
AND
 
TAXES
 
349
446
Income
 
taxes
-70
-89
PROFIT/LOSS
 
FOR
 
THE
 
FINANCIAL
 
YEAR
 
279
357
 
SEPARATED
 
BALANCE
 
SHEET
TRANSMISSION
 
SYSTEM
OPERATION
TRANSMISSION
 
SYSTEM
OPERATION
ASSETS
31
 
Dec
 
2024
31
 
Dec
 
2023
€1,000
€1,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
169
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Intangible
 
assets:
Intangible
 
assets
 
of
 
the
 
electricity
 
grid
55,103
57,316
Other
 
intangible
 
assets
11,630
12,543
66,733
69,858
Tangible
 
assets
Tangible
 
assets
 
of
 
the
 
electricity
 
grid
1,727,596
1,642,227
Other
 
property,
 
plant
 
and
 
equipment
38,254
42,164
Prepayments
 
and
 
purchases
 
in
 
progress
514,356
266,338
2,280,206
1,950,729
Investments:
Investments
93,863
87,981
93,863
87,981
 
TOTAL
 
NON-CURRENT
 
ASSETS
2,440,802
2,108,568
CURRENT
 
ASSETS
Inventories
20,529
19,104
Non-current
Other
 
receivables
20,498
19,788
20,498
19,788
Current
Trade
 
receivables
108,276
32,359
Other
 
receivables
5,757
15,906
Prepayments
 
and
 
accrued
 
income
24,992
20,429
139,025
68,693
Financial
 
securities
135,420
127,803
Cash
 
in
 
hand
 
and
 
bank
 
receivables
610,555
252,546
TOTAL
 
CURRENT
 
ASSETS
 
926,027
487,935
TOTAL
 
ASSETS
3,366,829
2,596,503
 
SEPARATED
 
BALANCE
 
SHEET
TRANSMISSION
 
SYSTEM
OPERATION
TRANSMISSION
 
SYSTEM
OPERATION
SHAREHOLDERS'
 
EQUITY
 
AND
 
LIABILITIES
31
 
Dec
 
2024
31
 
Dec
 
2023
€1,000
€1,000
EQUITY
Share
 
capital
55,920
55,920
Share
 
premium
 
account
55,922
55,922
Profit
 
from
 
previous
 
financial
 
years
 
37,138
32,808
Profit
 
for
 
the
 
financial
 
year
134,701
141,064
TOTAL
 
SHAREHOLDERS'
 
EQUITY
283,681
285,715
Accumulated
 
depreciation
 
difference
 
for
 
grid
 
assets
392,886
331,455
Accumulated
 
depreciation
 
difference
 
for
 
other
 
assets
-23,789
-24,058
PROVISIONS
 
FOR
 
LIABILITIES
 
AND
 
CHARGES
 
2,854
2,870
LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
170
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Non-current
 
liabilities
 
Bonds
1,248,065
339,503
Loans
 
from
 
financial
 
institutions
 
205,506
236,598
Accruals
429,919
387,081
1,883,490
963,182
Current
 
liabilities
 
Bonds
82,512
300,000
Loans
 
from
 
financial
 
institutions
 
239,387
40,355
Trade
 
payables
36,469
59,453
Other
 
liabilities
 
7,936
2,169
Accruals
461,405
635,363
827,708
1,037,339
TOTAL
 
LIABILITIES
2,711,198
2,000,521
TOTAL
 
SHAREHOLDERS'
 
EQUITY
 
AND
 
LIABILITIES
3,366,829
2,596,503
Return
 
on
 
investment
 
(ROI)
 
in
 
transmission
 
system
 
operation,
 
%
17.5
 
%
20.2
 
%
 
SEPARATED
 
BALANCE
 
SHEET
OTHER
 
OPERATION
OTHER
 
OPERATION
ASSETS
31
 
Dec
 
2024
31
 
Dec
 
2023
€1,000
€1,000
Intangible
 
assets:
Investments
16,896
16,896
16,896
16,896
 
TOTAL
 
NON-CURRENT
 
ASSETS
16,896
16,896
CURRENT
 
ASSETS
Non-current
Other
 
receivables
29,928
35,416
29,928
35,416
Trade
 
receivables
297
291
Other
 
receivables
5,488
5,544
Prepayments
 
and
 
accrued
 
income
39
32
5,824
5,867
Cash
 
in
 
hand
 
and
 
bank
 
receivables
733
1,191
TOTAL
 
CURRENT
 
ASSETS
 
36,485
42,474
TOTAL
 
ASSETS
53,381
59,370
 
SEPARATED
 
BALANCE
 
SHEET
OTHER
 
OPERATION
OTHER
 
OPERATION
SHAREHOLDERS'
 
EQUITY
 
AND
 
LIABILITIES
31
 
Dec
 
2024
31
 
Dec
 
2023
€1,000
€1,000
EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
171
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Share
 
capital
3
3
Profit
 
from
 
previous
 
financial
 
years
 
102
121
Profit
 
for
 
the
 
financial
 
year
279
357
TOTAL
 
SHAREHOLDERS'
 
EQUITY
384
480
LIABILITIES
 
Non-current
 
liabilities
 
Bonds
40,413
31,487
Loans
 
from
 
financial
 
institutions
 
6,654
21,943
47,068
53,430
Liabilities
 
to
 
Group
 
companies,
 
interest
 
bearing
5,244
4,426
Liabilities
 
to
 
Group
 
companies
 
1
1
Other
 
liabilities
 
8
8
Accruals
677
1,026
5,930
5,460
TOTAL
 
LIABILITIES
52,998
58,890
TOTAL
 
SHAREHOLDERS'
 
EQUITY
 
AND
 
LIABILITIES
53,381
59,370
Other
 
non-current
 
assets
 
included
 
in
 
the
 
separated
 
balance
 
sheet
 
for
 
grid
 
operations
SEPARATED
 
BALANCE
 
SHEET
TRANSMISSION
 
SYSTEM
OPERATION
TRANSMISSION
 
SYSTEM
OPERATION
ASSETS
31
 
Dec
 
2024
31
 
Dec
 
2023
€1,000
€1,000
Intangible
 
assets:
Other
 
intangible
 
assets
11,630
12,543
11,630
12,543
Tangible
 
assets
Land
 
and
 
water
 
areas
22,041
20,141
Buildings
 
and
 
structures
7,015
11,051
Machinery
 
and
 
equipment
6,929
8,613
Transmission
 
lines
2,157
2,249
Other
 
property,
 
plant
 
and
 
equipment
110
110
Prepayments
 
and
 
purchases
 
in
 
progress
514,356
266,338
552,610
308,502
 
TOTAL
 
NON-CURRENT
 
ASSETS
564,240
321,045
INTANGIBLE
 
ASSETS,
 
1
 
000
 
€
2024
2023
Intangible
 
assets
 
of
 
the
 
electricity
 
grid,
 
€
 
1,000
Carrying
 
amount
 
31
 
Dec
 
55,103
57,316
Carrying
 
amount
 
1
 
Jan
 
-57,316
-57,600
Amortisation
 
according
 
to
 
plan
 
1
 
Jan–31
 
Dec
 
4,451
4,331
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
172
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Decreases
 
1
 
Jan–31
 
Dec
 
406
466
Total
2,644
4,512
Other
 
intangible
 
assets,
 
1
 
000
 
€
Carrying
 
amount
 
31
 
Dec
 
11,630
12,543
Carrying
 
amount
 
1
 
Jan
 
-12,543
-9,404
Amortisation
 
according
 
to
 
plan
 
1
 
Jan–31
 
Dec
 
5,284
3,995
Total
4,371
7,134
INTANGIBLE
 
ASSETS
 
TOTAL
7,016
11,647
PROPERTY,
 
PLANT
 
AND
 
EQUIPMENT,
 
1
 
000
 
€
2024
2023
Tangible
 
grid
 
investments,
 
1,000
 
€
Carrying
 
amount
 
31
 
Dec
 
1,727,596
1,642,227
Carrying
 
amount
 
1
 
Jan
 
-1,642,227
-1,545,054
Depreciation
 
according
 
to
 
plan
 
1
 
Jan–31
 
Dec
 
108,887
105,744
Decreases
 
1
 
Jan–31
 
Dec
 
-5,402
1,980
Total
188,855
204,897
Other
 
property,
 
plant
 
and
 
equipment,
 
1
 
000
 
€
Carrying
 
amount
 
31
 
Dec
 
38,254
42,164
Carrying
 
amount
 
1
 
Jan
 
-42,164
-38,145
Depreciation
 
according
 
to
 
plan
 
1
 
Jan–31
 
Dec
 
3,173
2,630
Decreases
 
1
 
Jan–31
 
Dec
 
5,516
-
Total
4,779
6,648
Prepayment
 
and
 
purchases
 
in
 
progress,
 
1
 
000
 
€
Carrying
 
amount
 
31
 
Dec
 
514,356
266,338
Carrying
 
amount
 
1
 
Jan
 
-266,338
-181,962
Decreases
 
1
 
Jan–31
 
Dec
 
200,577
223,407
Total
448,595
307,784
TANGIBLE
 
ASSETS
 
TOTAL
642,229
519,330
36.
 
CONGESTION
 
INCOME
 
IN
 
GRID
 
OPERATIONS
The
 
congestion
 
income
 
received
 
by
 
a
 
grid
 
owner
 
must
 
be
 
used
 
for
 
the
 
purposes
 
stated
 
in
 
EU
 
Regulation
 
2019/943,
 
Article
 
19:
 
guaranteeing
 
the
actual
 
availability
 
of
 
the
 
allocated
 
capacity,
 
maintaining
 
or
 
increasing
 
interconnection
 
capacities
 
through
 
network
 
investments,
 
covering
 
the
 
costs
 
of
maintaining
 
said
 
capacity
 
and
 
recognising
 
congestion
 
income
 
in
 
the
 
company’s
 
turnover.
 
The
 
congestion
 
income
 
is
 
included
 
as
 
accruals
 
in
 
the
 
item
Other
 
liabilities
 
in
 
the
 
balance
 
sheet.
 
Of
 
accruals,
 
congestion
 
income
 
is
 
recognised
 
in
 
the
 
income
 
statement
 
in
 
other
 
operating
 
income
 
in
 
compliance
with
 
the
 
accrual
 
of
 
costs
 
defined
 
in
 
regulation
 
and
 
in
 
turnover
 
to
 
the
 
extent
 
that
 
congestion
 
income
 
can
 
be
 
directly
 
recognised
 
for
 
the
 
benefit
 
of
 
grid
customers.
 
Alternatively,
 
they
 
are
 
recognised
 
in
 
the
 
balance
 
sheet
 
against
 
investments,
 
as
 
defined
 
by
 
regulation,
 
to
 
lower
 
the
 
acquisition
 
cost
 
of
property,
 
plant
 
and
 
equipment.
 
As
 
a
 
result,
 
this
 
lowers
 
the
 
depreciation
 
of
 
the
 
property,
 
plant
 
and
 
equipment
 
in
 
question.
 
Fingrid
 
reports
 
the
 
share
 
to
be
 
used
 
during
 
the
 
next
 
year
 
in
 
short-term
 
liabilities.
 
The
 
Energy
 
Authority’s
 
regulatory
 
letters
 
during
 
the
 
regulatory
 
period
 
guide
 
the
 
use
 
of
congestion
 
income.
 
The
 
Energy
 
Authority
 
issues
 
a
 
decision
 
on
 
the
 
use
 
of
 
congestion
 
income
 
as
 
part
 
of
 
its
 
supervisory
 
decision
 
on
 
the
 
reasonable
return.
Congestion
 
income,
 
€1,000
2024
2023
Congestion
 
income
 
on
 
1
 
Jan
975,731
1,063,736
Accumulated
 
congestion
 
income
327,522
317,013
Returns
 
matching
 
congestion
 
income
-301,000
-284,720
Expenses
 
matching
 
congestion
 
income
-44,546
-21,806
 
 
 
 
 
 
 
 
 
 
173
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Allocated
 
to
 
transmission
 
right
 
compensations
-85,523
-96,158
Investments
 
matching
 
congestion
 
income
-30,351
-2,334
Congestion
 
income
 
on
 
31
 
Dec
841,833
975,731
Countertrade
The
 
countertrade
 
used
 
to
 
safeguard
 
system
 
security
 
in
 
transmission
 
grid
 
operations
 
results
 
in
 
costs.
 
The
 
countertrade
 
costs
 
arising
 
from
countertrade
 
at
 
cross-border
 
transmission
 
connections
 
can
 
be
 
covered
 
by
 
congestion
 
income.
Counter
 
trade,
 
€1,000
2024
2023
Countertrade
 
between
 
Finland
 
and
 
Sweden
938
137
Countertrade
 
between
 
Finland
 
and
 
Estonia
5,159
651
Countertrade
 
between
 
Finland's
 
internal
 
connections
957
73
Total
 
counter-trade
7,054
861
37.
 
EMISSION
 
RIGHTS
The
 
use
 
of
 
emission
 
rights
 
had
 
no
 
impact
 
on
 
the
 
financial
 
result
 
in
2024.
2024
2023
Total
 
CO
2
 
emissions
 
tCO
2
5,121
4,757
174
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
9
 
SIGNATURES
 
FOR
 
THE
 
ANNUAL
 
REVIEW
 
AND
 
FOR
 
THE
 
FINANCIAL
 
STATEMENTS
Statements
 
of
 
the
 
Board
 
of
 
Directors
 
and
 
the
 
President
 
&
 
CEO
We
 
confirm
 
that
 
the
 
consolidated
 
financial
 
statements
 
prepared
 
in
 
accordance
 
with
 
the
 
International
 
Financial
 
Reporting
 
Standards
 
(IFRS)
 
as
adopted
 
by
 
the
 
European
 
Union
 
and
 
the
 
financial
 
statements
 
of
 
the
 
parent
 
company
 
prepared
 
in
 
accordance
 
with
 
the
 
laws
 
and
 
regulations
governing
 
the
 
preparation
 
of
 
financial
 
statements
 
in
 
Finland
 
give
 
a
 
true
 
and
 
fair
 
view
 
of
 
the
 
assets,
 
liabilities,
 
financial
 
position
 
and
 
profit
 
or
 
loss
 
of
the
 
company
 
and
 
the
 
undertakings
 
included
 
in
 
the
 
consolidation
 
taken
 
as
 
a
 
whole;
 
and
 
the
 
management
 
report
 
includes
 
a
 
fair
 
review
 
of
 
the
development
 
and
 
performance
 
of
 
the
 
business
 
and
 
the
 
position
 
of
 
the
 
company
 
and
 
the
 
undertakings
 
included
 
in
 
the
 
consolidation
 
taken
 
as
 
a
whole,
 
together
 
with
 
a
 
description
 
of
 
the
 
principal
 
risks
 
and
 
uncertainties
 
that
 
they
 
face
 
and;
 
that
 
the
 
sustainability
 
statement
 
within
 
management
report
 
is
 
prepared
 
in
 
accordance
 
with
 
sustainability
 
report
 
standards
 
referred
 
to
 
in
 
Chapter
 
7
 
of
 
the
 
Accounting
 
Act
 
and
 
with
 
the
 
Article
 
8
 
of
Taxonomy
 
Regulation.
Helsinki,
 
4
 
March
 
2025
Hannu
 
Linna
 
Leena
 
Mörttinen
Chair
 
Deputy
 
Chairman
Jero
 
Ahola
 
Anne
 
Jalkala
 
Mikko
 
Mursula
 
Asta
 
Sihvonen-Punkka
 
President
 
&
 
CEO
Auditor’s
 
notation
A
 
report
 
on
 
the
 
audit
 
carried
 
out
 
has
 
been
 
submitted
 
today.
 
Helsinki,
 
4
 
March
 
2025
KPMG
 
Oy
 
Authorised
 
Public
 
Accountants
 
Heidi
 
Hyry,
 
APA
 
175
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
This
 
document
 
is
 
an
 
English
 
translation
 
of
 
the
 
Finnish
 
auditor’s
 
report.
 
Only
 
the
 
Finnish
 
version
 
of
 
the
 
report
 
is
 
legally
 
binding.
Auditor’s
 
Report
To
 
the
 
Annual
 
General
 
Meeting
 
of
 
Fingrid
 
Oyj
Report
 
on
 
the
 
Audit
 
of
 
the
 
Financial
 
Statements
Opinion
We
 
have
 
audited
 
the
 
financial
 
statements
 
of
 
Fingrid
 
Oyj
 
(business
 
identity
 
code
 
1072894
 
-3)
 
for
 
the
 
year
 
ended
31
 
December,
 
20
 
24.
 
The
 
financial
 
statements
 
comprise
 
the
 
consolidated
 
balance
 
sheet,
 
income
 
statement,
statement
 
of
 
comprehensive
 
income,
 
statement
 
of
 
changes
 
in
 
equity,
 
statement
 
of
 
cash
 
flows
 
and
 
notes,
including
 
material
 
accounting
 
policy
 
information
 
,
 
as
 
well
 
as
 
the
 
parent
 
company’s
 
balance
 
sheet,
 
income
statement,
 
stat
 
ement
 
of
 
cash
 
flows
 
and
 
notes.
In
 
our
 
opinion
—
the
 
consolidated
 
financial
 
statements
 
give
 
a
 
true
 
and
 
fair
 
view
 
of
 
the
 
group’s
 
financial
 
position,
 
financial
performance
 
and
 
cash
 
flows
 
in
 
accordance
 
with
 
IFRS
 
Accounting
 
Standards
 
as
 
adopted
 
by
 
the
 
EU
—
the
 
financial
 
statements
 
give
 
a
 
true
 
and
 
fair
 
view
 
of
 
the
 
parent
 
company’s
 
financial
 
performance
 
and
financial
 
position
 
in
 
accordance
 
with
 
the
 
laws
 
and
 
regulations
 
governing
 
the
 
preparation
 
of
 
financial
statements
 
in
 
Finland
 
and
 
comply
 
with
 
statutory
 
requi
 
rements.
Our
 
opinion
 
is
 
consistent
 
with
 
the
 
additional
 
report
 
submitted
 
to
 
the
 
Audit
 
Committee.
Basis
 
for
 
Opinion
We
 
conducted
 
our
 
audit
 
in
 
accordance
 
with
 
good
 
auditing
 
practice
 
in
 
Finland.
 
Our
 
responsibilities
 
under
 
good
auditing
 
practice
 
are
 
further
 
described
 
in
 
the
Auditor’s
 
Responsibilities
 
for
 
the
 
Audit
 
of
 
the
 
Financial
Statements
 
section
 
of
 
our
 
report.
We
 
are
 
independent
 
of
 
the
 
parent
 
company
 
and
 
of
 
the
 
group
 
companies
 
in
 
accordance
 
with
 
the
 
ethical
requirements
 
that
 
are
 
applicable
 
in
 
Finland
 
and
 
are
 
relevant
 
to
 
our
 
audit,
 
and
 
we
 
have
 
fulfilled
 
our
 
other
 
ethical
responsibilities
 
in
 
accordance
 
with
 
these
 
requirements.
In
 
our
 
best
 
knowledge
 
and
 
understanding,
 
the
 
non-audit
 
services
 
that
 
we
 
have
 
provided
 
to
 
the
 
parent
company
 
and
 
group
 
companies
 
are
 
in
 
compliance
 
with
 
laws
 
and
 
regulations
 
applicable
 
in
 
Finland
 
regarding
these
 
services,
 
and
 
we
 
have
 
not
 
provided
 
any
 
prohibi
 
ted
 
non-audit
 
services
 
referred
 
to
 
in
 
Article
 
5(1)
 
of
regulation
 
(EU)
 
537/2014.
 
The
 
non-audit
 
services
 
that
 
we
 
have
 
provided
 
have
 
been
 
disclosed
 
in
 
note
 
4.5/7
to
 
the
 
consolidated
 
financial
 
statements.
We
 
believe
 
that
 
the
 
audit
 
evidence
 
we
 
have
 
obtained
 
is
 
sufficient
 
and
 
appropriate
 
to
 
provide
 
a
 
basis
 
for
 
our
opinion.
Materiality
The
 
scope
 
of
 
our
 
audit
 
was
 
influenced
 
by
 
our
 
application
 
of
 
materiality.
 
The
 
materiality
 
is
 
determined
 
based
on
 
our
 
professional
 
judgement
 
and
 
is
 
used
 
to
 
determine
 
the
 
nature,
 
timing
 
and
 
extent
 
of
 
our
 
audit
 
procedures
and
 
to
 
evaluate
 
the
 
effect
 
of
 
identified
 
misstatements
 
on
 
the
 
financial
 
statements
 
as
 
a
 
whole.
 
The
 
level
 
of
materiality
 
we
 
set
 
is
 
based
 
on
 
our
 
assessment
 
of
 
the
 
magnitude
 
of
 
misstatements
 
that,
 
individually
 
or
 
in
aggregate,
 
could
 
reasonably
 
be
 
expected
 
to
 
have
 
influence
 
on
 
the
 
economic
 
decisions
 
of
 
the
 
users
 
of
 
the
financial
 
statements.
 
We
 
have
 
also
 
taken
 
into
 
account
 
misstatements
 
and/or
 
possible
 
misstatements
 
that
 
in
our
 
opinion
 
are
 
material
 
for
 
qualitative
 
reasons
 
for
 
the
 
users
 
of
 
the
 
financial
 
statements.
 
 
 
 
176
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Key
 
Audit
 
Matters
Key
 
audit
 
matters
 
are
 
those
 
matters
 
that,
 
in
 
our
 
professional
 
judgment,
 
were
 
of
 
most
 
significance
 
in
 
our
 
audit
of
 
the
 
financial
 
statements
 
of
 
the
 
current
 
period.
 
These
 
matters
 
were
 
addressed
 
in
 
the
 
context
 
of
 
our
 
audit
 
of
the
 
financial
 
statements
 
as
 
a
 
whole,
 
and
 
in
 
forming
 
our
 
opinion
 
thereon,
 
and
 
we
 
do
 
not
 
provide
 
a
 
separate
opinion
 
on
 
these
 
matters.
 
The
 
significant
 
risks
 
of
 
material
 
misstatement
 
referred
 
to
 
in
 
the
 
EU
 
Regulation
 
No
537/2014
 
point
 
(c)
 
of
 
Article
 
10(2)
 
are
 
included
 
in
 
the
 
description
 
of
 
key
 
audit
 
matters
 
below.
We
 
have
 
also
 
addressed
 
the
 
risk
 
of
 
management
 
override
 
of
 
internal
 
controls.
 
This
 
includes
 
consideration
 
of
whether
 
there
 
was
 
evidence
 
of
 
management
 
bias
 
that
 
represented
 
a
 
risk
 
of
 
material
 
misstatement
 
due
 
to
fraud.
THE
 
KEY
 
AUDIT
 
MATTER
HOW
 
THE
 
MATTER
 
WAS
 
ADDRESSED
 
IN
 
THE
AUDIT
Turno
 
ver
 
(refer
 
to
 
group
 
accounting
 
principles
 
and
 
note
 
4.3/2)
 
—
Consolidated
 
turnover,
 
1
 
269
 
million
 
euros,
consists
 
of
 
grid
 
service
 
and
 
Balance
services
 
segments
 
sales
 
income
 
as
 
well
 
as
revenue
 
from
 
other
 
activities
 
.
 
The
 
allowed
regulatory
 
profit
 
as
 
per
 
the
 
monitoring
methods
 
guides
 
the
 
formation
 
of
 
the
company’s
 
turnover.
—
Turnover
 
from
 
the
 
Main
 
grid
 
segment
consists
 
mainly
 
of
 
grid
 
service
 
income
 
and
congestion
 
income
 
as
 
per
 
approval
 
of
 
the
Energy
 
Authority’s.
 
Grid
 
service
 
income,
275
 
million
 
euros,
 
consist
 
mainly
 
of
 
main
grid
 
tariff
 
income,
 
connection
 
fees,
 
and
income
 
from
 
reactive
 
power
 
and
 
other
income
 
related
 
to
 
transmission
 
grid
operations
 
.
 
Grid
 
service
 
income
 
is
 
generally
invoiced
 
on
 
a
 
monthly
 
basis
 
and
 
revenue
 
is
recognized
 
when
 
the
 
transfer
 
has
happened.
 
The
 
Energy
 
Authority
 
defines
the
 
usage
 
of
 
congestion
 
income
 
in
 
Finland.
Main
 
grid
 
segments
 
turnover
 
has
 
301
million
 
euros
 
of
 
congestion
 
income,
 
which
has
 
covered
 
uninvoiced
 
main
 
grid
 
tariffs.
—
Turnover
 
from
 
Balance
 
services
 
segment,
664
 
million
 
euros,
 
consis
 
t
 
mainly
 
from
 
sales
in
 
related
 
to
 
imbalance
 
power
 
trade.
Imbalance
 
power
 
trade
 
sales
 
are
 
as
 
a
 
rule
invoiced
 
weekly
 
and
 
revenue
 
is
 
recognized
based
 
on
 
the
 
delivery
 
of
 
the
 
service.
 
We
 
have
 
performed,
 
among
 
other
 
things,
 
the
following
 
audit
 
procedures:
—
We
 
have
 
evaluated
 
the
 
internal
 
control
environment,
 
and
 
the
 
effectiveness
 
of
 
the
key
 
controls
 
related
 
to
 
revenue
 
recognition
 
.
 
—
We
 
have
 
tested
 
the
 
registration
 
of
 
sales
transactions,
 
the
 
functionality
 
of
 
the
 
posting
and
 
invoicing
 
processes,
 
and
 
assessed
revenue
 
recognition
 
through
 
testing
 
of
individual
 
transactions
 
and
 
substantive
analytical
 
procedures.
 
—
We
 
have
 
tested
 
accuracy
 
of
 
the
 
grid
 
service
income
 
by
 
comparing
 
the
 
realized
 
electricity
transfer
 
to
 
the
 
invoiced
 
amount
 
by
 
samples
as
 
well
 
as
 
by
 
testing
 
the
 
appropriateness
 
of
the
 
prices
 
used
 
in
 
invoicing.
—
In
 
relation
 
to
 
the
 
balance
 
services
segment’s
 
sales
 
income
 
entries,
 
we
 
have
compared
 
the
 
management
 
’s
 
estimate
 
with
the
 
actual
 
outcome
 
available
 
at
 
the
 
time
 
of
the
 
audit.
 
—
In
 
the
 
audit
 
of
 
other
 
turnover
 
items,
 
we
 
paid
attention
 
to
 
the
 
billing
 
basis
 
and
appropriateness
 
of
 
prices
 
used
 
in
 
invoicing.
 
 
 
 
 
 
177
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Imbalance
 
power
trade
 
income
 
is
 
recorded
based
 
on
 
nationwide
 
imbalance
 
settlement.
Imbalance
 
power
 
trade
 
income
 
are
 
partially
estimated
 
in
 
the
 
financial
 
statements.
Management
 
estimate
 
on
 
the
 
income
 
is
based
 
on
 
preliminary
 
imbalance
 
settlements
and
 
revenue
 
is
 
accrued
 
to
 
the
 
financial
statements
 
as
 
per
 
the
 
preliminary
imbalance
 
settlement.
 
—
Group
 
turnover
 
consists
 
of
 
multiple
 
different
revenue
 
streams,
 
which
 
makes
 
revenue
recording
 
a
 
key
 
audit
 
matter.
—
In
 
addition,
 
we
 
have
 
evaluated
 
the
appropriateness
 
of
 
the
 
notes
 
relating
 
to
 
the
turnover.
Valuation
 
and
 
depreciation
 
of
 
tangible
 
assets
 
(refer
 
to
 
group
 
accounting
 
principles
 
and
 
note
5.2/13)
—
Balance
 
sheet
 
value
 
of
 
tangible
 
assets
 
in
total
 
is
 
2
 
382
 
million
 
euros
 
which
 
forms
 
64
percent
 
of
 
total
 
assets.
 
Of
 
which,
prepayments
 
and
 
purchases
 
in
 
progress
consisting
 
of
 
several
 
significant
 
investment
projects
 
are
 
528
 
million
 
euros.
 
Depreciation
according
 
to
 
plan
 
was
 
129
 
million
 
euros.
—
Balance
 
sheet
 
value
 
s
 
are
 
significant,
 
and
 
in
addition
 
the
 
defined
 
useful
 
life
 
of
 
tangible
assets
 
and
 
depreciation
 
s
 
based
 
on
 
it
requires
 
management
 
judgement.
—
In
 
addition,
 
the
 
energy
 
grid
 
owned
 
by
 
the
entity
 
works
 
as
 
the
 
basis
 
for
 
the
 
energy
 
grid
operation’s
 
separated
 
balance
 
sheet’s
 
fixed
assets
 
calculation
 
when
 
calculating
 
the
adjusted
 
value
 
of
 
the
 
energy
 
grid
 
assets
 
for
the
 
calculation
 
of
 
the
 
Energy
 
Authority’s
defined
 
allowed
 
regulatory
 
profit.
—
Because
 
of
 
the
 
above,
 
the
 
valuation
 
of
tangible
 
assets
 
and
 
depreciation
 
are
 
a
 
key
audit
 
matter.
We
 
have
 
performed,
 
among
 
other
 
things,
 
the
following
 
audit
 
procedures
 
:
—
We
 
formed
 
an
 
understanding
 
of
 
the
processes
 
related
 
to
 
investments
 
and
evaluated
 
the
 
useful
 
lives,
 
valuation,
 
and
fulfillment
 
of
 
capitalization
 
conditions
 
of
assets.
 
—
We
 
have
 
evaluated
 
internal
 
control
arrangements
 
and
 
tested
 
controls,
especially
 
related
 
to
 
the
 
approval
 
of
investments
 
and
 
invoices.
—
We
 
have
 
formed
 
an
 
understanding
 
of
 
the
relevant
 
IT
 
systems
 
and
 
the
 
related
 
control
environment
 
as
 
well
 
as
 
tested
 
the
calculation
 
logic
 
in
 
the
 
fixed
 
assets
accounting
 
system
 
and
 
performed
substantive
 
procedures
 
to
 
evaluate
 
the
functionality
 
of
 
fixed
 
assets
 
accounting.
 
Our
audit
 
procedures
 
were
 
specifically
 
focused
on
 
capital
 
expenditure
 
and
 
appropriateness
of
 
depreciations.
—
In
 
addition,
 
we
 
have
 
evaluated
 
the
appropriateness
 
of
 
the
 
notes
 
relating
 
to
 
the
tangible
 
assets
 
 
 
 
178
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Interest-bearing
 
liabilities,
 
investments
 
and
 
derivatives
 
(refer
 
to
 
group
 
accounting
 
principles
and
 
note
 
s
 
4.5/7,
 
6.1,
 
6.2,
 
6.3/16-20,
 
6.4/21
 
-24)
—
Consolidated
 
interest
 
-bearing
 
liabilities,
amounting
 
to
 
1
 
860
 
million
 
euros,
 
constitute
50
 
%
 
of
 
consolidated
 
total
 
balance
 
sheet.
The
 
financial
 
liabilities
 
in
 
the
 
financial
statement
 
mainly
 
consists
 
of
 
bonds
 
and
commercial
 
papers
 
issued
 
by
 
the
 
parent
company.
—
Consolidated
 
cash
 
and
 
investments,
amounting
 
to
 
83
 
9
 
million
 
euros,
 
mainly
consist
 
of
 
the
 
parent
 
company's
 
cash
assets
 
and
 
bank
 
account
 
balances,
investments
 
in
 
bonds
 
and
 
other
 
deposits.
—
Consolidated
 
derivative
 
assets
 
and
liabilities,
 
totaling
 
to
 
-23
 
million
 
euros
 
net,
consists
 
of
 
interest
 
rate
 
ja
 
cross-currency
swaps
 
used
 
for
 
managing
 
market
 
risks,
commodity
 
derivati
 
ves
 
used
 
for
 
price
 
risk
arising
 
from
 
purchases
 
and
 
hedging
 
the
cost
 
of
 
procuring
 
loss
 
power
 
with
 
OTC
counterparty
 
derivatives.
 
Group
 
has
 
not
applied
 
hedge
 
accounting
 
under
 
IFRS
 
9
 
for
derivative
 
instruments.
—
Changes
 
in
 
the
 
fair
 
value
 
of
 
electricity
derivatives
 
have
 
a
 
significant
 
impact
 
on
 
the
company's
 
operating
 
profit.
 
The
 
pricing
 
of
OTC
 
electricity
 
derivatives
 
is
 
based
 
on
 
the
quotations
 
of
 
corresponding
 
market-listed
electricity
 
derivatives.
 
The
 
fair
 
value
 
of
 
the
group's
 
electricity
 
derivatives
 
was
 
-4,5
million
 
euros,
 
and
 
the
 
underlying
 
asset
 
was
4,5
 
TWh
 
as
 
of
 
31.12.2024
 
.
We
 
have
 
performed,
 
among
 
other
 
things,
 
the
following
 
audit
 
procedures
 
:
—
We
 
have
 
assessed
 
the
 
internal
 
control
environment
 
related
 
to
 
the
 
recognition
 
and
measurement
 
of
 
financial
 
instruments,
 
as
well
 
as
 
the
 
effectiveness
 
of
 
key
 
controls.
—
We
 
have
 
tested
 
the
 
existence
 
of
 
financial
instruments
 
by
 
comparing
 
the
 
recognized
instruments
 
with
 
confirmations
 
received
from
 
third
 
parties.
—
We
 
have
 
assessed
 
the
 
classification
 
of
debt
 
instruments
 
into
 
long-term
 
and
 
short-
term
 
liabilities,
 
as
 
well
 
as
 
the
 
accuracy
accrued
 
effective
 
interest
 
rate
 
calculation.
—
We
 
have
 
assessed
 
the
 
accuracy
 
and
existence
 
of
 
the
 
recognition
 
and
measurement
 
of
 
derivative
 
instruments
 
by
comparing
 
them
 
with
 
external
 
confirmations
received
 
from
 
third
 
parties.
 
We
 
have
evaluated
 
the
 
consistency
 
of
 
valuation
methods
 
for
 
derivative
 
instruments
 
and
 
the
accuracy
 
of
 
fair
 
value
 
hierarchy
 
levels
presented
 
in
 
the
 
notes.
—
Through
 
substantive
 
audit
 
procedures,
 
we
have
 
assessed
 
the
 
accuracy
 
and
presentation
 
of
 
financial
 
income
 
and
expenses.
 
The
 
audit
 
included
 
both
 
the
review
 
of
 
individual
 
transactions
 
and
analytical
 
procedures.
We
 
have
 
not
 
identified
 
other
 
key
 
audit
 
matters
 
relating
 
to
 
the
 
parent
 
company’s
 
financial
 
statements.
Responsibilities
 
of
 
the
 
Board
 
of
 
Directors
 
and
 
the
 
Managing
 
Director
 
for
 
the
 
Financial
 
Statements
 
The
 
Board
 
of
 
Directors
 
and
 
the
 
Managing
 
Director
 
are
 
responsible
 
for
 
the
 
preparation
 
of
 
consolidated
 
financial
statements
 
that
 
give
 
a
 
true
 
and
 
fair
 
view
 
in
 
accordance
 
with
 
IFRS
 
Accounting
 
Standards
 
as
 
adopted
 
by
 
the
EU,
 
and
 
of
 
financial
 
statements
 
that
 
give
 
a
 
true
 
and
 
fair
 
view
 
in
 
accordance
 
with
 
the
 
laws
 
and
 
regulations
governing
 
the
 
preparation
 
of
 
financial
 
statements
 
in
 
Finland
 
and
 
comply
 
with
 
statutory
 
requirements.
 
The
Board
 
of
 
Direct
 
ors
 
and
 
the
 
Managing
 
Director
 
are
 
also
 
responsible
 
for
 
such
 
internal
 
control
 
as
 
they
 
determine
is
 
necessary
 
to
 
enable
 
the
 
preparation
 
of
 
financial
 
statements
 
that
 
are
 
free
 
from
 
material
 
misstatement,
whether
 
due
 
to
 
fraud
 
or
 
error.
179
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
In
 
preparing
 
the
 
financial
 
statements,
 
the
 
Board
 
of
 
Directors
 
and
 
the
 
Managing
 
Director
 
are
 
responsible
 
for
assessing
 
the
 
parent
 
company’s
 
and
 
the
 
group’s
 
ability
 
to
 
continue
 
as
 
a
 
going
 
concern,
 
disclosing,
 
as
applicable,
 
matters
 
relating
 
to
 
going
 
concern
 
and
 
using
 
the
 
going
 
concern
 
basis
 
of
 
accounting.
 
The
 
financial
statements
 
are
 
prepared
 
using
 
the
 
going
 
concern
 
basis
 
of
 
accounting
 
unless
 
there
 
is
 
an
 
intention
 
to
 
liquidate
the
 
parent
 
company
 
or
 
the
 
group
 
or
 
cease
 
operations,
 
or
 
there
 
is
 
no
 
realistic
 
alternative
 
but
 
to
 
do
 
so.
Auditor’s
 
Responsibilities
 
for
 
the
 
Audit
 
of
 
the
 
Financial
 
Statements
Our
 
objectives
 
are
 
to
 
obtain
 
reasonable
 
assurance
 
about
 
whether
 
the
 
financial
 
statements
 
as
 
a
 
whole
 
are
free
 
from
 
material
 
misstatement,
 
whether
 
due
 
to
 
fraud
 
or
 
error,
 
and
 
to
 
issue
 
an
 
auditor’s
 
report
 
that
 
includes
our
 
opinion.
 
Reasonable
 
assurance
 
is
 
a
 
high
 
level
 
of
 
assurance
 
,
 
but
 
is
 
not
 
a
 
guarantee
 
that
 
an
 
audit
 
conducted
in
 
accordance
 
with
 
good
 
auditing
 
practice
 
will
 
always
 
detect
 
a
 
material
 
misstatement
 
when
 
it
 
exists.
Misstatements
 
can
 
arise
 
from
 
fraud
 
or
 
error
 
and
 
are
 
considered
 
material
 
if,
 
individually
 
or
 
in
 
the
 
aggregate,
they
 
could
 
reasonably
 
be
 
expected
 
to
 
influence
 
the
 
economic
 
decisions
 
of
 
users
 
taken
 
on
 
the
 
basis
 
of
 
the
financial
 
statements.
As
 
part
 
of
 
an
 
audit
 
in
 
accordance
 
with
 
good
 
auditing
 
practice,
 
we
 
exercise
 
professional
 
judgment
 
and
 
maintain
professional
 
skepticism
 
throughout
 
the
 
audit.
 
We
 
also:
—
Identify
 
and
 
assess
 
the
 
risks
 
of
 
material
 
misstatement
 
of
 
the
 
financial
 
statements,
 
whether
 
due
 
to
 
fraud
or
 
error,
 
design
 
and
 
perform
 
audit
 
procedures
 
responsive
 
to
 
those
 
risks,
 
and
 
obtain
 
audit
 
evidence
 
that
is
 
sufficient
 
and
 
appropriate
 
to
 
provide
 
a
 
basis
 
for
 
our
 
opinion.
 
The
 
risk
 
of
 
not
 
detecting
 
a
 
material
misstatement
 
resulting
 
from
 
fraud
 
is
 
higher
 
than
 
for
 
one
 
resulting
 
from
 
error,
 
as
 
fraud
 
may
 
involve
collusion,
 
forgery,
 
intentional
 
omissions,
 
misrepresentations,
 
or
 
the
 
override
 
of
 
internal
 
control.
—
Obtain
 
an
 
understanding
 
of
 
internal
 
control
 
relevant
 
to
 
the
 
audit
 
in
 
order
 
to
 
design
 
audit
 
procedures
 
that
are
 
appropriate
 
in
 
the
 
circumstances,
 
but
 
not
 
for
 
the
 
purpose
 
of
 
expressing
 
an
 
opinion
 
on
 
the
effectiveness
 
of
 
the
 
parent
 
company’s
 
or
 
the
 
group’s
 
internal
 
control.
 
—
Evaluate
 
the
 
appropriateness
 
of
 
accounting
 
policies
 
used
 
and
 
the
 
reasonableness
 
of
 
accounting
estimates
 
and
 
related
 
disclosures
 
made
 
by
 
management.
—
Conclude
 
on
 
the
 
appropriateness
 
of
 
the
 
Board
 
of
 
Directors’
 
and
 
the
 
Managing
 
Director’s
 
use
 
of
 
the
 
going
concern
 
basis
 
of
 
accounting
 
and
 
based
 
on
 
the
 
audit
 
evidence
 
obtained,
 
whether
 
a
 
material
 
uncertainty
exists
 
related
 
to
 
events
 
or
 
conditions
 
that
 
may
 
cast
 
significant
 
doubt
 
on
 
the
 
parent
 
company’s
 
or
 
the
group’s
 
ability
 
to
 
continue
 
as
 
a
 
going
 
concern.
 
If
 
we
 
conclude
 
that
 
a
 
material
 
uncertainty
 
exists,
 
we
 
are
required
 
to
 
draw
 
attention
 
in
 
our
 
auditor’s
 
report
 
to
 
the
 
related
 
disclosures
 
in
 
the
 
financial
 
statements
 
or,
if
 
such
 
disclosures
 
are
 
inadequate,
 
to
 
modify
 
our
 
opinion.
 
Our
 
conclusions
 
are
 
based
 
on
 
the
 
audit
evidence
 
obtained
 
up
 
to
 
the
 
date
 
of
 
our
 
auditor’s
 
report.
 
However,
 
future
 
events
 
or
 
conditions
 
may
 
cause
the
 
parent
 
company
 
or
 
the
 
group
 
to
 
cease
 
to
 
continue
 
as
 
a
 
going
 
concern.
—
Evaluate
 
the
 
overall
 
presentation,
 
structure
 
and
 
content
 
of
 
the
 
financial
 
statements,
 
including
 
the
disclosures,
 
and
 
whether
 
the
 
financial
 
statements
 
represent
 
the
 
underlying
 
transactions
 
and
 
events
 
so
that
 
the
 
financial
 
statements
 
give
 
a
 
true
 
and
 
fair
 
vie
 
w.
—
Plan
 
and
 
perform
 
the
 
group
 
audit
 
to
 
obtain
 
sufficient
 
appropriate
 
audit
 
evidence
 
regarding
 
the
 
financial
information
 
of
 
the
 
entities
 
or
 
business
 
units
 
within
 
the
 
group
 
as
 
a
 
basis
 
for
 
forming
 
an
 
opinion
 
on
 
the
group
 
financial
 
statements.
 
We
 
are
 
responsible
 
for
 
the
 
direction,
 
supervision
 
and
 
review
 
of
 
the
 
audit
work
 
performed
 
for
 
purposes
 
of
 
the
 
group
 
audit.
 
We
 
remain
 
solely
 
responsible
 
for
 
our
 
audit
 
opinion.
We
 
communicate
 
with
 
those
 
charged
 
with
 
governance
 
regarding,
 
among
 
other
 
matters,
 
the
 
planned
 
scope
and
 
timing
 
of
 
the
 
audit
 
and
 
significant
 
audit
 
findings,
 
including
 
any
 
significant
 
deficiencies
 
in
 
internal
 
control
that
 
we
 
identify
 
during
 
our
 
audit.
180
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
We
 
also
 
provide
 
those
 
charged
 
with
 
governance
 
with
 
a
 
statement
 
that
 
we
 
have
 
complied
 
with
 
relevant
 
ethical
requirements
 
regarding
 
independence,
 
and
 
communicate
 
with
 
them
 
all
 
relationships
 
and
 
other
 
matters
 
that
may
 
reasonably
 
be
 
thought
 
to
 
bear
 
on
 
our
 
independence,
 
and
 
where
 
applicable,
 
related
 
safeguards.
From
 
the
 
matters
 
communicated
 
with
 
those
 
charged
 
with
 
governance,
 
we
 
determine
 
those
 
matters
 
that
 
were
of
 
most
 
significance
 
in
 
the
 
audit
 
of
 
the
 
financial
 
statements
 
of
 
the
 
current
 
period
 
and
 
are
 
therefore
 
the
 
key
audit
 
matters.
 
We
 
describe
 
these
 
matters
 
in
 
our
 
auditor’s
 
report
 
unless
 
law
 
or
 
regulation
 
precludes
 
public
disclosure
 
about
 
the
 
matter
 
or
 
when,
 
in
 
extremely
 
rare
 
circumstances,
 
we
 
determine
 
that
 
a
 
matter
 
should
 
not
be
 
communicated
 
in
 
our
 
report
 
because
 
the
 
adverse
 
consequences
 
of
 
doing
 
so
 
would
 
reasonably
 
be
expected
 
to
 
outweigh
 
the
 
public
 
interest
 
benefits
 
of
 
such
 
communication.
Other
 
Reporting
 
Requirements
Information
 
on
 
our
 
audit
 
engagement
We
 
were
 
first
 
appointed
 
as
 
auditors
 
by
 
the
 
Annual
 
General
 
Meeting
 
on
 
21.3.2024,
 
and
 
our
 
appointment
represents
 
a
 
total
 
period
 
of
 
uninterrupted
 
engagement
 
of
 
1
 
years.
Other
 
Information
The
 
Board
 
of
 
Directors
 
and
 
the
 
Managing
 
Director
 
are
 
responsible
 
for
 
the
 
other
 
information.
 
The
 
other
information
 
comprises
 
the
 
report
 
of
 
the
 
Board
 
of
 
Directors
 
and
 
the
 
information
 
included
 
in
 
the
 
Annual
 
Report
 
,
but
 
does
 
not
 
include
 
the
 
financial
 
statements
 
or
 
our
 
auditor’s
 
report
 
thereon.
 
We
 
have
 
obtained
 
the
 
report
 
of
the
 
Board
 
of
 
Directors
 
prior
 
to
 
the
 
date
 
of
 
this
 
auditor’s
 
report,
 
and
 
the
 
Annual
 
Report
 
is
 
expected
 
to
 
be
 
made
available
 
to
 
us
 
after
 
that
 
date
 
.
 
Our
 
opinion
 
on
 
the
 
financial
 
statements
 
does
 
not
 
cover
 
the
 
other
 
information.
In
 
connection
 
with
 
our
 
audit
 
of
 
the
 
financial
 
statements,
 
our
 
responsibility
 
is
 
to
 
read
 
the
 
other
 
information
identified
 
above
 
and,
 
in
 
doing
 
so,
 
consider
 
whether
 
the
 
other
 
information
 
is
 
materially
 
inconsistent
 
with
 
the
financial
 
statements
 
or
 
our
 
knowledge
 
obtained
 
in
 
the
 
audit,
 
or
 
otherwise
 
appears
 
to
 
be
 
materially
 
misstated.
With
 
respect
 
to
 
the
 
report
 
of
 
the
 
Board
 
of
 
Directors,
 
our
 
responsibility
 
also
 
includes
 
considering
 
whether
 
the
report
 
of
 
the
 
Board
 
of
 
Directors
 
has
 
been
 
prepared
 
in
 
compliance
 
with
 
the
 
applicable
 
provisions,
 
excluding
the
 
sustainability
 
report
 
information
 
on
 
which
 
there
 
are
 
provisions
 
in
 
Chapter
 
7
 
of
 
the
 
Accounting
 
Act
 
and
 
in
the
 
sustainability
 
reporting
 
standards.
In
 
our
 
opinion,
 
the
 
information
 
in
 
the
 
report
 
of
 
the
 
Board
 
of
 
Directors
 
is
 
consistent
 
with
 
the
 
information
 
in
 
the
financial
 
statements
 
and
 
the
 
report
 
of
 
the
 
Board
 
of
 
Directors
 
has
 
been
 
prepared
 
in
 
compliance
 
with
 
the
applicable
 
provisions
 
.
 
Our
 
opinion
 
does
 
not
 
cover
 
the
 
sustainability
 
report
 
information
 
on
 
which
 
there
 
are
provisions
 
in
 
Chapter
 
7
 
of
 
the
 
Accounting
 
Act
 
and
 
in
 
the
 
sustainability
 
reporting
 
standards.
If,
 
based
 
on
 
the
 
work
 
we
 
have
 
performed
 
on
 
the
 
other
 
information
 
that
 
we
 
obtained
 
prior
 
to
 
the
 
date
 
of
 
this
auditor’s
 
report,
 
we
 
conclude
 
that
 
there
 
is
 
a
 
material
 
misstatement
 
of
 
this
 
other
 
information,
 
we
 
are
 
required
to
 
report
 
that
 
fact.
 
We
 
have
 
nothing
 
to
 
report
 
in
 
this
 
regard.
Other
 
Opinions
We
 
support
 
that
 
the
 
financial
 
statements
 
should
 
be
 
adopted.
 
The
 
proposal
 
by
 
the
 
Board
 
of
 
Directors
 
regarding
the
 
use
 
of
 
the
 
profit
 
shown
 
in
 
the
 
balance
 
sheet
 
and
 
the
 
distribution
 
of
 
other
 
unrestricted
 
equity
 
is
 
in
compliance
 
with
 
the
 
Limited
 
Liability
 
Companies
 
Act.
 
We
 
support
 
that
 
the
 
Members
 
of
 
the
 
Board
 
of
 
Directors
and
 
the
 
Managing
 
Director
 
should
 
be
 
discharged
 
from
 
liability
 
for
 
the
 
financial
 
period
 
audited
 
by
 
us.
Helsinki
 
4
 
March
 
2025
KPMG
 
OY
 
AB
HEIDI
 
HYRY
Authorised
 
Public
 
Accountant,
 
KHT
181
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Independent
 
auditor's
 
report
 
on
 
the
 
ESEF
 
financial
 
statements
 
of
 
Fingrid
 
Oyj
To
 
the
 
Board
 
of
 
Directors
 
of
 
Fingrid
 
Oyj
We
 
have
 
performed
 
a
 
reasonable
 
assurance
 
engagement
 
on
 
the
 
financial
 
statements
 
7437006ZZI1F7CUA5518-2024-12-31-0-en.zip
 
of
 
Fingrid
 
Oyj
(Business
 
ID
 
1072894-3)
 
that
 
have
 
been
 
prepared
 
in
 
accordance
 
with
 
the
 
Commission's
 
regulatory
 
technical
 
standard
 
for
 
the
 
financial
 
year
 
ended
31.12.2024.
Responsibilities
 
of
 
the
 
Board
 
of
 
Directors
 
and
 
the
 
Managing
 
Director
The
 
Board
 
of
 
Directors
 
and
 
the
 
Managing
 
Director
 
are
 
responsible
 
for
 
the
 
preparation
 
of
 
the
 
company's
 
report
 
of
 
the
 
Board
 
of
 
Directors
 
and
 
financial
statements
 
(the
 
ESEF
 
financial
 
statements)
 
in
 
such
 
a
 
way
 
that
 
they
 
comply
 
with
 
the
 
requirements
 
of
 
the
 
Commission's
 
regulatory
 
technical
standard.
 
This
 
responsibility
 
includes:
 
—
preparing
 
the
 
ESEF
 
financial
 
statements
 
in
 
XHTML
 
format
 
in
 
accordance
 
with
 
Article
 
3
 
of
 
the
 
Commission's
 
regulatory
 
technical
 
standard
—
tagging
 
the
 
primary
 
financial
 
statements,
 
notes
 
and
 
company's
 
identification
 
data
 
in
 
the
 
consolidated
 
financial
 
statements
 
that
 
are
 
included
 
in
the
 
ESEF
 
financial
 
statements
 
with
 
iXBRL
 
tags
 
in
 
accordance
 
with
 
Article
 
4
 
of
 
the
 
Commission's
 
regulatory
 
technical
 
standard
 
and
—
ensuring
 
the
 
consistency
 
between
 
the
 
ESEF
 
financial
 
statements
 
and
 
the
 
audited
 
financial
 
statements.
The
 
Board
 
of
 
Directors
 
and
 
the
 
Managing
 
Director
 
are
 
also
 
responsible
 
for
 
such
 
internal
 
control
 
as
 
they
 
determine
 
is
 
necessary
 
to
 
enable
 
the
preparation
 
of
 
ESEF
 
financial
 
statements
 
in
 
accordance
 
with
 
the
 
requirements
 
of
 
the
 
Commission's
 
regulatory
 
technical
 
standard.
Auditor’s
 
independence
 
and
 
quality
 
management
We
 
are
 
independent
 
of
 
the
 
company
 
in
 
accordance
 
with
 
the
 
ethical
 
requirements
 
that
 
are
 
applicable
 
in
 
Finland
 
and
 
are
 
relevant
 
to
 
the
 
engagement
we
 
have
 
performed,
 
and
 
we
 
have
 
fulfilled
 
our
 
other
 
ethical
 
responsibilities
 
in
 
accordance
 
with
 
these
 
requirements.
The
 
auditor
 
applies
 
International
 
Standard
 
on
 
Quality
 
Management
 
(ISQM)
 
1,
 
which
 
requires
 
the
 
firm
 
to
 
design,
 
implement
 
and
 
operate
 
a
 
system
 
of
quality
 
management
 
including
 
policies
 
or
 
procedures
 
regarding
 
compliance
 
with
 
ethical
 
requirements,
 
professional
 
standards
 
and
 
applicable
 
legal
and
 
regulatory
 
requirements.
 
Auditor’s
 
responsibilities
Our
 
responsibility
 
is
 
to,
 
in
 
accordance
 
with
 
Chapter
 
7,
 
Section
 
8
 
of
 
the
 
Securities
 
Markets
 
Act,
 
provide
 
assurance
 
on
 
the
 
financial
 
statements
 
that
have
 
been
 
prepared
 
in
 
accordance
 
with
 
the
 
Commission's
 
regulatory
 
technical
 
standard.
 
We
 
express
 
an
 
opinion
 
on
 
whether
 
the
 
consolidated
financial
 
statements
 
that
 
are
 
included
 
in
 
the
 
ESEF
 
financial
 
statements
 
have
 
been
 
tagged,
 
in
 
all
 
material
 
respects,
 
in
 
accordance
 
with
 
the
requirements
 
of
 
Article
 
4
 
of
 
the
 
Commission's
 
regulatory
 
technical
 
standard.
 
Our
 
responsibility
 
is
 
to
 
indicate
 
in
 
our
 
opinion
 
to
 
what
 
extent
 
the
 
assurance
 
has
 
been
 
provided.
 
We
 
conducted
 
a
 
reasonable
 
assurance
 
engagement
in
 
accordance
 
with
 
International
 
Standard
 
on
 
Assurance
 
Engagements
 
(ISAE)
 
3000.
 
The
 
engagement
 
includes
 
procedures
 
to
 
obtain
 
evidence
 
on:
 
—
whether
 
the
 
primary
 
financial
 
statements
 
in
 
the
 
consolidated
 
financial
 
statements
 
that
 
are
 
included
 
in
 
the
 
ESEF
 
financial
 
statements
 
have
 
been
tagged,
 
in
 
all
 
material
 
respects,
 
with
 
iXBRL
 
tags
 
in
 
accordance
 
with
 
the
 
requirements
 
of
 
Article
 
4
 
of
 
the
 
Commission's
 
regulatory
 
technical
standard
 
and
 
—
whether
 
the
 
notes
 
and
 
company's
 
identification
 
data
 
in
 
the
 
consolidated
 
financial
 
statements
 
that
 
are
 
included
 
in
 
the
 
ESEF
 
financial
 
statements
have
 
been
 
tagged,
 
in
 
all
 
material
 
respects,
 
with
 
iXBRL
 
tags
 
in
 
accordance
 
with
 
the
 
requirements
 
of
 
Article
 
4
 
of
 
the
 
Commission's
 
regulatory
technical
 
standard
 
and
 
—
whether
 
there
 
is
 
consistency
 
between
 
the
 
ESEF
 
financial
 
statements
 
and
 
the
 
audited
 
financial
 
statements.
The
 
nature,
 
timing
 
and
 
extent
 
of
 
the
 
selected
 
procedures
 
depend
 
on
 
the
 
auditor’s
 
judgment.
 
This
 
includes
 
an
 
assessment
 
of
 
the
 
risk
 
of
 
a
 
material
deviation
 
due
 
to
 
fraud
 
or
 
error
 
from
 
the
 
requirements
 
of
 
the
 
Commission's
 
regulatory
 
technical
 
standard.
 
We
 
believe
 
that
 
the
 
evidence
 
we
 
have
 
obtained
 
is
 
sufficient
 
and
 
appropriate
 
to
 
provide
 
a
 
basis
 
for
 
our
 
opinion.
Opinion
 
Our
 
opinion
 
pursuant
 
to
 
Chapter
 
7,
 
Section
 
8
 
of
 
the
 
Securities
 
Markets
 
Act
 
is
 
that
 
the
 
primary
 
financial
 
statements,
 
notes
 
and
 
company's
identification
 
data
 
in
 
the
 
consolidated
 
financial
 
statements
 
that
 
are
 
included
 
in
 
the
 
ESEF
 
financial
 
statements
 
of
 
Fingrid
 
Oyj
7437006ZZI1F7CUA5518-2024-12-31-0-en.zip
 
for
 
the
 
financial
 
year
 
ended
 
31.12.2024
 
have
 
been
 
tagged,
 
in
 
all
 
material
 
respects,
 
in
 
accordance
with
 
the
 
requirements
 
of
 
the
 
Commission's
 
regulatory
 
technical
 
standard.
Our
 
opinion
 
on
 
the
 
audit
 
of
 
the
 
consolidated
 
financial
 
statements
 
of
 
Fingrid
 
Oyj
 
for
 
the
 
financial
 
year
 
ended
 
31.12.2024
 
has
 
been
 
expressed
 
in
 
our
auditor's
 
report
 
dated
 
4.3.2025.
 
With
 
this
 
report
 
we
 
do
 
not
 
express
 
an
 
opinion
 
on
 
the
 
audit
 
of
 
the
 
consolidated
 
financial
 
statements
 
nor
 
express
another
 
assurance
 
conclusion.
 
Helsinki
 
4
 
March
 
2025
KPMG
 
OY
 
AB
182
FINGRID
 
OYJ
www.fingrid.fi
4
 
March
 
2025
Heidi
 
Hyry
Authorised
 
Public
 
Accountant,
 
KHT