Energia
FINGRID GROUP – MANAGEMENT'S REVIEW 1 JANUARY - 30 SEPTEMBER
Fingrid Oyj
Stock Exchange release 29 October 2020 at 11:30 EET
Fingrid Group – Management's Review 1 January - 30 September
Fingrid follows a six-month reporting period as referred to in the Securities Markets Act and publishes management's reviews for the first three and nine months of the year; the Management's Reviews contain key information illustrating the company's financial and other development.
The information presented in the Management's Review relates to the Fingrid Group's performance in January-September 2020 and the corresponding period of 2019, unless otherwise indicated. The figures presented here have been drawn up in accordance with International Financial Reporting Standards (IFRS). The Management's Review is not an interim report in accordance with the IAS 34 standard. The figures are unaudited.
Review by the President & CEO: Finland is on its way towards self-sufficiency in electricity
Finland and the world are now working in earnest to achieve a clean power system. Our operating environment is changing at an increasing pace. In Finland, the most important change is the spectacular emergence of wind power. Fingrid currently has on its desk enquiries related to additional wind power construction worth tens of thousands of megawatts. Finland is well on its way towards self-sufficiency in electricity.
Cleanly produced electricity requires well-functioning transmission connections. We are currently building transmission lines and substations on dozens of sites. Fingrid is having a record year in terms of investment volumes. Despite the exceptional situation caused by the coronavirus pandemic, the investments have progressed as planned.
In addition to the existing connections, wind power from Northern Finland and imported electricity from Sweden will in future be transmitted for consumption in Southern Finland along the Forest Line between Petäjävesi and Oulu and the Lake Line between Lappeenranta and Oulu, which are currently being built. The Forest Line is Fingrid's largest-ever North-South transmission line project. It is due for completion in 2022. We brought forward the Lake Line project timeline by four years compared to the initial plan to have it up and running in 2026. The Lake Line is currently undergoing an environmental impact assessment. Alongside construction, we are preparing a grid vision which looks into the electricity transmission needs over the coming decades.
The grid service fees will remain unchanged in 2021. Through cost-effective operations, we have managed to keep our pricing at an affordable level, even though the transformation of the power system has significantly increased the need for grid investments. We have been able to lower the fees by more than 10 per cent since 2017.
Fingrid develops the grid for the benefit of its customers and Finnish society. Based on a recent customer satisfaction survey, our customers are very satisfied with Fingrid's operations. The Net Promoter Score was 45, significantly up from the previous year's 36. Our customers' trust in Fingrid has remained strong, and our work for the benefit of Finnish society at large is considered a particular strength. This work at Fingrid is performed by committed people. The employee Net Promoter Score in a recent personnel survey was an excellent 71.
Key figures
Main business events
The company has not changed its earnings guidance from what is stated in the half-year report of 28 July 2020.
Further information:
Jukka Ruusunen , President & CEO
+358 30 395 5140 or +358 40 593 8428
Jan Montell , Chief Financial Officer
+358 30 395 5213 or +358 40 592 4419
Fingrid is Finland's transmission system operator. We secure reliable electricity for our customers and society cost effectively, and we shape the clean, market-oriented power system of the future.
Fingrid delivers. Responsibly.
www.fingrid.fi
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