Fingrid Oyj's Annual Report 2021 has been published – an exceptional year brought energy into the debate
The Annual Report describes how Fingrid's role in enabling a purely electrified Finland and promoting competitiveness has been further emphasised.
In 2021, electricity rose strongly into the Finnish social debate as the price of electricity reached a record high. During the year, Fingrid ensured the reliable transmission of electricity and continued its work to develop the electricity market for future needs. For example, during 2021, the Datahub project serving the consumer market proceeded according to plan so that the Finnish Datahub started in February 2022.
"We have boldly set out to create a future vision of the electricity system of carbon-neutral Finland and the main grid development needs this entails. Based on our long-term network vision, we estimate that during this decade, the main grid will need investments of at least EUR 2 billion in order to realise the huge additional developments in electricity consumption and production required for Finland's electrification," says Fingrid's President & CEO Jukka Ruusunen.
In Fingrid's annual report package, the company's corporate responsibility is reported in accordance with the so-called ESG model. In the ESG model, sustainability targets are broken down into environmental responsibility, social responsibility and good governance. For each of the key issues, short-term targets have been set for the period up to 2025 and long-term targets up to 2035. For each corporate responsibility ESG target, the President & CEO has appointed a responsible director who is a member of the Executive Management Group. "Fingrid assumes corporate responsibility in all its operations in promoting the transition towards a clean electricity system," says CFO Jussi Pohjanpalo.
In 2021, Fingrid carried out a record number of substation projects. Finland will become self-sufficient in electricity production in the next few years, thanks to large investments in wind power, for example. Fingrid's investments in wind power will enable up to 4,500 megawatts worth of wind power connections.
The company's reputation and the trust of customers and stakeholders in its operations have remained excellent.
The Annual Report consists of six reports: the business review, the annual review, the consolidated financial statements and parent company financial statements and key figures, the corporate governance statement, the remuneration report, and the report on corporate responsibility and sustainable development. The Annual Report is available in Finnish and English on the company's website at https://www.fingrid.fi/sivut/yhtio/vuosikertomus/
Additional information:
Jussi Pohjanpalo, Acting CFO, Fingrid Oyj, tel. +358 30 395 5176
Marjaana Kivioja, Communications Manager, Fingrid Oyj, tel. +358 30 395 5267
Email addresses are in the form firstname.lastname@fingrid.fi
Fingrid prepares its consolidated financial statements and half-year report in accordance with the international IFRS reporting standards adopted by the EU, and the Securities Market Act. In addition to the parent company Fingrid Oyj, the consolidated financial statements cover the company's wholly-owned subsidiaries Finextra Oy and Fingrid Datahub Oy. eSett Oy, in which the holding is 25.0 per cent, is treated as an associated company. The company's bonds are listed on the London and Dublin stock exchanges. The annual review and the financial statements of the Group's parent company and its subsidiaries are prepared in accordance with the Finnish Accounting Act and the instructions and opinions of the Accounting Board.