Updated transmission grid investment plan creates conditions for sustainable growth
Clean, affordable and reliable electricity is a key factor for Finland’s competitiveness. Fingrid is boosting its transmission grid investment plan and developing the transmission grid to allow Finland to sustainably and efficiently meet the growing electricity needs of industry and society.
The cornerstones of Fingrid’s investment approach are long-term planning and proactive anticipation of customer needs. Finland’s transmission grid is currently being reinforced more than ever before. From 2025 to 2028, investments will rise to EUR 2.0 billion. The company estimates that total investments will reach EUR 5.2 billion by 2035.
The newly approved investment plan enables an estimated 10 gigawatts of new industrial electricity consumption in Finland. It enables the electrification of the current industry as well as dozens of new electricity-intensive projects, such as data centres, hydrogen and e-fuel production and other industries. The development of the transmission grid also supports the electrification of district heating and transportation. The conditions for growth are also being secured for electricity production and grid energy storage. Fingrid advances the expansion of the transmission grid in Eastern Finland by conducting an environmental impact assessment for the Huutokoski–Kontiolahti 400-kilovolt power line. All in all, the updated investment programme will enable electricity consumption and production to double over the next 10 years.
“Clean and reliable electricity will bring growth to Finland. Finland is indeed a strong contender in the competition for industrial investments. A growing number of industrial companies want to invest in a country that offers clean, reliable and affordable electricity. A comprehensive investment plan also creates the conditions for addressing regional challenges,” says Fingrid’s President & CEO Asta Sihvonen-Punkka.
Fingrid’s investment plan is based on the transmission grid development plan, which outlines the transmission grid’s development needs and the planned, partly alternative investments for the next ten years. The capabilities presented in the development plan to develop the transmission grid help create the customer demand described above, and thanks to the options the plan includes, investments can be targeted according to customer needs and changing circumstances.
Further information:
Asta Sihvonen-Punkka, President & CEO, Fingrid Oyj, tel. +358 30 395 5235
Emails are in the format firstname.lastname@fingrid.fi