More carbon-neutral future with investments

Pohjolan Voima strongly invests in projects that aim to reduce CO2 emissions from energy production. In the 2000s, we have invested €4 billion in carbon-neutral hydropower, thermal power and nuclear power. Of this, renewable energy accounts for €1.6 billion.

When coming up with energy solutions, we look decades into the future. Pohjolan Voima’s investments increase Finland’s self-sufficiency in electricity generation and contribute to countering climate change. We aim at over 95 per cent share of carbon-neutral electricity production by 2020. This way, we are doing our part to secure a carbon-neutral future in 2050.

An increase of nuclear power capacity is the most significant measure in terms of the effect on climate change. Furthermore, particular attention has been paid to bioenergy, increasing the energy efficiency of power plants and cutting emissions in recent years.

Long-term investments

Energy solutions are made for decades to come. Successful investments require a profound understanding of the technologies used and their environmental impact. In the development of production capacity, Pohjolan Voima seeks new and innovative solutions that support sustainable operations.

Pohjolan Voima has strongly invested in new energy production capacity, and PVO continuously retains good availability of its power plants.

Hydropower investments

In the past few years, around €60 million has been invested in restoration of hydropower plants and hydropower capacity increases.

Hydropower plants along the Iijoki river in Northern Finland were modernised from 2005 to 2013. Pohjolan Voima has five power plants in this area. Eight generators in four power plants were modernised during the modernisation project.

The overhaul investments were continued further south at the Melo power plant along Kokemäenjoki river in 2014 and 2015. More investments followed in Northern Finland, at Isohaara of Kemijoki river, in 2016 - 2017 with an automation reform of the Isohaara power plant. The electrical and automation systems of the Raasakka power plant at the Iijoki river were modernised in 2018.

Thermal power investments

Preparations have been made at the thermal power plants of the Group to comply with the increasingly rigorous environmental requirements set out in the IED and the updated reference document on best available techniques for large combustion plants (LCP-BAT).

The company has investigated technical solutions to reduce the environmental impact of thermal power plants while taking into account flexible and cost-efficient production operations. New environmental permits will be applied for the power plants.The emission limits will be stricter for future environmental permits.

Investments at various plants

The biopower plants of Hämeenkyrön Voima and Rauman Biovoima in Western Finland have increased the share of recycled fuels used as supplementary fuels with investments into handling and storage systems.

A biomass gasification plant was constructed in connection with the coal-fired Vaskiluodon Voima power plant in Vaasa. It replaces coal with Finnish energy sources and, at the same time, contributes to a decrease in the CO2 emissions of the power plant.

We develop lifecycle management of our power plants

We are in the process of developing the management of our power plant assets, i.e. the lifecycle management of our power plants and the production processes. This means monitoring the equipment and carrying out a variety of inspections, maintenance actions and repairs to ensure that the plants can be used safely, efficiently, reliably and cost-effectively, as well as to minimise risks.

Digitalisation has introduced a whole new culture of experimentation to heat production. Instead of equipment investments, we invest in smart solutions and low threshold experimental pilot projects at our combined heat and power plants. The pilot projects can aim at lower emissions, more flexible production, improved energy efficiency or more easily anticipated maintenance actions and repairs and thus increased availability, among other issues.

Nuclear power investments

The largest single investment in the industrial history of Finland, the Olkiluoto 3 nuclear power plant unit, is preparing for production operation.

Pohjolan Voima’s joint venture Teollisuuden Voima (TVO) continuously keeps its OL1 and OL3 plant units modern by means of systematic development. The goal is compliance with current requirements and the tools are annual outages and modernisation projects. Read more at

With the help of ground-breaking R&D work, nuclear waste management expert Posiva Oy has developed a solution for the final disposal of nuclear fuel. The company has started the construction of the spent nuclear fuel disposal facility.

The company’s special expertise obtained over the course of several decades is used in the service business in international markets.