Key figures for Pohjolan Voima Group

Pohjolan Voima is a non-listed public limited liability company producing electricity and heat for its shareholders at cost.

Pohjolan Voima operates on an “at-cost” basis. Shareholders pay the fixed costs in accordance with their ownership share, irrespective of whether they have used their capacity or energy share, as well as variable costs according to the energy supplied.

As a result of this operating principle, it is irrelevant to present any financial key indicators to understand the companies’ business, financial status or result.

Key figures

Pohjolan Voimas key figures
*Includes continuing and discontinued operations.


The Group’s liquidity is good. On 31 December 2019, cash and cash equivalents totalled €62 (60) million, and the Group had €300 (300) million of unused binding credit facility agreements and €90 (90) million of unused shareholder loan commitments. Of the credit facility agreements, €21 million will mature in June 2021 and €279 million in June 2022. For short-term funding, the Group had a domestic commercial paper programme of €300 (300) million, of which €100 (85) million was used.

On 18 November 2019, Pohjolan Voima Oyj issued an unsecured bond of €150 million. The bond will mature on 20 January 2025, and a fixed annual interest of 1.25 percent will be paid on it. The bond was listed on the Nasdaq Helsinki stock exchange list.

Japan Credit Rating Agency (JCR) has announced a rating of A+ , outlook stable, for Pohjolan Voima Oyj in its report, published on 24 December 2019.

The Group’s most significant risks are connected with the OL3 project

Risk management aims to ensure realisation of the strategy and achievement of business goals, as well as safeguard continuity and disturbance-free operations. Risk management is carried out in line with the Group’s risk management policy. The Group applies a decentralised risk management model.

All Pohjolan Voima companies are covered for risks of damage through measures related to maintenance, occupational safety, adequate training provided to the personnel and other necessary measures, as well as through insurance in line with the Group’s insurance policy.

The Group’s most significant risks are related to the schedule and revenue generation capacity of the OL3 EPR project of the joint venture TVO.