Fingrid Group – Management’s Review 1.1.−31.3.2024 - Seite 3

Fingrid continued to implement the sizeable investment programme revealed last year and made new investment decisions based on customer needs to enable the connection of production and consumption and to maintain high system security. One major new investment that was decided was the construction of a 210-kilometre-long, 400-kilovolt transmission line from Rovaniemi to Vaala. The connection will increase transmission capacity from the north to the south.

Fingrid updated the electricity production and consumption forecasts used for planning the main grid. In the big picture, forecasts remain intact and we are prepared for significant growth in both production and consumption by 2030. The number of new grid connection enquiries that Fingrid receives from electricity producers and electricity-intensive industries has continued to grow. The enquiries, which mostly concern electricity-intensive industrial and electric heating projects, come to more than 25 gigawatts, while the enquiries number of wind and solar power projects equal approximately 350 gigawatts. In addition, the number of projects related to grid energy storage has increased rapidly to roughly 8 gigawatts. Naturally, there are uncertainties with regard to the schedules and implementation of the projects.

The continued efforts to improve corporate culture were recognised when Fingrid placed second in the list of Finland’s Most Inspiring Workplaces in the mid-sized companies category. This year, the goal of Fingrid’s entire personnel is to build an even more unified safety culture through an occupational safety promise made by each team and unit.

After the publication of the company's reasonable return regulatory model, which changed at the start of 2024, Fitch Ratings confirmed Fingrid’s long-term company rating as ‘A+’ and changed the rating’s outlook from stable to negative. S&P Global Ratings reduced Fingrid’s long-term and short-term credit ratings to “A+/A-1” from “AA-/A-1+”. The outlook for the ratings is stable. Carrying out the sizeable investment programme requires a level of financing that matches the needs of the programme. Fingrid’s Green Finance Framework and green commercial paper programme allow the company to implement its debt financing entirely by means of green financing. In March, the company issued a EUR 500 million green bond.”