Business Review 2025: Emissions decreased significantly, investments increased
Due to a one-off item, Turku Energia’s operating profit was negative in 2025. However, the Group’s operational performance remained stable, and the security of supply was maintained at an excellent level in both electricity and heat. We continued to make determined investments to improve and maintain the security of supply and transmission capacity of our networks, as well as to increase the share of renewable and emission-free energy sources. In 2025, no coal was used at all in the production of district heating sold by Turku Energia, which represents an important step towards our long-term climate targets.
Turku Energia’s turnover decreased from the previous year, and operating profit was negative due to a one-off item recorded in the financial statements. During the year, Turku Energia continued its systematic transition towards fossil-free and emission-free energy production. The security of supply for both electricity and heat remained good. Customer satisfaction among corporate electricity sales customers was at an excellent level.
The Group’s turnover amounted to EUR 358.6 million (2024: EUR 388.3 million). The operating loss was EUR 0.02 million (operating profit 2024: EUR 19.1 million). The result for 2025 was weakened by a one-off cost related to the impairment of Turun Seudun Energiantuotanto Oy’s (TSE) coal inventory, totalling EUR 28.9 million. The Turku Energia Group’s profit for the financial year decreased from the previous year to EUR 1.6 million (2024: EUR 27.3 million). Investments amounted to EUR 31.3 million (2024: EUR 26.0 million) and were mainly directed at improving and maintaining the transmission capacity and operating reliability of networks.
Turnover
358,5
M Eur
Operating loss
-0,02
M Eur
Investments
31,3
M Eur
Return on investment
3,5 %
Return on equity
1 %
Equity ratio
36,2 %
Heat: More than 40 per cent of district heating produced using non-combustible production
Sales volume of district heating decreased from the previous year to 1,670 GWh hours (1,811 GWh), as 2025 was significantly warmer than usual. The profitability of the heat business weakened compared to the previous year. The result was negatively affected by a one-off cost related to the impairment of TSE’s coal inventory, part of which was allocated to the heat business.
Base production of district heating was mainly procured from Turku Energia’s affiliate company Turun Seudun Energiantuotanto Oy and produced at the Naantali power plant, the Oriketo bioheat plant and the Kakola heat pump plant. In addition, Turku Energia operates reserve and peak load production facilities.
Of the district heating sold by Turku Energia, 95.2 per cent (2024: 89.4%) was produced using biomass, electric boilers, heat pumps and heat recovery. The share of non-combustible procurement was 41.9 per cent of total heat procurement. In 2025, no coal was used at all in the production of district heating. Coal remains in the fuel mix for the time being as a fuel for security of supply and reserve purposes.
District cooling deliveries totalled 44 GWh, slightly less than in the previous year (49 GWh). Steam deliveries increased slightly from the previous year. The security of supply of Turku Energia’s heat and cooling to customers remained at an extremely high level in 2025.
Construction of the electric boiler at Pääskyvuori progressed during the year according to schedule. Once completed, the electric boiler will replace fossil fuels and reduce the share of imported fuels. The electric boiler will be commissioned for production use in autumn 2026.
In 2025, we continued our determined and long-term transition towards emission-free and renewable district heating. More than 40 per cent of heat was produced using non-combustible solutions, coal was not used at all, and 95 per cent of the district heating we sold was produced with biomass, heat pumps, electric boilers and heat recovery. At the same time, the security of supply for our customers remained at an excellent level.
Juho Perkonoja
Director
Heat
Turku Energia Sähköverkot Oy: Excellent security of supply, investments continue
In the network area of Turku Energia Sähköverkot (TESV), electricity consumption decreased by 1.4 per cent in 2025 compared to the previous year. A total of 1,577 gigawatt hours of electricity (1,576 GWh) was distributed to customers in the TESV network area, and an additional 434 gigawatt hours to other network operators (2023: 463 GWh).
A total of 1,940 new electricity connection points were added in the TESV network area, bringing the total number of connection points to 108,228 at the end of the year. The quality of electricity distribution in Turku remained at an excellent level. The average interruption time per customer was 9 minutes 9 seconds (2024: 6 min 33 s). Turku Energia Sähköverkot Oy’s transmission prices remain among the most affordable in nationwide comparison.
Investments focused on improving the transmission capacity and security of supply of electricity networks, as well as maintaining the existing network. Total investments amounted to EUR 13.5 million (2024: EUR 14.6 million). The largest investments were directed at the regional network and substations. In addition, a smart meter replacement project is underway, under which electricity meters at nearly all connection points will be replaced during 2025–2028.
The smart meter replacement project progressed according to plan, and 23,115 meters were replaced during 2025. The replacement of meters enables Turku Energia Sähköverkot to meet the requirements of the new metering regulation regarding 15-minute metering, to provide customers with more accurate and real-time monitoring of energy consumption, and to improve network management and faster response to fault situations.
During 2025, preparations were made for the merger of Turku Energia Sähköverkot and the Network Engineering function previously responsible for network service production within the Turku Energia Group. The merger was implemented as a business transfer on 1 January 2026. The objective of the change is to streamline network construction and maintenance processes, improve security of supply, enhance cost efficiency and strengthen investment capability.
Turku Energia Sähköverkot Oy’s operating result declined from the previous year but remained at a reasonable level in 2025. The effects of the new regulatory model were reflected in the result of the electricity network business.
Our investments in security of supply and network development required by the clean transition continued in 2025, and the effects of these investments are already clearly visible in the low average interruption time for electricity distribution. At the same time, we devoted considerable effort to building a new operating model together with the former Network Engineering organisation. The objective of the merger is to strengthen security of supply, improve cost efficiency, and create even better conditions for the long-term development of the electricity network.
Tomi Toivonen
Managing Director
Turku Energia Sähköverkot Oy
Energy Solutions: Excellent result and satisfied customers
Customer satisfaction among consumer and corporate electricity sales customers was measured again through the EPSI Rating study. Customers of corporate electricity sales awarded Turku Energia an excellent rating, and corporate customers were very satisfied with Turku Energia. Consumer customers, in turn, were satisfied with Turku Energia. According to customers, Turku Energia’s strengths include good security of supply and responsibility.
Turku Energia invests in improved multichannel customer service, enabling customers to transact more smoothly via their preferred service channels.
The availability of production facilities remained at a good level. Occupational safety plays a key role in everything we do, and we closely monitor the occupational safety of both our own personnel and contractors. We don’t hesitate to deal with any deviations that we discover. We are not looking for guilty parties - we are looking for ways to prevent accidents at work altogether.
Harri Salo
Salesdirector
Energy Solutions
Electricity Production: Heavily loss-making result
Electricity production volumes in 2025 were lower than planned, and the market price level was also lower than in the previous year. The operating result of electricity production weakened compared to the previous year and was heavily loss-making in 2025. The result was negatively affected by a one-off cost related to the impairment of TSE’s coal inventory, part of which was allocated to the operating result of electricity production.
The Turku Energia Group has shares in electricity production in Finland through Kolsin Voima Oy in the Kokemäenjoki and Kymijoki rivers, and in Norway through Svartisen Holding A/S. Turku Energia’s ownership share in Suomen Hyötytuuli Oy is 12.5 per cent. The company produces wind power at wind farms located in Reposaari and Tahkoluoto in Pori, and in Raahe. Turku Energia also holds 12.5 per cent ownership interests in Tahkoluoto Offshore Oy and Arenso Oy, which promote offshore wind project development and provide development, operation and maintenance services for wind power projects. In addition, Turku Energia purchases or procures electricity from other wind and hydropower producers through bilateral agreements.
Production Services
The Production Services business unit is responsible for operational and maintenance services for Turku Energia’s affiliate company Turun Seudun Energiantuotanto Oy’s (TSE) Naantali power plant, Oriketo bioheat plant and Kakola heat pump plant, as well as for Turku Energia’s Heat business unit.
The unit’s objective is to ensure the security of supply, safety and cost efficiency of electricity, heat, cooling and steam production, and to implement the objectives of Turku Energia and Turun Seudun Energiantuotanto Oy towards low-emission energy production.
In 2025, the availability of production plants and networks operated by Production Services was at a good level. Production Services also played a key role in a project implemented by TSE, in which an old electric steam boiler was converted for heat production. As a result of the project, an additional 20 MW of electric heat production capacity was added to the Naantali power plant.
The key task of Production Services is to ensure a high security of supply for electricity, heat, cooling and steam production in a safe and cost-efficient manner. In 2025, the availability of the production plants under our responsibility was at a good level, and we successfully increased electric heat production capacity at the Naantali power plant.
Ilpo Miikkulainen
Director
Production Services