Helen Goup is a commercial entity, which consists of the parent company Helsingin Energia (now Helen Ltd) and its wholly owned subsidiaries Helen Sähköverkko Oy, Oy Mankala Ab, the Real Estate Company Helsingin Sähkötalo, as well as Suomen Energia-Urakointi Oy, 60% owned by Helsingin Energia (now Helen Ltd). The associated companies of the Helen Group are Suomen Merituuli Oy, Vantaa Energy Ltd, Voimapiha Oy and Finestlink Oy. As a result of an acquisition, the ownership of Mitox Oy was transferred to the Empower Group on 1 June 2014.

In the accounts of the City of Helsinki, Helsingin Energia is included in the financial statements of the City of Helsinki, and the subsidiaries of the Helen Group are included in the consolidated financial statements of the City of Helsinki.

As a public utility, Helsingin Energia (now Helen Ltd) operates in the whole Finnish electricity retail market and in the Nordic electricity wholesale market. Over 90% of the heat demand in Helsinki is covered with district heat, and district cooling is vigorously expanding in Helsinki. Helsingin Energia’s operating model is based on unbundled business and service operations in compliance with the Electricity Market Act, the Natural Gas Market Act and the Competition Act. The corner stones of Helsingin Energia’s (now Helen Ltd) business operations are competitiveness, security of supply and environmental awareness.

Helsingin Energia generates electricity, heat and cooling for its customers at its own power plants located in Helsinki. In addition, the company acquires electricity through its power assets. Energy-efficient combined heat and power generation at the power plants in the Helsinki area accounts for 67% of the electricity supplied, and 91% of the heat produced. The district heating network covers in excess of 90% of Helsinki’s heating need, and district cooling is vigorously expanding.

The share of emission-free production methods of total electricity procurement was on the increase. Hydropower, nuclear power and wind power generation accounted for approx. 33% of the total procurement. The volume of hydropower production increased to 11 per cent in 2014. Carbon dioxide emissions from energy production in Helsinki decreased by approx. five per cent, amounting to about 3.2 million tonnes.

Helsingin Energia’s total electricity procurement decreased by 3% from the previous year. Total sales in 2014 stood at 7 TWh. The amount of district heat production fell as a result of the warmer than average temperatures during the year. Total district heat sales were 6.5 TWh. District cooling production that utilises sea water, the heat content of waste water and the heat from combined heat and power generation continued to increase in 2014. At 130 GWh, district cooling production grew by 12% on the previous year.

The turnover of Helsingin Energia was EUR 695 million, showing a drop of EUR 52 million on the previous year. The electricity sales revenues fell by EUR 41 million and the heat sales revenues by EUR 8 million. The district cooling sales revenues were EUR 14 million. Other revenues include service sales, connection fees for heating and gas sales.


Helen Sähköverkko Oy concentrates on electricity network operation in compliance with the Electricity Market Act and provides transmission and distribution services to its customers in the Helsinki area. Helen Sähköverkko Oy’s business operations account for approx. 14% of the Helen Group’s turnover. The turnover for the review year stood at EUR 112 million. The company had 107 employees at the end of the review year.

Total electricity consumption in Helsinki was 4.5 TWh (4.5 TWh in 2013).

Oy Mankala Ab is a hydropower company that owns the Mankala, Ahvenkoski, Klåsarö and Ediskoski hydropower plants along the Kymijoki River. Oy Mankala Ab has an 8% holding in Teollisuuden Voima Oy.

In the operating year, the Mankala hydropower plant produced a total of 133 GWh of energy, while Ahvenkoski produced 121 GWh, Klåsarö 30 GWh and Ediskoski 2 GWh.

Oy Mankala Ab operates on the absorption principle. The company’s turnover for the financial year was EUR 31 million.

Real Estate Company Helsingin Sähkötalo is responsible for the administration and development of the Sähkötalo property. Sähkötalo serves as Helsingin Energia’s Main Building.

Suomen Energia-Urakointi Oy is a service company specialised in electronic urban technology. The company provides its customers with design, installation and operation services for networks and equipment related to electricity transmission, distribution and use, as well as data transmission. Helsingin Energia owns approx. 60% of the company. The other owners are Vantaa Energy Ltd and Lahti Energia Oy.

Suomen Energiaurakointi Oy’s turnover for 2014 was EUR 37 million. The company’s business operations consist of installation and design activities. The key proportion of the volume comes from installation activities, which mainly consist of the construction and maintenance of medium and low-voltage networks, traffic lights and lighting networks. With regard to design activities, the bulk of the volume comes from designing outdoor lighting systems.


The turnover for the operating year was EUR 819 million. The drop on the year before was EUR 58 million.


The total expenses excluding planned depreciation decreased by EUR 47 million. Fuel costs fell by EUR 34 million on the previous year. Production for own use amounted to EUR 9 million and planned depreciation to EUR 84 million, while depreciation on goodwill was EUR 3 million.


In 2014, Helen Group’s investments amounted to EUR 123 million (EUR 108 million in 2013). Several modernisation projects to improve production capacity and energy efficiency were carried out at Helsingin Energia’s power plants. Heating plants were also modernised to be increasingly low in emissions.


Helen Group’s operating profit stood at EUR 219 million (EUR 239 million in 2013), accounting for 27% of the turnover. Profit before appropriations was EUR 209 million (EUR 227 million in 2013).Return on investment (ROI) was 13%, calculated according to the mean value of the capital invested in the financial year.

Key Figures

 2014 20132012

Turnover EUR million

819,1 877,6 897,1

Operating profit, EUR million

219,3 238,8 235,6

Operating profit % 

27 27 26

Return on equity % 

19 21 21

Equity ratio

56 57 59

Personnel on average

1454 1562 1633


The corner stones of Helsingin Energia’s business operations are excellent security of supply, environmental responsibility, and the principles of sustainable development. Helen Group’s operations are based on ecologically efficient combined heat and power generation, as well as district heating and district cooling.

Centralised energy production falls within the scope of the EU Emissions Trading Scheme (EU ETS). The energy and climate policy of the Helsinki City Council will impact the future energy production decisions in Helsinki. Helsingin Energia has devised a development programme which, when implemented, will cover the targets set by the City Council and help pave the way towards a carbon neutral future.

The most important method of attaining the climate policy targets is to raise the share of renewable energy production forms in the present production structure. In accordance with its development programme, Helsingin Energia launched the mixed combustion of wood pellets at the Salmisaari power plant.

Our tools for keeping environmental impacts under control are the power plants’ common environmental management system which complies with the ISO 14001 standard, the environmental handbooks of the different business units and the Green Office environmental criteria applied to all office premises. Helsingin Energia will draw up a separate environmental report and an environmental balance sheet, which will not be verified, however.


It is the responsibility of Helsingin Energia’s management to ensure that the public utility has efficient risk management and internal control practices with regard to the extent and content of its economy and business operations.

With regard to the extent and structure of its operations, Helsingin Energia has extensively assessed the most significant risks and uncertainty factors, as well as other factors affecting operational development. In risk management, the different types of risks are identified and operating procedures are documented and maintained. The essential thing is that business risks are managed and the related control functions are in order.

Internal control and risk management have been organised by including risk-management thinking in all activities in the public utility. The responsibility for controlling risks has been differentiated by assigning it persons who are independent of operational business activities.

Operating principles and a risk policy approved by the Board have been drawn up for Helsingin Energia’s energy trading. The energy trading principles and associated risk management practices have been laid down in the risk policy.

The electricity market is highly volatile and predictability is expected to weaken. Competition will become tougher in the end customer market. Fluctuation of electricity exchange prices will cause business risks in wholesale and retail sales and also in electricity procurement. Helsingin Energia is prepared for risks and uses derivatives to hedge procurement and sales.

The most significant risks of fuel procurement are the volume risk and price risk. These risks are controlled e.g. by means of procurement and derivative contracts. The power plant real estates have been insured by the Insurance Fund of the City of Helsinki and the production of the power plants has been insured by taking out business interruption insurance.


Pekka Manninen has acted as CEO of Helsingin Energia and Oy Mankala Ab, and Risto Harjanne as Managing Director of Helen Sähköverkko Oy. Kyösti Oasmaa has acted as Managing Director of the Real Estate Company Helsingin Sähkötalo, and Taisto Lehonmaa as Managing Director of Suomen Energia-Urakointi Oy.

KPMG Oy Ab, Authorised Public Accountants, have audited the consolidated financial statements of the Helen Group. Kaija Pakkanen, authorised public accountant, has acted as the auditor with the main responsibility.


The operation of Helen Ltd was launched on 1 January 2015. The slow economic recovery in the eurozone and Finland continues to pose challenges for the coming years. There is significant uncertainty in forecasting the functioning of the electricity market and the cost impacts of the fuel price trends.

The policies on increased production of renewable energy and the use of carbon emission-free and low-carbon energy sources will create significant investment needs in the next few years. The effect of the development programme on the coming years’ profit growth will be distinctly negative.

The follow-on for Helen’s development programme will be updated so that the City Council can make a decision in 2015 based on the latest information on the project plan for the Vuosaari multi-fuel power plant and on a more extensive biofuel solution for the present Salmisaari and Hanasaari power plants.

When realised, Helen’s development programme will meet the climate targets that have been set and create the preconditions for a carbon-neutral future after the 2030s. The investments required by the IE directive and those related to the use of biofuels have been launched at the Hanasaari and Salmisaari power plants.