Coal phaseout accelerated emissions reduction
The year 2025 marked one of the most significant milestones in Helen’s history, as the company ended the use of coal in its energy production by closing its last coal fired power plant. Through acquisitions, Helen became the market leader in electricity retail sales and will continue to develop its services for an even larger group of Finnish customers. Below, CEO Olli Sirkka reflects on the past year and shares his thoughts on the future.
How did Helen succeed in implementing its strategy?
”The year 2025 confirmed, that we are on the right path. We left coal behind when we closed our last coal fired power plant in Salmisaari. Helen’s emissions halved compared to the previous year and decreased by 84% from the 1990 level. We accelerated the electrification of heat production and built flexibility and controllability into the energy system so that we can take advantage of fluctuations in the energy market rather than merely adapt to them. This helps us strengthen Helen’s financial position, as it is important for our investments that we carry out the clean transition in a financially viable way. For me, implementing Helen’s strategy is above all the ability to turn ambitious targets into concrete investments and investments into competitive products. During the year, we succeeded in both and strengthened the foundation for competitive customer prices and the systematic reduction of emissions also going forward.”
What were the most significant investments of the year?
”The focus of investments was on the electrification of heat production, renewable electricity production and the flexibility of the energy system. In Salmisaari, we commissioned 100 MW of electric boiler capacity and converted a coal fired heat boiler to pellet use. In wind power, the Niinimäki wind farm was completed, meaning that all of our wind farms under construction have now been finalised. With over 900 MW of wind power capacity, we can produce renewable electricity with a wider geographical distribution. Investments were complemented by connection investments in the electricity grid and the upcoming 400 kV transmission link to the Helsinki metropolitan area, which will be completed in 2026. Also under construction are electricity and heat storage facilities that increase the flexibility of the energy system, as well as more electric boilers and heat pumps.”
How do you assess Helen’s financial development and profitability?
”Helen’s profitability improved, even though falling market prices for electricity challenged the entire energy sector. The positive development is driven by a clear change in Helen’s cost structure, as fuel costs and expenses related to emission allowances decrease and heat production relies increasingly on electricity and waste heat. Cash flow from operations strengthened for the same reason, and the balance sheet remained stable, enabling continued investments without a significant increase in risk levels. We hedge against electricity price risks and seek value from the market through the intelligent control of our energy assets. Return on invested capital employed was 5%. Increasing it in the coming years will require investments in energy production and consumption optimisation as well as improving cost efficiency.”
What took place in Helen’s operating environment?
”The energy markets were characterised by geopolitical tensions and unpredictability, which currently shape the entire world. As global power dynamics shift and uncertainty grows, the importance of security of supply becomes highlighted. This is something that Finland has taken seriously for a long time. Nordic integration was strengthened by the commissioning of the Aurora transmission link between Finland and northern Sweden, which improves the ability to transmit wind power to areas with high demand. For Helen’s combustion free target, small nuclear energy is essential. Its feasibility is significantly affected by the ongoing legislative reform concerning nuclear power as well as local acceptance. In addition to nuclear energy, I see significant local potential in data centres, which have become central in investment news. By utilising the waste heat they generate, we can simultaneously reduce emissions from district heating and improve its competitiveness.”
What new offerings were provided to customers?
”The price of energy is one of the issues customers are most interested in, and in recent years monitoring electricity prices has become a routine for many. We reduced district heating prices twice during the year, which helped strengthen the position of this familiar heating method among customers. As fossil production is replaced by cleaner energy, the cost base of district heating is reduced, enabling us to pass these benefits on to customers while also improving Helen’s result. In cooling, we renewed Helen’s service offering and expanded the range of options for properties of different sizes. We also made it easier for customers to monitor their energy use and simplified electricity contract management with the help of AI. Helen becoming the market leader in electricity retail sales enables even more ambitious customer experience and services development.”
How did Helen develop its sustainability work and employee wellbeing?
”I see sustainability as a strategic competitive factor and a form of trust that is earned one action at a time. Although EU level regulation was eased with respect to sustainability reporting, we continue systematic sustainability work in line with stakeholder expectations. We updated Helen’s double materiality analysis, which assesses the company’s impacts, risks and opportunities, and further developed our due diligence process based on the UN Guiding Principles on Business and Human Rights. The importance of biodiversity increases year by year, and it has been recognised as a key development area in our sustainability work. For personnel, we focused on the work environment and everyday wellbeing. According to an internal survey, moving to modern premises at We Land in Ruoholahti significantly improved employee satisfaction with the work environment.”
What does Helen’s future look like from the CEO’s perspective?
”I believe Helen’s targets and the plans made to achieve them form a winning combination. We will increase the flexibility of the energy system with electricity and heat storages and improve Helen’s performance by optimising our production assets in line with our strategy. We will continue constructing electricity based heat capacity in Hanasaari, Patola and Eiranranta, and we will launch hydrogen production in a new pilot plant. Helen’s nuclear energy programme is progressing rapidly, and with thorough preparation we can help steer Helsinki towards a combustion free future. Fully utilising the energy system created through the clean transition will require more flexible energy use across society. In addition, we must ensure sufficient electricity transmission capacity for the Helsinki metropolitan area. I am confident that we will further reduce emissions and keep energy prices competitive while maintaining strong security of supply. This is the best combination for our personnel, customers, owner, partners and Finnish society as a whole. Thank you for the historic year 2025!”