We set bold and ambitious goals for our operations. Our corporate culture is open, collaborative, renewing and target-oriented and complies with good governance practices.
We develop our operations for the long term and in a balanced way from the perspectives of our customers, society, finances and personnel. We seek quality and efficiency by combining our core expertise with that of the best operators in the world. By operating responsibly, we earn the trust of our customers, society, shareholders and the work community.
In preparing and executing Fingrid’s strategy, we have examined the requirements set by our vision as fairly as possible from four different perspectives. Our organisation model is based on a matrix structure which supports effective implementation and comprehensively engages the personnel.
Our customers and stakeholders expect us to secure a reliable electricity supply for the nation, a well-functioning electricity market, and affordable grid transmission pricing. We develop our services together with our customers, according to their needs and business challenges. The foundation for all our customer work is asking, listening and clear communication. We operate fairly, and we take into account the different needs of the industry players. We promote the creation of new services and we strive to enable new players to enter the electricity market.
Financial management begins with the premise that we respond to the expectations of society in the long term, that we operate cost-effectively and that we provide value to our owners. Our decision-making and operations are based on the right information at the right time and on the desire to be efficient, profitable and responsible. We are a forerunner in transmission system operation on the increasingly international electricity market, which requires continuous development of our operations and our productivity. We pro-actively and thoroughly plan our investments on a sound financial basis, while also taking society into account. Successful financing activities secures our capital investments and operational maintenance. We make sure that the result of all the company’s businesses is at the level permitted by regulation.
Our internal processes are described according to Fingrid’s main duties.
Managing system security requires proactive and reliable electricity transmission. Our objective is to keep the nation powered and to ensure that the consumption and production of electricity in Finland’s power system is always balanced. Developing the Nordic power system as a unified whole promotes system security and the efficient use of resources. We uphold strong competence in grid operations through in-house control room operations. We also own most of the reserve power plants, which serve as fast disturbance reserves.
We promote the operations of the electricity markets, and we actively develop them in co-operation with our stakeholders. Ensuring a market-based approach benefits customers and enables the cost-effective transition to a clean power system. European legislation and regional solutions on market rules have a significant impact on the markets. We actively participate in the preparation and implementation of European grid legislation. We aim to keep electricity transmission connections between countries and within Finland sufficient. We provide information about the markets to meet market needs, and we manage balance services efficiently. We build functional wholesale and retail markets and develop real-time markets.
To ensure transmission capacity, we aim for effective and timely grid investments from the perspective of the national economy, and good upkeep of the grid. We plan the transmission grid according to the needs of the coming decades. We build and maintain the grid safely and in a flexible manner in order to meet society’s electricity production and consumption needs. Investments for the 2018–2027 ten-year period amount to approx. EUR 1.2 billion.
We develop our personnel and expertise to achieve a working community is productive, innovative and healthy. We ensure this through strategic management. Our target-oriented leadership approach includes the active participation of personnel. We see our employees as a resource closely engaged in developing the business and our strategy, culture and change. The company’s strategy and HR management practices are aligned. We ensure the expertise and progress of personnel through clearly outlined managerial and expert career paths and by developing know-how to support these.
We have set our key targets by identifying matters that are essential to Fingrid’s strategy and the company’s basic operations. The need for updates to the materiality analysis is assessed annually as part of the strategy process, based on an operating environment and stakeholder analysis and on the strategy update. We use the fulfilment of the targets as the basis for executive management’s and personnel’s remuneration.
Strategy process, materiality analysis and target monitoring as an integrated whole
In implementing the strategy, the goal is the continuous improvement of operations. The following, company-level, multi-year strategic projects are currently under way:
- Putting network codes into practice: well-functioning electricity markets and practices that ensure system security
- Connection of Olkiluoto 3 nuclear reactor to the grid: the world’s largest nuclear power plant securely in the grid
- Real-time markets in the Nordics: secure balance between consumption and production in common markets
- Fingrid in the pocket: Fingrid at your service, regardless of time and place
- Putting data in order and in productive use: correct and essential information in efficient use
- Engaging corporate culture: Fingrid employees capable of renewal and boldly adapting to change
- Consumers to the market: electricity users participating in and benefiting from electricity markets
Each strategic project is assigned a person responsible on the Executive Management Group level. We implement strategic projects as part of our annual action plans, and the progress of projects is monitored regularly by the Board of Directors and the Executive Management Group.