Pohjolan Voima

What Pohjolan Voima does

Pohjolan Voima Oy is a Finnish energy company founded in 1943 that operates 15 power plants producing approximately 20% of Finland's total electricity and a significant share of district heating during peak demand. Its generation portfolio spans three technology pillars: hydropower operated through subsidiary PVO-Vesivoima Oy (~1.7 TWh annually across Iijoki, Kemijoki, and Kokemäenjoki river systems, including assets Isohaara, Kierikki, Raasakka, Jumisko, Haapakoski, Pahkakoski, and Melo); biomass-fired combined heat and power (CHP) plants operated through subsidiaries Rauma Biovoima, Porin Prosessivoima, Kymin Voima, Kaukaan Voima, Laanilan Voima, and PVO-Lämpövoima, which supply process steam to paper and pulp mills and district heating to communities; and baseload nuclear power through its stake in Olkiluoto 3, operated by Teollisuuden Voima Oyj (TVO). Notable technology components include the planned Puhti pumped storage hydropower facility (up to 500 MW in Kemijärvi Askanaapa, currently in Environmental Impact Assessment phase), the Kalasydän AI-enabled hydraulic fishway at Raasakka, Finland's first downstream salmonid migration route at Haapakoski, and ongoing automation modernization at thermal plants.

The company operates on a unique cost-price principle (omakustannushinta) where shareholders—Finnish industrial and energy companies—pay fixed costs proportional to ownership share and variable costs based on energy supplied, receiving electricity and heat at cost rather than market prices. Its customer base is structurally identical to its ownership base, comprising paper and pulp mills, process industries, municipalities receiving district heating, and other energy companies. Revenue is not publicly disclosed in standard form because the cost-price model means income essentially passes through to cover operating costs, debt service, and a modest return, rather than generating traditional profit margins. The legal entity (Pohjolan Voima Oyj) is an unlisted public limited company with bonds listed on Nasdaq Helsinki, and electricity production is reported as 97% carbon neutral in 2023.

Name

Pohjolan Voima

Legal name

Pohjolan Voima Oyj

Website

https://pohjolanvoima.fi

Company type

Public

Founded year

1943

Operating status

Operating

Headcount range

51–100 employees

Short description

Pohjolan Voima is a Finnish energy company operating 15 power plants—hydropower, biomass CHP, and nuclear—producing about 20% of Finland's electricity at cost price exclusively for its shareholder-customers, which are Finnish industrial and energy companies.

Ownership category

akta.pro rank

Product category

Power Generation Services

NAICS

Biomass Electric Power Generation (221117), Hydroelectric Power Generation (221111), Nuclear Electric Power Generation (221113), Electric Power Generation (22111)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Pumped Storage Hydropower (PSH) (New Build, Expansion, Conversions) (EUAMADAJ)

akta.pro secondary industries

Gasification & Pyrolysis-to-Power (Waste/Biomass Advanced Thermal) (EUACAIAL), Utility-Scale Power Generation Asset Management (EUAEAMAA), Hydrothermal Flash Steam Geothermal Power Plants (EUACAHAA)

Keywords

• Electricity generation
• Heat production
• Hydropower generation
• Combined heat power
• Nuclear power

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Technology or R&D, Supply Chain, Personnel

Revenue model

1. Electricity and Heat Production: Pohjolan Voima operates on a unique cost-price principle (omakustannushinta). Shareholders pay fixed costs according to their ownership share (regardless of capacity/energy usage) plus variable costs based on energy supplied. This model means the company does not profit from energy production margins but serves as a cooperative-style energy supplier to Finnish industrial and energy company owners.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Pohjolan Voima produces electricity and heat at cost price (omakustannushinta) for its shareholder-customers, who are Finnish industrial and energy companies. Generation comes from 15 power plants including hydropower (PVO-Vesivoima, ~1.7 TWh/year), biomass-based combined heat and power plants (Rauma Biovoima, Porin Prosessivoima, Kymin Voima, Kaukaan Voima, Laanilan Voima), and a stake in the Olkiluoto 3 nuclear power plant via TVO. Output covers approximately 20% of Finland's electricity, district heating for urban communities, and process steam for industrial customers.

Product overview

Pohjolan Voima is a Finnish energy company operating a diversified portfolio of power generation assets producing approximately 20% of Finland's electricity. The company operates on a cost-price principle, supplying electricity and heat exclusively to its shareholders (Finnish industrial and energy companies). Core generation assets include hydropower (via PVO-Vesivoima subsidiary, ~1.7 TWh/year), thermal power (biomass CHP plants including Rauma Biovoima, Porin Prosessivoima), and nuclear power (Olkiluoto 3 stake). The product portfolio spans electricity production, district heating, process steam for industry, and pumped storage hydropower development. The company also provides professional asset management services for its power plant fleet. Recent innovations include the Puhti pumped storage project (500 MW, in EIA phase) and AI-enabled fishway technology (Kalasydän) for environmental sustainability. Digitalization and automation investments are ongoing across thermal power operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Electricity Production Generation of approximately 20% of Finland's total electricity output through hydropower, biomass-based combined heat and power, and nuclear power assets, supplied at cost price to Finnish industrial and energy company shareholders.
• Heat and District Heating Production Combined heat and power production supplying process steam to industrial customers and district heating to urban communities, producing approximately 40% of Finland's district heating during peak demand periods. Heat production targets 85% carbon neutral by 2025.
• Hydropower Generation (PVO-Vesivoima) Hydropower generation across Iijoki, Kemijoki, and Kokemäenjoki river systems, producing approximately 1.7 TWh annually from multiple hydroelectric plants including Isohaara, Kierikki, Raasakka, Jumisko, Haapakoski, Pahkakoski, and Melo. Provides flexible, adjustable generation that balances variable wind and solar power.
• Rauma Biovoima Combined Heat and Power Bioenergy combined heat and power plant in Rauma, Finland. Produces process steam, district heating, and electricity using wood-based fuels. Pioneer facility that has already discontinued peat use. Features highly automated systems and digitalized operations.
• Porin Prosessivoima Thermal Power Thermal power subsidiary in Pori, Finland. Invested in a 60 MW electric boiler (2025) and flue gas condenser plant (KALTO '24 project) to enhance flexibility and environmental performance of heat production.
• Nuclear Power Generation (Olkiluoto 3 Stake) Stake in Olkiluoto 3 nuclear power plant operated by Teollisuuden Voima Oyj (TVO), providing baseload, low-carbon electricity generation for Pohjolan Voima shareholders and contributing to Finland's carbon-neutral energy objectives.
• Puhti Pumped Storage Hydropower Facility Planned pumped storage hydropower facility in Kemijärvi (Askanaapa area) with capacity up to 500 MW. Functions as electricity storage by pumping water from Kemijärvi lake to an elevated reservoir during surplus electricity periods and releasing it through turbines during shortages. EIA phase ongoing.
• Power Plant Asset Management Services Professional power plant asset management services including refurbishment, maintenance, safety improvements, and operational optimization. PVO-Vesivoima manages hydropower assets across multiple river systems with multi-year investment programs (e.g., Isohaara, Kierikki, and Raasakka refurbishment programme approved in 2026).

Quantifiable outcome

• 20% of Finland's electricity production
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Energiateollisuus ry (Energy Industries Finland)coreStrategic or Co-development PartnerIndustry association representing Finnish energy companies. Works on climate policy, peat reduction targets, and carbon neutrality goals. Pohjolan Voima participates in industry-wide initiatives through this association.
• Metsäteollisuus ry (Finnish Forest Industries)coreStrategic or Co-development PartnerIndustry association for Finnish forest industry. Cooperates on bioenergy use, peat replacement with wood-based fuels, and climate targets. Pohjolan Voima supplies energy to paper and pulp mills.
• Kiwa (HSEQ Cluster)coreImplementation/ SI/ Consulting PartnerKiwa coordinates the HSEQ (Health, Safety, Environment, Quality) audit cluster where major companies share audit resources for common suppliers. Pohjolan Voima participates in approximately 5-10 audits annually through this cluster. Kiwa serves as lead auditor.
• Sweco Finland OycoreImplementation/ SI/ Consulting PartnerSweco Finland Oy serves as the EIA consultant for the Puhti pumped storage hydropower project. Conducts environmental impact assessment studies and assessments for the Askanaapa project.
• Lapland ELY Centre (Centre for Economic Development, Transport and the Environment)coreStrategic or Co-development PartnerGovernment body responsible for EIA procedure oversight for the Puhti pumped storage hydropower project in Kemijärvi. Publishes statements and coordinates public consultation.
• Leidenschaft (Corporate Culture Design Partner)minorStrategic or Co-development PartnerCorporate culture design consultancy that has been building Pohjolan Voima's corporate culture together with the company since 2020.
• Teollisuuden Voima Oyj (TVO)coreStrategic or Co-development PartnerTVO operates Olkiluoto 3 nuclear power plant. Pohjolan Voima is part of the Olkiluoto nuclear consortium and receives nuclear-generated electricity. Companies also cooperate on waste utilization.
• Rauman Biovoima Oy and Teollisuuden Voima Oyj (TVO)minorStrategic or Co-development PartnerCooperation venture for treating waste exempt from control generated at Olkiluoto power plants, processed by Rauman Biovoima in their combined heat and power process.
• Iin kunta (Ii Municipality)minorStrategic or Co-development PartnerJoint project partner for Iijoki River Raasakka old channel development. Project includes fish migration improvement and recreational use enhancement.
• Pohjois- ja Etelä-Iin kalastuskunnat (Fisheries Cooperatives)minorStrategic or Co-development PartnerPartnership with fisheries cooperatives for fish migration and spawning habitat restoration in Iijoki River Raasakka area.
• CaverionminorImplementation/ SI/ Consulting PartnerCaverion handles PVO-Vesivoima's contractual partnership and various projects for hydropower customers. Unit manager Mika Annala leads hydropower cooperation.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Kemijoki Oy: Kemijoki Oy is Finland's largest hydropower producer, operating plants along the Kemijoki river system. Direct comparison for Pohjolan Voima's PVO-Vesivoima hydropower subsidiary, sharing river basins (overlap in Kemijoki), Finnish regulatory framework, and industrial customer base.
• Statkraft: Statkraft is Europe's largest generator of renewable energy, dominated by hydropower with growing wind/solar flexibility assets. Comparable to Pohjolan Voima's hydropower-led portfolio and growing pumped-storage presence, also serving industrial customers on long-term contracts.
• Teollisuuden Voima (TVO): TVO operates Olkiluoto 1, 2, and 3 nuclear plants in Finland and is owned by Finnish industrial and energy companies on a cost-price (Mankala) basis. Structurally the closest peer to Pohjolan Voima — same shareholder-customer model, same nuclear exposure, same Finnish energy mix.
• Fortum: Fortum is the largest Finnish-based power and heat producer with hydro and nuclear assets and CHP operations. Directly comparable as a Finnish utility operating generation that supplies industrial and district-heating customers, sharing the same regulatory and market context as Pohjolan Voima.
• Helen (formerly Helsingin Energia): Helen is the Helsinki-based energy utility operating CHP and district heating serving the capital region, with growing renewables and a similar municipal/industrial customer profile. Comparable as a Finnish CHP and district-heating producer overlapping with Pohjolan Voima's heat business.

Others

• Neste: Neste is a Finnish energy and renewables company (oil refining transitioning to renewables and circular economy), broadly comparable as a large Finnish energy player with sustainability leadership comparable to Pohjolan Voima's ESG positioning, though operating in different primary markets.

Broad incumbents

• Vattenfall: Vattenfall is a major Nordic/European utility with substantial hydro and nuclear assets, district heating, and customer-facing operations. Broader incumbent operating across the value chain but overlapping in hydro generation, nuclear (Forsmark), and CHP/heat.
• Uniper: Uniper is a large European power generator with hydro, thermal, and increasingly green assets across the Nordics and Germany. Broad incumbent comparable to Pohjolan Voima in generation portfolio composition and industrial customer base.

Regional players

• UPM-Kymmene (energy operations): UPM operates bioenergy CHP at its Finnish pulp/paper mills and is both a customer-counterparty and competitor in biomass-fueled generation. Overlaps with Pohjolan Voima's biomass CHP (e.g., Rauma Biovoima) and shares the Finnish forest-industrial customer base.

Emerging players

• Skarta Energy (and other Finnish renewables developers): Skarta and similar Finnish renewables developers are scaling wind and solar in Finland and are direct counterparts for the same balancing-power market that Pohjolan Voima's Puhti PSH will target. Emerging player in variable renewables that needs the kind of flexibility PV is building.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/pohjolanvoima
• YouTubeyoutube.com/channel/UC
• LinkedInlinkedin.com/company/pohjolan-voima

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pohjolan Voima