Turun Seudun Energiantuotanto

What Turun Seudun Energiantuotanto does

Turun Seudun Energiantuotanto Oy (TSE) is a privately held Finnish regional energy production company that operates the Naantali multi-fuel combined heat and power (CHP) plant, the Orikedon bioheat plant, Kakola heat pumps, and supporting systems including a flue gas condenser and seawater heat pumps. Its core product is the NA4 multi-fuel CHP unit, commissioned in 2017 for €260M, which produces 1,400 GWh of district heating, 800 GWh of electricity, and 200 GWh of process steam annually, reducing CO2 emissions by 420,000 tonnes per year. The plant can run on approximately 75% biofuels, with the remainder supplied by asfaltene from Neste's Porvoo refinery and a small share of coal, recycled fuel (SRF), and refinery gas — a fuel-flexibility configuration enabled by a 600-meter maritime biomass conveyor and a Valmet-supplied fuel handling system.

The company serves three revenue streams: district heat delivered via Turku Energia's distribution network to approximately 130,000 residential customers (covering ~200,000 residents) in the Turku region; process steam sold directly to industrial customers near Naantali; and electricity sold to the national grid operated by Fingrid. Pricing is not publicly disclosed; TSE operates as a regulated utility with commercial terms negotiated with its municipal-industrial owners. Ownership is concentrated among Fortum Power and Heat Oy (53.5%), Turku Energia (43.5%), and the City of Naantali (3%), with no external equity investors.

The business model is a capex-heavy utility with stable, contracted regional demand and ongoing transition from coal to biomass-based generation. All legacy coal units have been retired (Units 1 and 2 in July 2020; Unit 3 in December 2024), and TSE is pivoting into renewable fuels via a planned 100,000-tonne/year synthetic methanol facility with Liquid Wind (FID 2026, commercial production 2029) and a hydrogen production exploration with GreenH2ub. Leadership instability — including an interim CEO appointment effective 28 May 2026 — adds execution risk to the transition pipeline.

Name

Turun Seudun Energiantuotanto

Legal name

Turun Seudun Energiantuotanto Oy

Website

https://tset.fi

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

Turun Seudun Energiantuotanto Oy (TSE) is a Finnish regional energy utility operating the Naantali multi-fuel CHP plant and supporting heat assets, producing district heating for ~200,000 Turku region residents, process steam for Naantali-area industry, and electricity for the national grid.

Ownership category

akta.pro rank

Product category

District Heating and CHP Energy Production

NAICS

Biomass Electric Power Generation (221117), Steam and Air-Conditioning Supply (221330)

SIC

Cogeneration Services & Small Power Producers (4991), Steam & Air-Conditioning Supply (4961)

akta.pro primary industry

Biomass CHP & Cogeneration Plants (Industrial & Utility) (EUAAAGAA)

akta.pro secondary industries

District Energy Biomass Plants (Heating Networks) (EUAAAGAB), Biomass Co-firing & Fuel Switching in Existing Plants (Coal-to-Biomass) (EUAAAGAD), Biomass Combustion & Boiler Island Technology (Grates, Fluidized Bed, Burners) (EUAAAGAG), Heat Recovery & Thermal Integration for Biomass Plants (Economizers, ORC, Heat Exchangers) (EUAAAGAL)

Keywords

• District heating production
• Combined heat and power
• Multi-fuel energy generation
• Industrial process steam
• Biomass power generation

Headquarters

HQ city

Naantali

HQ country

Finland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Distribution channels3 records

Marketing channels2 records

Core offering

Turun Seudun Energiantuotanto Oy produces district heating, electricity, and process steam for the Turku region from its Naantali power plant complex, anchored by a multi-fuel combined heat and power (CHP) unit that uses biomass, recycled fuel (SRF), asfaltene, and coal. The company supplies district heating to over 200,000 residents in the Turku region through Turku Energia's distribution network, sells electricity to the national grid via Fingrid, and delivers process steam to industrial customers.

Product overview

Turun Seudun Energiantuotanto (TSE) operates as a regional energy production company providing district heating, electricity, and process steam to the Turku region. The company's core production facility is the Naantalin monipolttoainevoimalaitos (NA4 multi-fuel CHP plant), commissioned in 2017, supplemented by Orikedon biolämpökeskus (bioheat plant), Kakola lämpöpumput (heat pumps), and various supporting systems including savukaasulauhdutin (flue gas condenser), hukkalämpö- ja merivesilämpöpumppu (waste/seawater heat pumps), and sähkökattila (electric boiler). The company is transitioning from coal-based production toward renewable energy sources, with planned future facilities including a synthetic methanol production plant (in partnership with Liquid Wind) and a hydrogen production facility (in partnership with GreenH2ub). District heating serves approximately 200,000 residents in the Turku region.

Differentiator

Problem solved

Functional benefit

Products and services

• District heating (Kaukolämpö) District heating supplied to over 200,000 residents in the Turku region through Turku Energia's distribution network, produced from TSE's Naantali power plant, Orikedo bioheat plant, Kakola heat pumps, and supporting heat recovery systems.
• Electricity supply (to national grid)

Quantifiable outcome

• CO2 emissions reduced by 420,000 tonnes annually from 2018
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Liquid WindcoreStrategic or Co-development Partner · 22 January 2025Liquid Wind and TSE have signed a letter of intent to develop a synthetic fuel production facility in Naantali. Liquid Wind would build a renewable synthetic methanol production plant, while TSE's Naantalin power plant would produce biogenic carbon dioxide and steam for methanol production. The facility would produce 100,000 tonnes of methanol annually using 160,000 tonnes of biogenic CO2. Commercial production expected to start in 2029.
• GreenH2ub (Elomatic)minorStrategic or Co-development Partner · 28 September 2021Letter of intent signed with Elomatic's subsidiary GreenH2ub to explore building a green hydrogen production facility at Naantali power plant area. Hydrogen would serve maritime and heavy transport fuel needs, with waste heat utilized for district heating.
• Neste Oyj (refinery gas)minorStrategic or Co-development Partner · 1 November 2017TSE and Neste signed agreement for refinery gas supply to Naantali power plant, approximately 80 GWh annually (about 3% of multi-fuel plant's fuel input).
• Neste OyjcoreStrategic or Co-development PartnerNeste supplies asfaltene (oil refining byproduct) to TSE as a coal replacement fuel. Companies also exploring waste heat utilization from Naantali refinery for district heating production.
• ValmetcoreTechnology or IntegrationValmet supplied the flue gas condenser and asfaltene fuel feed system for the Naantali multi-fuel power plant.

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Lahti Energia Oy: Lahti-based regional energy utility operating CHP, district heating, and electricity generation with significant biomass share. Comparable Finnish regional CHP operator transitioning away from fossil fuels.
• Helen Oy: Helsinki-based energy utility operating CHP, district heating, and electricity generation serving the capital region. Closest Finnish large-city peer to TSE in terms of municipal utility structure, multi-fuel CHP operations, and district heating franchise.
• Turku Energia: 43.5% owner of TSE and operator of its production facilities; distributes ~1,905 GWh of district heating in the Turku region to ~130,000 customers. Directly comparable as a regional Finnish district heating utility and TSE's primary commercial counterparty.
• Tampereen Energia: Municipal energy utility serving the Tampere region with CHP-based district heating and electricity generation. Comparable regional scale, Finnish municipal utility governance, and multi-fuel generation mix including biomass.
• Vantaan Energia: Regional Finnish energy utility operating CHP plants and district heating in the Helsinki metropolitan area. Directly comparable to TSE as a biomass-co-fired CHP operator transitioning away from coal, with similar municipal/industrial ownership profile.
• Savon Voima Oyj: Regional Finnish energy group producing district heating and electricity across the Savo region, including biomass-fired CHP. Closely comparable to TSE in scale, technology mix, and rural/regional Finnish utility profile; former employer of TSE's past CEO.
• Oulun Energia: Municipal energy utility serving the Oulu region with CHP, district heating, and electricity production. Comparable regional Finnish municipal energy operator with similar biomass co-firing and decarbonization trajectory.

Regional players

• Porvoon Energia Oy: Regional energy utility in the Porvoo area with CHP and district heating tied to the local industrial base (including Neste's refinery). Comparable as a Finnish regional district heating operator linked to an industrial heat/steam customer base similar to TSE's industrial process steam contracts.
• Kuopion Energia Oy: Regional Finnish municipal utility operating CHP and district heating in the Kuopio area with significant biomass share. Comparable in scale and business model to TSE as a mid-sized regional Finnish biomass-CHP utility.

Broad incumbents

• Fortum Power and Heat Oy: Majority owner (53.5%) of TSE and one of the largest Nordic utilities, with extensive CHP and district heating operations across Finland and the Nordics. Comparable as the broader incumbent parent whose portfolio includes TSE's niche.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/turun-seudun-energiantuotanto-oy

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 Turun Seudun Energiantuotanto