Strategy

In preparing and executing Fingrids 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. We set ambitious targets for everything we do. Our corporate culture is engaging and innovative and target-oriented. We develop our operations in a balanced way and with a long-term approach, from the perspective of our customers, finances, processes and personnel. We seek efficiency by combining our core expertise with that of the best operators in the industry. This is how we earn the trust of our customers, society, shareholders and the work community.

Our customers and stakeholders expect us to secure a reliable electricity supply for the nation, as well as a well-functioning electricity market. We develop our services based on our customers needs, and at the same time we ensure affordable grid transmission pricing. We are an active communicator to our customers.

Fingrids financial management is based on 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. We are a forerunner in transmission system operation on the increasingly international electricity market. That means continuously developing our operations and our productivity. Successful financing activities secures our capital investments and operational maintenance.

Our internal processes are described according to Fingrids 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 Finlands power system is always balanced. We work around the clock, seven days a week to ensure this.
  • We promote the functioning of the electricity market by taking active part in its maintenance and development. We strive to ensure adequate international transmission connections, we provide sufficient information about the market and we manage balance services efficiently. We actively participate in the preparation and implementation of European grid legislation. We build functional wholesale and retail markets and develop real-time markets.
  • In order to ensure transmission capacity, our goal is to make investments in the grid effectively and, from the perspective of the national economy, at the right time, and to look after the condition of the grid. We build and maintain the grid safely and in a flexible manner in order to meet societys electricity production and consumption needs. Capital expenditure over the ten-year period of 2017–2026 will amount to approximately EUR 1 billion.
  • We develop our personnel and expertise to ensure that our work community is productive, innovative and healthy. An HR point of view is included in the development and transformation of business operations, strategy and corporate culture to ensure that the entire organisation bears its responsibility. We ensure the expertise and progress of personnel through clearly outlined managerial and expert career paths and by developing know-how to support these.

The perspectives of Fingrid's strategy

 

Strategic projects

At the core of Fingrids strategy implementation are the following multi-year, company-level strategic projects:

  • Responding to the transformation of the Nordic electricity system
  • Improving the reliability of cross-border connections
  • Implementing European network codes
  • Smart grid solutions that promote retail markets and transmission reliability
  • Digitising business
  • Renewing Fingrids corporate culture

Each strategic project is assigned a person responsible on the executive management group level. We carry out strategic projects in the organisation as part of the annual action plan. The Board of Directors and executive management group regularly monitors the progress of the projects as part of its work.

We have set key targets by identifying matters that are essential to Fingrids strategy and the companys basic operations. Any needs for updates to the materiality analysis are assessed annually as part of the strategy process, based on an operating environment and stakeholder analysis and on the strategy update. Fulfilment of the targets serves as the basis for executive managements and personnels remuneration.

Strategy process, materiality analysis and target monitoring as an integrated whole