We are nearby, but see far ahead.

In financial terms, 2019 was better for us than the previous year. Both our turnover and operating profit increased compared to the previous year, despite a decrease in demand for heat and electricity. Our security of supply remained at an excellent level in both electricity and heat distribution.

At the beginning of the year, we expanded our operating and maintenance business through a business acquisition. We gained some 70 new operating and maintenance professionals from the Naantali power station. The deal allows us to continue developing the optimisation of district heating production together with our affiliate company Turun Seudun Energiantuotanto Oy (TSE), which covers basic production of district heating.

We are strongly committed to the City of Turku's goal of being carbon neutral by 2029. Our investments and solutions in recent years have significantly increased the share of renewable energy sources in our production. We continued on this path last year by investing in renewable energy production through our affiliate companies. We increased the share of wind power in our electricity generation through wind power plant projects implemented by our affiliate company Suomen Hyötytuuli Oy. A flue gas condensing system investment made by TSE provided us with additional district heating equivalent to the heat consumption of some 600 apartment blocks without increasing the amount of district heating fuel required. Together with TSE, we also applied for a building permit for the construction of a geothermal plant in the Koroinen district of Turku in cooperation with the energy company St1. The final decision on construction of the plant will be made after completion of a similar St1 project in Espoo.

We are working with TSE to build a path towards coal-free district heat production, with the intention of completely phasing out coal use by the end of 2022. This summer, TSE will close two coal-fired power plants in Naantali, and at the end of this year only about 10% of our district heating will be produced with coal.

Last year, we continued to invest in developing our product and service portfolio. In particular, demand for charging points for solar panels and electric cars was significantly higher than during the previous year. We also implemented projects for our customers that help them move towards a carbon-neutral future. These projects included a solar power plant comprising about 1,600 solar panels for the Meyer Turku shipyard and electric car charging points delivered to the Varsinais-Suomen Asumisoikeus Oy (VASO) housing company.

We want to thank our customers, who ranked us first in an energy industry customer satisfaction survey measuring service provided to corporate customers. In the same survey, we also placed in the top three for consumer customers. We promise to be worthy of the appreciation and expectations expressed by our customers and to further develop our operations as an energy partner in the everyday lives of our customers.

We are on a strong path towards a carbon-neutral future, and we are implementing this on a daily basis with every Turku Energia employee as well as our partners and customers.

Timo Honkanen