Helen ranked among Finland’s largest industrial investors with investments of EUR 600 million
Helen made record-breaking investments of EUR 600 million in 2024, which strengthens our commitment to the clean transition and sustainable energy system. The investments were focused, among other things, on the renewal of district heating, which led to considerable emissions reductions and lower customer prices.
The investments enabled significant progress in the construction of a sustainable energy system, and the share of carbon-neutral energy in Helen’s production increased to 63 per cent. Helen’s CFO Timo Rajala emphasises the role of investments in reducing emissions.
"The investments made in the renewal of district heating halved Helen’s emissions in two years. At the same time, we lowered customer prices for district heating. The heat business has returned to profitability and is living a new season of prosperity when the costs of fossil-based production no longer burden its competitiveness," says Rajala.
Rajala also highlights Helen’s ability to make significant investments while maintaining a stable financial position.
"Helen financed most of its investments itself, which shows the strength of our business."
In 2024, Helen’s emissions decreased by 24 per cent compared to the previous year. Our direct greenhouse gas emissions were 1.3 million tonnes of carbon dioxide equivalent, compared to 1.7 million tonnes in 2023 and 2.7 million tonnes in 2022. The figures have been subject to an independent assurance.
The significant reduction in emissions is especially attributable to the considerable decrease in the use of coal. In 2024, we converted a coal-fired boiler to a pellet-fired one in Salmisaari and introduced new electricity-based heat sources, such as three electric boilers in Hanasaari. In spring 2025, we will completely discontinue the use of coal when the Salmisaari coal-fired power plant closes.
In addition to the renewal of district heating, Helen made significant investments in wind and solar power as well as electricity storage. The Pjelax, Karahka and Kalistanneva wind farms and the Lohja solar farm were completed in 2024, and the amount of electricity generated by wind power almost tripled. In addition, we made an investment decision to build a green hydrogen pilot plant in Vuosaari and launched a nuclear energy programme aimed at the utilisation of nuclear energy in heat production in Helsinki.
Helen’s strategy focuses on strengthening the clean transition, flexibility and profitability, and our goal is carbon-neutral energy production by 2030. In addition, we aim to phase out combustion-based energy production by 2040. Investments are a key part of Helen’s journey towards a clean and flexible future.