京都大学大学院 経済学研究科 再生可能エネルギー経済学講座

ディスカッションペーパー No.69

京都大学大学院経済学研究科
再生可能エネルギー経済学講座
ディスカッションペーパー

Electricity and District Heating Supply Business by Finnish Municipal Companies
Examination of the Finnish Version of Stadtwerke

March 2024

Shin SUZUKI
Ph.D Student,
Graduate School of Economics, Kyoto University

ディスカッションペーパー No.69

京都大学大学院 経済学研究科 再生可能エネルギー経済学講座

Electricity and District Heating Supply Business by Finnish Municipal Companies
Examination of the Finnish Version of Stadtwerke

Shin SUZUKI
Ph.D Student, Graduate School of Economics, Kyoto University

Abstract:
This paper examines the municipal energy business models in Finland, drawing parallels with Germany's Stadtwerke,
against the backdrop of Japan's demographic challenges and economic shifts impacting local governance andinfrastructure sustainability. With a comprehensive overview of Finland's energy landscape, including consumption
patterns, source diversification post-liberalization, and the pivotal role of municipal enterprises in local economies, weembark on a transversal analysis highlighting the structural and operational nuances of Finnish municipal energy
businesses. These entities, crucial for the municipal management and welfare state maintenance, are posited as potential
blueprints for addressing Japan's urban-rural disparities and fiscal strains. By exploring the Finnish model's resilience
amidst economic austerity and its innovative engagement in the energy sector, particularly through decentralized
production and distribution networks, this paper underscores the significance of municipal energy businesses in fostering
sustainable local economies. The comparative analysis with Japanese and German counterparts further enriches thediscourse on municipal energy management's role in supporting citizen welfare and infrastructure renewal. The study
concludes with propositions for future research, emphasizing the need for deeper insights into the operational strategies,
revenue models, and contributions of municipal energy businesses to local governance and economic stability.
Keywords: Municipal Energy Businesses, Finland's Energy Landscape, Stadtwerke, Decentralized Energy Production

京都大学大学院 経済学研究科 再生可能エネルギー経済学講座

ディスカッションペーパー No.69

1. Introduction
This discussion paper closely examines municipal energy businesses in Finland, presenting
them as potential models reminiscent of Germany's Stadtwerke. The paper begins by outlining
Finland's energy landscape and provides a broad overview of its operators. It then conducts anextensive examination of municipal energy businesses, shedding light on their structures,operations, and contributions to the local economy.
Japan is currently facing a significant population decline, leading to economic contraction,
particularly in rural areas. This demographic shift brings numerous challenges, including overcentralization in major cities like Tokyo. The resulting decrease in municipal and property tax
revenues has significantly affected local governments, the primary beneficiaries of these taxes.
Additionally, the need for substantial renewal of infrastructure—developed during the periodof high economic growth until the 1990s—is becoming urgent as these structures approach theend of their service life. According to projections by Morotomi (2018), the costs associated withmaintenance and renewal of this infrastructure could escalate to between 18 to 19 trillion yen
by 2044. This financial burden poses a serious challenge for local governments alreadystruggling with revenue generation following the Trinity Reform.
In this context, Germany's Stadtwerke offers invaluable insights. Stadtwerke consists ofmunicipal-owned firms primarily engaged in providing essential services such as electricity,gas, transport, and internet. Unlike traditional profit-driven corporations, Stadtwerke's primaryobjectives center on providing stable services to citizens. The German concept of"Daseinsvorsorge," which values accessibility to essential goods over ownership, deeply
influences their operations. Traditionally, the state, municipalities, and Stadtwerke
collaboratively shoulder the responsibility of ensuring accessibility (Hizikata, 2018).
Significantly, major Stadtwerke effectively transfer funds internally between profit and lossbearing sectors to fulfill their mission, ensuring service stability and efficiency.
One of Stadtwerke's significant revenue sources is their electricity sector. While state
enterprises oversee transmission, various companies participate in liberalized generation,
distribution, and sales. Stadtwerke is actively involved across these sectors, generating profitsthat are resilient to climate or market trends. This stability ensures consistent revenue formunicipal services and mirrors the innovations observed in Japan's local power providers
following electricity liberalization.
Like Stadtwerke, energy business is an important element for the management ofmunicipalities, but there are various possibilities regarding its governance form. Similar forms
exist depending on the country, and studying them is very important. This paper focuses its
analysis on Finland, renowned for its robust welfare state with high welfare benefits andsubstantial tax burdens (Esping-Anderson, 1990). The severe recession following the Soviet
Union's collapse in 1990 led to reduced tax revenues, prompting expenditure cuts (Yokoyama,2019). This government-induced austerity and decentralization presented significant challenges
for municipalities traditionally responsible for providing welfare and administrative services.
In Finland, municipal public enterprises have traditionally overseen electricity and heating
businesses, with the revenues generated being vital for municipal finances. The operations ofthese Finnish energy businesses bear resemblance to those of Stadtwerke, making a thoroughanalysis essential for understanding the relationship between welfare, administrative services,and energy businesses. Such analysis could provide valuable insights for Japan's emerging local
electricity providers.
Therefore, this paper conducts a transversal analysis of the operations of Finland's municipal
energy businesses. Chapter 2 offers an overview of the general energy situation in Finland,
while Chapter 3 analyses Finland’s energy providers with a focus on municipal operators.
Chapter 4 compares Finnish operators with their Japanese and German counterparts, exploring2024 年 3 月

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their potential as foundational supports for citizens, like Stadtwerke.

2. Energy Situation in Finland – Electricity and Heat Supply Business
2.1

Energy Consumption and Source Proportions in Finland
1,600,000

100%
90%

1,400,000

80%
1,200,000

Quantity (TJ)

70%
1,000,000

60%

800,000

50%
40%

600,000

30%
400,000
20%
200,00010%00%1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2021 2022
Renewable energy
Nuclear energy
OthersFossil fuels and peat
Net imports of electricity
Total Energy Consumption

Figure 1. Total energy consumption and the share of each energy source in Finland
Source: Statistics Finland (2023b)
Figure 1 outlines Finland’s total energy consumption and the share of each energy source.
Energy consumption increased until 2010 and has stabilized since. While fossil fuels supplied
approximately 70% of energy in the 1970s, the introduction of nuclear power in 1977 and rising
adoption of renewable energies since the 1990s have altered the energy landscape. In 2022, theshare of renewable energy, thermal power, nuclear power, and other energy sources (including
imported power) are 41.8%, 33.7%, 20.4%, and 0.7% respectively. Presently, renewable energy
is the predominant energy source in Finland.
Regarding renewable energy, woody biomass constitutes 70-80% of the total, with black
liquor— a by-product from the paper-making process accounting for one-third of this22024 年 3 月

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biomass—being used significantly within the industry for in-house consumption. Other
renewable sources include hydropower (10-20%), wind power (around 5%), and a negligible
percentage from solar energy (about 0.2%).
2.2 Energy Consumption Sectors in Finland
1,400,000

1,200,000

1,000,000

800,000

600,000

400,000

200,000

0
1970

1975

1980
Industry

1985

1990
Transport

1995

2000

2005

2010

Space heating

2015

2020

OthersFigure 2. The Energy Consumption Sectors in Finland
Source: Statistics Finland (2023b)

Figure 2 depicts the energy consumption sectors in Finland. Industry consumes approximately
half of the total energy. Another distinctive feature is the considerable energy used for spaceheating. District heating is the predominant heat supply method in Finland (refer to the Ministryof Economic Affairs and Employment of Finland (2023) for details), with various companies,
including local energy firms, providing heating services particularly in urban areas1.
2.3 Electricity in Finland

1 Finland is one of the countries with the highest prevalence of district heating supply in the world (Finnish Energy, 2023).

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京都大学大学院 経済学研究科 再生可能エネルギー経済学講座

100000
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
1990

1995

2000

2005

2010

2015

Hydro power

Wind power

Solar power

Nuclear energy

Hard Coal

Oil

Natural gas

Peat

Wood fuels

Other renewables

Other fossil fuels

Other energy sources

Other fuels

2 NET IMPORTS OF ELECTRICITY

2020

Figure 1. The Composition of Electricity Generation in Finland
Source: Statistics Finland (2023c)

Figure 3 illustrates the composition of electricity generation in Finland. The country is 80%
self-sufficient in electricity, relying on imports for the remainder. Thermal power is theprincipal electricity source, followed by nuclear and hydropower. While the proportion ofrenewable energy, notably wind power, increases annually, solar power only contributes
approximately 0.2% to total electricity generation.
2.4 Electricity Market Evolution: Pre and Post-Liberalization
The enactment of the Electricity Market Act (EMA) 2 in 1995, also known as electricity
liberalization, marked a significant transformation in Finland's electricity market. Pineau &2

The EMA is a law created to ensure fairness in Finland's electricity market, detailing various provisions and operations forgeneration, transmission, distribution, and sale of electricity, as well as its regulation.

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ディスカッションペーパー No.69

Hämäläinen (2000) 3 provide an analysis summarizing the market prospects pre and postliberalization.
Before EMA, state-owned enterprises (predominantly Imatran Voima Oy, the precursor to
Fortum) and numerous small-scale operators, including municipal-run entities, generated
electricity. While a wholesale market existed, Imatran Voima Oy dominated it. The company,
along with Phojolan Voima Oy, also managed transmission of 100 kV or higher. Municipalities
primarily handled distribution4 and retail locally.
Post-EMA enactment and full participation in Nord Pool in 1998 saw significant shifts,
particularly in the transmission network of 110 kV and above. The transmission departments ofboth Imatran Voima Oy and Phojolan Voima Oy merged into Fingrid, facilitating free market
participation for power generation and retail companies. The 1996 mandate requiring separate
accounting for generation and distribution companies introduced competition in local
distribution and retail.
2.5

Trends and Business

Figure 4： The Number and Location of Energy Forms
Source: Produced by author

Analysis of data from the "Company and Organization Search" of The Business Information
System (YTJ) reveals trends among energy businesses in Finland (for company count details,
see Appendix 1). Finland hosts approximately 2,476 energy businesses, with 80% (or 2,063
companies) operating as Limited Companies (Osakeyhtiö). The industry-specific breakdown3

For detailed information on the restructuring of the electricity market in Finland, please refer to the relevant literature
mentioned herein.
4 The construction of transmission lines with a voltage of 110kV or less did not require approval from the Ministry of
Economy, Trade and Industry (approval was necessary for voltages higher than this) (Pineau & Hämäläinen, 2000).

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shows 919 entities in hydropower and wind power electricity production, and 549 in district
heat and air conditioning production and distribution, indicating a decentralized energy
production approach in Finland. Figure 4 shows the number and location of these entities. With415 businesses in Helsinki and 512 in the broader metropolitan area5, the data suggests that the
number of entities is proportional to city population sizes.

3. Municipality-Run Energy Businesses Analysis
In the preceding chapter, we examined the general energy sector. This chapter will analyze
the current state of energy businesses operated by municipalities. Initially, we will delve into
Finland’s municipal system and the legal framework governing the operation of public
enterprises. This examination will lay the groundwork for understanding the structure, form,
and types of public energy enterprises, followed by a discussion on their roles, location trends,
and reliance on distribution networks as primary revenue sources in the electricity sector.
3.1 Municipalities and the Municipality Concern (Kunta Konserni) in Finland
Figure 3 illustrates the composition of electricity generation in Finland. The country is 80%
self-sufficient in electricity, relying on imports for the remainder. Thermal power is theprincipal electricity source, followed by nuclear and hydropower. While the proportion ofrenewable energy, notably wind power, increases annually, solar power only contributes
approximately 0.2% to total electricity generation.
3.2 Forms of Public Enterprises within the Municipality Group
Public enterprises within the Finnish Municipality Group can assume various forms, primarily
categorized into four types as outlined in the following table:
Tytäryhteisö:En) Subsidiary

Independent entities, primarily operating as Limited Companies(Osakeyhtiö), with more than half of the voting rights.

OsakkuusyhteisöEn) Associated company

Independent entities, often taking the form of Limited Companies(Osakeyhtiö), holding between one-fifth and half of the voting rights.

Liikelaitos
En) Municipal enterprise

Departments within a municipality, enjoying a status of greater
independence compared to other business units within the municipality.

TaseyksikköEn) A balance sheet unit

Departments within a municipality, enjoying a status of greater
independence compared to other business units within the municipality.

Table 1: The Type of Municipality Concern
The distinction between Subsidiaries and Associated Companies is delineated by the'Kirjanpitolaki' (Accounting Act), which is based on the ownership percentage held by the

5 The four cities of Helsinki, Espoo, Vantaa, and Kauniainen are often treated as the metropolitan area, though there isn't a

clear definition for the capital region. In many cases, these four cities are collectively referred to as the capital area.

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municipality.
As will be discussed in detail in the subsequent sections, a significant number of energy
businesses operate as Tytäryhteisö (Subsidiary) and Osakkuusyhteisö (Associated Company).
In other sectors, structures like housing, real estate management, and public facilities - including
stadiums and skating rinks - often adopt these forms as well. Conversely, forms like Liikelaitos(Municipal Enterprise) 6and Taseyksikkö (Balance Sheet Unit) are prevalent in services likewater supply operations and waste management.
3.3 Engagement of Municipalities in Energy Sector
Population of
Municipality

A)The Number ofMunicipalityB) Municipalities
Engaged in
EnergyOperations

C)The Number ofEnergy sector

A/B

1,000,000-500,000

1

1

2

100%

200,000-500,000

4

3

3

75%

100,000-200,000

4

4

7

100%

50,000-100,000

12

10

17

83%

20,000-50,000

32

20

26

63%

10,000-20,000

44

25

30

57%

5,000-10,000

71

36

51

51%

2,000-5,000

89

38

41

43%

1,000-2,000

37

7

8

19%

1-1000

15

0

0

0%

Table 2: The number of Municipalities Energy Business
A total of 144 municipalities actively participates in the energy sector, with nearly half of them
involved in various forms of energy operations, amounting to 186 different businesses7. Table
1 below presents the count of municipalities and businesses engaged in energy operations,
categorized by population scale. A discernible trend from the data is the correlation between
the size of a municipality's population and the likelihood of it owning energy operations; thispropensity tends to diminish in municipalities with populations under 50,000.
For instance, Helsinki, the largest city with a population of approximately 664,000, owns
Helen Oy and holds investments in Vantaan Energia Oy. In the population bracket of 200,000
to 500,000, cities like Tampere and Oulu (which are the hubs of Finland's second and fourthlargest urban areas respectively), along with Espoo and Vantaa (integral parts of the capitalregion alongside Helsinki), are present. Notably, among these, only Espoo does not possess
energy operations8. Moreover, within the population range of 50,000 to 100,000, Hämeenlinna
6 In the YTJ (Finnish Business Information System), they are registered as “Municipality Business”.
7

Only those registered with TUTUKI HALLINTOA.FI (2013) are counted.
Originally, the city of Espoo owned energy businesses. However, during the 2000s, it progressively sold off thesebusinesses, completing the sale in 2006 (Jukka, 1992).

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and Joensuu are the sole municipalities without energy operations.

The Number of Companies

120
100
80
60

107

40
20
11

0
100%

90%-

5
80%-

5
70%-

8

15

60%-

50%-

5
40%-

5
30%-

5
20%-

0

11

10%-

0%

Figure 2: The rate of Ownership Stake
Source: Produced by author
Upon analyzing the ownership stakes and voting rights within these companies, we find that107 companies—approximately 60% of the total—are wholly owned with a 100% ownershipstake. Further, there are 150 companies where the ownership stake exceeds 50%. Conversely,
there are nine companies with a 0% ownership stake; interestingly, six of these have a parent
or investing company that is wholly owned by municipalities, effectively making them subsubsidiaries.
Next, we turn our attention to matters pertinent to public procurement. According to the Public
Procurement Law (Laki julkisista hankinnoista ja käyttöoikeussopimuksista/1397), allcandidate bidders must be afforded equal treatment in the procurement process, even if there’s
a relationship with the procuring entity (as stipulated in Section 3) 9. However, an exemption
to this rule exists for companies that hold the status of a “related department” (Sidosyksiköllä),with 56 business entities, all taking the form of limited companies, falling under this exemption.
These exempted companies are potential candidates for collaborative energy supply initiatives
with cities and other public enterprises.
Further examination of industries registered with YTJ, based on the TOL2008 classification,
reveals that most companies, 99 in total, are engaged in the separate production and distributionof district heat and air conditioning. When considering the range of tasks municipalities aremandated within various industry types, it’s noteworthy that Combined Heat and Power (CHP)
9"Sidosyksikkö" refers to a unit that is formally separate and independent from the procurement unit, as detailed in Section
15 of the Procurement Law. This law does not apply to procurements made by the procurement unit from its affiliated unit
(sidosyksikkö). For this exemption to apply, the procurement unit, either alone or with others, must exercise control over thesidosyksikkö similar to its own operations. Additionally, the sidosyksikkö should conduct no more than five percent or up to
500,000 euros of its business with parties other than those procurement units controlling it. The sidosyksikkö's capital should
not come from entities other than procurement units. (Laki julkisista hankinnoista ja käyttöoikeussopimuksistam, section 15)82024 年 3 月

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production is a significant responsibility, accounting for 24.8% of the total. This data suggeststhat municipalities predominantly engage in heat supply-related tasks. This observed trend islikely a reflection of initiatives by municipalities to expand and develop district heating andsimilar services.
Municipality(A)All(B)

A/B

Separate production and distributionof district heat and air conditioning

99

549

18.0%

Combined heat and power production

37

149

24.8%

Transmission of electricity

16

156

10.3%

Distribution of electricity

12

123

9.8%

Trade of electricity

10

284

3.5%

Production of electricity withhydropower and wind power

6

919

0.7%

Heat and power production forindustry

3

76

3.9%

Manufacture of gas

2

78

2.6%

Separate production of heat andair conditioning for industry

1

23

4.3％

Table 3: The classification of Industry
3.6 Distribution Network

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Figure 6. The Map of Distribution Network
Source: Adato Energia Oy (2023)
Figure 6 provides a visual representation of the specific areas of responsibility for distribution
networks managed by different companies within Finland. Currently, the nation is home to 79
companies that are responsible for overseeing distribution networks10. The extent of the areas
these companies cover varies significantly; while some manage extensive regions, others
operate exclusively within the confines of municipalities.
In terms of company types, the landscape consists of one Public Limited Company, five
Cooperatives, and the remainder are Limited Companies. It's notable that 41 of these
distribution companies have affiliations with municipalities. This configuration means thatapproximately half of the distribution areas within the country are under the stewardship ofcompanies that have some form of relationship with municipal bodies.
A more detailed breakdown of these municipally affiliated companies is as follows:•13 are 100% owned Subsidiaries.
•3 are Subsidiaries but with less than 100% ownership.
•2 are Associated Companies•23 operate as Sub-Subsidiaries
This composition underscores the substantial involvement of municipalities in the distributionsector, with participation characterized by various degrees of ownership and diverse forms of
10

The statistics from YTJ, which list 123 distribution companies, have discrepancies due to focusing only on the “Main lineof business”. In this case, all companies involved in distribution are counted. Conversely, companies that conduct distribution
as a subsidiary business are not counted in YTJ. For example, Helen Oy is listed in YTJ with “Combined heat and power
production” as its main business, not accounting for its distribution operations.

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ディスカッションペーパー No.69

affiliation, highlighting a complex and nuanced operational landscape.

4. Discussion and Conclusion
In Chapter 3, we explored the structures and trends of municipal energy businesses in Finland.
In this chapter, we aim to draw implications through comparing Finnish municipal energy
businesses with those in Japan and Germany, concluding with propositions for future research
topics.
A notable trend within Finland's municipal energy sector is the prevalent operation of thesebusinesses as Limited Companies, with distinct business sectors managed independently. These
entities collectively form the 'Kunta Konserni', a group uniquely administered by municipalities.
This approach contrasts with Germany’s 'Stadtwerke', where various business sectors—
including electricity, gas, water, cable television, and public pools—are integrated under asingular umbrella, with the parent company coordinating these diverse operations. In the
Finnish model, the responsibility of coordination amongst various business units is shoulderedby the municipalities’ executive branches, as mandated by the 'Kuntalaki' (Local Government
Act).
Japan's municipal energy landscape offers a point of comparison. With many of its municipal
power companies operating as corporations and prefectures managing electric businesses asunified administrative entities, the Finnish model exhibits parallels with the Japanese approach.
As noted by Inagaki (2022), it is commonplace for municipal electric businesses in Japan tofunction as corporations.
Despite these operational differences, there are instances in Finland that echo the 'Stadtwerke'
model. For instance, 'Kemin Energia ja Vesi' in Kemi City initially provided only electricity
and district heating under 'Kemin Energia Oy'. However, a strategic consolidation occurred in2016 when it acquired shares of 'Kemin Vesi Oy', expanding its service portfolio to include
water. There are eleven11other municipal companies in Finland that have embarked on similar
integrative journeys, meriting further scrutiny.
This analysis yields several pivotal research questions for future exploration:
Transition to Limited Companies 12 : The predominant operation of municipal energy
businesses in Finland as limited companies is intriguing. Understanding the impetus behind
their transition from city departments and examining the evolving relationship dynamics
between municipalities and these companies is crucial.
Operational and Revenue Planning: With many municipal energy businesses adopting theLimited Company structure and navigating within competitive markets, understanding their
11

Here is the list : Tervolan Energia ja Vesi Oy,Vieremän Lämpö ja Vesi Oy,Pihtiputaan Lämpö ja Vesi Oy,Pyhäjärven
Energia ja Vesi Oy,Ähtärin Energia ja Vesi Oy,Haapaveden Energia ja Vesi Oy,Kemijärven lämpö ja vesi Oy,Kuhmon
VesiEnergia Oy,Mäntän Lämpövesi Oy,Mäntän Kaukolämpö ja Vesihuolto Oy,Kemin Energia ja Vesi Oy
12 There are numerous examples of Finnish energy companies, and it would be useful to check the history or background of
specific companies like "Tornion Energia Oy" and "Kemi Energia Oy" on their respective official websites for more
information.

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operational planning, revenue determination, and balancing between profitability and public
service mandate is essential. This examination is especially crucial for businesses withpronounced regional characteristics, where pricing and service provision strategies significantly
impact local citizens.
Profitability and Municipal Finance Contribution: The revenue and profitability dynamics ofthese municipal energy businesses and their financial contributions to municipalities warrant
deeper investigation 13 . Future studies should explore how these entities bolster municipal
finances, employing both in-depth case studies and cross-sectional analyses to yieldcomprehensive insights.
By addressing these research questions, future studies can offer valuable insights into theoperational nuances and strategic choices of municipal energy businesses in Finland, providing
a foundation for informed policy and business decision-making. Ensure to validate all data andreferences to produce a robust and reliable comparative analysis and research agenda.

Acknowledgments
This study was conceived and developed based on findings garnered during the overseas
training segment of a renewable energy course conducted in February 2023. Furthermore, itdraws significantly from the project titled "Regional Development Policy and Innovation in
Finland during the Restructuring of the Welfare State," generously supported and facilitated by
the Scandinavia-Nippon Sasakawa Foundation.
Additionally, the study considers and incorporates the results obtained from a visiting research
stint at the Geography Unit of the University of Oulu, which took place starting in September
2023. Notably, valuable insights regarding Germany's Stadtwerke were provided by AssistantProfessor Chihiro Shiraishi of the Department of Human Environment Studies at Hiroshima
Shudo University. Professor Shiraishi’s contribution was especially vital, as they accompaniedand supported our training initiative in May 2023, providing essential perspective and analyticaldepth to our exploration and understanding of Stadtwerke.
We extend our heartfelt gratitude to all contributors, supporters, and participants who playeda pivotal role in the various stages of this study, providing invaluable insights, guidance, andresources that significantly enriched the quality and depth of our research.

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12

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ディスカッションペーパー No.69

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