Our History
Founded in 1952, EPV Energy’s business concept is still as strong as ever: we procure competitive electricity for our owners, i.e. Finnish energy companies.
Pioneer of the energy sector
EPV Energy –70 years of responsible energy generation
Founded in 1952, EPV Energy’s business concept is still as strong as ever: we procure competitive electricity for our owners, i.e. Finnish energy companies.
EPV Energy’s roots lie in Ostrobothnia. The company was born as demand for electricity began to rise and concerns about the future of the region were raised. Several small power stations decided to join forces in their own joint energy company.
Since then, EPV Energy has expanded throughout Finland and abroad. In recent years, the Group has made a determined effort to achieve emission-free energy generation. Back in the mid-2000s, the company recognised that wind power is one of the most effective ways to reduce carbon dioxide emissions.
In addition to being environmentally responsible, EPV Energy is known for its innovativeness and broad-mindedness. We are a forerunner in low-emission and renewable energy. At EPV Energy, we have greatly improved our range of energy generation, resulting in significant reductions in carbon dioxide emissions. And we aim to achieve carbon-neutral electricity generation by 2030. In 2024, the share of renewable sources in EPV Energy’s electricity generation was 41% and the share of emission-free sources 96%. EPV Energy has 70 years of experience in responsible energy generation, and now we continue to focus on emission-free generation with even greater determination and purpose.
Milestones along the way
2024
- A significant investment decision will be made for the Vaskiluoto thermal energy storage in autumn. The temperature of the thermal energy storage will be increased from 95 degrees to above the boiling point, which will raise the total capacity by over 50 percent to 17 gigawatt-hours. The project will be completed by the end of 2025.
- An investment decision will be made in Tornio for the construction of a 43 MW gas-engine power plant, marking a completely new venture for EPV in balancing the electricity system. Preliminary construction work will begin in autumn, and the operation of the gas engine power plant is expected to start in early 2026.
- Tornion Voima’s first electric boiler will be taken into use at the beginning of the year. After this, the entire Group will have five electric boilers in operation, with a combined capacity of 240 MW.
- The H-FLEX-E hydrogen project, planned with Wärtsilä and Vaasan Sähkö, will be terminated in December 2024. However, the project, which has been ongoing since 2021, has advanced the development of the hydrogen concept, and the investigation will continue together with a new concept. EPV recognizes the potential of hydrogen as part of the clean transition and its important role in increasing the flexibility of the electricity system in the long term.
2023
- Olkiluoto 3 will commence commercial production in May. OL3 will become EPV’s largest single energy production resource, and at the same time, the company’s emission-free electricity production will increase to 4 terawatt-hours per year.
- The investment decision for the construction of EPV’s first solar park in Heinineva, Lapua, will be made in December 2023.
- The operation of two new electric boilers and the expansion of the thermal energy storage in Vaasa’s Vaskiluoto will commence in autumn.
- EPV’s sixth wind farm in Norrskogen, Närpiö, will be taken into commercial use at the beginning of the year.
- EPV is abandoning the pumped-storage hydropower plant project at the Pyhäsalmi mine due to the excessively increased investment cost estimate and the unfavorable development of interest rate markets. However, the work on developing clean electricity production and the necessary flexibility and storage solutions to support it will continue.
2022
- EPV Energy celebrates its 70th anniversary.
- EPV acquires the entire business of Vaskiluodon Voima and the district heating production capacity of Seinäjoen Energia.
- EPV establishes a new subsidiary, EPV Aurinkovoima, and initiates the preliminary preparations for its first solar park in Lapua.
- A significant industrial electricity transmission project, notable even on a Nordic scale, is being completed at the Selle substation.
- The electric boiler and district heating battery project of Seinäjoen Voima will be completed in early autumn at the Seinäjoki power plant area.
- The trial run of electricity production at Olkiluoto 3 begins.
2021
- EPV Energy decided to build its sixth wind farm in Norrskogen, Närpes.
- A new electric boiler was commissioned in Vaskiluoto, Vaasa.
- EPV Energy plus venture partners in Vaasa to cooperate in wind power-to-hydrogen-to-electricity project. The hydrogen solution for electricity generation and storage planned for Vaasa was granted EUR 14 million in investment aid.
- The energy storage project planned for Pyhäsalmi Mine took an important step forward in the autumn of 2021 when the Ministry of Economic Affairs and Employment of Finland granted the project EUR 26.3 million of aid for investment costs.
- The final disposal of radioactive waste has been solved in Finland. Teollisuuden Voima Oyj and Fortum Power and Heat Oy have established Posiva Oy to carry out research on the final disposal of the spent fuel rods from their nuclear power stations and to implement the disposal in practice. The spent nuclear fuel will be permanently disposed of deep in the bedrock of Olkiluoto in Eurajoki. Finland is a pioneer in the final disposal of spent nuclear fuel.
2020
- The thermal energy storage (TES) facility of the future was put into operation in Vaasa.
- EPV Teollisuusverkot Oy acquired the electricity grid in Tornio previously owned by Outokumpu.
- The work on EPV Energy’s fifth wind power plant is on schedule.
- The preparations for EPV’s sixth wind power plant have been started in Norrskogen, Närpes.
- Huge solar power project in the pipeline in South Ostrobothnia.
2019
- EPV Energy’s fifth industrial-scale wind farm is built in Teuva after EPV makes an investment decision to build 21 new 5.6 MW wind turbines in Paskoonharju.
- The decision is made to put a massive underground energy reserve in operation in Vaskiluoto, Vaasa as a solution for storing thermal energy.
2018
- The City of Vaasa and EPV Energy Ltd agree on real estate arrangements in Vaskiluoto.
- Metsälä wind farm begins production and an Open Doors event is organised at the farm in September.
- EPV Energy purchases the Seinäjoki power plant from Vaskiluodon Voima.
2017
- EPV Energy makes an investment decision to build two 3.2 MW wind turbines in Paskoonharju, Teuva. A total of 23 wind turbines are planned for the Paskoonharju project area. In the first phase, two turbines are built on the site.
- EPV Energy Ltd buys the entire share capital and other parts of the network of the electricity network company PVO-Alueverkot Oy, which belongs to the Pohjolan Voima Group.
2016
- Santavuori wind farm begins production in July and an Open Doors event is organised at the farm in September.
- EPV and SSAB’s associated company Raahen Voima launches its new power plant in Raahe.
- The infrastructure works for the Metsälä wind power project are completed by the end of the year.
2015
- EPV takes an investment decision on the construction of 17 wind turbines in Santavuori, Ilmajoki.
- The Torkkola wind farm is officially opened in May.
- The Röyttä wind power station in Tornio is extended with five new turbines.
- EPV takes an investment decision on the construction of 34 wind turbines in Metsälä, Kristinestad. The Metsälä wind power station is estimated to start generating electricity by the end of 2017.
2014
- EPV takes an investment decision on the construction of 16 wind turbines in Torkkola, Vaasa. It is the first industrial-scale wind farm in Ostrobothnia.
- EPV and Rautaruukki establish an associated company called Raahen Voima Oy.
- Three pylons in the sea area between the centre of Vaasa and Vaskiluoto are replaced with new landscape towers.
- Energy generation using only wood chips is successfully tested for Vaskiluodon Voima’s power plant in Vaasa.
2013
- The first biofuel gasification plant in the world is put into operation at the Vaskiluodon Voima power plant. Using a special fuel feed, a third of the coal can be replaced with wood chips.
- Together with two other energy companies, EPV buys a significant share in Swedish hydropower. The deal involves seven hydropower plants in Central Sweden and is worth around EUR 600 million.
- EPV obtains the necessary building permits for 16 wind turbines in Torkkola, Vaasa.
2012
- EPV celebrates its 60th year in business by publishing its history in October in a book called Yhteistyöllä voimaa (Power through Cooperation).
2011
- EPM Metsä is founded. The purpose of the company is to purchase wood energy for EPV’s own plants.
- EPV decides to participate in the competition and design phase of the Olkiluoto 4 nuclear power plant project.
2010
- Finland’s most energy-efficient wind power station is completed in Röyttä, Tornio. EPV’s share in Rajakiiri, the company that has built the power station, is 60% and its investment in it is EUR 40 million.
2009
- EPV is part of a consortium of Finnish energy companies that buys Metsäliitto Group’s Vapo shares. The total price of the transaction is EUR 165 million.
- The company’s name is changed from Etelä-Pohjanmaan Voima to EPV Energy.
2007
- The company builds a CHP power plant next to the Outokumpu steel factory in Tornio. The plant costs EUR 40 million and has a capacity of 40 MW.
2006
- EPV launches its wind power programme as a Finnish pioneer.
2005
- One of the largest and most profitable deals in Finnish electricity trading comes to fruition when EPV’s affiliated company Rapid Power purchases a significant share in Norwegian hydropower.
2004
- EPV doubles its ownership in Pohjolan Voima and becomes its fourth largest owner.
2003
- An investment decision is made on the Olkiluoto 3 nuclear power plant. The company participates in the project with a 10% share.
In the 1990s
- The electricity market in Finland is opened to competition. At the same time, EPV’s ownership base begins to expand and become nationwide.
In the 1980s
- Vaskiluodon Voima shifts from oil to coal as a result of the oil crisis.
In the 1970s
- EPV joins Teollisuuden Voima as a partner, becoming involved in the construction of a nuclear power plant.
In the 1960s
- As electricity demand grows, EPV establishes a production company called Vaskiluodon Voima together with Pohjalan Voima.
In the 1950s
- Several municipal electricity companies join forces to establish Etelä-Pohjanmaan Voima (EPV) in 1952. In 1958, a coal-fired condensing power station – the largest in Finland at the time – is built in Vaskiluoto, Vaasa. The power station is not decommissioned until 1997.