Caruna in 2022: the energy crisis raised costs and accelerated the ongoing energy transition

Caruna's operating environment deteriorated significantly in 2022 due to the extraordinary changes taken by the regulator in the middle of the regulatory period and a general increase in costs due to the energy crisis triggered by the Ukraine war. The Group's net sales from January to December amounted to EUR 484.6 (499.8) million, and it invested EUR 133.6 (140.1) million. Net sales before financial expenses decreased in comparison with the previous year. Net financial expenses amounted to 121.0, which is approximately 25 per cent of net sales.

The costs of raw materials, electricity and construction rose substantially. Electricity network construction costs rose by more than 10 per cent. Material costs rose the most, increasing by more than 40 per cent. The costs loss energy increased by approximately 35 per cent in 2022 compared with the previous year.  

The energy crisis and a mild weather reduced electricity consumption 

From January to December, the total electricity supply volume on the distribution network decreased to 9.5 (10.1) TWh. The decrease was mainly due to the energy crisis sparked by the Ukraine war and a milder winter compared with the same period in the previous year. In autumn 2022, the energy savings made by customers resulted in lower consumption than in previous years. 

The average interruption time in Caruna's electricity distribution (SAIDI) was 85 (71) minutes per customer between January and December, and the reliability of supply rate was 99.98 (99.99) per cent. The System Average Interruption Frequency Index (SAIFI) was 1.7 (1.3) interruptions per customer.  

Caruna Group's investments during the reporting period amounted to EUR 133.6 (140.1) million. The share of investments in the high-voltage distribution network was 13.7 (19.3) per cent.  

"In 2022, we continued to invest in improving the network's security of supply and to fulfil the future needs of an electrifying society. Rising construction and raw material costs and a component shortage impacted our investments, forcing us to postpone electricity network modernisation projects until the coming years," says Noora Neilimo-Kontio, Caruna's CFO and deputy CEO. 

Caruna's tax footprint in 2022 totalled EUR 302.9 million, consisting of the corporation taxes paid by the companies and the taxes and tax-like charges collected from Caruna's customers and remitted to the state. 

Renewable energy capacity increased in Caruna's network 

Electricity networks are a key enabler of the energy transition. Society will become even more dependent on electricity as emissions are reduced and digitalisation progresses. The energy crisis precipitated by the Ukraine war accelerated the energy transition in Caruna's regions.  

"A record volume of wind power was connected to our electricity network, and our customers' renewable energy production enquiries multiplied compared to the previous year. The investment capacity of distribution system operators must be safeguarded to ensure our electricity network has sufficient capacity to allow renewable energy to connect to the network. A predictable operating environment and supervisory incentives for investments are crucial for us to take responsibility for improving our customers' energy security and achieving Finland's goal of becoming carbon neutral," says Jyrki Tammivuori, Caruna's CEO. 

In 2022, renewable energy production capacity in Caruna’s network totalled 1,612 (1,227) MW. Small-scale renewable energy production capacity also increased significantly to 177 (108) MW, and the number of small-scale producers in solar power systems below 1 MW was 19,700 (12,000) at the end of the year. 

The Murtotuuli wind farm in Posio, with a production capacity of 133 MVA, connected to Caruna's network in the summer. The Rustari wind farm in Kurikka, with a production capacity of 45 MVA, connected to Caruna's network in the autumn. In addition, an agreement was made in the autumn on the first solar power plant to connect to the medium-voltage network. 

A total of 2,300 (2,800) new connection contracts were signed, 28 (14) of which were for medium- or high-voltage connections. Caruna had 726,000 (714, 000) customers at the end of 2022. 

The financial statements of Caruna Group, Caruna Networks Oy, Caruna Oy and Caruna Espoo Oy and Caruna's Annual Report ( are available at The Annual Report also includes a sustainability report prepared according to GRI Standards. 

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