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Caruna to raise electricity distribution prices due to cost increases
Costs are rising at an increasing rate in Finland, and this also affects Caruna's costs. Electricity network construction has become more expensive, and the costs of energy losses have risen substantially this year. Interest rate levels are also higher. For this reason, the network service rates will rise from 1 January 2023.
Caruna Group 1 January – 30 June 2022: Significant changes in the operating environment – the energy transition requires development of the electricity network at a rapid rate
Caruna's operating environment deteriorated significantly in the first half of 2022 due to the exceptional tightening measures taken by the regulator in the middle of the regulatory period, as well as the general increase in costs. The alterations to the regulation model will cause the company's permitted returns to decrease by approximately 40 per cent this year in comparison with 2021. The changes will show in the revenues of the years to come. The Group's net sales from January to June amounted to EUR 253.6 (258.9) million, and it invested EUR 58.5 (60.9) million.
Caruna has a new invoicing partner, Ropo Capital
Our contract regarding invoicing services has been moved to Ropo Capital from 1 September 2022 onwards.
Noora Neilimo-Kontio appointed as Caruna's CFO and deputy CEO
Caruna's SVP People, Public Affairs & Regulation, Noora Neilimo-Kontio, MSc (Econ.), was appointed as Caruna's CFO and deputy CEO as of 13 June 2022. She reports to CEO Jyrki Tammivuori.
Jyrki Tammivuori appointed CEO of Caruna as of 13 May 2022
Caruna’s Board of Directors has appointed Jyrki Tammivuori, M.Sc (Econ) CEO of Caruna as of 13 May, 2022. Tammivuori has been working for Caruna since 2015, first as CFO. Since 2018 Tammivuori has held the position of CFO and deputy CEO at Caruna. Tammivuori was appointed Acting CEO of Caruna in March 2022.
Jyrki Tammivuori appointed Acting CEO of Caruna
Caruna’s Board of Directors has appointed Jyrki Tammivuori, M.Sc (Econ) Acting CEO of Caruna as of 23 March, 2022. Tammivuori has been working for Caruna since 2015, first as CFO. Since 2018 Tammivuori has held the position of CFO and deputy CEO at Caruna.
Caruna's Annual Report 2021 published
The Caruna Group (Caruna) Annual Report for 2021 has been published at caruna.fi/vuosiraportti2021. The Annual Report contains sections on Corporate Responsibility and Governance and, as separate pdf files, also the ESG indicator section that summarises number data, as well as the financial statements for 2021.
Caruna in 2021: Network reliability was excellent: the electricity supply volume increased, and an increasing number of households switched to solar energy
Caruna continued to modernise the electricity network to match growing electricity consumption and the ongoing energy transition. A smart electricity network combines the growth of electrification and clean energy production, digital services, and consumer involvement in the electricity market. The Group's net sales from January to December amounted to EUR 499.8 (475.3) million, and it invested EUR 140.1 (143.2) million.
Standard & Poor's lowers Caruna's credit rating
International credit rating agency Standard & Poor's (S&P) lowers electricity distribution company Caruna's credit rating from "BBB+; Credit Watch Negative" to "BBB; Outlook Stable". The drop is due to the exceptional changes made to the regulation model during the regulatory period for electricity distribution companies, which led S&P to reassess the Finnish regulatory framework for DSOs from "strong" to "strong/adequate" and to change the credit rating. The changes therefore weaken the industry's financial position and prospects in the eyes of international investors.
More than half of Finns would choose a hybrid or fully electric vehicle as their next car – the pace of the energy transition is accelerating
A citizens' survey shows a clear trend among consumers: more than half (55%) of Finns would choose a hybrid or fully electric vehicle as their next car. People living in South Finland and people aged 25–44 would choose a hybrid or fully electric car more than other age groups. The figures are revealed by a citizens' survey commissioned by electricity distribution company Caruna.