UPM Energy

UPM Energy creates value through cost competitive,

low-emission electricity generation and through physical electricity, financial trading and optimisation services for industrial consumers.

UPM Energy is the second largest electricity producer in Finland and a frontrunner in reshaping the Nordic electricity market. UPM’s power generation capacity consists of hydropower, nuclear power and condensing power.​

​Our direction

  • Create value in electricity generation as well as in physical and financial markets
  • Ensure competitiveness through cost efficiency and high asset availability
  • Profitable growth on the Nordic electricity market with CO2 emission-free generation of power


Our strengths

  • Cost competitive, low-emission electricity generation portfolio
  • Hydropower as flexible generation to create value in volatile 
  • Reliable nuclear as baseload generation
  • Value creation track record in physical and financial electricity markets
  • Strong knowledge and track records in optimisation of industrial power consumption
  • Agile and competent organisation

UPM Energy value created

Important Image

Market trends

  • Modest growth outlook for electricity demand in Nordic countries
  • Grid balancing is more challenging due to increasing share of weather-dependent wind and solar supply
  • Market integration increased through investments in grid interconnectors
  • Flexible power generation and active customers reshape industry operating models

Key figures

​Sales, EURm​317
​Comparable EBIT, EURm​91
​% of sales28.8
​Capital employed (average), EURm​2,267
​Comparable ROCE, %​4.0​5.0
​Personnel on 31 December​60


Business areas

Driving for top performance in all business areas

UPM as an investment

Targeting attractive total return

Financial targets

Profitability improved in 2017