The use of energy peat is estimated to decrease by half in Finland by 2025, which will inevitably reduce Vapo’s cash flow from energy peat. In order to outline its energy business over the long term, Vapo has decided to begin mapping out strategic options for its heat and power businesses incorporated as Nevel.
In addition to Finland, Nevel operates in Sweden and Estonia. Nevel owns and operates a total of over 130 energy production sites and approximately 40 district heating networks. In 2019, Nevel’s turnover was EUR 101 million and the adjusted operating margin was EUR 21 million. The company employs around 130 experts. The company sells more than 1.7 TWh of energy per year.
According to Vesa Tempakka, CEO of Vapo Oy, the company regularly investigates and evaluates options for its main business areas in accordance with its strategy. No strategic options have been ruled out in advance.