Strategy and management system
Image: Fingrid’s vision and strategy
The clean power system requires a strong platform, in the creation of which Fingrid plays a major role. As stated in our vision, we wish to be a highly esteemed energy influencer in Finland and globally, and known for our responsibility, efficiency and expertise. In order to be able to take into account the changes in our operating environment and to reinvent ourselves, we must have the courage to make the necessary changes in our own operations as well.
We develop the power system and the electricity market rules together with our customers. We keep our customers informed of the development of European rules concerning the electricity industry, and we listen to our customers’ views on European, regional and national proposals being prepared. We keep abreast of our customers’ requests through Fingrid’s Advisory Committee and two customer committees.
Fingrid’s way of working has been formulated as follows:
“We set bold and ambitious goals for our operations. Our corporate culture is open, collaborative, renewing and target-oriented and complies with good governance practices. We develop our operations for the long term and in a balanced way from the perspectives of our customers, society, finances and personnel. We seek quality and efficiency by combining our core expertise with that of the best players in the world. By operating responsibly, we earn the trust of our customers, society, shareholders and the work community.”
Image: Fingrid’s strategy’s four cornerstones and objectives
Implementation of the strategy
The company’s strategy is implemented through four perspectives: Personnel & Expertise, Customers & Society, Finance and Internal Processes. According to the approach chosen by Fingrid for implementing its strategy, all four perspectives are equal and are implemented and developed in a mutually balanced way in accordance with the strategy house described above. In the strategy house, everything moves from the foundation all the way to the top: when personnel’s well-being and competence are in order, the internal processes can function optimally, efficiently producing services and financial benefits for the shareholders, customers and the whole of society. The perspectives play a key role in the day-to-day management of the company.
Fingrid is a specialist organisation in which the objective of the Personnel & Expertise perspective is to maintain and develop an open, social, renewing and high-performing work community.
The internal processes perspective consists of ensuring transmission capacity, managing system security and promoting the electricity market. The perspective’s key targets are as follows:
- Ensuring transmission capacity: We carry out investments and maintenance safely and efficiently at the right time.
- System security management: We operate the main grid proactively and reliably.
- Promoting the electricity market: We actively maintain and develop the electricity market.
The objective of the Finance perspective is to operate cost-effectively and create value for shareholders.
The top of Fingrid’s strategy house is made up of the Customers & Society perspective, the objective of which is to secure reliable electricity and a well-functioning electricity market for society. We offer affordable services that meet our customers’ needs.
The preparation of the goals and operations of each strategic perspective are steered by a steering group appointed by the company’s executive management group, which ensures that matters are prepared comprehensively and executed efficiently using the best expertise. All work is primarily carried out based on the service principle, in the best interests of the company’s customers.The key choices made during the company’s strategy work are approached through each of the perspectives to establish the kind of measures that are required of each of them for the implementation of the strategy. We have made the following strategic choices:
Focusing on our core mission
We excel in handling our core mission in a changing operating environment. We do not aim to expand into new businesses or to participate in competitive businesses.
We develop our business operations and operating models with our customers in mind and for the benefit of the entire country.
We innovatively utilise the best technologies and opportunities enabled by digitalisation. We keep the necessary core competence in-house. We co-operate with the best partners.
We apply a market-oriented approach in all areas, because we believe that well-functioning markets will produce the best and most innovative solutions.
Openness to integration
We actively foster the integration of the electricity markets in Europe and the Baltic Sea area while also taking into account Finland’s best interests.
Security and sustainability
During the energy sector transformation, we will maintain the current good level of system security. Sustainability and safety are highlighted in everything we do.