Press Release

Reliability, safety and efficiency are key words in today’s power distribution solutions. VEO’s Substations unit realised this long ago and, as a result, has now left a record-breaking year behind. In 2016, the unit executed some 50 projects and improved its overall sales by almost 30 %. Despite fierce competition, sales doubled in Norway, quadrupled in Sweden and stayed on the same good level in Finland. The Substations team also grew with 7 full-time and 5 part-time experts.

“Growth is challenging in this economic climate so we can be very proud of our excellent results”, says VEO’s Fredrik Grankull, Vice President, Substations.

The growth did not go unnoticed. VEO’s factory, located in Vaasa, Finland, is frequently visited by companies interested in VEO’s modular solutions and other offerings. Several key suppliers are also turning to VEO for advice regarding future investments and execution models. Grankull concludes that the investment pace will stay high for at least the following five years – especially among big distribution network companies and national grid companies.

The North is investing again

Investments in alternative energy sources and the new model for refunds on installed base has pushed the energy industry from a traditional repair and maintenance model to significant investments including larger upgrades, total renewal of existing assets as well as completely new greenfield projects. According to Grankull, the trend can be seen especially in VEO’s Nordic markets.

In Finland, VEO has agreed to renew and expand four of Elenia’s substations during 2017–2018. From Grankull’s perspective, it is a clear sign of trust – VEO’s standard substation concept, combined with solid energy expertise, is a safe and reliable investment.

“It’s unusual to order four substations at once. I’m sure our long-term cooperation and customer commitment plays a part in Elenia’s decision”, Grankull says.

Sales are also flowing in Sweden. According to Grankull, a new office in Västerås marks a good starting point for long-term, profitable growth. Grankull’s team has also had the chance to prove that tight schedules and dire circumstances are not a problem for VEO’s modular solution, manufactured at VEO’s factory in Vaasa. For example, when the hydropower distribution station owned by Arvika Kraft Ab and Ellevio Ab suddenly exploded, VEO had a new station up and running in just 3.5 months.

In 2016, VEO was also is involved in two large wind power construction projects in Norway. The first wind farm, Egersund, located in Norway’s leading energy region, Rogaland, has 33 turbines with an estimated annual production of 400 GWh. The second wind farm, Hamnefjell, is a 15-turbine investment with an estimated annual production of 186 GWh. Both wind farms should be up and running by the end of summer 2017.

“The end of 2017 and 2018 will be very interesting – VEO is chosen as preferred supplier for 4 other large wind farms in Norway. We are just waiting for the investment decisions”, says Grankull.

Many political question marks

Finland’s new renewable energy strategy has set some question marks on the renewable energy market. The electricity certificate programme run by Sweden and Norway has had a similar effect. Grankull is hoping for good political decisions that will boost investments in the renewable segment.

“I’m certain that our substation unit is equipped and ready to take on whatever comes next”, Grankull says with confidence.

As an EPC contractor, VEO works with all aspects in turnkey deliveries – from civil works to high voltage and advanced protection and control solutions. According to Grankull, another unique strength is, that VEO can keep it all together through strong engineering and project management knowledge.

More information:
Fredrik Grankull, Vice President, Substations. +358 207 1901,

VEO is an energy expert offering electrification and automation solutions for power production, transmission, distribution and usage. VEO’s headquarters are located in Vaasa. The company also has offices in Seinäjoki, Paimio and Rovaniemi and subsidiaries in Sweden and Norway. The VEO group’s revenue was 76 million euros in 2016, of which 70 % came from exports. VEO employs 370 persons.