Thermal Power

2016 was a historic year.

We finished VEO’s largest heat power project ever in Skövde, Sweden – completely on schedule – in cooperation with our customer Valmet. We also began a renewable energy electrification project in Denmark together with our customer Andritz. It feels good that VEO has arrived to yet another country. Congratulations, Denmark – you will hear much more from us in the future!

I enjoy working with thermal power projects, because they combine VEO’s entire knowledge potential – from the first automation and electrification concept plan to programming, production, installation, testing, excitation and training to the last handshake with a pleased end user. In between, we need to consider various demands, compete with costs, work with partner companies and supervise subcontractors. Yes, these are massive projects – probably the most comprehensive ones at VEO – but that’s part of their charm. Project management and clear work phases, thoroughly planned by our professionals, ensure that we stay on schedule.

When the world is your worksite, you need to roll up your sleeves with a genuine will to cooperate.

Rami Luoma

Key Account Manager, CHP Plants

VEO is what I would call an International Integrator. When the world is your worksite, you need to roll up your sleeves with a genuine will to cooperate. Global projects don’t have complimentary seats. You must be on top of things all the time. Our projects combine VEO’s expertise with the know-how of our trusted partner network, and that’s what makes them great. If you get the chance, I recommend visiting a VEO worksite. The level of cooperation is a pleasure to witness.

So, what can we expect from 2017? That remains to be seen. In Q2 we probably know how the Finnish government plans to implement Finland’s new energy and climate strategy, approved on 24 November 2016. One of the strategy’s main goals is to replace imported energy, e.g. oil and coal, with domestic fuels by supporting CHP production facilities. The thing is, a bit under half of Finland’s CHP capacity will be technically outdated in 2030. If you ask me, CHP production investments can only be encouraged through the right incentives. I also hope these incentives will kick-start renewable biofuel power plant investments. However, while Finland’s primary focus is on heat production, there are several European CHP and electricity generation projects that use various energy waste products as well as biomass, e.g. wood chips and bark, and industry branch currents. I certainly see growth potential for VEO’s CHP and Waste to Energy projects, particularly on the UK and Nordic markets.

Rami Luoma, Key Account Manager, CHP Plants

MISSION STATEMENT

The company will continue its profitable growth strategy. In the long run, our goal is an annual growth of around 10% and continuous growth in profitability.

Business Segment Insights

CEO’s Review

We need to stay awake and grab opportunities as they arise. VEO must always be ready to take a new direction.

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Industry

The UK has a lot of potential, and I’m very pleased that 2016 opened important doors to this new VEO market

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HR

According to our employee survey, 98 % of the respondents would recommend VEO as a workplace. That means we’ve done things right.

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Substations

New investments are being prioritised instead of repairs and maintenance. My guess is that the investment pace will be high for the following 5 years.

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Wind Power

VEO is known as the guy who isn’t afraid to take on challenges – not because he’s stupid enough to do it, but because he can handle the risks professionally.

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Expert Services

Our customers clearly ask for our advice and want us to be present throughout the entire project – from execution to education and life cycle management.

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