Power Generation

At the Power Generation unit, 2019 was a year of significant and rewarding development.

Courage and hard work

The year started on a positive note. Expectations for the year were high, since this was going to be the first complete year after combining hydropower, engine & hybrid power as well as expert service units into Power Generation.

Resource optimisation

Because VEO is a project-driven company, it is therefore vital that we have the ability to maximise the resource potential available in all of our core activities.

“By cross-utilising the personnel, we can maximise our expertise in projects. Resources are now more evenly distributed between business segments, and for example, we also utilise the know-how of the engine & hybrid power experts in hydropower” says Jari Vataja, Vice President of Power Generation.

During the year, attention was also more focused on the main business segments of the Power Generation unit; hydropower and engine & hybrid power.

“By focusing our operations, we can improve the efficiency of our business. For example, we have now integrated the expert services and excitation departments as a part of Power Generation and brought the resources available for use in other projects as well. The changes we made regarding resource utilisation have had the greatest impact on the delivery side, where huge efficiency improvements were achieved in only one year,” Vataja continues.

Efficient resource utilisation had the most significant impact on the delivery side, where huge efficiency improvements were achieved in only one year.

Bolder trading

The better planning of resources combined with successful recruitments during the year meant that it was also possible to increase the number of deals we could sign.

“The challenge in the past was overcaution, due to a fear of not having enough resources to cover our needs. But now we have the confidence to take a bolder grip on our sales. We have also made changes to the bidding process and sharpened its content. In this way, we are able to successfully negotiate profitable deals, which is one of the biggest factors in improving our outcome.”

A turnaround in hydropower

Thanks to the above-mentioned improvements in operations and successful deals, the hydropower segment also saw some significant progress in the right direction and appears to be moving on an upward trend.

“We already made a turnaround in hydropower sales in 2018, and now we can see a significant improvement also in our deliveries,” notes Vataja.

“During the year, we succeeded in making a noteworthy improvement in the hydropower business.”

With confidence towards the future

When heading towards 2020, the outlook for the Power Generation business looks even more positive than one year ago, thanks to the development and progress made during 2019.

“In conclusion, 2019 was a successful year for the Power Generation unit and VEO. The success of the changes and the performance of the organisation show that we can now counterbalance our actions if one segment faces challenges. For this, I can warmly thank each and every member of my knowledgeable team, who have given their all to achieve our common goal. I’m happy to work in such a determined environment and confident to continue our journey together into the future.”

In 2019, VEO also invested in product development: in the VEO VECOS development project, among other things, the external appearance of the product was improved. Further development of the Generator Commander also continued.

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CEO’s review

Our main focus during the year was to achieve profitability, which we managed splendidly. We could not have done it without working together for this common goal.

Chairman’s greetings

On behalf of the board, I would like to warmly thank all of VEO’s personnel for their excellent work during 2019. I think we can proceed very satisfactorily, based on what we achieved together last year.

Power Utilisation

Both VEO’s contract manufacturing and project-driven business finished the year 2019 with a lot of positive news to share.


We had a clear direction of where we wanted to go when we started to develop the production – and we have done well as a result.


The finance organisation now has a more active role to play in company decision-making, as we provide business management with more accurate financial and follow-up data.

I.C. Electrical

During the year, ICE has evolved from being VEO’s British sales office to a more independent member of the VEO Group.

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