The wind power crisis may soon be real in Finland as well – The risk is piling up for pension companies

The application for restructuring of the Karhunnevankanka wind farm located on Pyhäjoki is the first sign that Finland too needs to be prepared for a crisis in the wind power industry, at least for those companies that have not secured their finances with sensibly made and long-term power purchase agreements (PPA).

There are already more than 2,000 wind turbines in Finland, and their combined nominal output is about 9,500 megawatts. Although the 188 megawatt nominal power of the Karhunnevankankaa wind farm is only a couple of percent of the total, it is nevertheless the first large wind farm area that is going into corporate restructuring, if the court so decides.

German Wpd: n the losses of the owned wind farm are enormous. During the years 2021–2024, the company made a turnover of 44.4 million euros and a net loss of 52.6 million euros – of course, the operation did not start fully until 2023, when the losses worsened.

According to Wpd, the background is several surprising changes in the electricity market, such as the 15-minute balance electricity system (KL 15.3.). However, the explanations are not convincing, because the changes in the balance electricity system in the EU have already been known at the beginning of this decade.

It is more about the long-term and unfortunate PPA agreement made by Wpd in 2019 UPM:n with.

The Karhunnevankanka power plant is not alone in its problems. In Sweden, the increase in wind power capacity has already clearly cannibalized the industry, as several wind power parks are bankrupt and the losses have been concentrated especially in Sweden’s most important electricity production region, Norland.

This has hit pension companies that have invested in wind power, because Sweden’s national pension funds AP3 and AP4 have invested in wind power in their joint venture Polhem Infran through. Polhem Infra was founded seven years ago, and the idea was to get long-term and secure income for the pension system from wind electricity, which is considered guaranteed.

The opposite has happened. Tuuliivoima’s losses have hit the joint venture’s investments hard. You can also be in the same boat in Finland.

in Finland Exilion Tuli Ky is one of the largest domestic producers of wind power, owning nearly 500 megawatts of wind power. Its members are from pension insurers How much, Veritas and State Pension Fund.

Until 2022, the wind company’s return was excellent. The separate financial statements of numerous subsidiaries for the years 2023–2024 show a clear turn for the worse.

Finland is not a separate island in the cannibalization of wind power. Electricity consumption did not grow at all as predicted and technical problems like this winter in the blades of wind turbines add to the challenges.

Those who have invested in wind power have now taken a really big risk, which is also about to materialize if there is no sufficient PPA agreement or state feed-in tariff to guarantee wind electricity.

Correction on March 19, 2026 at 2:33 p.m. Removed claim that Exilion Tuuli Ky has not made consolidated financial statements in 2023-2024. The database was incomplete in this case.