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04.04.2025
In 2024, Gasgrid’s security of gas transmission remained strong, and the hydrogen projects were supported. The exceptionally fast repair schedule of the damaged Balticconnector offshore pipeline between Finland and Estonia had a positive impact on gas transmission and LNG terminal volumes. The role of the LNG terminal as part of the Finnish and Baltic energy market was established, as the terminal sold 95 per cent of its 2024 reserve capacity already in May. The just-published Annual Report describes Gasgrid’s progress in business, strategy, and sustainability in 2024.
-The company’s fifth year of operations was marked by intensive development and expanding co-operation with a wide range of stakeholders. I am very pleased that this year has once again been another year without any unplanned supply disruptions, environmental incidents or severe accidents, says Olli Sipilä, CEO of Gasgrid.
The year 2024 marked the start of a new strategy period at Gasgrid, with the strategy for 2024-2026 focusing on the development of a multi-gas platform supporting the use of low-emission gases such as green hydrogen and synthetic methane. In addition, Gasgrid aims to work with its partners to create the best European platform for the hydrogen economy in Finland.
-Our strategy supports Finland’s journey towards a carbon-neutral society, security of supply, preparedness, and economic growth. We have done a lot of work to develop the gas market, such as joining the pan-European system of guarantees of origin. We also received multiple enquiries concerning biomethane and synthetic methane projects, and preliminary explorations into carbon dioxide transmission have increased, says Sipilä.
Gasgrid is responsible for developing the national hydrogen network and hydrogen valleys in Finland. During the year under review, Gasgrid continued its work to promote the hydrogen economy in Finland by organising more than 30 regional events during the summer and autumn of 2024, aimed at activating the creation of local hydrogen valleys. In November, a more detailed plan of the first phase of Finland’s national hydrogen transmission network was presented, moving towards a possible investment decision.
Extensive co-operation in national and international organisations, and three international infrastructure projects between EU countries have strengthened Gasgrid’s position as a European Union hydrogen expert. Hydrogen infrastructure projects promoted by Gasgrid with its international partners were granted EU CEF development funding in January 2025 to prepare investment decisions.
– This is a proof in point of Finland’s competitiveness in the EU’s hydrogen economy and the power of co-operation, says Sipilä.
The Annual Report 2024 provides a comprehensive overview of the company’s sustainability performance. Stakeholders consider Gasgrid to be a highly responsible company, and Gasgrid has a good reputation according to the 2024 Trust&Reputation survey.
During 2024, Gasgrid conducted a double materiality analysis to prepare for the requirements of the Sustainability Reporting Directive (CSRD). In addition, a carbon neutrality roadmap was developed for our LNG terminal and natural gas transmission network operations. Gasgrid is aiming for carbon neutrality by 2035 for all reportable emission categories.
The Annual Report 2024 has been published as an accessible pdf report on our Publications site. In addition to the Business, Strategy and Corporate Responsibility Review, the report includes a Corporate Governance Statement, a Remuneration Report, the Board of Directors’ Report and the Financial Statements.
The report follows the GRI (Global Reporting Initiative) with reference reporting framework, and the sustainability section of the report has been verified against 20 indicators. The Sustainability Reporting Directive (CSRD) will become applicable at Gasgrid from the beginning of 2025, in accordance with the legislation in force, and the development of reporting will be progressed in stages.
The Finnish version of the report was published on Gasgrid’s webpage on 21 March.
Olli Sipilä, CEO, olli.sipila@gasgrid.fi
Petri Dahlström, CFO, petri.dahlstrom@gasgrid.fi
Virve Wright, Senior Vice President, Communications, Sustainability and Public Relations, virve.wright@gasgrid.fi
Gasgrid Communications: viestinta@gasgrid.fi
