Infrastructure - EU regulated electricity distribution

Caruna Oy, Finland

Caruna ( is the largest company dedicated to the distribution of electricity in Finland. Caruna provides power to approximately 650,000 private and corporate customers in southern, southwestern and western Finland, the city of Joensuu and the regions of Koillismaa, Lapland and Satakunta.


Caruna Oy

Helsinki, Finland

Electricity distribution network

Caruna's electricity network is nearly 79,000 kilometres long; nearly twice the circumference of the earth.

Caruna’s direct owners are Finnish employment pension companies Keva (12.5%) and Elo (7.5%), as well as international infrastructure investors First State Investments (40%) and Borealis Infrastructure (40%) (now Omers Infrastructure Partners).

To complete the regulatory picture, Caruna’s operations are regulated by the Finnish Energy Authority, in charge of monitoring the electricity network business in Finland.

Caruna modelling

Towards the end of 2014, and just post-acquisition, Caruna began the process of reporting to shareholders and lenders.   To meet this requirement Lazuli Solutions built a long-term strategic operating model in Excel.   Features of the model included a multi-company structure, extensive financing and inter-company loans and complex regulatory revenue calculations.

Elaborate and extensive regulatory operations and a variety of long-term financing solutions provided the core of this long-term and update-able financial model.

Strategic operating model for Finnish electricity distribution company, 2014
Helsinki, Finland
Strategic operating model
Caruna Oy (

Get in touch to find out more

Name *