27 May 2010

NIB finances remote reading of electricity usage

The Nordic Investment Bank (NIB) has provided the Finnish power company Fortum Oyj with a long-term loan of EUR 60 million. The loan is intended for an investment programme for the implementation of the automatic meter management of electricity consumption.

The automatic meter management system enhances the possibilities of Fortum’s clients to follow their electricity consumption in real time. The remote reading system is based on two-way communication and includes a variety of features that improve the customers’ means to follow up and optimise their use of electricity. For instance, the usage can be monitored via the Internet or in-home displays and invoicing is based on actual consumption, not on projections as previously.

Studies show that when customers gain a better understanding of their electricity usage, they can reduce their electricity consumption by 5%.

“Taking new systems like this into use makes it possible to decrease greenhouse gas emissions on a local level, which, simultaneously, have a global impact,” says Johnny Åkerholm, President & CEO of NIB.

The new system will also enhance Fortum’s client information levels and improve control and planning of capacity. More than 590,000 consumption sites will be within the remote reading system by the end of 2013.

The Nordic Investment Bank is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Mr Sebastian Påwals, Senior Manager, at +358 10 618 0527,

Ms Linda Lindfors, Communications Specialist, at +358 10 618 0299,