System-level change is needed, and it demands all energy sector organisations and entire societies to develop their own ambitious energy transition roadmaps, combined with milestones to facilitate the shift from fossil energy to low-emission energy. Those roadmaps would support the prompt and efficient entry of new energy carriers into the market, and thus quicken the reduction of emissions throughout the entire energy value chain, expediting the achievement of our goals.
To finally reach a sustainable carbon cycle, massive investments in decarbonisation are required – through renewable energy and energy efficiency, carbon sequestration in the form of carbon capture and storage (CCS), and carbon capture and utilisation (CCU) technologies and carbon sinks.
In this operating environment, we all are committed to work systematically to execute the energy transition.
Our vision is to be the leading producer and seller of CO2-aware energy. We are realising our vision through investments in the energy transition, and at the same time, building world-class expertise in the energy sector.
As an energy transition company in transition, we act to uncover further new avenues for sustainable growth and build a profitable business for the future. In the process of renewing our business, we are drawing up an energy transition roadmap that will guide our operations going forward.
Our roadmap work is governed by global frameworks like the Paris Agreement, the EU’s own goals, national regulations, and technological advancements, as well as our own adaptation to new situations and changing customer expectations.
Growth opportunities for St1 arise by developing and exploring new business areas, while at the same time ensuring a healthy cash flow that supports the transition. Furthermore, we are accelerating growth through acquisitions and strengthening our operations through strategic, long-term partnerships in various areas. In addition, we are developing future value chains to invest in CO2 -aware energy production. Naturally, future decisions taken within the regulatory framework and demand for new solutions will also affect the realisation of these opportunities.
Liquid transport fuels will still play a significant role, yet their composition is expected to gradually shift towards increasingly low-emission alternatives. Today, St1 has a strong asset base for the liquid fuels trade in the Nordics, spanning refinery infrastructure, terminal and retail networks, logistics, and a robust sales network for end-customers in the transport fuels segment, covering road, marine, and aviation.
Our work in developing liquid fuels will continue to comprise a significant portion of our cash flow and allow us to introduce new renewable energy products for different sectors
The St1 Energy Transition Roadmap guides us to continuously model our future energy mix and decrease the carbon intensity of the portfolio of the energy we produce and sell. It is based on our strategy and business plans, which are aligned with Nordic energy demand scenarios, EU regulatory frameworks, and international climate goals. The primary target of our roadmap is to grow our low-emission energy portfolio. This requires us to connect our new products with growing market segments that could also emerge in different sectors and geographical areas.
Our roadmap consists of low-emission energy forms such as renewable electricity, hydrogen-based energy carriers and biofuels, as well as fossil fuel-based energy. In other words, it is our projection of what the Nordic energy system will look like, and what St1’s role will be in it, considering both the timespan and volume development of various low-emission energy solutions replacing traditional fuels.
The roadmap’s main drivers are St1's vision and our strategic choices made to continuously enhance the sustainability of our value chain. Stakeholder interface and dialogue are also key elements to understanding what expectations our customers have and how we can help them in their respective energy transition journey.
We want to offer all our customers a solution where we can manage market-related risks and not only deliver energy, but also provide transparent and trustworthy ways to reduce their own carbon footprint.
As a small energy transition company, we have punched above our weight and continue to do so. Our energy transition journey became evident in 2007, when, in the spirit of our vision, we opened our first Etanolix®-plant in Finland, producing waste-based ethanol for transportation. Even then, we were determined to solve global energy challenges. And today, this passion is stronger than ever.
We have boldly taken ambitious steps to explore, pilot, and commercialise new energy solutions. We expanded the advanced ethanol biorefinery network, introducing waste-based RE85 high-blend ethanol fuel in Finland. We also entered the industrial wind power production market, promoting the spread of renewable energy and its technological development.
Our associated company TuuliWatti became a leading wind power actor in Finland. We saw great opportunities worth piloting in combustion-free heating through deep geothermal heat drilling into depths of over 6 kilometres, in the hope of uncovering an emission-free solution.
We have taken risks in our search for answers in the face of global energy challenges – at times successfully and at other times not – but we are always learning and advancing.
Today, we recycle used cooking oil and fatty food waste for feedstock to renewable fuels production. We produce biogas, sustainable aviation fuel and renewable diesel. We construct solar power plants and offer ground source heating systems. Our Nordic EV charging and biogas filling station network is expanding. Our current low-emission energy production development pipeline includes projects in various stages, totalling approximately 31 TWh of annual production. That equals more than 60% of our energy sales today. At the same time, we have plans for our oil refinery transition.
In line with our vision, we seek to enable a positive societal impact through our operations. We work constantly towards enabling a more sustainable value chain.
We believe that we will achieve our vision by running a responsible and profitable business.
