{"title": "Power grids and financing in good shape | Jyrki Tammivuori | Negotiator 205", "titleOriginal": "Carunan sähköverkot | Jyrki Tammivuori | Neuvottelija 205", "episodeNumber": "205", "guest": "Jyrki Tammivuori", "publishedAt": "2023-08-05", "duration": "45:12", "durationIso": "PT45M12S", "youtube": "https://www.youtube.com/watch?v=35moZiuK2oU", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/851-carunan-sahkoverkot-jyrki-tammivuori-neuvottelija-205", "originalLanguage": "fi", "format": "full", "topics": ["finnish_economy_policy", "investing_markets"], "description": "Caruna's chief executive Jyrki Tammivuori joins Sami Miettinen. Two former counterparties — a treasurer and the banker who covered him — work through first the evolution of financing documentation and then the power grid itself: weather-proofing requirements, two-way electricity, the bottlenecks in the network, and the WACC framework in the Energy Authority's regulatory model. Also 2.5 billion euros of debt at a BBB rating, electricity consumption expected to grow by half, and negative prices with rising volatility. The guest runs a regulated monopoly and comments on his own regulatory model.", "chapters": [{"t": "00:00", "title": "Jyrki Tammivuori, and an old banking relationship", "seconds": 0}, {"t": "00:55", "title": "Stora Enso's revolver without covenants", "seconds": 55}, {"t": "02:24", "title": "What covenants are, and why they suit Caruna", "seconds": 144}, {"t": "03:04", "title": "Competing for capital, and how NATO membership helps", "seconds": 184}, {"t": "04:11", "title": "Green bonds and the EU taxonomy", "seconds": 251}, {"t": "06:06", "title": "One-month Euribor: good advice disguised as a joke", "seconds": 366}, {"t": "08:17", "title": "A floating rate as a natural buffer", "seconds": 497}, {"t": "09:24", "title": "Caruna's change of ownership and the interest controversy", "seconds": 564}, {"t": "10:31", "title": "Electricity distribution is extremely capital-intensive", "seconds": 631}, {"t": "11:07", "title": "2.5 billion in debt and a BBB rating", "seconds": 667}, {"t": "12:13", "title": "The storm controversy and a weather-proof grid", "seconds": 733}, {"t": "14:25", "title": "How it all went this well", "seconds": 865}, {"t": "15:09", "title": "A ten-year investment cycle", "seconds": 909}, {"t": "16:55", "title": "Finland's distribution is among the cheapest in Europe", "seconds": 1015}, {"t": "17:54", "title": "A two-way grid, and panels on roofs", "seconds": 1074}, {"t": "19:06", "title": "Bottlenecks in the network, and wind power in Ostrobothnia", "seconds": 1146}, {"t": "19:57", "title": "One price area, flexibility and cross-border transfers", "seconds": 1197}, {"t": "21:17", "title": "Electricity consumption grows by 50 per cent", "seconds": 1277}, {"t": "23:00", "title": "Electric cars, night rates and smart consumption", "seconds": 1380}, {"t": "24:24", "title": "Negative prices and growing volatility", "seconds": 1464}, {"t": "26:36", "title": "The regulatory model and the WACC framework", "seconds": 1596}, {"t": "28:00", "title": "Supervisory decisions for the next eight years", "seconds": 1680}, {"t": "30:39", "title": "Owners: pension money from Finland, Sweden and Canada", "seconds": 1839}, {"t": "32:20", "title": "A listing is unlikely", "seconds": 1940}, {"t": "34:11", "title": "Caruna: half a billion in revenue, 1.5 million users", "seconds": 2051}, {"t": "35:07", "title": "Fingrid as the motorway, distribution as the roads", "seconds": 2107}, {"t": "37:17", "title": "Passing through transmission charges", "seconds": 2237}, {"t": "39:00", "title": "The three thirds of an electricity bill", "seconds": 2340}, {"t": "41:34", "title": "Who spot pricing suits", "seconds": 2494}, {"t": "42:32", "title": "A message to the government", "seconds": 2552}, {"t": "43:38", "title": "Why network companies do not compete for customers", "seconds": 2618}, {"t": "44:53", "title": "Closing words", "seconds": 2693}], "sourceTranscriptType": "none", "subtitleMethod": "none", "provenance": "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and the publisher's own chapter marks, translated one for one; their spacing is irregular and matches the recording. No transcript is published here — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. The guest is the chief executive of a regulated distribution monopoly commenting on his own regulatory model, and the host is a former banking counterparty of his; neither a regulator nor a consumer representative is present, which the long-form write-up in the Neuvottelija AI editions states.", "coreTheses": ["Distribution is extraordinarily capital-intensive, so the financing structure is not a detail beside the engineering — it is the same subject.", "The regulatory WACC framework decides what gets built, which makes a monopoly's view of its own model worth hearing and worth marking.", "Two-way flow and rooftop solar change what a distribution network is for, not just how much it carries.", "The guest leads a regulated monopoly discussing its own regulation, with no consumer or regulator present."], "slug": "ep205-sahkoverkot-ja-rahoitus-kuntoon-jyrki-tammivuori", "guestsCanonical": ["Jyrki Tammivuori"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/jyrki-tammivuori/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep205-sahkoverkot-ja-rahoitus-kuntoon-jyrki-tammivuori/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep205-sahkoverkot-ja-rahoitus-kuntoon-jyrki-tammivuori/index.md", "captions": null, "transcript": null, "videoId": "35moZiuK2oU", "dbId": null, "qaCoveragePct": 0.0, "qaSemanticVerdict": "metadata_only", "aiArticleEn": "https://www.neuvottelija.com/ai/ep205-sahkoverkot-ja-rahoitus-kuntoon-jyrki-tammivuori/", "aiArticleFi": "https://www.neuvottelija.fi/economy/ep205-sahkoverkot-ja-rahoitus-kuntoon-jyrki-tammivuori/"}