About 30% of operations in electricity distribution and water supply, with stable and predictable regulatory frameworks. About 40% of operations in the stable district heating business. Good vertical integration between waste handling and district heating. Limited scale and geographical diversification for the distribution network and reliance on a relatively few key power plants in district heating. Exposure to volatile Nordic electricity markets through its electricity generation and supply businesses. Modest debt leverage, with funds from operations (FFO) to debt of about 40%. Track record of taking active measures to maintain credit metrics during large investment projects. Modest and stable shareholder distribution policy. Sizable investment in a new combined heat and power (CHP) plant expected to continue to constrain credit metrics
