About 35% 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 geographic diversification for the distribution network and reliance on relatively few key power plants in district heating. Exposure to volatile Nordic electricity markets through its electricity generation and supply businesses. Modest leverage, with funds from operations to debt of about 45%-47%, following completion of the new combined heat and power plant. Track record of taking active measures to maintain credit metrics during large investment projects. Modest and stable shareholder distribution policy. The stable outlook on Swedish energy, heating, and water utility Tekniska
