Major shareholders of Pohjolan Voima are Finnish pulp and paper manufacturers UPM-Kymmene Oyj and Stora Enso Oyj; other shareholders include power and utility companies owned by several municipalities.

Shareholders can receive electricity from each power plant in proportion to their ownership of the shares issued for the same plant or group of plants (so called Mankala principle[3]) by paying the variable costs in proportion to the electricity actually delivered, while the fixed costs are distributed in proportion to the ownership.

[4] PVO sold its share of the Fingrid national electricity transmission grid operator with €247.4 million in April 2011.

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