Comment by doikor

TVO in Finland seems to have managed that.

https://www.tvo.fi/material/sites/tvo/sijoittajasivut/pwmzkr...

So profitable yes. Would the owners/investors have made more money if they just bought random stocks based on some index? Probably. But not a loss.

Technically as a Mankala principle company TVO will never make any profit or loss. Profit here is some imaginary “how much money would they have made if the energy was sold directly to the nord pool”