Energy wood thinning has become a feasible treatment alternative of young stands in Finland. Energy wood thinnings have been carried out mainly in stands where precommercial thinning has been neglected and the harvesting conditions for industrial wood thinning are difficult. Despite of its positive effects on harvesting costs and on renewable energy potential, whole-tree harvesting has been constantly criticized for causing growth loss. In this paper, the profitability of energy wood thinning was studied in 20 Scots pine-dominated stands where energy wood thinning was carried out. The growth of the stands after thinning was predicted with the help of Motti-stand simulator. Entire rotation time of the stands was simulated with different management alternatives. The intensity of first thinning and recovery level of logging residues varied between alternatives. In order to attain acceptable harvesting conditions, industrial wood thinning had to be delayed. The effect of energy wood thinning on subsequent stem wood growth was almost the same as in conventional thinning. Whole-tree harvesting for energy proved to be profitable alternative if the stumpage price is around 3euro m(-3), the interest rate is 3% or 5% and the removal of pulpwood is less than 20 m(3) ha(-1). If the harvestable pulpwood yield is over 20 m(3) ha(-1), integrated harvesting of industrial and energy wood or delayed industrial wood harvesting becomes more profitable. (c) 2007 Elsevier Ltd. All rights reserved.