This paper examines the municipal energy business models in Finland, drawing parallels with Germany's Stadtwerke, against the backdrop of Japan's demographic challenges and economic shifts impacting local governance and infrastructure sustainability. With a comprehensive overview of Finland's energy landscape, including consumption patterns, source diversification post-liberalization, and the pivotal role of municipal enterprises in local economies, we embark on a transversal analysis highlighting the structural and operational nuances of Finnish municipal energy businesses. These entities, crucial for the municipal management and welfare state maintenance, are posited as potential blueprints for addressing Japan's urban-rural disparities and fiscal strains. By exploring the Finnish model's resilience amidst economic austerity and its innovative engagement in the energy sector, particularly through decentralized production and distribution networks, this paper underscores the significance of municipal energy businesses in fostering sustainable local economies. The comparative analysis with Japanese and German counterparts further enriches the discourse on municipal energy management's role in supporting citizen welfare and infrastructure renewal. The study concludes with propositions for future research, emphasizing the need for deeper insights into the operational strategies, revenue models, and contributions of municipal energy businesses to local governance and economic stability.