Eesti Energia Doubles Profits in First De-Monopolized Year ({{commentsTotal}})

Sandor Liive
Sandor Liive Source: Photo: ERR

State-owned energy giant Eesti Energia earned 160 million euros in net profits last year, more than double the 2012 margin of 77 million euros.

The company reported sales of 966 million euros (up 18 percent), selling more electricity (up 13 percent to 11.4 terawatt-hours) at a higher average price (18 percent). The company also increased sales of oil shale (10 percent) and shale oil, an oil produced from oil shale (2 percent to 214,000 tons).

The company said it paid 190 million euros in tax and dividends to the state last year and invested 419 million euros, which is 18 percent lower than last year as a number of projects have been completed.

Sandor Liive, the company's CEO, said on Friday that the retail part of the company dropped after losing its monopoly status at the beginning of 2013, but wholesale volumes were the highest since 1991.