Eesti Energia records huge profits despite falling turnover ({{commentsTotal}})

Eesti Energia's power plant near Narva
Eesti Energia's power plant near Narva Source: Photo: Postimees/Scanpix

State-owned energy giant Eesti Energia reported a 159-million-euro profit in 2014, on par with 2013 results, although turnover decreased by 86 million to 880 million euros.

“Electricity prices were below what we predicted last year, and the breakdown-rate of power plants bigger than we had planned,” Andri Avila, the CFO said.

The company produced 9.7 terawatt-hours of electricity last year, 8 percent less than in 2013.

The lower price of shale oil and the low price of electricity would have hit profits harder had it not been for timely risk management moves on the financial markets, Avila said.

The state raked in a total of 308 million euros from the company last year, including 94 million euros in dividends. The rest came from environment, social and other taxes.

Editor: J.M. Laats