Elering posts €41 million in profits after investing €100 million last year

Photo: Postimees/Scanpix
3/20/2015 4:00 PM
Category: Economy

State-owned power transmission system operator Elering recorded 40.7 million euros in net profit last year, after investing more than 100 million euros.

The company, which was split from Eesti Energia five years ago, invested 52 million into a reserve power plant and 18 million into EstLink 2, the second underwater power line between Estonia and Finland. Elering also took out loans amounting to 35 million euros. It invested 203 million in 2013, and around 75 million in both 2011 and 2012.

“Last year marks the end of the development phase for Elering. Many of the goals set five years ago, when Elering was established, have been achieved. EstLink 2, the emergency reserve power plant complex in Kiisa and the Tartu-Viljandi-Sindi high-voltage overhead line were completed. These projects support the development of the regional electricity market as well as the security of electricity supply for Estonian consumers,” said Taavi Veskimägi, Chairman of Elering’s Management Board.

The company reported a turnover of 130.8 million euros, down 2.7 percent compared to 2013. Net profit figures also decreased, from 49.0 million in 2013 to 40.7 million euros in 2014.

The company had assets worth 790 million euros at the end of 2014, with 315 million of equity and 348 million euros in loans.

The company paid the state 20 million euros in dividends.

J.M. Laats

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