Eesti Energia CFO Andri Avila said: "Profitability ensures Eesti Energia's ability to make ambitious investments in order to fully switch to renewable energy production and meet the owner's expectation to pay dividends to the state at the same time.

The group's Earnings before interest, taxes, depreciation and amortization (EBITDA) was €318 million in 2021, a 49-percent year-on-year growth, and the company's net profit increased almost six-fold over that time-frame, to €111 million.

The combination of increased sales and production volumes as well as higher energy prices resulted in the historically high sales revenue, Avila added, which stood at €1.31 billion, a 57-percent rise (of €480 million) on year.

Eesti Energia says it  sold 8.6 TWh of retail electricity in 2021, a 25-percent rise on 2020.

In Finland, Latvia, Lithuania and Poland, total sales were over 4.4 TWh (52 percent), and in Estonia, nearly 4.2 TWh (48 percent).

Natural gas sales increased by 15 percent, year-on-year, to 2.4 TWh, of which a quarter consisted of sales in Estonia, and three-quarters in other home markets.

Eesti Energia sold 420,000 tons of liquid fuels to the international market (a drop of 7 percent on year).

 In comparison with 2020, the output of power plants in the Baltics and Poland increased by 37 percent, to 5.2 TWh.

Renewable energy production increased by 12 percent over the year and reached a new peak of 2.1 TWh.

Renewable electricity accounted for 1.65 TWh and renewable heat for 0.45 TWh.

Almost two-thirds of the renewable electricity was generated by Enefit Green's wind farms in Estonia and Lithuania. The rest came from combined heat and power plants, solar parks and Enefit Power's thermal power plants.

Eesti Energia 2021 financial year quick facts:

• Net profit: €111 million (six-fold rise on 2020).
• Turnover: €1.3 billion.
• EBITDA : €318 million in 2021, a 49-percent rise on 2020.
• Sales revenue: €1.31 billion, 57-percent rise on 2020, and a record high.
• 8.6 TWh of retail electricity sold (25-percent rise on 2020).
• Proposed €55.7 million in dividends.
• Enefit Green, as the group's most profitable business unit, plans to pay a dividend of 15.1 cents per share.
• Group's net debt stood at almost €759 million, down by €89 million (10 percent) on year.
• Tax paid by Eesti Energia in 2021 for its all home markets totaled €205 million, including €143 million in Estonia.
• Transfer of 4.9 million tons of CO2 quota to the state for 2021, valued at close to €425 million.
• Three investment decisions in 2021 made on wind farms with a total capacity of 190 MW at a cost of over €225 million, in Finland (Tolpanvaara) and Lithuania (Šilalė and Akmenė).
• 9 TWh of long-term fixed-price renewable energy contracts with nearly 1,000 business customers entered into in Estonia, Latvia and Lithuania.
• 72,000 households among Eesti Energia's customers were using the Renewable Energy package as of the end of 2021.
• Group investments increased to €252 million (up 35 percent) in 2021, of which €99.5 million related to the power network.
• Grid distributor Elektrilevi added 172 MW of new renewable energy capacity to the network from more than 4,200 producers during the year.
• €42 million in renewable energy development projects and €50 million in the construction of the Enefit 280 plant for the transition to a chemical industry made in 2021.

--

Follow ERR News on Facebook and Twitter and never miss an update!