The Group's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was €127.3 million, an increase of 88.2 percent, and the adjusted net profit was €77.2 million (+254.2 percent).

The largest impact came from higher electricity prices in all home markets, the company said in a statement.

While the quarterly average market price of electricity in Estonia increased 157 percent year on year to €133, it increased even more in the rest of the Baltic countries.

Despite a warmer winter than 2021 and an almost 6 percent decrease in electricity consumption, the electricity sales volume of Eesti Energia increased by 13 percent y-o-y to 2.9 terawatt-hours.

Sales in Finland, Latvia, Lithuania and Poland accounted for a total of 54 percent and in Estonia for 46 percent of the total volume.

Electricity production increased by 31 percent to 1.7 terawatt-hours in the first quarter compared to the same period last year. Of this, renewable electricity production accounted for 0.4 terawatt-hours (+2 percent).

Electricity production increased primarily due to the increased market demand for steerable production that's cheaper than gas plants, i.e. thermal power plants.

Sales of liquid fuels decreased by 7 percent y-o-y to 104,000 tons and production by 15 percent to 106,000 tons due to a different maintenance period at the plants.

The group's investments in the first quarter increased to €59 million (+85 percent)

"As Eesti Energia has entered into a large number of long-term electricity purchase and sale agreements (PPA) and the future market value of these agreements is constantly changing, the energy group will also present adjusted EBITDA and net profit from 2022 onwards," said Andri Avila, Chief Financial Officer and Member of the Management Board at Eesti Energia.

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