Eesti Energia turnover doubles to €657.1 million on year to Q3 2022

Eesti Energia headquarters in Tallinn.
Eesti Energia headquarters in Tallinn. Source: ERR

State-owned electricity generator Eesti Energia reported revunes of close to €660 million for the third quarter of 2022, more than twice the level of the same quarter in 2021, and profits of over €27 million.

The company's normalized net profit stood at €27.4 million in the third quarter of 2022 (Q3 2022) while its revenues in the same period were over twice the level for Q3 2021, at €657.1 million.

In the nine months January-September this year, the group earned over €1.62 billion in sales revenue, the company says.

More than 60 percent of its electricity sales revenue was earned outside Estonia, Eesti Energia says, while its investments also more than doubled on year, to €124 million, primarily in wind and solar energy.

The company also saw its staffing levels increase by over 700 people, January to September.

Eesti Energia CFO Andri Avila said: "We have recruited the largest number of employees in Estonia, especially in Ida-Viru County, but we have also employed more than a hundred people outside Estonia."

"More than 5,100 employees work in Eesti Energia today, while by the end of the year, we will grow it to 5,300 employees, being by almost a thousand more compared to last year," Avila went on, via a company press release.

The group invested €52 million in renewable energy in Q3 2022, while in nine months a total of €105.2 million was invested in new wind farms and solar parks, a fivefold rise on year.

"Our largest investments in Q3 2022 were made through our renewable energy company Enefit Green specifically for the construction of new wind farms and solar parks in order to bring more affordable and environmentally friendly electricity to the market," Avila said.

In Lithuania the group's customer base via its Enefit subsidiary has nearly quadrupled in the nine months of 2022 to more than 100,000 customers, the company says, and it has created more jobs there as well as in Latvia, Poland and Finland.

Enefit is also in second place in terms of market share in Latvia and Lithuania.

Eesti Energia Q3 2022 quick facts:

  • Q3 2022 sales revenue more than twice as high compared with the same period in 2021, to €657.1 million.
  • In nine months, the group earned over €1.62 billion in sales revenue.
  • Normalized Earnings before interest, taxes, depreciation (EBITDA) stood at €93.8 million in Q3 2022, almost three times higher than in the same period last year.
  • Nine-month EBITDA more than doubled compared to last year to €299.9 million.
  • While in the third quarter of last year, the net loss of the group was €15.4 million, then this year a net profit of €27.4 million was earned in Q3 2022.
  • Net profit for nine months reached €111.9 million, while the previous year saw a net loss of €12.3 million.
  • Over the first nine months of 2022, Eesti Energia paid a total of almost half a billion euros in taxes and environmental fees to the state. Of this, €95.3 million in direct taxes and €399.1 million of CO2 emission costs in market price, which increased by almost a hundred million euros compared to last year.
  • The largest investments through listed company Enefit Green in wind farm sites were: Tolpanvaara (€5.6 million), Šilale (€19.2 million), Akmene (€8.7 million) and Purtse (€3.4 million).
  • As for solar energy, €2.7 million was invested in the development of the solar park in Purtse and €2.9 million in the Zambrow solar park (X).
  • Total retail electricity sales increased to 2.3TWh (a rise of 14 percent) in Q3 2022. More than half of the electricity (61 percent) was sold outside Estonia: In Finland, Latvia, Lithuania and Poland.
  • Retail sales of electricity grew the most (up 38 percent) in Latvia.
  • In addition to new renewable energy production units, the group invested in the power network. In order to develop the network and enable micro-production, the network company Elektrilevi increased its net investments in the third quarter by a fifth, reaching €31.8 million.


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Editor: Andrew Whyte

Source: Eesti Energia

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